ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330 
Likes: 11,549
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Post by ilmoro on Oct 20, 2015 17:40:34 GMT
Anyone seen anything on site identifying that this loan is under the new T&Cs? No sign of a copy of the Loan Contract being shown on investment as specified under new T&Cs (7.4). Looks like this one might be the last of the old after all
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Monetus
Member of DD Central
Posts: 1,179
Likes: 2,961
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Post by Monetus on Oct 20, 2015 18:35:24 GMT
All gone!
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webwiz
Posts: 1,133
Likes: 210
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Post by webwiz on Oct 20, 2015 18:44:39 GMT
Due to the greedy b*****r who bought £0.52?
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Post by chielamangus on Oct 20, 2015 18:58:19 GMT
Surely the 18 per cent charged by SS would cover all fees? If not, and if there is another 2-3 per cent fee to pay, then this takes the interest rate on this 12 month loan to 20-21 per cent. One would have to be desperate to pay this, and I would have thought another P2P platform could be more competitive quite easily. Paying all interest and fees upfront makes the loan even more expensive for the borrower. That isn't unusual in the world of bridging finance; it's a number of years since I looked into it but rates of 30% weren't unusual at the time. The nature of these projects is such that there is not usually an income stream to cover interest payments, so the more typical finance that retail borrowers might be used to seeing aren't available to them, and so the more expensive, rolled-up interest loans are what they can have. The business borrowers don't have to be desperate to warrant paying it - they just need an expectation of making more than that out of their venture, which is what most of them do have, and it becomes worth it to them. Yes, all true, but what evidence have we got that the borrower can make in excess of 20-30 per cent to make it worthwhile?
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Post by duncandive on Oct 20, 2015 22:01:55 GMT
Well 250k has just gone up for sale..
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Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
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Post by Investboy on Oct 21, 2015 14:12:27 GMT
Going up quickly, now 84k left. Plus lots of activity on SM, on pretty much all loans since yesterday.
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adrianc
Member of DD Central
Posts: 10,024
Likes: 5,149
Member is Online
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Post by adrianc on Oct 23, 2015 15:26:18 GMT
Definitely new structure, according to the update email...
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Jul 18, 2016 13:46:18 GMT
Does anyone have any thoughts on why there's so much of the loan available on the SM?
There are no updates, so there ought not be any significant problems. The loan isn't particularly large. It's a first charge. It still has over three months to run.
It looks perfectly 'normal' to me. Yet there's consistently about £30k for sale. There's been a steady trickle of purchasers, but only about £2-3k/day. (I haven't been keeping a close watch on it, but that's what seems to me to be happening.) So it would appear to be taking about 10 days to two weeks for parts to work their way through the selling queue.
Why don't people like this loan?
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Post by grodecki on Jul 18, 2016 14:09:17 GMT
It's under 100 days, is my only possible explanation. It's my lowest 'days remaining' holding, and if the queue was small I'd probably sell off too.
Nothing fundamentally wrong with it, though, so I don't mind.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Jul 18, 2016 14:21:52 GMT
Does anyone have any thoughts on why there's so much of the loan available on the SM? There are no updates, so there ought not be any significant problems. The loan isn't particularly large. It's a first charge. It still has over three months to run. It looks perfectly 'normal' to me. Yet there's consistently about £30k for sale. There's been a steady trickle of purchasers, but only about £2-3k/day. (I haven't been keeping a close watch on it, but that's what seems to me to be happening.) So it would appear to be taking about 10 days to two weeks for parts to work their way through the selling queue. Why don't people like this loan? Brexit & the concerns raised about commercial property that has followed I would guess. This loan had 60k+ on the SM from around then and has gradually sold down since by 2-3k a day. The storage loan was similar though has dropped much faster recently
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Post by easilyparted on Aug 1, 2016 10:50:08 GMT
<link deleted>
MOD Comment: Please never identify a borrower.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Aug 1, 2016 10:57:46 GMT
Wow... Thank for the link (although you might want to edit; it is naming and shaming...) Glad I'm not involved in this one
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Post by dodgeydave on Aug 1, 2016 11:37:26 GMT
<link deleted> MOD Comment: Please never identify a borrower. It was a great link and am also glad i am not in them loans anymore. Mod. How can these links be shown. They need to be shown somewhere.
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fp
Posts: 1,008
Likes: 853
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Post by fp on Aug 1, 2016 11:40:50 GMT
Gut instinct told me to clear that one out of the cupboard last week, sounds like i made the right decision!
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Post by p2plender on Aug 1, 2016 11:42:47 GMT
Links to names are part of why we need a forum to identify our investment. Pathetic how they are banned. Pointless forum.
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