elliotn
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Post by elliotn on Dec 4, 2016 13:54:01 GMT
Their marketing is based on reducing their borrower rates at least 1% for vanilla residential loans and their basic loan from 100k to 75k, so this bid for the mass market space in a lower interest rate environment is impacting lender rates.
Time to withdraw repayments.
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Steerpike
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Post by Steerpike on Dec 13, 2016 10:20:41 GMT
I would love to be able to press the 'withdraw' button on loan KT22 - which is now heading for it's third extension and there seems no end in sight to this depressing situation.
Sadly, I fear it will end badly and the default that will likely be called eventually is only delaying the pain. You don't have to research to any great extent to discover that houses in this price bracket are simply not selling. Should the housing market become further depressed (quite possible) it will only cause the eventual recovery to be less than it would be if the nettle was grasped now.
All being well I will be 100% out of LI by mid April (if there were a secondary market it would be today - yesterday actually!).
There are now so many better platforms out there now which make LI's interest rates (payable to lenders that is - if not LI) look something of a joke. Our old friend Katie Tutu, was going to stay for six months but now it has been nearly a year, I expect another 3-6 month extension some time in the next two weeks. I suppose 1-2 years to sell 2 £3-4m houses is not too surprising in the current market. Looks like the price was reduced on one of them in July, and the other in October but apparently still no movement, total for the 2 is now £6.2m compared with the £6.65m used for the 75% LTV calculation, bringing the current LTV to 80%. Combined price appears now to be £5.7m, both reduced in October, current LTV 87.5%, clearly not repaying today.
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archie
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Post by archie on Dec 13, 2016 18:00:10 GMT
Our old friend Katie Tutu, was going to stay for six months but now it has been nearly a year, I expect another 3-6 month extension some time in the next two weeks. I suppose 1-2 years to sell 2 £3-4m houses is not too surprising in the current market. Looks like the price was reduced on one of them in July, and the other in October but apparently still no movement, total for the 2 is now £6.2m compared with the £6.65m used for the 75% LTV calculation, bringing the current LTV to 80%. Combined price appears now to be £5.7m, both reduced in October, current LTV 87.5%, clearly not repaying today. Repaid 
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Steerpike
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Post by Steerpike on Dec 13, 2016 18:04:29 GMT
Now that is a surprise, right at the last gasp of the due day too.
Given that the properties seem still to be on the market, it would be interesting to hear how that came about.
Anyway, gift horse and all that, I have withdrawn the proceeds, this loan was about 7.5% of my total LI investment.
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Post by marc77 on Dec 14, 2016 16:42:55 GMT
A 4.5% has just gone live! Such a shame my account has £0.00 available to invest.
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rxdav
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Post by rxdav on Dec 14, 2016 18:47:56 GMT
With sub 5% interest rates being listed I doubt you will be the only one with a zero balance in the near future - mine should be there by Apr if all outstanding loans run to schedule.
LI started well - but the current risk/reward ratio on offer given their interest rates and failure to offer a secondary market make them a total non starter at the moment.
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ben
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Post by ben on Dec 14, 2016 19:06:55 GMT
A 4.5% has just gone live! Such a shame my account has £0.00 available to invest. high compared to latest offering of 4%
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gibmike
Member of DD Central
What is a cynic? A man who knows the price of everything and the value of nothing.
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Post by gibmike on Dec 14, 2016 19:10:30 GMT
Loan repaid: 19:27
Login: 20:04
Checked 4% and 4.5% loans:20:05
Money withdrawn: 20:06
Another £18,000 withdrawn today, so far I have taken 30% out in the last 30 days.
Gutted and annoyed.
LendInvest - sort this out...
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littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Dec 14, 2016 19:12:53 GMT
A 4.5% has just gone live! Such a shame my account has £0.00 available to invest. high compared to latest offering of 4% I am amazed that they can fill loans at these rates. I can only suppose that a lot of investors have left auto-invest on, treating it as "invest & forget" platform and are going to get a nasty shock when they eventually log on.
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gibmike
Member of DD Central
What is a cynic? A man who knows the price of everything and the value of nothing.
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Post by gibmike on Dec 14, 2016 19:19:06 GMT
I am annoyed, more so given the lack of explanation. I had a decent 6 figure sum in LI and now I reckon I will be empty by September next year.
Mike
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Steerpike
Member of DD Central
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Post by Steerpike on Dec 14, 2016 19:23:48 GMT
Borrower rates are about 7.5% so with low LTVs all you are going to get is about 4.5%.
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bababill
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Post by bababill on Dec 15, 2016 4:20:03 GMT
Borrower's rate for the 4% loan is 7.80%
A novel approach would be to find a way to cut-out the middle man and lend directly to the borrower.
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upland
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Post by upland on Dec 15, 2016 7:19:13 GMT
high compared to latest offering of 4% I am amazed that they can fill loans at these rates. I can only suppose that a lot of investors have left auto-invest on, treating it as "invest & forget" platform and are going to get a nasty shock when they eventually log on. I agree , its going to take several months to happen but if it continues like this then people will drift away and not return annoyed at the treatment. You can get better terms elsewhere.
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Post by carol167 on Dec 15, 2016 8:04:48 GMT
My strategy for LI is not to invest in anything above an LTV of 70% and nothing under 6%. So it's going to be natural drawdown for me and not because I don't like LI.
Drawing down in a couple of other places, still increasing in some more that are not yet at my self imposed happy limit, steady in the rest.
Ebbs and flows.
Total plarform exposure currently is 9.
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ben
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Post by ben on Dec 19, 2016 17:22:32 GMT
demand is still there 3 new ones released today loged on lss then an hour after getting emails and all gone.
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