eeyore
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Post by eeyore on Apr 12, 2021 12:45:10 GMT
New 12-month loan for Wembley W*** has been announced. Allocation of TrancheA funds for "Always-On" lenders has already taken place (Monday 12-April). Funds for Self-Select lenders must be in their accounts by 17:00 on Tuesday 13-April; allocation will take place on Wednesday morning. Total loan: £2,074,000 LTV: 68% Tranche A: £1,050k @ 8.0% gross (Cap: £4k) Tranche B: £457.5k @ 11.0% gross (Cap: £3k) Tranche C: £91.5k @ 13.4% gross (Cap: £1k) The security is a first legal charge on a freehold warehouse building. The loan is to refinance the current bank lender and to raise capital for alterations to the building and for business expansion. There are multiple exit strategies. There will be a 15-month interest reserve. For details, see the full loan request and valuation report which are available on the website. This loan has been repaid today, 29-April-2022, on the draw-down of its refinancing loan Wembley W*** R***.
see: p2pindependentforum.com/thread/19415/wembley-pl
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Post by Ace on Apr 14, 2021 14:43:05 GMT
I was allocated a share of tranches B and C in this one via the Auto-Lend Self Select across my 2 accounts (Classic and ISA).
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p2pfan
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Post by p2pfan on Apr 14, 2021 15:16:44 GMT
I didn't get any allocation in Tranche C and only a tiny amount in Tranche B.
New system is awful. Much preferred the old one, where I never once failed to get the allocations I wanted (subject to the maximum limits) in Tranche Cs.
Won't be wasting my time anymore, unless Proplend go back to the old system.
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Post by uksoul on Apr 14, 2021 15:55:03 GMT
I didn't get any allocation in Tranche C and only a tiny amount in Tranche B. New system is awful. Much preferred the old one, where I never once failed to get the allocations I wanted (subject to the maximum limits) in Tranche Cs. Won't be wasting my time anymore, unless Proplend go back to the old system. Were you allocated Tranche C in the last loan ? If you did that restricts your chances of getting it next time... I never got C in the last loan but got it this time around along with my chosen slices of Tranche B. I doubt they will regress to the old system having spent considerable amounts of money on the upgrade. I initially had doubts on this new system but i'm starting to like it especially as you don't have to have fingers at the ready at a certain time to invest.
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p2pfan
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Post by p2pfan on Apr 14, 2021 16:38:28 GMT
I didn't apply via the new system until this loan because the new system combined with the small caps didn't seem to make it worthwhile for all the pfaffing around.
I'll stay well clear going forward. Not worth all the hassle of transferring money to Proplend in preparation for loans, and then having to return it to one's bank account when one inevitably doesn't get an allocation (I don't leave thousands of pounds of money lying around for days on end with any P2P platform, as they can go bust overnight, as has happened time and again, most recently with The House Crowd).
If a platform doesn't even want to give a £1k allocation into a loan, then it's not worth it.
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rs
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Post by rs on Apr 14, 2021 16:56:05 GMT
I didn't apply via the new system until this loan because the new system combined with the small caps didn't seem to make it worthwhile for all the pfaffing around. I'll stay well clear going forward. Not worth all the hassle of transferring money to Proplend in preparation for loans, and then having to return it to one's bank account when one inevitably doesn't get an allocation (I don't leave thousands of pounds of money lying around for days on end with any P2P platform, as they can go bust overnight, as has happened time and again, most recently with The House Crowd). If a platform doesn't even want to give a £1k allocation into a loan, then it's not worth it. Spal**** mi*** u** (A & B tranche) going live this week at some point. Auto lend has just run on this.
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eeyore
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Post by eeyore on Apr 15, 2021 9:03:02 GMT
I didn't apply via the new system until this loan because the new system combined with the small caps didn't seem to make it worthwhile for all the pfaffing around. I'll stay well clear going forward. Not worth all the hassle of transferring money to Proplend in preparation for loans, and then having to return it to one's bank account when one inevitably doesn't get an allocation (I don't leave thousands of pounds of money lying around for days on end with any P2P platform, as they can go bust overnight, as has happened time and again, most recently with The House Crowd). If a platform doesn't even want to give a £1k allocation into a loan, then it's not worth it. That might be the right strategy now that lenders wanting low-risk TrancheA loans are being forced to accept whatever Proplend put out - there's now a night-club and a care home in the pipeline! (It reminds me of other platforms with much poorer reputations.)
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sapphire
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Post by sapphire on Mar 29, 2022 7:54:15 GMT
A refinance of this loan is now listed under 'Pending'.
Whilst the valuation has increased by approx. 10% and refinance loan amount by approx. 20%, the average interest rate (across the three tranches) has reduced by more than 2% pa !
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huxs
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Post by huxs on Mar 29, 2022 8:19:12 GMT
A refinance of this loan is now listed under 'Pending'. Whilst the valuation has increased by approx. 10% and refinance loan amount by approx. 20%, the average interest rate (across the three tranches) has reduced by more than 2% pa ! Yes, I just saw that as well, also looking at the other pending loans the A tranches in particular have taken a dive. The BoE interest rates go up but Proplend rates are still going down. I guess lender demand is pushing the rates lower !!
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Post by overthehill on Mar 29, 2022 10:34:52 GMT
A refinance of this loan is now listed under 'Pending'. Whilst the valuation has increased by approx. 10% and refinance loan amount by approx. 20%, the average interest rate (across the three tranches) has reduced by more than 2% pa ! Yes, I just saw that as well, also looking at the other pending loans the A tranches in particular have taken a dive. The BoE interest rates go up but Proplend rates are still going down. I guess lender demand is pushing the rates lower !!
Roof.
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sapphire
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Post by sapphire on Apr 29, 2022 15:24:53 GMT
Loan redeemed today (11 days before the due date).
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