upland
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Post by upland on Oct 4, 2015 6:32:37 GMT
I am interested in how that default goes too. The number of potential defaults must now be rising strongly.
I did wonder with the 'bridging lenders' whether more normal lenders were not really required to make the system work.
Its probably early days as yet but I wondered what the feeling was about how the site has performed during the last six months ?
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huxs
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Post by huxs on Oct 5, 2015 9:53:27 GMT
Hi upland,
I have been using Unbolted for the past 4 months and pretty happy to date. Keen to see how the default goes as the LTV levels on most Unbolted loans are high and any slight miss valuation will mean the PF will need to come into play. I am also slightly confused why Unbolted are not more actively pushing for normal investors, there are plenty of loans available ?? On the other hand more investors would lead to more competition for loans and that would not be good.
I must admit I only use Unbolted for platform diversity and when there are lull's in other sites lending opportunities, it is great for being so hands free but its rates are lower than MT and FS which supports similar products (in MT's case with lower LTV's and buy-back). So for me it is good but will never be more than a small player in my P2P portfolio.
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upland
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Post by upland on Oct 6, 2015 7:51:39 GMT
Hi huxs
Thats pretty well how I feel , for the diversity (and autolend) feature this site has a place but I would not "bet the farm on it". Still early days yet. It must be hard for anybody to put up a convincing case that many of these platforms are super safe despite all the 'regulation'. Deal flow is a bit of a concern as with MT.
Regards
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jonno
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Post by jonno on Oct 6, 2015 9:43:27 GMT
Not looking great re the watch default. I chased for an update and they are now saying that only the principal may be recovered. They have also said that they are strengthening their disposal procedures. I've told them that until I see evidence of this I won't be putting any more in.
Will update when final outcome is reached.
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jonno
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Post by jonno on Oct 9, 2015 11:16:36 GMT
Good news on the defaulted watch. Just had an email saying that it has been sold and all principal and interest will be returned. Faith restored
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huxs
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Post by huxs on Oct 9, 2015 12:13:53 GMT
Good news indeed.
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upland
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Post by upland on Oct 12, 2015 14:57:14 GMT
Indeed , life goes on again.
Has anyone read the thread on FCA Authorisation on the general p2x discussion ?
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jonno
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Post by jonno on Nov 3, 2015 12:30:41 GMT
Suffered my second default.
This may be trickier than the previous one, it's on a painting by Eduardo Paolozzi. Amount outstanding £13,883, LTV 63%.
Will keep you posted.
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upland
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Post by upland on Nov 3, 2015 12:44:07 GMT
Thats a shame jonno. I wish you all the best with it. In terms of things like artworks I wondered whether small collections of them would be a better investment from the point of default. I wondered if some made a bit less than anticipated and some made a bit more then one is more likely to come out with something like the original estimate of value.
Since joining here about a month ago I have found it pretty quiet in terms of new loans.
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jonno
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Post by jonno on Nov 3, 2015 13:20:36 GMT
Thats a shame jonno. I wish you all the best with it. In terms of things like artworks I wondered whether small collections of them would be a better investment from the point of default. I wondered if some made a bit less than anticipated and some made a bit more then one is more likely to come out with something like the original estimate of value. Since joining here about a month ago I have found it pretty quiet in terms of new loans. Thanks upland. In terms of loan throughput I think there were 17 in October which is at the higher end of "normal" for Unbolted. I'm now spreading my resources fairly thinly across these, although on my earliest loans (which include the above default) I probably have more on them than I would now be comfortable with.
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huxs
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Post by huxs on Nov 3, 2015 15:55:23 GMT
My view is that given the type of loans unbolted provides (Pawn broking), I expect a fair amount of defaults. This has lead me to limit my investment to a small amount per loan for diversification. What I am keen to see is unbolted being able to regularly achieve the valuation amount and paying back the loan, and interest in full. Where that doesn't happen I want to see why the valuation was incorrect and how the Provision fund is used to ensure investors are not left out of pocket. Defaults in themselves are to be expected its unbolted response that will dictate the success of the platform or not.
Here's hoping they prove to be very good at handling defaults.
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upland
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Post by upland on Nov 3, 2015 18:17:18 GMT
I have only 4 or 5 investments to date here as I dont fancy the gold ones as the return rate is getting a little thin , perhaps I should re-think that.
As you both suggest small and many for the diversification seems wise. It will be interesting to see how they do in a while , say several months.
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jonno
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Post by jonno on Nov 8, 2015 14:01:47 GMT
Update on defaulted painting: going to auction on 25th November (Dreweatts & Bloomsbury's); reserve of £15,000. Fingers crossed
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stevio
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Post by stevio on Nov 10, 2015 16:50:52 GMT
Anyone have any idea of the general default rate over all their loans? eg 2 out of 17?
How does the provision fund work and has anyone had to use it? Their wording seems very careful, I am not sure if it covers you or not?
I presume this isn't instant returns and I see one loan is from August, so you could be waiting 2 months or more for any return at all at that rate?
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jonno
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Post by jonno on Nov 11, 2015 10:04:30 GMT
Anyone have any idea of the general default rate over all their loans? eg 2 out of 17? How does the provision fund work and has anyone had to use it? Their wording seems very careful, I am not sure if it covers you or not? I presume this isn't instant returns and I see one loan is from August, so you could be waiting 2 months or more for any return at all at that rate? Hi stevio. I'm not sure what the overall default rate is, but I've had around six loans mature of which two have defaulted although I could have been unlucky. One of those has been fully repaid, the other is in the auction stage. My understanding of the provision funds is that on gold loans(lower returns) both capital AND interest is covered. On other loans, capital is protected. There IS instant returns on all loans. Intermediary lenders fund all loans when released and lenders buy from them earning interest immediately. Hope this helps.
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