ilmoro
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'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 Nov 15, 2021 21:18:54 GMT
Dear All, Thanks for comments relating to our valuations. I just wanted to confirm that in regard to the comparisons users found on the Patek 5724 watch that the ones you will have seen at £190k do not have box and papers so if you filter to "with Original Box and Papers" you will find the lowest on that platform is about £209k. I notice the comments about the borrower having more than one loan so I just wanted to reiterate that to consider risk please focus on the asset. Can it be sold in a reasonable timeframe and is there enough equity to cover, at the very minimum, your capital and your interest? Defaulted loans, when the asset is valued correctly, should never really be a cause for concern. Thanks again for all of your support. Danny Grimes Thanks Danny There is a history in P2P of borrowers taking out multiple loans across various items/projects/platforms and lenders not being aware of the true level of exposure with the result that they suddenly find themselves facing unexpected concentration of losses. While pawn loans should be immune to such issues as the asset should be in possession & defacto ownership of the platform, unfortunately this has not always proved to be the case so always best to highlight any connections with borrowers, even if tenuous, to allow lenders to make their own conclusions on exposure risk. Communication & disclosure is the best way to boost confidence.
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Post by overthehill on Nov 16, 2021 10:29:49 GMT
I don't know where the comparisons of 190k for CL's recent watch item were harvested and if they were asking or sold prices but how does someone own such a valuable watch and not have the box or papers ?! Anyway CL have the box and papers and the loan is well below any of the values being mentioned.
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nyneil
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Post by nyneil on Nov 16, 2021 10:45:01 GMT
The cheapest I could find was over £190k, & that wasn't new Bid limit on this one could be interesting I've had a quick look and found similar results. I have to say Danny's in-house valuations are far more accurate than RICS  The big difference is that Danny's experience developed by putting his own money at risk, unlike RICS who just seem to walk away unscathed when they get it wrong.
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dave4
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Post by dave4 on Nov 16, 2021 10:55:54 GMT
I don't know where the comparisons of 190k for CL's recent watch item were harvested and if they were asking or sold prices but how does someone own such a valuable watch and not have the box or papers ?! Anyway CL have the box and papers and the loan is well below any of the values being mentioned. (it may just be the circles i travel?) but overthehill you would be surprised how many younger persons just want the bling / goods, with no thought as to the future.
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Post by overthehill on Nov 16, 2021 11:10:03 GMT
I've had a quick look and found similar results. I have to say Danny's in-house valuations are far more accurate than RICS The big difference is that Danny's experience developed by putting his own money at risk, unlike RICS who just seem to walk away unscathed when they get it wrong.
Just to clarify, are you referring to his general or previous business or that he invests a bit in each P2P loan?
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dave4
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Post by dave4 on Nov 16, 2021 14:11:47 GMT
Two large loans simultaniously... I guess this time I won't need to be there on the dot to get into my preferred tranches It will be interesting to watch how long it will take for fill these two. I think it will depend on how many souls are willing to chuck 20k into a single loan... I hope it goes well, best of luck connectivelending Looks like just the one to me. It has grown £5000 by the looks of it. I suppose the interesting question is what happens if it does not fill. I would be a very long way from £20,000 for sure but would not like even a small sum to be stuck earning nothing for any length of time. 2pm (4 hour's open) A. 1/2 filled. B. over 1/5 filled. c. 2/3 filled.
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Village Idiot
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Post by Village Idiot on Nov 16, 2021 14:48:28 GMT
Looks like just the one to me. It has grown £5000 by the looks of it. I suppose the interesting question is what happens if it does not fill. I would be a very long way from £20,000 for sure but would not like even a small sum to be stuck earning nothing for any length of time. 2pm (4 hour's open) A. 1/2 filled. B. over 1/5 filled. c. 2/3 filled. Roughly half filled, the resident mathematicians will deduce another four hours will see it filled. I have kept my 'powder dry' being unsure there was enough appetite, and expecting added inducements being needed for more realistic investments (probably on tranche B at a guess).
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nyneil
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Post by nyneil on Nov 16, 2021 15:43:50 GMT
The big difference is that Danny's experience developed by putting his own money at risk, unlike RICS who just seem to walk away unscathed when they get it wrong.
Just to clarify, are you referring to his general or previous business or that he invests a bit in each P2P loan?
I meant that I'm assuming he knows how to accurately value items because his family pawnbroking business has been doing this for a long time, and are still in business. Using his / their own money is a good incentive to learn how to do it properly. I don't know if he invests in the CL loans, I'm presuming he doesn't; not sure if that would breach any FCA rules (not that the FCA would be likely to notice!)
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trium
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Post by trium on Nov 16, 2021 17:25:28 GMT
I have kept my 'powder dry' being unsure there was enough appetite, and expecting added inducements being needed for more realistic investments (probably on tranche B at a guess). Whenever FS decided to offer additional bonuses after launch they were always granted to those who had already pledged, which I think is only fair. I would have thought CL would do the same. Is there a precedent? (only been here since July)
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dave4
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Post by dave4 on Nov 16, 2021 18:05:09 GMT
I have kept my 'powder dry' being unsure there was enough appetite, and expecting added inducements being needed for more realistic investments (probably on tranche B at a guess). Whenever FS decided to offer additional bonuses after launch they were always granted to those who had already pledged, which I think is only fair. I would have thought CL would do the same. Is there a precedent? (only been here since July) A. generous half filled. B. 4/5th filled C. £650 left available. loan with +£20000.00 interest uplift Incentive seems to be working as is.
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Village Idiot
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Post by Village Idiot on Nov 16, 2021 18:15:20 GMT
Whenever FS decided to offer additional bonuses after launch they were always granted to those who had already pledged, which I think is only fair. I would have thought CL would do the same. Is there a precedent? (only been here since July) A. generous half filled. B. 4/5th filled C. £650 left available. loan with +£2000 interest uplift Incentive seems to be working as is. You will be wanting another 0
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dave4
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Post by dave4 on Nov 16, 2021 18:22:00 GMT
A. generous half filled. B. 4/5th filled C. £650 left available. loan with +£2000 interest uplift Incentive seems to be working as is. You will be wanting another 0Indeed i did. thank you.
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Post by df on Nov 16, 2021 20:33:55 GMT
Two large loans simultaniously... I guess this time I won't need to be there on the dot to get into my preferred tranches It will be interesting to watch how long it will take for fill these two. I think it will depend on how many souls are willing to chuck 20k into a single loan... I hope it goes well, best of luck connectivelending Looks like just the one to me. It has grown £5000 by the looks of it. I suppose the interesting question is what happens if it does not fill. I would be a very long way from £20,000 for sure but would not like even a small sum to be stuck earning nothing for any length of time. I thought two loans because I've received two emails, didn't pay attention to detail, just noted that one was for £120,000 and another for £125,000 and thought they are two separate loans It seems to be filling well so far... only one 20k+ though.
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Village Idiot
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Post by Village Idiot on Nov 16, 2021 20:38:49 GMT
Looks like just the one to me. It has grown £5000 by the looks of it. I suppose the interesting question is what happens if it does not fill. I would be a very long way from £20,000 for sure but would not like even a small sum to be stuck earning nothing for any length of time. I thought two loans because I've received two emails, didn't pay attention to detail, just noted that one was for £120,000 and another for £125,000 and thought they are two separate loans It seems to be filling well so far... only one 20k+ though. Ah tonight you are wrong in the other direction. two with a combined 20K D*****3 I think that is the older brother of dave4.
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Ace
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Post by Ace on Nov 16, 2021 22:16:48 GMT
I thought two loans because I've received two emails, didn't pay attention to detail, just noted that one was for £120,000 and another for £125,000 and thought they are two separate loans It seems to be filling well so far... only one 20k+ though. Ah tonight you are wrong in the other direction. two with a combined 20K D*****3 I think that is the older brother of dave4 . D******3 seems to have lost the plot. The investment has been spread over the higher risk tranches, when they could have had the same 16% in the lowest risk tranche!
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