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Post by Ace on Aug 26, 2022 14:41:18 GMT
I received a newsletter from SoMo via Email today. IMO it was very good. It even gave some details on it's loans where lenders didn't receive all of their expected returns. It was quite long but well worth a read.
I'm unsure whether posting the details here would break any rules, so I'll leave that to someone braver or with better knowledge. I assume it was sent to all registered lenders. I just thought it was worth mentioning in case some are quick to ignore such emails.
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dh1
Member of DD Central
Posts: 373 
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Post by dh1 on Aug 26, 2022 17:47:23 GMT
Well said, Ace. The newsletter is certainly well worth a read; the problem loans are indeed discussed (with identification detail redacted).
Happily, "... SoMo will be temporarily increasing the rates of return to investors by virtue of a knock-on effect from the increased borrowing costs that are affecting the bridging market. ..." as well.
This email is an example of great, informative, focussed communication; it is entirely the opposite of the stuff that usually turns up from p2p platforms, especially Ab*****!
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Post by overthehill on Aug 26, 2022 17:48:22 GMT
I received a newsletter from SoMo via Email today. IMO it was very good. It even gave some details on it's loans where lenders didn't receive all of their expected returns. It was quite long but well worth a read. I'm unsure whether posting the details here would break any rules, so I'll leave that to someone braver or with better knowledge. I assume it was sent to all registered lenders. I just thought it was worth mentioning in case some are quick to ignore such emails.
I can't imagine SOMO would have any objection to publishing the update, it only encourages me to invest more. It is the best P2P update I've seen. They don't seem that fussy about the quality of the borrower but my impression is they are constantly honing their processes and execution to be legally watertight which leaves errant or opportunist borrowers in no doubt about the outcome of not repaying the loan. There is a good example of this execution in the update.
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rscal
Posts: 909
Likes: 500
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Post by rscal on Aug 27, 2022 13:51:17 GMT
overthehill (you could shorten that link a bit if you like and it still opens the letter)
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