eeyore
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Post by eeyore on Feb 24, 2021 11:46:32 GMT
New 24-month loan for Edgbaston H** will be available on Thursday 25-Feb.
Tranche A: £332.5k @ 6.7% gross Tranche B: £99.75k @ 9.04% gross LTV: 65%
The loan is to clear a loan taken out by the borrower to replenish cash reserves used to purchase the property. The borrower is wholly-owned by an existing Proplend client. The security is a first charge on a mid-terrace building which has been converted and is let to a local housing association on a five-year lease. See the full loan request and valuation report for details.
Once again, Proplend suggests that the TrancheA loan will be filled entirely by Auto-Lend.
Update: This loan repaid in full on 8-June-23 with 78 days of penalty interest (£7.25/£1000 TrancheA).
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liso
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Post by liso on Feb 24, 2021 11:59:13 GMT
Regarding the lease, my understanding from the supporting documents is that although a lease to a HA is proposed, it is not currently in place. The VR highlights the absence of a lease.
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eeyore
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Post by eeyore on Feb 24, 2021 12:12:01 GMT
Regarding the lease, my understanding from the supporting documents is that although a lease to a HA is proposed, it is not currently in place. The VR highlights the absence of a lease. I'm going to be optimistic and assume that the statement: " Proplend Ltd diligence to be satisfied that interest payments can be serviced" in the " Conditions Precedent" section of the FLR means that the loan won't be drawn down until the lease is in place!
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eeyore
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Post by eeyore on Feb 25, 2021 12:03:44 GMT
TrancheA filled by Auto-Lend. TrancheB filled within first minute.
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Post by uksoul on Feb 25, 2021 12:15:04 GMT
TrancheA filled by Auto-Lend. TrancheB filled within first minute. Filled superquick as expected....i missed out on Tranche B though even with 57k showing available , would not accept my 1k..
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alibaba
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Post by alibaba on Feb 25, 2021 12:22:09 GMT
I had auto lend switched on but no allocation for me
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morris
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Post by morris on Feb 25, 2021 12:25:14 GMT
A and B for me
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Post by uksoul on Feb 25, 2021 12:25:48 GMT
I had auto lend switched on but no allocation for me Wow! that's a surprise...when did you switch it on ?
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Post by uksoul on Feb 25, 2021 12:26:25 GMT
A and B for me u lucky so and so..
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hantsowl
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Post by hantsowl on Feb 25, 2021 12:42:03 GMT
I had auto lend switched on but no allocation for me Wow! that's a surprise...when did you switch it on ? No surprise really. My autolend remained on from the last loan but received nothing from this one. There are too many lenders with autolend set on for loans of this size. The allocation size should be reduce from £1000 to £500 in order to give more lenders a chance.
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eeyore
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Post by eeyore on Feb 25, 2021 12:43:43 GMT
morris said: A and B for me Wow! that's a surprise... when did you switch it on ?It may be possibile to have Auto-Lend switched ON with funds in the account at 11:00, wait for the Proplend email to confirm the Auto-Lend allocation (usually around 11:30, today it was at 11:17), then switch OFF Auto-Lend before 12:00 to be ready in the first few seconds after 12:00:01 to grab a slice of TrancheB (or TrancheC). It still said £50k available in TrancheB at 12:00:25 when it finally displayed the loan page for me, so if you failed to get anything when it was saying £57k available, any request after 20 seconds or so would lose-out - it just took c40 seconds for the web-page to catch-up with the actual availability. But without bid limits, a few £10k requests in the first few seconds could have grabbed the bulk of the tranche. I think I can understand now why Proplend might have planned the 30-day "penalty" for anyone who switches off Auto-Lend in the proposed new system!
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Post by uksoul on Feb 25, 2021 12:52:47 GMT
Wow! that's a surprise...when did you switch it on ? No surprise really. My autolend remained on from the last loan but received nothing from this one. There are too many lenders with autolend set on for loans of this size. The allocation size should be reduce from £1000 to £500 in order to give more lenders a chance. Yes seems like much more are on the autolend way of investing, i totally agree the minimum investment needs to be dropped to £500 as Proplend no longer the hidden gem it once was. There is a big loan in pending which should see everyone get a slice of Tranche A or B..
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Post by uksoul on Feb 25, 2021 13:03:35 GMT
Wow! that's a surprise... when did you switch it on ?It may be possibile to have Auto-Lend switched ON with funds in the account at 11:00, wait for the Proplend email to confirm the Auto-Lend allocation (usually around 11:30, today it was at 11:17), then switch OFF Auto-Lend before 12:00 to be ready in the first few seconds after 12:00:01 to grab a slice of TrancheB (or TrancheC). It still said £50k available in TrancheB at 12:00:25 when it finally displayed the loan page for me, so if you failed to get anything when it was saying £57k available, any request after 20 seconds or so would lose-out - it just took c40 seconds for the web-page to catch-up with the actual availability. But without bid limits, a few £10k requests in the first few seconds could have grabbed the bulk of the tranche. I think I can understand now why Proplend might have planned the 30-day "penalty" for anyone who switches off Auto-Lend in the proposed new system! Is that 30-day penalty for those who have autolend on permanently only ? I got a slice of B in the last loan so not too disappointed really.
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alibaba
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Post by alibaba on Feb 25, 2021 15:22:15 GMT
Contacted Proplend this is their reply which is fair enough.
Sorry to hear that you missed out on todays loan through Auto-Lend. The system allocates based on your LEND number but always starts from the last point it invested in the previous loan so if you missed out today, you’ll be at the front of the queue for the next loan. After a slightly thin start to the year we should start to see a number of the Pending loans go live over the coming weeks, starting with Bath loan hopefully at the end of next week. Kind regards
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eeyore
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Post by eeyore on Feb 25, 2021 15:42:42 GMT
...... I think I can understand now why Proplend might have planned the 30-day "penalty" for anyone who switches off Auto-Lend in the proposed new system! Is that 30-day penalty for those who have autolend on permanently only ? I got a slice of B in the last loan so not too disappointed really. Yes, the email in January which outlined Proplend's proposed Auto-Lend 2.0 said this about the "Always On" option: " If a Lender does decide to turn it off, then it cannot be reactivated for a period of 30 days." We have to wait for a better description of how the "Always On" and "Self-Select" options will work, in particular how Auto-Lend 2.0 will prioritize the allocation of individual lenders' funds for each loan, something which has become critical with the demand out-stripping supply for almost every loan.
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