|
|
Post by Ton ⓉⓞⓃ on Jan 21, 2016 21:57:04 GMT
Randomly I seem to have a target already? On the 950k one. Sorting the pipeline on rate gives a very random order. All other sorts seem to work. That said, it is very positive to see that there is a lot coming soon and I quite like the split and month element. Well done. This must be a loan due to be resurrected, not to me clear which though... Looking at the "Missing Links" I see that the Welsh E-E beer loan is currently set as due in Jan 2016. They don't add up to this figure assuming no changes. Also I see that a current Borrower (in a partnership) is going for a second loan I think his first is #191.
|
|
|
|
Post by bracknellboy on Jan 21, 2016 22:22:05 GMT
Where can we find more info about that? Not currently published on the internet and only just thinking about contacting recruiters (I hate having to deal with them). If genuinely interested then please feel free to PM me your details. We have one urgent replacement to find and will need several more of varying talents over the next few months. The development team is based in Farnborough, Hampshire, however operate a flexitime policy and allow working from home for a proportion of the working week. Well there is a major wwide IT company which will be closing their Farnborough office middle of the year. While its not one of their internal development locations, it does have a group of tech staff who work on external customer development projects. The vertical industry focus of that group is very different, and whether they have an overlap in the required tech knowledge base I am not in a position to say. However I believe that a good proportion of them are likely to be looking for alternatives as the re-location options are not necessarily very attractive. PM available for further discussion if of any interest.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428 
Likes: 1,212
|
Post by sqh on Jan 21, 2016 22:42:59 GMT
#224 @ 8% and just £70k notional is a good example. The SME is a start-up restaurant, which statistically have very poor 5 year survival rates; the last restaurant failed. The DSC looks great but is nothing more than a forecast; there is no empirical evidence to support it. The security should be reasonably liquid being a modest family home but it's 74% LTV for a second charge. I can't see this as a compelling risk-return proposition. A well-worded and very fair analysis - my rather more succinct version was "You're having a larf !" I agree with your sentiments. Should be suspended at drawdown to protect Granny Weatherwax.
|
|
|
|
Post by Deleted on Jan 22, 2016 8:45:52 GMT
as others say, barge pole, 40% of all startup restaurants fail in first year, 8% ***...
|
|
ton27
Member of DD Central
Posts: 432
Likes: 267
|
Post by ton27 on Jan 22, 2016 9:05:45 GMT
With the majority of rates being at or below 9% I wonder how that will impact on the GBBA - in comparison it is looking more attractive at 7% + Provision Fund.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Jan 22, 2016 9:45:18 GMT
With the majority of rates being at or below 9% I wonder how that will impact on the GBBA - in comparison it is looking more attractive at 7% + Provision Fund. I assumed there must be a minimum rate for a loan to be "eligible" for the GBBA, but I can't find mention of it anywhere. chris, can you shed any light?
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jan 22, 2016 10:19:09 GMT
Nice big 12% bridging loan appeared for possible January drawdown.The overall list is long now. Good to see even if some of the rates (which may change) are lower than expected. At least we can see what is bubbling along behind the scenes, and AC do not need to answer incessant repetitive questions, (which must've been really time wasting).
|
|
|
|
Post by chris on Jan 22, 2016 10:43:43 GMT
With the majority of rates being at or below 9% I wonder how that will impact on the GBBA - in comparison it is looking more attractive at 7% + Provision Fund. I assumed there must be a minimum rate for a loan to be "eligible" for the GBBA, but I can't find mention of it anywhere. chris , can you shed any light? If it's not published then there's no official rule and we can change it without having to completely relaunch the account. Unofficially it's LTV based so the better the LTV the lower the rate it will accept, but it will never make a loss in terms of rate (i.e. nothing below 7%). That is all subject to change though so don't base lending decisions on it being there. Edit: The restaurant loan isn't GBBA compliant but most of the others in the list are.
|
|
|
|
Post by Come_on_Grandad on Jan 22, 2016 10:46:25 GMT
Nice big 12% bridging loan appeared for possible January drawdown.The overall list is long now. Good to see even if some of the rates (which may change) are lower than expected. At least we can see what is bubbling along behind the scenes, and AC do not need to answer incessant repetitive questions, (which must've been really time wasting). Wow! That's (almost) a £six million pound loan.
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Jan 22, 2016 10:48:02 GMT
Edit: The restaurant loan isn't GBBA compliant but most of the others in the list are. Remind us why [anticipated] eligibility for the various investment accounts can't be automatically indicated on the loan page itself?
|
|
|
|
Post by chris on Jan 22, 2016 10:49:45 GMT
Edit: The restaurant loan isn't GBBA compliant but most of the others in the list are. Remind us why [anticipated] eligibility for the various investment accounts can't be automatically indicated on the loan page itself? Executive decision.
|
|
|
|
Post by andrewholgate on Jan 22, 2016 13:25:47 GMT
This is an extract of a mailer I will be sending out later...
There have been comments made to us directly and on some of the internet chat rooms that we are now forcing down rates. This is not the case. A small loan for £70,000 was listed yesterday at a rate of 8%. This is by no means the lowest rate we have every offered to lenders. We have done several loans at rates of 6%+ and for smaller loan sizes. Let me give you some stats:
2013 rates ranged from 6.5% to 16%
2014 rates ranged from 9% to 18%
2015 rates ranged from 6.5% to 15%
In each year we have averaged double digit offerings to lenders. There are currently 34 loans we are planning to list in the next 2-8 weeks that range from 7% to 15%, at an average rate of 10.5%. In no way have we reduced our rates to lenders. That said, the market is more competitive as challenger banks start to lend more and bridging firms reduce rates to gain market share. There is also a correlation between credit risk and rates and I truly believe we can be competitive with the challenger banks for quality SME lending at rates from 7% to 10%. The market is changing and P2P lenders are no longer the only supplier around. We may see more loans at these lower rates, but they will not be anything different from what we have traditionally offered to lenders.
In terms of credit quality, we saw a huge improvement in 2015. Four loans entered insolvency, these loans having been written in 2013 and 2014. One we have fully collected out on, one is a technical default as the borrower died and the other two were trading problems. As of yet, no loan we wrote in 2015 has had any default occur. The last default was due to the death of a borrower in July 2015. Our credit processes and systems remain robust and we continually seek to improve and develop them.
On the loan mentioned, this is a low LTV loan, small in terms of debt size and there are mitigants as to the start up nature. To put this bluntly, if you don't like it, don't invest. A point to note, since it was advertised we have had pretty much 100% take up in forward orders for it. While some may not like it, others do and we cater for all our customers not just the vocal minority.
No further comment.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
Likes: 11,558
|
Post by ilmoro on Jan 22, 2016 14:34:17 GMT
Now Im confused as to what is & isnt a default!
Surely #172, #152, #154 are in default? While Im not sure #154 was written in 2015, I would have thought the other 2 were, all are paying default interest, 2 are on extensions, 1 with the agreement of lenders, 1 without and the other is Insolvent. I expect all will recover fully, nonetheless why dont they count?
This would be a good subject for a knowledge piece on the site to educate lenders because I suspect I wont be alone in wondering this when the email appears.
|
|
tomtom
Member of DD Central
Posts: 262
Likes: 39
|
Post by tomtom on Jan 22, 2016 14:57:32 GMT
This is an extract of a mailer I will be sending out later...
There have been comments made to us directly and on some of the internet chat rooms that we are now forcing down rates. This is not the case. A small loan for £70,000 was listed yesterday at a rate of 8%. This is by no means the lowest rate we have every offered to lenders. We have done several loans at rates of 6%+ and for smaller loan sizes. Let me give you some stats:
2013 rates ranged from 6.5% to 16%
2014 rates ranged from 9% to 18%
2015 rates ranged from 6.5% to 15%
In each year we have averaged double digit offerings to lenders. There are currently 34 loans we are planning to list in the next 2-8 weeks that range from 7% to 15%, at an average rate of 10.5%. In no way have we reduced our rates to lenders. That said, the market is more competitive as challenger banks start to lend more and bridging firms reduce rates to gain market share. There is also a correlation between credit risk and rates and I truly believe we can be competitive with the challenger banks for quality SME lending at rates from 7% to 10%. The market is changing and P2P lenders are no longer the only supplier around. We may see more loans at these lower rates, but they will not be anything different from what we have traditionally offered to lenders.
In terms of credit quality, we saw a huge improvement in 2015. Four loans entered insolvency, these loans having been written in 2013 and 2014. One we have fully collected out on, one is a technical default as the borrower died and the other two were trading problems. As of yet, no loan we wrote in 2015 has had any default occur. The last default was due to the death of a borrower in July 2015. Our credit processes and systems remain robust and we continually seek to improve and develop them.On the loan mentioned, this is a low LTV loan, small in terms of debt size and there are mitigants as to the start up nature. To put this bluntly, if you don't like it, don't invest. A point to note, since it was advertised we have had pretty much 100% take up in forward orders for it. While some may not like it, others do and we cater for all our customers not just the vocal minority. No further comment. Well said
|
|
|
|
Post by andrewholgate on Jan 22, 2016 15:19:37 GMT
172 is the one I mention
the other two have lenders' consent to extend and are covering interest. Given this consent they are not defaulted
|
|
