Greenwood2
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Post by Greenwood2 on Jun 27, 2022 14:54:44 GMT
I don't know anything about family rates, what's the difference in lender rates? Never been a fan of incentives or marketing when it comes to investing unless it comes with zero conditions!
Family rates are 25% higher than the standard rates (or they were last time I checked about a year ago). Seem to be a fixed 0.1% on the monthly rate now.
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Post by overthehill on Jun 27, 2022 16:29:01 GMT
Family rates are 25% higher than the standard rates (or they were last time I checked about a year ago). It was an incentive (thank you) to existing investors when rates started dropping a while ago existing lenders became 'family'. I can see both rates on the lending screen and assumed everyone did. A bit like the 'early adopter' bonus on Zopa.
I've only had 2 loans over the last year. I'm probably not 'family' and the favoritism isn't encouraging me to invest in new loans.
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Post by overthehill on Aug 11, 2022 19:09:18 GMT
70% LTV , 1st charge , 8.04%.
That's the tide turning and the ripple effect will be seen in other P2P pools soon.
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Greenwood2
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Post by Greenwood2 on Aug 11, 2022 19:36:09 GMT
70% LTV , 1st charge , 8.04%.
That's the tide turning and the ripple effect will be seen in other P2P pools soon.
That sold quickly! But a small loan.
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Post by overthehill on Sept 23, 2022 20:25:52 GMT
1st charge loan, 50% LTV , 8.4% and other similar ones.
There are 8 loans in the pipeline, all must have filled without any new loan emails this week.
Rates better reflecting the reality over the next 12-24 months. It matters if the borrower doesn't repay/refinance but keeps extending and your repayments are still 5% in 2 years time.
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SteveT
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Post by SteveT on Sept 24, 2022 9:41:12 GMT
1st charge loan, 50% LTV , 8.4% and other similar ones.
There are 8 loans in the pipeline, all must have filled without any new loan emails this week.
Rates better reflecting the reality over the next 12-24 months. It matters if the borrower doesn't repay/refinance but keeps extending and your repayments are still 5% in 2 years time. Maybe contact them about not receiving emails? I've been peppered with new loan notifications this week (getting each one twice, since the new risk warning was added ) although the loans have all filled quickly
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Post by Ace on Sept 24, 2022 9:50:52 GMT
I haven't received any new loan notifications since 13th Sept at 10:58. Perhaps the "family" members get notified first, and the rest of us only get told if they haven't sold out within a certain time. Pure speculation on my part, but others could use the above to verify.
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Post by overthehill on Sept 24, 2022 10:11:07 GMT
1st charge loan, 50% LTV , 8.4% and other similar ones.
There are 8 loans in the pipeline, all must have filled without any new loan emails this week.
Rates better reflecting the reality over the next 12-24 months. It matters if the borrower doesn't repay/refinance but keeps extending and your repayments are still 5% in 2 years time. Maybe contact them about not receiving emails? I've been peppered with new loan notifications this week (getting each one twice, since the new risk warning was added ) although the loans have all filled quickly
Interesting, so family members not only get a premium interest rate but preferential emails?
I was only highlighting the finally arrived inevitable rate increases which most P2P companies have been resisting and not blinking. Collusion, nah financial institutions would never get caught doing that racket.
It's easy to monitor new loan arrivals using a browser extension , no need for the emails.
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Post by davefoz on Jul 24, 2023 16:21:59 GMT
Not a single available loan is live at present; all pipeline at a time when the platform seems flooded with loans. Possibly a deliberate ploy to fund borrowers first few weeks without giving a return to investors, but this ploy has a negative effect upon the perception and liquidity of the platform imho.
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Greenwood2
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Post by Greenwood2 on Jul 24, 2023 20:33:11 GMT
Not a single available loan is live at present; all pipeline at a time when the platform seems flooded with loans. Possibly a deliberate ploy to fund borrowers first few weeks without giving a return to investors, but this ploy has a negative effect upon the perception and liquidity of the platform imho. I assume if it's not live the loan isn't confirmed yet and the borrower doesn't have the money, cash drag as they call it if you chose to fund early to be sure to be in the loan. You don't have to fund until it's live, but you may miss out if it's an attractive loan it may all be gone when it goes live.
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Post by davefoz on Jul 25, 2023 5:53:05 GMT
Not a single available loan is live at present; all pipeline at a time when the platform seems flooded with loans. Possibly a deliberate ploy to fund borrowers first few weeks without giving a return to investors, but this ploy has a negative effect upon the perception and liquidity of the platform imho. I assume if it's not live the loan isn't confirmed yet and the borrower doesn't have the money, cash drag as they call it if you chose to fund early to be sure to be in the loan. You don't have to fund until it's live, but you may miss out if it's an attractive loan it may all be gone when it goes live. Correct; equally SOMO doesn’t have to market the loan on the platform yet. Which I would argue, would be a prudent course of action given the amount of unfunded loans available on the markets.
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Post by multiaccountmanager on Jul 28, 2023 11:44:33 GMT
It is perfectly legitimate to book the loan just before you fund it. Runs the risk you may not get an allocation if the funding is too late. That has happened to me. It generally seems to take Somo until the next morning to recognise funds deposited.
This seems to me to be a bit of a nitpick topic. On a 1 year loan at say 10%, each day of cash drag seems to be approx. 0.027%
Somo is not a fully instantaneous operating platform and much depends how much time you have to spare monitoring what is happening.
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dh1
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Post by dh1 on Jul 28, 2023 13:20:44 GMT
I've found SoMo responsive to email requests; they have come back very quickly and efficiently to three of mine (on different issues) recently. If you have a question, just ask them...
I am a family member, Ace!
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Greenwood2
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Post by Greenwood2 on Aug 17, 2023 9:10:30 GMT
Not a single available loan is live at present; all pipeline at a time when the platform seems flooded with loans. Possibly a deliberate ploy to fund borrowers first few weeks without giving a return to investors, but this ploy has a negative effect upon the perception and liquidity of the platform imho. No pipeline loans now, all available loans are live. Swings and roundabouts.
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Post by davefoz on Aug 18, 2023 13:10:19 GMT
Which is a positive however they’re not exactly selling are they. IMHO SOMO needs to stop continually bringing more and more loans to the platform when there is insufficient investor capital to fund them. Instead of pressing the pause button and protecting the platform by taking a 6/8 week break from bringing further new loans on line. Greed has overtaken common sense with the result loans now take weeks rather than days to fund, with investors more and more reluctant to fund prior go live, and even when live.
SOMO exacerbated the situation by increasing the pipeline funding lead time.
At the other end of the platform the secondary market has collapsed; redemptions appear to be coming in at a trickle. Default interest is not applied once loan term has lapsed, and extensions take 3/4 months to be agreed with the new interest rate only being applied, at point of confirmation on the platform, not from the point the original loan technically went into default.
Having heavily invested over the past few years I’m getting out until they start managing the platform in an orderly manner.
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