kaya
Member of DD Central
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Post by kaya on Oct 23, 2015 15:09:56 GMT
Will a £1000 punt by Rebs at each loan convince you of its probity, value, and security, and the whole underwriting process? Personally, I'll be convinced by good outcomes to defaulted and late loans.
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Post by betterthanworking on Oct 23, 2015 15:34:47 GMT
Sounds like they are going to flip them. Does that show confidence in the borrower?
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baldpate
Member of DD Central
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Post by baldpate on Oct 23, 2015 19:51:35 GMT
I'd rather they put those £000's to improving the website.
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shimself
Member of DD Central
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Post by shimself on Nov 4, 2015 14:44:10 GMT
Sounds like they are going to flip them. Does that show confidence in the borrower? Exactly. When I fist saw this I thought - at last a platform where their interests are the same as ours, only to discover they are going to get shot of each loan as soon as they possibly can. What a disappointment!
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ianb
Posts: 161
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Post by ianb on Nov 5, 2015 9:54:17 GMT
Sounds like they are going to flip them. Does that show confidence in the borrower? Exactly. When I fist saw this I thought - at last a platform where their interests are the same as ours, only to discover they are going to get shot of each loan as soon as they possibly can. What a disappointment!
I hadn't realised that, but yes you're right. So, that shows absolutely no confidence in their underwriting process, it drives down the rates for investors, and then floods the secondary market making it more difficult to sell if the borrower starts missing payments. If they meant anything by this, they'd hold the loan for its term. Disgusting really, will make me think more carefully about investing in any specific loan.
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baldpate
Member of DD Central
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Post by baldpate on Jan 6, 2016 16:25:20 GMT
ReBS seemed to have quietly dropped this initiative - I haven't seen sign of rebuildingsociety.com placing bids in recent auctions.
That didn't last long, then !!
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Post by danraj on Jan 7, 2016 19:54:18 GMT
We've suspended the catalyst initiative while we work to setup a second segregated client account for unregulated lenders. Unregulated lenders include: - businesses (borrowers and lenders)
- international lenders
- ourselves
The requirement to operate two client accounts has recently been clarified by the FCA and creates extra work, but we understand the premise that FCA want's no co-mingling of regulated money with unregulated money. Once the second account is setup, non-regulated lenders will be given different bank account details to use. Inter-trading between regulated and unregulated lenders (via secondary market trades) will mean we need to transfer a reconciling balance between the two accounts each day. We're hoping to have this in place by mid Feb, at which time we'll look to resume the Catalyst Initiative. |
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