p2pfan
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Post by p2pfan on Jan 24, 2021 23:49:45 GMT
HNW Lending has always been a platform I've been tempted by, but there is far less opacity with it than 'major' P2P platforms.
For instance, there are very few reviews about HNW Lending online so it's difficult to build up a comprehensive picture of what the platform is like.
Still, I keep hearing good things about HNW Lending such as the directors co-invest with all loans and take a first loss position etc.
If you've lent through HNW Lending, what has your experience been please?
What is the ratio of loans that have not paid back when they said they would?
How successful are HNW Lending in dealing with stubborn non-payers?
Incidentally, is the lending platform as basic / awful as I've read it is?
I've studied their FAQs and am aware of the minimum invest amount of £10k etc. etc.
Thank you.
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Post by Ace on Jan 25, 2021 0:38:27 GMT
I can't answer many of your questions as I've only just started lending with HNW, but:
There is a link to their Outcome Statement in the "Do you have statistics of past loans?" FAQ. This details their default and loss rates.
Yes, the website is way short of the best.
They are very helpful if you give them a call.
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ozboy
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Post by ozboy on Jan 25, 2021 14:31:41 GMT
Go through Loan Descriptions and Details with a massive magnifying glass. it's not unknown for there to be, errr, "mistakes".  I met with Ben back in the day and he seems very astute and business oriented, HNW appear to chase Late Payers robustly, and often Default when appropriate. This is most definitely NOT any sort of recommendation whatsoever, do your own Due Diligence and make your own decisions. (Isn't it ludicrous that in this day and age, because of the general idiocy that prevails now (blame culture), you have to cover your backside with such statements, because if some fool makes an investment mistake they can sue you because it's your fault because you said/did something and they followed your comment.) |
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Greenwood2
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Post by Greenwood2 on Jan 25, 2021 14:45:04 GMT
Go through Loan Descriptions and Details with a massive magnifying glass. it's not unknown for there to be, errr, "mistakes". I met with Ben back in the day and he seems very astute and business oriented, HNW appear to chase Late Payers robustly, and often Default when appropriate. This is most definitely NOT any sort of recommendation whatsoever, do your own Due Diligence and make your own decisions. (Isn't it ludicrous that in this day and age, because of the general idiocy that prevails now (blame culture), you have to cover your backside with such statements, because if some fool makes an investment mistake they can sue you because it's your fault because you said/did something and they followed your comment.) I'm not sure that they can unless you are authorised (by your favourite and mine the FCA) to give financial advice. But as you say this is definitely not financial advice and do your own DD.
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djg
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Post by djg on Feb 10, 2021 17:19:07 GMT
Sorry, I’ve only just seen this thread, so I’m a bit late, but here’s my two-penn’orth anyway.
Self and wife have each held a number of HNW loans over the years and all have paid back full capital and interest eventually, so no complaints there. But I’m much less happy with the way the platform operates, and in fact I’m very relieved to have sold the last of my HNW loans on the secondary market.
I agree with ozboy regarding the need for great caution when assessing the accuracy and reliability of information on individual loans; more so than with other platforms.
Generally, I found the platform to be cavalier in its handling of lenders - usually no consultation when payments were late, or when loans were extended, for example. Last year’s pause in lending and the intervention by the FCA was not notified to lenders at all, or at least not in my experience.
I found my dashboard statement on the website to be confused and confusing, and I always kept my own tally of vital figures.
When my wife died, the transfer of her loans was handled erroneously in my opinion, and to my financial disadvantage.
I could go on, but I’ll just add that I have a lot of money invested in P2P loans, all now on other platforms.
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djg
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Post by djg on Feb 15, 2021 12:47:32 GMT
I feel moved to add a postscript to my two penn’orth above.
Following the scrutiny by the FCA which started in July last year, Ben Shaw issued a statement to lenders in November, in which the main message was:
“………we are now listing some loans on the website which are available through our sister company, HNW LoanCo Ltd. These loans are not authorised or regulated by the FCA and as such have different terms and conditions. ………………”
I found this odd, to say the least, but I’d already decided to get out of HNW Lending, and didn’t think more about it at the time.
But now, in Saturday’s Times, I see an article about the FCA which highlights that the FCA is not able to investigate firms not authorised by it, because the Treasury won’t allow it to. As the article says, this goes a long way to explaining the FCA’s perceived ineffectiveness at dealing with some firms.
I then accessed the HNW Lending website as a prospective lender would, to see if there was any mention of HNW LoanCo Ltd. There isn’t, but if you delve into the T&Cs, there is. I found it confusing. Prospective lenders may want to check the T&Cs to clarify the situation for themselves.
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Post by Ace on Feb 15, 2021 14:49:52 GMT
I feel moved to add a postscript to my two penn’orth above. Following the scrutiny by the FCA which started in July last year, Ben Shaw issued a statement to lenders in November, in which the main message was: “………we are now listing some loans on the website which are available through our sister company, HNW LoanCo Ltd. These loans are not authorised or regulated by the FCA and as such have different terms and conditions. ………………”
I found this odd, to say the least, but I’d already decided to get out of HNW Lending, and didn’t think more about it at the time. But now, in Saturday’s Times, I see an article about the FCA which highlights that the FCA is not able to investigate firms not authorised by it, because the Treasury won’t allow it to. As the article says, this goes a long way to explaining the FCA’s perceived ineffectiveness at dealing with some firms. I then accessed the HNW Lending website as a prospective lender would, to see if there was any mention of HNW LoanCo Ltd. There isn’t, but if you delve into the T&Cs, there is. I found it confusing. Prospective lenders may want to check the T&Cs to clarify the situation for themselves. For info, 4thway have an article on this here. I found it very difficult to find HNW's T&Cs. In case anyone else wants to read them they are here.
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Post by captainconfident on Feb 15, 2021 19:31:05 GMT
I was wondering of anyone here has tried co-funding as a HNW investor with Sancus Funding? www.sancus.com/co-funders/Co-funding was essentially what was happening on Funding Knight, their p2p arm, but not enough investors were joining via this route to make it viable (I assume). But the results on FK were very impressive, so I would be tempted to try this if there were any positive opinions out there. Edit: Wow.. pffffff... if I read it right, minimum investment in a loan is 100k. No wonder FK wasn't worth the pfaff to them. |
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ozboy
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Post by ozboy on Feb 16, 2021 18:44:36 GMT
And Sancus are "Authorised & Regulated by the FCA".
So that's alright then.  |
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ozboy
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Post by ozboy on Feb 16, 2021 18:53:12 GMT
My only remaining Loan with HNW (under IFISA) paid back recently p2pfan and I have *withdrawn the lot, and I won't be returning to HNW. I have not lost any money whatsoever with HNW, and you do usually get replies and/or can speak direct with Ben. Wish I could say that about MT, FS & Collateral. I saw all three clearly failing many, many months/years in advance but P2P is relatively VERY illiquid. This point alone is a massive Red Flag to me. I thank you. [ *NOTE - Withdrawn, not Transferred, that incurs a whacking £75 Fee! ] |
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alibaba
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Post by alibaba on Oct 15, 2021 10:41:27 GMT
just put my remaining loans on secondary market due to recent losses
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Post by Ace on Oct 22, 2021 7:58:27 GMT
just put my remaining loans on secondary market due to recent losses Out of interest, how did the sales process go? I see that the SM is currently empty, so I presume everything solid.
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IFISAcava
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Post by IFISAcava on Oct 22, 2021 11:18:21 GMT
just put my remaining loans on secondary market due to recent losses Out of interest, how did the sales process go? I see that the SM is currently empty, so I presume everything solid. Hefty 1.5% selling fee though
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alibaba
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Post by alibaba on Oct 23, 2021 11:58:18 GMT
just put my remaining loans on secondary market due to recent losses Out of interest, how did the sales process go? I see that the SM is currently empty, so I presume everything solid. Thanks to your post, just checked and all three loans have sold, I have just put my last two loans on the secondary market fingers crossed they sell as well, not a great experience for me.
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