jamesc
Member of DD Central
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Post by jamesc on Nov 14, 2015 19:35:25 GMT
Hi other Funding Secure investors
I am new to Funding Secure and have so far invested twice in the East Ham Prop and the NI development and am awaiting both to be activated. The East Ham is now almost a month old and the NI over two weeks two questions.
1/ Am I right in assuming that Interest is not paid until activation.
2/ Is it normal to wait this long for activation because having my money sitting around not earning interest for a month is not what I signed up to P2P lending for and it makes Frisky Cucumbers wait time seem quick.
Thanks
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SteveT
Member of DD Central
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Post by SteveT on Nov 14, 2015 19:42:59 GMT
1)Yes
2) No, but it does seem to happen rather frequently with their property loans
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trevor
Member of DD Central
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Post by trevor on Nov 14, 2015 21:21:36 GMT
jamesc, you've been a bit unlucky with the wait time but stay patient. I'm invested in 9 different p2p platforms and it's my #2 favourite. SS is my #1. The only down side is no SM but as the loan period is only 6 months I'm OK with that.
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 14, 2015 22:25:28 GMT
jamesc: Welcome to FS! Keep your eye on a loan's web page, as that's where FS put periodic messages regarding drawdown progress. According to updates posted yesterday (Friday), FS are expecting both of these loans to complete/activate on Monday.
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Post by caveman38 on Nov 15, 2015 17:39:44 GMT
Hopefully James is now happy and you'll be happy to help me. I have a couple of the easier P2P's set up namely Wellesly and RS and want to spread 2 x 2K across to MT and MS. As these platforms operate in a different way I'd appreciate some help in how you'd go about setting up your lendings as a newbie, till I'm acquainted with it. I'm aware that a couple of the lends will be complete in the morning and maybe there maybe no more for a while. Do I deposit funds in anticipation or will I receive email notification of impending loans, can I set up an intention of lending say at minimum rate of all intended loans etc. Can you guys give me a "Dummies for" procedure for getting me started - assuming I'm not treading on your toes 
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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: 11,315
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Post by ilmoro on Nov 15, 2015 18:09:27 GMT
Hopefully James is now happy and you'll be happy to help me. I have a couple of the easier P2P's set up namely Wellesly and RS and want to spread 2 x 2K across to MT and MS. As these platforms operate in a different way I'd appreciate some help in how you'd go about setting up your lendings as a newbie, till I'm acquainted with it. I'm aware that a couple of the lends will be complete in the morning and maybe there maybe no more for a while. Do I deposit funds in anticipation or will I receive email notification of impending loans, can I set up an intention of lending say at minimum rate of all intended loans etc. Can you guys give me a "Dummies for" procedure for getting me started - assuming I'm not treading on your toes MS? FS- email notification of loans due to launch & start time. All lending on individual loan basis, no prefunding, autolend. Fund account by FP & complete onsite deposit form. Funds credited usually within hour. Log on just prior to loan time and then refresh until appears in available list, then invest (24hr max amount invest limits). Larger loans will hang around, most go in minutes. May not drawdown immediately so some dead time. No SM, loans 6 months, some renew and can opt to renew existing holding. Suggest only fund account for that days loans. Term interest. Fairly regular loan flow, several a week MT- email notification of launch & time. Again no prefunding, autobid. Same funding set up as FS, though potentially even faster to credit. Again log in at launch and bid (24hr max bids) can go within minutes depending on size. Drawdown immediately. no SM, option to roll renewals, email notification few days in advance. Again no point keeping cash in account. Monthly interest. Slower loan flow, 1 or 2 a week at most Current MT loan slightly different due to size, 2 week funding period
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Post by Financial Thing on Nov 24, 2015 16:28:27 GMT
Hopefully James is now happy and you'll be happy to help me. I have a couple of the easier P2P's set up namely Wellesly and RS and want to spread 2 x 2K across to MT and MS. As these platforms operate in a different way I'd appreciate some help in how you'd go about setting up your lendings as a newbie, till I'm acquainted with it. I'm aware that a couple of the lends will be complete in the morning and maybe there maybe no more for a while. Do I deposit funds in anticipation or will I receive email notification of impending loans, can I set up an intention of lending say at minimum rate of all intended loans etc. Can you guys give me a "Dummies for" procedure for getting me started - assuming I'm not treading on your toes MS? FS- email notification of loans due to launch & start time. All lending on individual loan basis, no prefunding, autolend. Fund account by FP & complete onsite deposit form. Funds credited usually within hour. Log on just prior to loan time and then refresh until appears in available list, then invest (24hr max amount invest limits). Larger loans will hang around, most go in minutes. May not drawdown immediately so some dead time. No SM, loans 6 months, some renew and can opt to renew existing holding. Suggest only fund account for that days loans. Term interest. Fairly regular loan flow, several a week MT- email notification of launch & time. Again no prefunding, autobid. Same funding set up as FS, though potentially even faster to credit. Again log in at launch and bid (24hr max bids) can go within minutes depending on size. Drawdown immediately. no SM, option to roll renewals, email notification few days in advance. Again no point keeping cash in account. Monthly interest. Slower loan flow, 1 or 2 a week at most Current MT loan slightly different due to size, 2 week funding period Don't forget that both MT & FS, I believe legally you are lending to the platforms (no ring fencing) rather than directly to the borrowers, added risk in involved hence the interest rate.
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stevio
Member of DD Central
Posts: 2,065
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Post by stevio on Nov 24, 2015 17:52:58 GMT
MS? FS- email notification of loans due to launch & start time. All lending on individual loan basis, no prefunding, autolend. Fund account by FP & complete onsite deposit form. Funds credited usually within hour. Log on just prior to loan time and then refresh until appears in available list, then invest (24hr max amount invest limits). Larger loans will hang around, most go in minutes. May not drawdown immediately so some dead time. No SM, loans 6 months, some renew and can opt to renew existing holding. Suggest only fund account for that days loans. Term interest. Fairly regular loan flow, several a week MT- email notification of launch & time. Again no prefunding, autobid. Same funding set up as FS, though potentially even faster to credit. Again log in at launch and bid (24hr max bids) can go within minutes depending on size. Drawdown immediately. no SM, option to roll renewals, email notification few days in advance. Again no point keeping cash in account. Monthly interest. Slower loan flow, 1 or 2 a week at most Current MT loan slightly different due to size, 2 week funding period Don't forget that both MT & FS, I believe legally you are lending to the platforms (no ring fencing) rather than directly to the borrowers, added risk in involved hence the interest rate. Is this correct?
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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: 11,315
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Post by ilmoro on Nov 24, 2015 18:34:17 GMT
Don't forget that both MT & FS, I believe legally you are lending to the platforms (no ring fencing) rather than directly to the borrowers, added risk in involved hence the interest rate. Is this correct? Yes for MT, no for FS AFAIUI. However, MT legally assigns you your part of loan. Somewhere there are multiple threads on this
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Post by Financial Thing on Nov 24, 2015 19:24:46 GMT
Yes for MT, no for FS AFAIUI. However, MT legally assigns you your part of loan. Somewhere there are multiple threads on this I don't see anywhere on either MT or FS websites that explains who you are loaning money to.
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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: 11,315
Likes: 11,524
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Post by ilmoro on Nov 24, 2015 19:43:35 GMT
Yes for MT, no for FS AFAIUI. However, MT legally assigns you your part of loan. Somewhere there are multiple threads on this I don't see anywhere on either MT or FS websites that explains who you are loaning money to. FS T&Cs state they are an agent in the first 2 clauses. MT not sure but Eds stated the structure on here in several threads.
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Post by fundingsecure on Nov 25, 2015 8:40:27 GMT
Just to clarify - all of our loans are true peer-to-peer loans. The individual contracts are between the borrower and the investors - with FundingSecure only acting as an agent and trustee on behalf of the investors. For each loan you invest in you can download a certified copy of the actual loan details to verify your holding. In the event of FundingSecure becoming insolvent the contracts would remain in place and would not form any part of FundingSecure assets.
You are right in asking the question as there are a number of platforms that claim to be peer-to-peer but are simply lending money and then borrowing it from investors. In the event of their insolvency you would effectively be an unsecured creditor, with no direct claim on any particular loan. There are also several variants where individual platforms may have trusts to handle loans or reassign contracts - you would need to check each platform out carefully to verify the actual position.
Hope this helps to clarify FundingSecure's position - there are a number of threads on these forums relating to this topic. If you are investing in (or considering investing in) any specific platform I would suggest searching the individual forums and asking the same question if it is not clear.
FundingSecure
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Post by Financial Thing on Nov 25, 2015 14:15:29 GMT
Just to clarify - all of our loans are true peer-to-peer loans. The individual contracts are between the borrower and the investors - with FundingSecure only acting as an agent and trustee on behalf of the investors. For each loan you invest in you can download a certified copy of the actual loan details to verify your holding. In the event of FundingSecure becoming insolvent the contracts would remain in place and would not form any part of FundingSecure assets. You are right in asking the question as there are a number of platforms that claim to be peer-to-peer but are simply lending money and then borrowing it from investors. In the event of their insolvency you would effectively be an unsecured creditor, with no direct claim on any particular loan. There are also several variants where individual platforms may have trusts to handle loans or reassign contracts - you would need to check each platform out carefully to verify the actual position. Hope this helps to clarify FundingSecure's position - there are a number of threads on these forums relating to this topic. If you are investing in (or considering investing in) any specific platform I would suggest searching the individual forums and asking the same question if it is not clear. FundingSecure Thanks for the explanation. So in the event of insolvency, who would handle these loans and how often is your loan book given to this 3rd party for record keeping?
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