tallsuk
Member of DD Central
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Post by tallsuk on Feb 14, 2022 23:21:15 GMT
Do you know if most of this got swallowed up by business loans? Or was it much more going into standard and gold loans? Hi Ukmikk, good question. Most of that investment (about 75%) was swallowed up by just two lots. The first (Feb 9th) was the Audemars Piguet Royal Oak Openworked Rosegold Skeleton, which looks really cool when I googled it. And the other lot (Feb 11th) was "a collection of 24 antique books, manuscripts, works on paper and etchings". You'll note, I run with very high investing limits, so occasionally I end up with rather large chunks of very valuable items. A couple of years ago I had about eight grand in a red 1955 Bentley Continental, probably the value of its part-worn spare tyre. However, in over three years with UB I've never lost a penny on anything, and I'm earning about 8.8% with low LTVs for my trouble. I wonder if UB might pick up some of Connective Lending's slack. There has also been three working capital loans of c£100k each last week but I would have thought that would mean there was less lenders cash waiting to be invested rather than more. I think it has just been a quiet couple of days.
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Post by df on Feb 15, 2022 0:09:43 GMT
Do you know if most of this got swallowed up by business loans? Or was it much more going into standard and gold loans? Hi Ukmikk, good question. Most of that investment (about 75%) was swallowed up by just two lots. The first (Feb 9th) was the Audemars Piguet Royal Oak Openworked Rosegold Skeleton, which looks really cool when I googled it. And the other lot (Feb 11th) was "a collection of 24 antique books, manuscripts, works on paper and etchings". You'll note, I run with very high investing limits, so occasionally I end up with rather large chunks of very valuable items. A couple of years ago I had about eight grand in a red 1955 Bentley Continental, probably the value of its part-worn spare tyre. However, in over three years with UB I've never lost a penny on anything, and I'm earning about 8.8% with low LTVs for my trouble. I wonder if UB might pick up some of Connective Lending's slack.Interesting thought. CL didn't specify who is taking over the loan book, it could be UB...
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Ukmikk
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Post by Ukmikk on Feb 15, 2022 21:38:35 GMT
Do you know if most of this got swallowed up by business loans? Or was it much more going into standard and gold loans? Hi Ukmikk, good question. Most of that investment (about 75%) was swallowed up by just two lots. The first (Feb 9th) was the Audemars Piguet Royal Oak Openworked Rosegold Skeleton, which looks really cool when I googled it. And the other lot (Feb 11th) was "a collection of 24 antique books, manuscripts, works on paper and etchings". You'll note, I run with very high investing limits, so occasionally I end up with rather large chunks of very valuable items. A couple of years ago I had about eight grand in a red 1955 Bentley Continental, probably the value of its part-worn spare tyre. However, in over three years with UB I've never lost a penny on anything, and I'm earning about 8.8% with low LTVs for my trouble. I wonder if UB might pick up some of Connective Lending's slack. Thanks for your reply. I've tended to shy away from having too much in a single loan so kept limits down. However I have a lot of faith in UB after a few years trouble free lending, so maybe it's time to be a little less cautious if I want to get my additional capital lent out. Limits raised, let's see how that goes. Cheers for your input.
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Post by overthehill on Feb 16, 2022 10:03:45 GMT
Hi Ukmikk, good question. Most of that investment (about 75%) was swallowed up by just two lots. The first (Feb 9th) was the Audemars Piguet Royal Oak Openworked Rosegold Skeleton, which looks really cool when I googled it. And the other lot (Feb 11th) was "a collection of 24 antique books, manuscripts, works on paper and etchings". You'll note, I run with very high investing limits, so occasionally I end up with rather large chunks of very valuable items. A couple of years ago I had about eight grand in a red 1955 Bentley Continental, probably the value of its part-worn spare tyre. However, in over three years with UB I've never lost a penny on anything, and I'm earning about 8.8% with low LTVs for my trouble. I wonder if UB might pick up some of Connective Lending's slack. Thanks for your reply. I've tended to shy away from having too much in a single loan so kept limits down. However I have a lot of faith in UB after a few years trouble free lending, so maybe it's time to be a little less cautious if I want to get my additional capital lent out. Limits raised, let's see how that goes. Cheers for your input.
Multiple loans to the same borrower are a great idea until it isn't. Unbolted have personal experience of that not to mention the lenders waiting for their capital and hopefully interest back. Fundingsecure were a prime example but they endemically concealed it. Ablrate is another. There are a number of scenarios that can 'crop up' where the train comes off the rails, unexpected debt or bankruptcy, fraud, ponzi borrower, legal loophole borrower, death. My advice is stick to your per loan limit per borrower.
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tallsuk
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Post by tallsuk on Feb 16, 2022 10:33:31 GMT
Thanks for your reply. I've tended to shy away from having too much in a single loan so kept limits down. However I have a lot of faith in UB after a few years trouble free lending, so maybe it's time to be a little less cautious if I want to get my additional capital lent out. Limits raised, let's see how that goes. Cheers for your input.
Multiple loans to the same borrower are a great idea until it isn't. Unbolted have personal experience of that not to mention the lenders waiting for their capital and hopefully interest back. Fundingsecure were a prime example but they endemically concealed it. Ablrate is another. There are a number of scenarios that can 'crop up' where the train comes off the rails, unexpected debt or bankruptcy, fraud, ponzi borrower, legal loophole borrower, death. My advice is stick to your per loan limit per borrower.
Whilst I completely agree with your advice on most platforms, I think unbolted is in a slightly different situation. First, you can't select your loans the vast majority of the time. The autoloan allocates parts and you have to take what you are given. However, a key difference between UB and the other platforms is that the collateral is held by the platform and not by the borrower. It makes it far easier for it to be sold if the worst happens and UB have an excellent track record in reclaiming debt. Additionally, they charge quite high fees that, in the event of a default, go back into the pot to pay lenders back.
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Ukmikk
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Post by Ukmikk on Feb 16, 2022 15:20:14 GMT
Multiple loans to the same borrower are a great idea until it isn't. Unbolted have personal experience of that not to mention the lenders waiting for their capital and hopefully interest back. Fundingsecure were a prime example but they endemically concealed it. Ablrate is another. There are a number of scenarios that can 'crop up' where the train comes off the rails, unexpected debt or bankruptcy, fraud, ponzi borrower, legal loophole borrower, death. My advice is stick to your per loan limit per borrower.
Whilst I completely agree with your advice on most platforms, I think unbolted is in a slightly different situation. First, you can't select your loans the vast majority of the time. The autoloan allocates parts and you have to take what you are given. However, a key difference between UB and the other platforms is that the collateral is held by the platform and not by the borrower. It makes it far easier for it to be sold if the worst happens and UB have an excellent track record in reclaiming debt. Additionally, they charge quite high fees that, in the event of a default, go back into the pot to pay lenders back. Advice much appreciated thank you. Having given this some thought I do think the key factors with UB are asset valuation and possession as tallsuk says, so does it matter if lending on a single large valuation or a number of smaller ones providing the valuations are realistic? Limits on standard or gold loans do not limit loans to the same borrower.
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Post by df on Feb 16, 2022 21:21:48 GMT
Multiple loans to the same borrower are a great idea until it isn't. Unbolted have personal experience of that not to mention the lenders waiting for their capital and hopefully interest back. Fundingsecure were a prime example but they endemically concealed it. Ablrate is another. There are a number of scenarios that can 'crop up' where the train comes off the rails, unexpected debt or bankruptcy, fraud, ponzi borrower, legal loophole borrower, death. My advice is stick to your per loan limit per borrower.
Whilst I completely agree with your advice on most platforms, I think unbolted is in a slightly different situation. First, you can't select your loans the vast majority of the time. The autoloan allocates parts and you have to take what you are given. However, a key difference between UB and the other platforms is that the collateral is held by the platform and not by the borrower. It makes it far easier for it to be sold if the worst happens and UB have an excellent track record in reclaiming debt. Additionally, they charge quite high fees that, in the event of a default, go back into the pot to pay lenders back. They used to have a provision fund, but it was scrapped a few years ago. It's true, due to the type of asset and their expertise in pawn lending UB is good at reclaiming debt. However, the saga of "cashing out because of court case" borrower is still ongoing. Not UB's fault, but a good example of unexpected course of events. At an early stage (July 2019) UB wanted to repay investors and take on the debt themselves, but FCA didn't allow them to do it (in my understanding, I'm happy to be corrected).
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 16, 2022 23:16:27 GMT
Whilst I completely agree with your advice on most platforms, I think unbolted is in a slightly different situation. First, you can't select your loans the vast majority of the time. The autoloan allocates parts and you have to take what you are given. However, a key difference between UB and the other platforms is that the collateral is held by the platform and not by the borrower. It makes it far easier for it to be sold if the worst happens and UB have an excellent track record in reclaiming debt. Additionally, they charge quite high fees that, in the event of a default, go back into the pot to pay lenders back. They used to have a provision fund, but it was scrapped a few years ago. It's true, due to the type of asset and their expertise in pawn lending UB is good at reclaiming debt. However, the saga of "cashing out because of court case" borrower is still ongoing. Not UB's fault, but a good example of unexpected course of events. At an early stage (July 2019) UB wanted to repay investors and take on the debt themselves, but FCA didn't allow them to do it (in my understanding, I'm happy to be corrected).
"........ UB wanted to repay investors and take on the debt themselves, but FCA didn't allow them to do it......"Yep, good ole reliable FCA eh, ALWAYS batting for The Consumer and putting consumer interests first. Just like they've admirably done at Lendy, Funding Secure, Collateral, and MoneyThing. 
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easynow
Member of DD Central
Popcorn anyone?
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Post by easynow on Feb 17, 2022 9:29:41 GMT
Always stick to what you can afford to lose, whilst recovery has been good**, There is a lot happening in the world right now which could drive up defaults and devalue goods, and as pointed out up thread, there is no provision fund to bail you out now, which it has done previously. If you keep a close eye on defaults, they don't always sell that easy for the required amount, despite "accurate valuations" when sent to auction houses etc, even gold items which many feel are safe as houses can be on sale with HGM for a considerable time, so are they really that well valued?, you would have thought they would be snapped up quite quickly if worth a lot more than the loan amount.
**I've been with UB since early 2016.
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mogish
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Post by mogish on Jun 14, 2022 15:56:50 GMT
After moaning about cash drag the other day and other forum members advising how to avoid idle cash, I increased my amount to loan to 250.
Now I've had 207 in one loan business loan now!
This is the largest amount ive had in any loan, could this be due to the changes ive made or others perhaps withdrawing from UB after the recent announcement?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 14, 2022 16:30:56 GMT
After moaning about cash drag the other day and other forum members advising how to avoid idle cash, I increased my amount to loan to 250. Now I've had 207 in one loan business loan now! This is the largest amount ive had in any loan, could this be due to the changes ive made or others perhaps withdrawing from UB after the recent announcement? Its a massive loan, 6 figures, so any one with cash on account above a fiver would probably have ended up in it under the new catch all settings... they were previous available as self-select in addition to auto invest which is why a notification email was sent out for that loan. The assets have been rolled over multiple times since 2017 since its basically a rolling facility to a business - on paper very well secured but it does have a few trigger words for veteran P2P lenders - books - italian - antique
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Post by df on Jun 14, 2022 19:06:18 GMT
After moaning about cash drag the other day and other forum members advising how to avoid idle cash, I increased my amount to loan to 250. Now I've had 207 in one loan business loan now! This is the largest amount ive had in any loan, could this be due to the changes ive made or others perhaps withdrawing from UB after the recent announcement? This loan has emptied my cash account. Very rare for me, I think it happened only once before a few years ago. When they've reduced 3 settings to one it resulted in the settings for "standard". My "gold" settings were very high and "business" low. The result is - I've invested in this loan 50% more than I'd normally do. I've now lowered my setting to avoid future overexposures.
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mogish
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Post by mogish on Jun 14, 2022 19:32:42 GMT
Yip that's what I've done. That was a short lived increase!!
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Post by redpete on Jun 17, 2022 15:14:55 GMT
I've had notice of two loans paid off early - one within to days of it being taken out. Does this happen often? (first I've seen since opening the account early May.)
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Post by overthehill on Jun 17, 2022 18:39:21 GMT
I've had notice of two loans paid off early - one within to days of it being taken out. Does this happen often? (first I've seen since opening the account early May.)
I don't see start date, end date and actual end date in the same tables/spreadsheet so we only have suspicion without concrete data.
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