bg
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Post by bg on Sept 21, 2016 20:33:11 GMT
Investment in new loans seems stuck. Surely FS has to consider paying interest from the time an investment is made. Not paying interest until a loan goes live is tying up investors money for too long without earning. They do
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SteveT
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Post by SteveT on Sept 21, 2016 20:33:20 GMT
Investment in new loans seems stuck. Surely FS has to consider paying interest from the time an investment is made. Not paying interest until a loan goes live is tying up investors money for too long without earning. They DO now pay interest from the date you make an investment (although that announcement some weeks ago seems to have passed many by)
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Post by Deleted on Sept 21, 2016 22:56:59 GMT
Investment in new loans seems stuck. Surely FS has to consider paying interest from the time an investment is made. Not paying interest until a loan goes live is tying up investors money for too long without earning. They DO now pay interest from the date you make an investment (although that announcement some weeks ago seems to have passed many by) yes, the internal web site calculated the interest daily from the day of investment. But some of the communication presets (like emails, webpages temlates etc) are still not up to date. For example the email communicating the loan activation states: "We have just activated one of our loans which you have invested in - this means that the borrower has now received the money and you are now starting to accrue interest." - this was certainly written with the previous system in mind, and can confuse the lender specially when his investment was made 15 days (or more) earlier and he is puzzled with that info stating that his investment has been not productive up to 'now'...
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jimc99
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Post by jimc99 on Sept 22, 2016 4:02:41 GMT
Investment in new loans seems stuck. Surely FS has to consider paying interest from the time an investment is made. Not paying interest until a loan goes live is tying up investors money for too long without earning. They DO now pay interest from the date you make an investment (although that announcement some weeks ago seems to have passed many by) Great....certainly missed it myself! Thanks all.
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Post by moneymagnet on Sept 22, 2016 21:29:01 GMT
Cashback just added to 1614385282! Woohoo! Now how much more will I invest in this one to get another percent of interest.........
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Post by eascogo on Sept 22, 2016 21:59:09 GMT
Cashback just added to 1614385282! Woohoo! Now how much more will I invest in this one to get another percent of interest......... I invested in this at the beginning of this month and cashback was already in place then. Rather slow to fill despite cashback.
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mikes1531
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Post by mikes1531 on Sept 23, 2016 2:02:48 GMT
Cashback just added to 1614385282! Woohoo! Now how much more will I invest in this one to get another percent of interest......... I invested in this at the beginning of this month and cashback was already in place then. Rather slow to fill despite cashback. If cashback was available at the beginning of the month for loan 1614385282, it was a very well-kept secret! I read the email I received Thursday evening as saying that the cashback offer on this loan was new. eascogo: Might you be confusing this with the similarly sized Goffs Oak loan (2107526206)? That one did have a cashback offer earlier this month.
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Post by eascogo on Sept 23, 2016 21:32:16 GMT
I invested in this at the beginning of this month and cashback was already in place then. Rather slow to fill despite cashback. If cashback was available at the beginning of the month for loan 1614385282, it was a very well-kept secret! I read the email I received Thursday evening as saying that the cashback offer on this loan was new. eascogo : Might you be confusing this with the similarly sized Goffs Oak loan (2107526206)? That one did have a cashback offer earlier this month. . I invested in this loan on 3rd Sept and recollect seeing the £ symbol in the left column under available investment. Is it a case of failing memory, alzheimer maybe? If so apologies.
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mikes1531
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Post by mikes1531 on Sept 23, 2016 21:47:24 GMT
If cashback was available at the beginning of the month for loan 1614385282, it was a very well-kept secret! I read the email I received Thursday evening as saying that the cashback offer on this loan was new. eascogo : Might you be confusing this with the similarly sized Goffs Oak loan (2107526206)? That one did have a cashback offer earlier this month. . I invested in this loan on 3rd Sept and recollect seeing the £ symbol in the left column under available investment. Is it a case of failing memory, alzheimer maybe? If so apologies. I can't say for sure, because I don't have screenshots from that period (or any other period). But IIRC, the notice on the loan's webpage of the existence of the cashback offer wasn't there last night shortly after the email mentioning the cashback arrived. And the funding does seem to have increased by something like £100k today -- again, I'm only relying on my memory -- so it does suggest that yesterday's email did provoke some people into investing.
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mikes1531
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Post by mikes1531 on Sept 27, 2016 16:47:12 GMT
We will be posting a new loan tomorrow, 28th September, at 11am This is the second tranche for £17,000, secured by a second charge on a flat in London (W8) valued at £1,200,000 Loan Amount: £17,000 Interest: 12% pa Overall loan LTV: 40.3% (first tranche was for £54,500. First charge for £412,500). : When the first tranche of this loan was taken out back in December -- that tranche was renewed in June -- the reason for the borrowing was stated as "Lending facility is to be used to refurbish the flat, before being put on the market for sale."
This 'project' seems to be dragging on for quite a while, especially considering that the facility is for up to £156,500 so it's less than half drawn at this point. Can I ask, therefore, what is the current state of the refurbishment? Is it complete? If so, is the property on the market for sale? If not, do FS know how long the borrower expects it will be before the property is in a state to be sold?
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jimbob
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Post by jimbob on Sept 28, 2016 8:58:05 GMT
I see our old italian books are back, 19th rollover on 53rd tranche or so it feels like  Not for me  |
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SteveT
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Post by SteveT on Sept 28, 2016 9:06:40 GMT
At least this is the 1st charge tranche again, so dramatically better than all the others. That said, I'm now checking out my library card too.
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jimbob
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Post by jimbob on Sept 28, 2016 10:03:33 GMT
At least this is the 1st charge tranche again, so dramatically better than all the others. That said, I'm now checking out my library card too. Hmm just noticed that, 1st charge is... ok - am now in for a pony.
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mikes1531
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Post by mikes1531 on Sept 28, 2016 11:11:32 GMT
At least this is the 1st charge tranche again, so dramatically better than all the others. That said, I'm now checking out my library card too. Hmm just noticed that, 1st charge is... ok - am now in for a pony. I expect the security on any of the library loans is good enough that investors will not suffer losses. OTOH, if the borrower ever were to stop making the payments and it became necessary to sell the books I'd expect that to be a very long drawn-out process. There can't be that many people interested in purchasing such specialist items, so marketing will be difficult. And judging from what's happened with other Unredeemed loans, FS have to bend over backwards to ensure the borrower is treated fairly and the security isn't sold off in a quick 'fire sale'. So IMHO these loans are fine for investing money you won't need to have back any time in the foreseeable future.
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duck
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Post by duck on Oct 2, 2016 14:44:08 GMT
Almost £2.5m of further funds still needed to fill the 8 loans currently available, yet more new loans still being launched (another £245k lined up for this afternoon). Hard to see how the likes of the Rishton renewal loan will ever fill at this rate (£750k still to go ...) Well it has disappeared from "Loans Needing Investment" but the loan details still show "Loan being renewed"
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