billt
Posts: 101
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Post by billt on May 17, 2024 9:25:37 GMT
Just checked 75% of my loan Ā£40k sold within five minutes, very impressed, may re invest and top up. Interested to get feedback from other investors.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,046
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Post by dave4 on May 17, 2024 9:59:01 GMT
Just checked 75% of my loan Ā£40k sold within five minutes, very impressed, may re invest and top up. Interested to get feedback from other investors. Not personally in em but curious about sm is it free to sell.?
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benaj
Member of DD Central
Posts: 5,447
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Post by benaj on May 17, 2024 10:06:30 GMT
No fees, selling at par.
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Post by overthehill on May 17, 2024 10:14:10 GMT
Just checked 75% of my loan Ā£40k sold within five minutes, very impressed, may re invest and top up. Interested to get feedback from other investors.
Ay, this time.
That photo on their webpage would be enough for me. Development loans starting at 6.5%, now let me think.
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Post by Ace on May 17, 2024 13:58:15 GMT
ilmoro , are you saying 75% of your EM portfolio contains loans originated in 2021? When I checked my account yesterday, my oldest loan is 11 months old. Obviously, CP has more transparent statistics. I believe all CP loans prior 2020 are already repaid / settled. CP has 1 loan outstanding from 2018, 1 from 2019, and 7 from 2020.
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benaj
Member of DD Central
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Post by benaj on May 17, 2024 14:51:59 GMT
ilmoro , are you saying 75% of your EM portfolio contains loans originated in 2021? When I checked my account yesterday, my oldest loan is 11 months old. Obviously, CP has more transparent statistics. I believe all CP loans prior 2020 are already repaid / settled. CP has 1 loan outstanding from 2018, 1 from 2019, and 7 from 2020. Thanks Ace. I can't work out how many outstanding loans from their stats. You work out the number of outstanding loans or these numbers are published somewhere?
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Post by Ace on May 17, 2024 15:03:24 GMT
CP has 1 loan outstanding from 2018, 1 from 2019, and 7 from 2020. Thanks Ace . I can't work out how many outstanding loans from their stats. You work out the number of outstanding loans or these numbers are published somewhere? They're effectively published on the stats page Defaulted Projects - Defaulted Projects Repaid for each calendar year. I say effectively because you need to assume that there aren't any non-defaulted projects from those years that haven't repaid yet. It seems to be a safe assumption for those years since they don't do projects with initial terms of more than 24 months (I think).
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jlend
Member of DD Central
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Post by jlend on May 28, 2024 21:10:45 GMT
I have 58 "loans" in my Easymoney portfolio,although some are linked to the same parent loan.Am only in 4 development loans, the rest are bridging loans.The majority of loans are bridging if you look at the stats page
I have never seen any diversifying unless you drip feed money in or until loans are repaid.
So I wouldn't recommend putting large chunks into Easymoney money at the start if you value diversifying. Drip feed the money over many months not days or weeks. My diversity is definitely better than the early days now. But you will find better diversity on some other black box platforms I suspect.
I started in 2021 and withdrawal has been fine so far and circa Ā£20k interest over than time. Although past performance is never a guarantee of future performance.
It is definitely a black box account unless you are a big hitter who gets more information and can pick their loans.
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p2pfan
Member of DD Central
Full-Time Investor
Posts: 775
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Post by p2pfan on Sept 16, 2024 16:39:09 GMT
I'm disillusioned with many other P2P and similar lending platforms where an eye-watering ratio of my loans are now in long-term default and redemptions are very thin on the ground.
Therefore, I'm thinking of investing further sums into easyMoney.
So far easyMoney has been one of the rare ones that does what it says on the tin and performed very well. I'm very impressed with them.
However, even well-performing P2P platforms do have a habit of suddenly beginning to suffer one problem after another and eventually becoming a horror story. Therefore I'm wondering what's everyone's latest thoughts on easyMoney please?
Thanks.
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benaj
Member of DD Central
Posts: 5,447
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Post by benaj on Sept 16, 2024 17:03:55 GMT
I havenāt reinvested after emptying the pot in March this year. The empty process went āokā after a few exchange of emails. If I had more spare money for p2p I might ātest driveā again and see how it performs.
The only issue I have is the rate vs the risk. To get 7.51%, the minimum investment is 100@, or 6.52% for 20k investment.
I read somewhere someone depositing nearly 10k per month with a bunch of regular saving accounts with FSCS protection , 5%+
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Post by Mr Baggy on Sept 16, 2024 18:25:37 GMT
Been with them a few years with no problems but there seems to be a bit of cash drag lately...
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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
Posts: 11,255
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Post by ilmoro on Sept 16, 2024 18:51:56 GMT
Ive had no issues, been with them for a while but only enough to get the perks (which end this year & have been largely superseded by apps)
Two concerns - lack of auto-diversification so each deposit is likely to be lumped into one loan and remain there ... so drip feed based on diversification risk criteria
Second is the prolonged duration of loans and lack of any updates. Ive got 6 month loans that are now approaching two years late - no explanation, no history ... seems like a rolling extension of my investment even if some there has been capital repaid as I now seem to how a surprising large amount of the loan. Ive not had a detailed look but I suspect a considerable chunk of the loan book has been can kicked ... interest still paid (big spread to EM 50-100% so they could be covering arrears themselves)
Its pure black box so the disclosure rules are minimal but Im not fully convinced the lack of info is compliant. They claim no defaults & no arrears.
For the level of return Loanpad is much better, so its purely a diversification play IMO
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Post by Ace on Sept 16, 2024 20:00:23 GMT
I'm disillusioned with many other P2P and similar lending platforms where an eye-watering ratio of my loans are now in long-term default and redemptions are very thin on the ground. I'm not with easyMoney, but from what I've read on the forum they also have long term defaults. Their claim of "no defaults" seems to mean no losses, rather than the FCA definition of loans more than 180 days late. I've heard good reports from a few contacts who agree with this. Some complain of poor diversification, but seem to be happy enough. Each time this topic crops up I take a look at their website and inevitably end up comparing them to Loanpad, as that's where their Premium and Premium Plus accounts seem to be directly aimed at competing with. EM's Premium and LP's Classic accounts both have virtually instant access in normal market conditions, but LP achieves a slightly higher return when compounding is taken into account. EM clearly loses on all other other factors that I've been able to identify. See discussion below regarding LTVs, diversification, charges and cash drag. I think the real competition is between EM Premium Plus and Loanpad Premium accounts. Here's how they compare: Notice required for withdrawalsA clear winner for EM with virtually instant fee free withdrawals in normal market conditions compared to LP's 60 days (which can be lowered to an average 30 days via rolling withdrawal requests). Notice can be waived at LP's discretion for a 0.5% fee on capital withdrawn. DiversificationA clear winner for LP with instant diversification over 229 loans. EM's stats page states that the average lender is diversified over 23 loans, but there are several reports on this forum of much less diversification than that (presumably there are also lenders with much better diversification to make up the average). Perhaps feeding in funds over time would improve one's diversification, but LP's daily re-diversification over all loans on the platform is a clear winner. Neither platform has suffered any losses so far, but losses on a single loan would likely cost an average lender 10 times more on EM than on LP. Maximum LTVsA clear winner for LP. LP has a maximum LTV of 50% for all loans (Some loans have gone slightly above this when nearing completion as LP have allowed them to capitalise some interest). EM lend up to 75% of LTV on bridging loans, and up to 75% of LTV plus development costs on development loans (up to a maximum of 70% of the LTGDV). So, losses on a loan would likely be higher and occur sooner on EM than LP. Average LTVsA clear winner for LP with an average LTV of 41% compared to EM's 53%. ChargesA slight advantage for LP as they lend strictly against 1st charge loans. I believe that the vast majority of loans on EM are first charge, but that they have had the occasional second charge (I couldn't find any stats on this). Cash DragAnother small advantage for LP. There has been no cash drag on LP so far, but there have been reports of some cash drag on EM. EasyMoney's HNW and Professional accounts are out of my league, but the target 7.51%+ would need to be balanced against the above factors. I would probably prefer Kuflink's 1 year account at 8% with vastly more diversification, but it's not really a fair comparison given the 1 year lockin. Despite the above analysis, if I was maxed out on my desired allocation to Loanpad and was looking for more platform diversification I would probably give the easyMoney Premium Plus account a try, as they do seem to have a good record and a good reputation. EDIT: Crossed with above post, as I was distracted mid post!
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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
Posts: 11,255
Likes: 11,451
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Post by ilmoro on Sept 16, 2024 21:31:49 GMT
Buy way of illustration of how 'overdue' many of the loans are ... here is my current loan portfolio start & end dates with a few terms added for illustration. Start Date
09/04/2021
14/05/2021
24/09/2021
01/11/2021
14/01/2022
09/03/2022
18/03/2022
16/05/2022
06/05/2022
12/05/2022
01/06/2022
24/06/2022
20/07/2022
14/07/2022
22/07/2022
16/08/2022
19/10/2022
17/11/2022
18/11/2022
15/02/2023
17/03/2023
29/03/2023
17/04/2023
19/04/2023
09/06/2023
20/06/2023
29/06/2023
05/07/2023
21/07/2023
02/10/2023
13/10/2023
02/11/2023
08/11/2023
31/10/2023
05/01/2024
10/01/2024
05/02/2024
09/02/2024
27/03/2024
19/04/2024
23/04/2024
13/05/2024
23/05/2024
25/06/2024
22/07/2024
02/08/2024
06/09/2024
16/09/2024
| End Date 09/12/2024
14/11/2024
24/01/2025
01/01/2025
14/01/2025
09/02/2025
18/11/2024
16/11/2024
06/11/2024
12/12/2024
01/12/2024
24/12/2024
20/11/2024
14/12/2024
22/12/2024
16/12/2024
19/01/2025
17/07/2025
18/11/2024
15/02/2025
17/12/2024
29/12/2024
17/03/2025
19/03/2025
09/03/2025
20/03/2025
29/03/2025
05/03/2025
21/07/2025
02/10/2025
13/04/2025
02/02/2025
08/03/2025
31/03/2025
05/01/2025
10/03/2025
05/02/2025
09/07/2025
27/03/2025
19/04/2025
23/04/2025
13/05/2025
23/11/2024
25/06/2025
22/01/2025
02/02/2025
06/09/2025
16/07/2025
| Term 12m 12m 12m 12m 12m 10m 12m
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Post by Ace on Sept 16, 2024 22:05:28 GMT
Assuming that most of those have a 12 month term, roughly 40% are in default (>180 days late). That's not unusual for property secured loans on other platforms. In fact it's slightly higher than for my currently active crowdproperty account.
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