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Post by orchardlc on May 5, 2016 9:33:40 GMT
Hi all,
I am writing from Orchard Lending Club, which is part of the same Orchard Funding Group that made Evolutis. I thank you all for your feedback on the forum, and apologize for the platform not running as smoothly as anticipated. We have now done a revamp and put more resources on the site at Orchardlendingclub.com, and it should work a lot better now. I welcome you to check it out, and any feedback would be greatly appreciated.
Thanks,
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shimself
Member of DD Central
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Post by shimself on May 6, 2016 9:34:25 GMT
Hi all, I am writing from Orchard Lending Club, which is part of the same Orchard Funding Group that made Evolutis. I thank you all for your feedback on the forum, and apologize for the platform not running as smoothly as anticipated. We have now done a revamp and put more resources on the site at Orchardlendingclub.com, and it should work a lot better now. I welcome you to check it out, and any feedback would be greatly appreciated. Thanks, OK I took a look Can you put flesh on the bones of this (very enticing) statement: Having had ZERO capital losses to the Orchard group investors over a 12 year period and over £600m of loans written, we created Orchard Lending Club to allow the public to lend alongside us and benefit from lending to safe and credit-worthy businesses.
How do you manage zero losses, you can't have picked 100% winners? (I've read the site so I have an idea, but I think you should lay it out here) Why are you doing p2p now, what is the benefit to your business? I assume the answer is that you wish to grow? Have you been limited by funding constraints, because the site says that you have been ticking over at 30M a year for the last decade (ish)? What rates of interest might we expect? Insurance Fee Funding? My insurers offer me a single premium or a more expensive monthly premium. Is this business funding the latter, and who are your insurer partners, it just seems odd that a huge insurance company offloads this to a comparative minnow? The sign on worked well, thanks, ( unlike this week's other new arrival.)
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Post by orchardlc on May 6, 2016 11:13:22 GMT
Thank you for trying out our platform, and your feedback. Please find below the answers to your questions, hope they give you a clearer picture.
- We have managed zero losses, as we have full recourse on the insurance policy. In the event of a default, we are able to cancel the policy and claw-back the remaining premium from the insurance provider.
To give an example if Joe takes an insurance of £12,000 from Broker A, and chooses to spread the cost over 12 months we would be funding that premium. Once Joe accepts the terms, we pay the money to Broker A (who will then settle with the insurer). Joe will continue to make monthly payments to us. If Joe defaults after month 2 (having paid £2,000, with £10,000 remaining in principal), we can ask the broker to cancel the insurance policy. The broker will then get the remaining unearned premium of £10,000 from the insurer and pay us.
- We have launched the p2p platform to give ourselves additional sources of funding. We are part of a listed group and have our own capital along with some bank facilities, however with our growth plans for this year we will need additional liquidity.
- Our interest rates vary from 4 - 7.08% depending on the term you invest your money for.
- Yes, whenever a broker offers you a monthly premium option that would be funded by a company like ours. We are currently working with approximately 150 insurance brokers in the UK.
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pauls
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Post by pauls on May 6, 2016 14:00:08 GMT
I have had a look and read at the website ... all looks good. Attractive rates.
I registered and followed the verification email link ... all very smooth and well handled.
Looking forward to approval and some trial-lending.
PaulS
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shimself
Member of DD Central
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Post by shimself on May 6, 2016 14:58:22 GMT
I sent some money in which took about half an hour to be credited, so that's fine. The investment process is easy to understand and fine. I've made a test withdrawal.
One thing, verbally I have been told this is true p2p, ie my investments are allocated to various borrowers and that the borrowers actually owe me (so if the platform goes bust, the accountant runs off to south america with all the money or whatever) then I am safe, and that there is an appointed third party run off company. I haven't seen this detailed on the site, in particular how do I know who owes me how much? (wellesley are the best example of how this can work, and it took them some time to implement)
What happened to the dentists that Evolutis were plugging. Why did you extract yourselves from that business? Did the loans not fill? (sorry).
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pom
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Post by pom on May 6, 2016 15:03:04 GMT
Sigh - yet another site who believes everyone lives on a street
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stevio
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Post by stevio on May 6, 2016 16:18:08 GMT
Can you explain what happened with Evolutis and how this might effect Orchard Lending Club?
Also, I can receive 5% from a bank, instant access why would I take this risk for 4% for 12m upto 7% for 6yrs?
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jonah
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Post by jonah on May 6, 2016 20:06:36 GMT
This almost seems too good to be true... Large loan base, OK to good rates, buy back guarantee... What am I missing?
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ben
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Post by ben on May 6, 2016 22:48:14 GMT
Can you explain what happened with Evolutis and how this might effect Orchard Lending Club? Also, I can receive 5% from a bank, instant access why would I take this risk for 4% for 12m upto 7% for 6yrs? you can only get 5% in bank on a set amount not all
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pom
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Post by pom on May 7, 2016 12:40:20 GMT
Clearly deposits only processed very much in core business hours - sent some between 5-530pm yesterday and guess it won't show til Monday now (which is fine, just something to watch out for)
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Post by orchardlc on May 9, 2016 9:57:46 GMT
I sent some money in which took about half an hour to be credited, so that's fine. The investment process is easy to understand and fine. I've made a test withdrawal. One thing, verbally I have been told this is true p2p, ie my investments are allocated to various borrowers and that the borrowers actually owe me (so if the platform goes bust, the accountant runs off to south america with all the money or whatever) then I am safe, and that there is an appointed third party run off company. I haven't seen this detailed on the site, in particular how do I know who owes me how much? (wellesley are the best example of how this can work, and it took them some time to implement) What happened to the dentists that Evolutis were plugging. Why did you extract yourselves from that business? Did the loans not fill? (sorry). We are working on adding the loan book in shortly, just trying to figure out the best way to implement this. For Orchard Lending Club we decided to keep things as simple and clear as we could and focus on our core group business of Insurance Premium and Fee funding, as dentist loans fell outside of it we decided to take them out.
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ben
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Post by ben on May 9, 2016 10:16:41 GMT
This almost seems too good to be true... Large loan base, OK to good rates, buy back guarantee... What am I missing? Buy back guarantee is only as good as the company is there so although is good not 100% guarenteed, funding empire do something similar again only as good as company there but I think in there case it is the partner that buys it back rather then them.
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shimself
Member of DD Central
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Post by shimself on May 9, 2016 15:56:09 GMT
.. One thing, verbally I have been told this is true p2p, ie my investments are allocated to various borrowers and that the borrowers actually owe me (so if the platform goes bust, the accountant runs off to south america with all the money or whatever) then I am safe, and that there is an appointed third party run off company. I haven't seen this detailed on the site, in particular how do I know who owes me how much? (wellesley are the best example of how this can work, and it took them some time to implement) ... We are working on adding the loan book in shortly, just trying to figure out the best way to implement this. .. That would be a show stopper for me before investing in a serious way
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Post by orchardlc on Jul 28, 2016 12:19:54 GMT
Thank you for the feedback. We have now upgraded the platform and added some more functionality in. We have also now built in the capability to expose the loan book, and you will be able to view it in a couple weeks. Will keep you updated.
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Post by investir on Aug 1, 2016 17:00:34 GMT
I have had a look and read at the website ... all looks good. Attractive rates. I registered and followed the verification email link ... all very smooth and well handled. Looking forward to approval and some trial-lending. PaulS Hi All, New to the site............ Orchard seems new and shiny, but has anyone got any hands on experience with them? Will most likely dip my toe, but any information will be greatly appreciated. Many thanks.
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