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Post by jockstrap on Dec 14, 2020 17:07:54 GMT
I just had a look at my December transactions and found that virtually all my 1-year loans (18 out of 21) will be paid off on 16 December. This was not the case when i last looked, just a few days ago.
I've checked the details for a few of these loans, and they seem to be genuine early repayments rather than Provision Fund payouts. The loans were set up on various dates between February and October 2020.
Does anyone else have this? I've seen nothing from RS about a sudden reduction in the loan book.
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Post by Deleted on Dec 14, 2020 18:04:53 GMT
Same for all my property loans in access
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
Posts: 129
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Post by bt on Dec 14, 2020 18:14:36 GMT
Same for all my property loans in access Mine are changing as I look at them !
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Dec 14, 2020 18:23:18 GMT
same here. it's clear all property will repay.
1. they are all sold 2. they are all repaid 3. metro is clearing this.
2 is unlikely
1 or 3.
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trevor
Member of DD Central
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Post by trevor on Dec 14, 2020 18:34:22 GMT
RS getting rid of retail lenders by stealth?
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c88dnf
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Post by c88dnf on Dec 14, 2020 18:40:02 GMT
Me too. There'll be some very large outflows of cash from RS come December 17th, unless people are daft enough to recycle into Access. I have to wonder what this will do to the Provision Fund. Possibly make it look healthier if the overall business is shrunk significantly?
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Post by Ace on Dec 14, 2020 18:43:02 GMT
RS getting rid of retail lenders by stealth? No need for stealth, there's a massive queue of lenders trying to escape. If they're offloading their property secured loans in the current environment, surely the remainers will be left with an even more concentrated portfolio of eventual bad debt. I see that some are so keen to stay that they're offering to lend at 0.8% (an actual 0.4% after extra PF contribution). Make no sense in my book.
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up
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Post by up on Dec 14, 2020 18:45:48 GMT
Same here except one property loan holding out perhaps as repayment was due in only 5 weeks.
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trevor
Member of DD Central
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Post by trevor on Dec 14, 2020 18:52:29 GMT
5 yr market lender offering 1.1% 1 yr 1.6% Max 1.8% Plus 1.3% Access 0.8%
Mad
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Post by vidusi on Dec 14, 2020 18:53:15 GMT
Its not just happening in the 1 year market but also property loans in the A/P/M markets are releasing on the 16th December.
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Post by turton on Dec 15, 2020 2:57:58 GMT
Perhaps its just an admin thing , connected to a software update, all the loans finish on the 16th, then re start on the new software on the 17th?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Dec 15, 2020 8:50:42 GMT
Perhaps its just an admin thing , connected to a software update, all the loans finish on the 16th, then re start on the new software on the 17th?
Possibly. However, I doubt it. I suspect metro might have funded a buy out of property It would make sense and they would have assets to claim against. However, if they did that why not do it all. So if I had to bet I would say it was sold externally. I have no proof of this but, chances of it being admin just seem to odd, metro funding just property makes some sense but not enough to not settle all the loan book. External funds makes more sense, moreover, no liability for metro and they can also watch us, the investor, the problem, go away at no cost to them. As they clearly stated multiple times, ratesetter will continue to manage their own book (under or not under supervision is a separate matter). If it is the last of the 3 options, external funds. The queue will bit hit hard, by how much, it would seem a fair bit, as ratesetter's underwriting of property seemed to be the constant over the past 12 months as they had 'obligations' so they say to fund existing projects. I purely speculate but I suspect this result in lots of money back and the '0 capital loss' story to continue. Two things are clear, if I am right. Metro will have a bigger and bigger steal of a purchase. Remaining investors will be with a tighter provision fund, that will make it interesting. That is my 2 cents, i might be totally off.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
Posts: 670
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Post by beagle on Dec 15, 2020 9:48:39 GMT
5 yr market lender offering 1.1% 1 yr 1.6% Max 1.8% Plus 1.3% Access 0.8% Mad not mad. Simply no demand. The product that Ratesetter offers to the investor is dead. Within 12 months the book will be nominal and the remaining hardcore fanatic investors will be playing russian roulette with their funds. p2p is not dead but ratesetter investment, sadly is.
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Post by mfaxford on Dec 15, 2020 9:56:53 GMT
Only one of my 1 Year loans isn't being repaid on the 16th. From a sample of those repaying tomorrow they all seem to be around the £250k mark for the total borrowed (although not exactly the same), the one remaining is much less.
For the "2. they are all repaid" option my only thought is whether it's a larger borrower with multiple projects/properties that is now in a position to close or transfer their loans. That idea doesn't give me much confidence though so I hope that it's not the case here.
I don't see the same thing for my 5 year or Max loans (I don't have anything in A/P)
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bt
Sir Bufton Tufton, Jean Paul Sartre Zippy, Bungle, Jeffrey Archer Andre Previn and the LSO Hello
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Post by bt on Dec 15, 2020 10:03:27 GMT
From a sample of those repaying tomorrow they all seem to be around the £250k mark for the total borrowed (although not exactly the same), the one remaining is much less. Mine seem fairly evenly spread between 70k and 900k borrowed.
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