Post by rscal on Jul 7, 2023 12:15:57 GMT
Just received this. (I hope it doesn't produce SM chaos if people try to flip existing loans) More importantly.. a 'good thing'?.. 'measured' or what?
One second thoughts, it's modest once you look beyond the eye catching title: "Rates of return have increased up to 11.5% for new loans in July."
One second thoughts, it's modest once you look beyond the eye catching title: "Rates of return have increased up to 11.5% for new loans in July."
[Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment, and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more.]
Dear Social Investors,
You will be pleased to know that we will be temporarily increasing our rates of return by 1.0% per annum on every new loan made in July.
- Our Second Charge 70% LTV will increase from 11% to 11.5% P.A.
- Our First Charge 70% LTV will increase from 9.6% to 10.2% P.A.
These increased rates of return will only be available for new loans made in the month of July whilst we trial higher borrowing costs to borrowers. If we can maintain a similar level of business with an increased cost to borrowers, these higher rates will remain for Q3. If business demand drops significantly, we will re-calibrate the rates of return in order to find the right balance.
If you wish to take advantage of these temporary higher rates of return please arrange to have funds sent to the platform and/or monitor your redemptions.
Secondary Market:
You may be able to sell your existing loan on the secondary market, providing there are other willing lenders to take your place. Please be aware from past experience, in a rate rising market, investors would prefer to invest into new loans at higher rates than enter into secondary market loans at lower rates.
Risk Warning: Somo loans are secured over property (“the security”) and the security is held on trust for you as investors. The loans that you make are not regulated by The FCA. Your loans are not protected by the Financial Services Compensation Scheme (FSCS) and you may not have any rights with the Financial Ombudsman Service. All of your capital and uncredited interest is at risk. Past performance is not a reliable indicator of future results. There are many risks involved in lending and you should seek independent financial advice if you are not sure about the risks. Do not lend more than you can afford to lose. Your loan interest repayment may take longer than you expect. A capital loss is recognised after all reasonable avenues of loan recovery have been exhausted. Property values may go up or down. You may be able to sell your loan back to the firm, provided that there are other willing lenders to take your place. You should not rely on the ability to re-sell the loan and you may have to sell it at a discount if you need liquidity quickly. Tax treatment of any of the loans will depend on the individual circumstances of each lender and may be subject to change in the future. You are liable for your own tax and may wish to consult with a tax/legal adviser for specific advice. There are no commissions, no fees, no withdrawal fees and no charges.
Thank you for your continued support,
Louis Alexander
CEO & Founder
Dear Social Investors,
You will be pleased to know that we will be temporarily increasing our rates of return by 1.0% per annum on every new loan made in July.
- Our Second Charge 70% LTV will increase from 11% to 11.5% P.A.
- Our First Charge 70% LTV will increase from 9.6% to 10.2% P.A.
These increased rates of return will only be available for new loans made in the month of July whilst we trial higher borrowing costs to borrowers. If we can maintain a similar level of business with an increased cost to borrowers, these higher rates will remain for Q3. If business demand drops significantly, we will re-calibrate the rates of return in order to find the right balance.
If you wish to take advantage of these temporary higher rates of return please arrange to have funds sent to the platform and/or monitor your redemptions.
Secondary Market:You may be able to sell your existing loan on the secondary market, providing there are other willing lenders to take your place. Please be aware from past experience, in a rate rising market, investors would prefer to invest into new loans at higher rates than enter into secondary market loans at lower rates.
Risk Warning: Somo loans are secured over property (“the security”) and the security is held on trust for you as investors. The loans that you make are not regulated by The FCA. Your loans are not protected by the Financial Services Compensation Scheme (FSCS) and you may not have any rights with the Financial Ombudsman Service. All of your capital and uncredited interest is at risk. Past performance is not a reliable indicator of future results. There are many risks involved in lending and you should seek independent financial advice if you are not sure about the risks. Do not lend more than you can afford to lose. Your loan interest repayment may take longer than you expect. A capital loss is recognised after all reasonable avenues of loan recovery have been exhausted. Property values may go up or down. You may be able to sell your loan back to the firm, provided that there are other willing lenders to take your place. You should not rely on the ability to re-sell the loan and you may have to sell it at a discount if you need liquidity quickly. Tax treatment of any of the loans will depend on the individual circumstances of each lender and may be subject to change in the future. You are liable for your own tax and may wish to consult with a tax/legal adviser for specific advice. There are no commissions, no fees, no withdrawal fees and no charges.
Thank you for your continued support,
Louis Alexander
CEO & Founder
