eeyore
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Post by eeyore on Jun 8, 2021 16:17:27 GMT
New 36-month commercial term loan for Birmingham R*** (PLL0994) has been announced.
Total loan: £3,207,000 LTV: 43%
Tranche A: £3.207million @ 6.3% gross (No cap)
This loan will be filled in units of £2,000 (rather than £1,000) so the minimum investment is £2,000.
The loan's purpose is to refinance current debts. The loan is expected either to be redeemed on the sale of the building for redevelopment (two offers have been made) or to be refinanced at the end of its term.
The security is a first legal charge on three-storey+basement retail premises in central Birmingham The building is tenanted by an associated trading company of the borrowers. There is a note in the FLR concerning the financial history and viability of the tenant which is currently in administration; the successful completion of this loan should allow the trading company to exit administration.
See the full loan request and valuation report for details which are available on the website.
Allocation of TrancheA funds for Always-On lenders has already taken place (Tuesday 8-Jun).
Tranche A will be available for Self-Select: - funds for Self-Select lenders must be in their cash accounts by 17:30 on Wednesday 9-June.
Comment: This will be one of Proplend's larger loans but with a minimum investment of £2k those lenders with limits of £1k per individual loan will be excluded.
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huxs
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Post by huxs on Jun 8, 2021 16:51:17 GMT
I have nothing against this loan but starting to get nervous about the amount of loans coming through the pipeline is the quality dropping, the demand going up or is it because the rates are going down that they can get more business ? Views?
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Post by gramsky on Jun 8, 2021 18:12:27 GMT
I have nothing against this loan but starting to get nervous about the amount of loans coming through the pipeline is the quality dropping, the demand going up or is it because the rates are going down that they can get more business ? Views? I hope not, having been caught out by L***y, FC and AC I am very wary of the same thing happening again.
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ukinvestor
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Post by ukinvestor on Jun 8, 2021 19:49:00 GMT
Comment: This will be one of Proplend's larger loans but with a minimum investment of £2k those lenders with limits of £1k per individual loan will be excluded. What is the logic of raising the minimum to £2k? Are they running out of loan part numbers 
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ukinvestor
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Post by ukinvestor on Jun 8, 2021 19:54:45 GMT
I have nothing against this loan but starting to get nervous about the amount of loans coming through the pipeline is the quality dropping, the demand going up or is it because the rates are going down that they can get more business ? Views? Rates are leveling with other platforms... Remember the actual rates are 10% lower than the quoted rates due to the Proplend fees...
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hantsowl
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Post by hantsowl on Jun 8, 2021 19:59:19 GMT
Comment: This will be one of Proplend's larger loans but with a minimum investment of £2k those lenders with limits of £1k per individual loan will be excluded. Not actually correct. I have a £1k limit set, but because I had £2k cash sitting in the account I was allocated a slice.
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Post by overthehill on Jun 8, 2021 21:31:51 GMT
I'm a big fan of Proplend, almost an unblemished record and not biased towards the borrower like some. They deserve to capitalise by ramping up but I wasn't expecting a hydraulic ramp. It's been 0 to 60 in 3 seconds.
They are not immune to the odd faux pas. There is no logic to increasing the minimum investment to 2k or it would have been in the email ! And as for investing 2k when your limit is set to 1k then I'd be amazed if that is in the T&C's or wasn't an oversight. There will be a few cancelled pledges due to that.
I can't say I'm overwhelmed by the recent loan trend and haven't been participating, I prefer the higher risk tranche A loans > 8%.
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Post by uksoul on Jun 9, 2021 0:32:56 GMT
I have nothing against this loan but starting to get nervous about the amount of loans coming through the pipeline is the quality dropping, the demand going up or is it because the rates are going down that they can get more business ? Views? Demand for p2p loans is growing and several platforms in the UK/EU are experiencing growth in the number of new loans introduced. Banks are more restrictive in granting loans since CV19 decimated economies and p2p is increasingly becoming the norm for borrowers and investors. Some platforms have a greater frequency of loan turnover and a more substantial pipeline than Proplend but their DD inferior. I think Proplend is among the most reliable platforms and their record speaks for itself with deliquent loans and loss of investor income.
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ton27
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Post by ton27 on Jun 9, 2021 11:21:01 GMT
Comment: This will be one of Proplend's larger loans but with a minimum investment of £2k those lenders with limits of £1k per individual loan will be excluded. Not actually correct. I have a £1k limit set, but because I had £2k cash sitting in the account I was allocated a slice. I also have a £1k limit but got allocated £2k (as I also had enough in the account). I have accepted the £2k but would not like it to happen again without at least an email from Proplend advising what is going on.
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sapphire
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Post by sapphire on Jun 9, 2021 11:39:21 GMT
Oddly whilst PL's email mentions about the requirement for the investment to be a £2K multiple, under self-select the drop down box provides an option to select in £1K multiples ..starting from £1K to £2,789K ..for someone with a deep pocket!
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eeyore
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Post by eeyore on Jun 9, 2021 11:56:15 GMT
Comment: This will be one of Proplend's larger loans but with a minimum investment of £2k those lenders with limits of £1k per individual loan will be excluded. Not actually correct. I have a £1k limit set, but because I had £2k cash sitting in the account I was allocated a slice. You specified in your Auto-Lend parameters: "Maximum Investment Per Loan" = £1,000 and Proplend's Auto-Lend has invested £2,000 in a single loan? Wow, this Auto-Lend 2.0 clearly has some serious flaws...
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hantsowl
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Post by hantsowl on Jun 9, 2021 12:30:31 GMT
Not actually correct. I have a £1k limit set, but because I had £2k cash sitting in the account I was allocated a slice. You specified in your Auto-Lend parameters: "Maximum Investment Per Loan" = £1,000 and Proplend's Auto-Lend has invested £2,000 in a single loan? Wow, this Auto-Lend 2.0 clearly has some serious flaws... I used the ‘contact us’ form to let them know that I prefer £1k per loan for added diversification and was offered the option of cancelling the £2k investment. This was done very quickly, so can’t really have any complaints.
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rs
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Post by rs on Jun 10, 2021 7:37:29 GMT
Proplend also told me that for this loan you can only sell £2k on the SM. You won't be allowed to sell £1k on SM. Hopefully Proplend change their minds about this later.
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djg
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Post by djg on Jun 10, 2021 9:50:54 GMT
Re the £2K minimum, this should give those of us who aren't interested in investing small amounts, the chance to invest at last. For example to invest the full ISA amount in a single loan. When Proplend started in 2014, I believe the minimum loan was much higher (£5K?).
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Post by overthehill on Jun 10, 2021 10:37:44 GMT
Re the £2K minimum, this should give those of us who aren't interested in investing small amounts, the chance to invest at last. For example to invest the full ISA amount in a single loan. When Proplend started in 2014, I believe the minimum loan was much higher (£5K?). Your logic being 200 investors who are not willing to invest > 1000 in a single loan frees up 200k for HNW investors ? I hadn't really thought about it that way before and sort of dispels my previous comment about Proplend not having a good reason because none was given. It's a discrete experiment.
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