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Post by GSV3MIaC on Sept 2, 2017 13:35:20 GMT
Isn't the Sept 17 number slightly premature?? (or did I miss a smiley?)
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Sept 2, 2017 15:14:58 GMT
Isn't the Sept 17 number slightly premature?? (or did I miss a smiley?) Maybe the word yet was missed off the post.
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Post by dodgeydave on Sept 3, 2017 1:15:16 GMT
Isn't the Sept 17 number slightly premature?? (or did I miss a smiley?) Yes . I think it was the shock of no defaults. Have now corrected
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Post by dodgeydave on Sept 3, 2017 1:16:51 GMT
Isn't the Sept 17 number slightly premature?? (or did I miss a smiley?) Maybe the word yet was missed off the post. Sadly their will be another default very shortly
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adrian77
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Post by adrian77 on Sept 3, 2017 18:59:47 GMT
Totally agree - I am very worried by the paucity of new loans which may be or may not be related to the every rising default rate. Currently we have 2 loans on offer
one in my opinion is for far too much money and nearly twice what they originally borrowed. Along with this we have a second charge on a home - personally I don't regard a second charge as security as it can easily be worthless after a fire sale etc. In addition there seems to be 3 outstanding charges which I can't see in the REBS accounts- I wonder if these are underpinned by a first charge on the director's house!
The other loan applicant seems to have finished repaying a CVA in 2016.....
I am not exactly tempted by either of these offerings.
I have nearly liquidated my holding in REBS and hope to finish next week - a shame as some companies struck me as viable and run by terrific entrepreneurs.
However I am not risking having my money frozen should REBS hit problems
I am convinced that sooner or later there will be blood on the carpet in the P2P world - be interesting to see if I am right....
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Post by danraj on Sept 28, 2017 20:10:58 GMT
Lenders should not be concerned about having any funds frozen because the client account is managed as a regulated segregated account. The FCA has done a fantastic job to ensure investors are protected no matter what happens.
Please cull the adverse speculation. I run two other profitable businesses which support rebuildingsociety. I don't have performance ratchets and so, as an owner manager, I would argue that I'm well positioned to fund rebuildingsociety through a downturn or sustained period of low trading levels, which may be necessary at times of economic uncertainty or decline.
Unlike other platforms, we don't take a margin (on repayments) and I've not applied 'downwards pressure' on the interest rates to drive volume through increased demand (for more competitively prices loans). In taking this strategic decision, I've contentiously sought to preserve lender margins at the expense of growth volume. Many lenders realise and appreciate this and our most prolific investors are fiercely loyal. They don't vocalise this support because it serves them to have the odd complaint / scare to tip the marketplace balance in their favour.
My vision for rebuildingsociety was that investors would interpret and recognise the risks associated with SME lending and would selectively invest in businesses they believe in and can support in some way.
As a lender, your propensity to be ambassadorial has a significant impact on the businesses performance. Any introduction you make to any of your borrowers can be very valuable.
We need to do more to facilitate the currency of the lender:borrower relationship, but you too should consider what you can do to help...
We don’t always get it right and some businesses turn out to be a major disappointment, but we are careful to check the past reputation of applicants and if they screw up in a major way we’ll bring bankruptcy charges against them so it stays on their record and they can never ‘reoffend’.
If you don't support SMEs, entrepreneurship and the risks that entrepreneurs take, then you should not invest in this asset class. Unlike investments which profit from the scarcity principle (property, gold, crypto) SMEs contribute to the productive economy through trade, which is something I encourage you to support.
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Post by Butch Cassidy on Sept 30, 2017 17:07:54 GMT
Lenders should not be concerned about having any funds frozen because the client account is managed as a regulated segregated account. The FCA has done a fantastic job to ensure investors are protected no matter what happens. Please cull the adverse speculation. I run two other profitable businesses which support rebuildingsociety. I don't have performance ratchets and so, as an owner manager, I would argue that I'm well positioned to fund rebuildingsociety through a downturn or sustained period of low trading levels, which may be necessary at times of economic uncertainty or decline. Unlike other platforms, we don't take a margin (on repayments) and I've not applied 'downwards pressure' on the interest rates to drive volume through increased demand (for more competitively prices loans). In taking this strategic decision, I've contentiously sought to preserve lender margins at the expense of growth volume. Many lenders realise and appreciate this and our most prolific investors are fiercely loyal. They don't vocalise this support because it serves them to have the odd complaint / scare to tip the marketplace balance in their favour. I will vocalise my support for this approach; too many once favoured platforms, now that they are established, have rather forgotten about the very lenders who got them to where they are & are now being run for the benefit of everyone but the lenders. To focus on the interests of your lender base is admirable & will hopefully continue along the same lines going forward. My vision for rebuildingsociety was that investors would interpret and recognise the risks associated with SME lending and would selectively invest in businesses they believe in and can support in some way. As a lender, your propensity to be ambassadorial has a significant impact on the businesses performance. Any introduction you make to any of your borrowers can be very valuable. We need to do more to facilitate the currency of the lender:borrower relationship, but you too should consider what you can do to help... We don’t always get it right and some businesses turn out to be a major disappointment, but we are careful to check the past reputation of applicants and if they screw up in a major way we’ll bring bankruptcy charges against them so it stays on their record and they can never ‘reoffend’. No lender realistically expects you to get it right everytime BUT they do expect the following; good pre-listing DD to avoid "piloted defaults" such as the watch retailer or downright fraudulent applicants, ongoing loan monitoring & reporting to investors, especially for any loans that exhibits late payments or other trading difficulties, some loans will unavoidably default but Rebs needs to demonstrate robust & reliable recovery procedures -these will of course not always be successful but lenders need to be confident that their interests are being relentlessly & robustly defended which I'm not sure has been too obvious in the past. All these areas need further & constant improvements to build on those that have happened recently. If you don't support SMEs, entrepreneurship and the risks that entrepreneurs take, then you should not invest in this asset class. Unlike investments which profit from the scarcity principle (property, gold, crypto) SMEs contribute to the productive economy through trade, which is something I encourage you to support. I strongly support the role that P2P can play in direct SME lending & the wider benefit it can bring to the broader economy. I believe that the Rebs model is a good vehicle to facilitate this objective but it needs to be constantly improved & those positive changes communicated to lenders so that they can be confident that they will see the majority of their money returned & see your contribution above as providing the sort of reassurances necessary to build this confidence which has suffered over the last couple of difficult years. I continue to support SME's through Rebs & look forward to the platform improving & succeeding in the future.
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adrian77
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Post by adrian77 on Sept 30, 2017 19:12:39 GMT
thanks for the statistics -worse than I thought!
Whatever the future these facts speak for themselves and I have 100% sold my holdings- if REbs start to get some decent A loans then I may go back in but at the moment I AM OUT
Also I am fed-up of a dead slow web site after Rebs sold a loan I didn't have and made a right "horlicks" of my account. Business is business and words are cheap my friends....
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Post by dodgeydave on Oct 1, 2017 1:33:27 GMT
A default by ReBS is typically classified as having missed 3 months payments. Previous years can be found listed p2pindependentforum.com/post/148407December 2016P***Y K*T borrowed 25 k @ 17.36 % for a term of 60 months and made 23 full payments and 1 interest only P*******n p******ies borrowed 25k @ 13.66% for a term of 24 months and made 16 full and 1 interest only January 2017Cr*****e B******g borrowed 70k at 19.59 % for a term of 48 months and made 7 full payments. ReBS defaulted this loan R****n t/a Fr****on B***i Ltd borrowed 30K at 17.93% for a term of 36 months and made 16 full payments. K*****y G******on borrowed 81K at 15.24% for a term of 48 months made 13 full and 1 interest only payments. February 2017G* F***s borrowed 295k @ 18.92% for a term of 60 months and made 4 full payments Bus****s T********y Group ltd borrowed 50k over 60 months and made 14 payments March 2017M & * C****s borrowed 25k @ 12.84% for a term of 60 months and made 33 full payments E****st Fac****y Man*****nt borrowed 50k @ 16.25 % for 48 months and has made 23 full payments April 2017A**x So******rs Ltd ( A***m So******rs ) borrowed 35k @ 19.7% for 60 months and made 19 full payments May 2017Oc****s F*****e and l*****g ltd borrowed 40k @ 14.77% for 24 months and made 23 full payments O***n E*****s Ltd borrowed 40K @ 16.64 and made 21 full payments June 2017H** Dr***ll Ltd was a refactored loan. The refactored part was for 14706 and 6 payments have been made one outstanding for 2976.24 The original loan was for 60k @ 16.64% for 36 months and made 29 full payments July 2017 A***a R********nt S******ns Ltd borrowed 25k @ 14.45 % for 60 months. all the repayments are up to date but borrower has contacted an insolvency practice. W*******ee P********s Ltd borrowed 50k @13.71% for 60 months The repayments are up to date , But ReBS have declared it in default regarding adverse trading conditions. August 2017No defaults September 2017V*****ge V*****es Ltd borrowed 30 k @ 14.73 % for a term of 60 months and made 20 full payments |
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adrian77
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Post by adrian77 on Oct 1, 2017 9:23:00 GMT
Would the owner of REbs care to
1) confirm how much profit REBS reported for 2016
2) state whether REBS is making less money now than in 2016
I thank you.
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Post by explorep2p on Oct 15, 2017 19:42:29 GMT
Would the owner of REbs care to
1) confirm how much profit REBS reported for 2016
2) state whether REBS is making less money now than in 2016
I thank you.
Adrian - Rebs has published their 2016 financials, but they have chosen to publish only 'condensed' financials (they are small, so they don't need to legally produce full financials). In any case it shows that they lost £69k during 2016 and they had tangible equity of £90k left as at 31 Dec 2016. There is something very strange about their P&L - according to their statistics page they only lent £2 million during all of 2016 - so only losing £69k seems almost too good to be true, given that they must have had costs of at least £500k. One thing to note about their 2016 lending - 17.9% of loans have already defaulted. Even with an average interest rate of 18%, investors in the 2016 loans must not be happy.
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Post by dodgeydave on Oct 16, 2017 11:09:18 GMT
Would the owner of REbs care to
1) confirm how much profit REBS reported for 2016
2) state whether REBS is making less money now than in 2016
I thank you.
Adrian - Rebs has published their 2016 financials, but they have chosen to publish only 'condensed' financials (they are small, so they don't need to legally produce full financials). In any case it shows that they lost £69k during 2016 and they had tangible equity of £90k left as at 31 Dec 2016. There is something very strange about their P&L - according to their statistics page they only lent £2 million during all of 2016 - so only losing £69k seems almost too good to be true, given that they must have had costs of at least £500k. One thing to note about their 2016 lending - 17.9% of loans have already defaulted. Even with an average interest rate of 18%, investors in the 2016 loans must not be happy. 2017 accounts should be interesting when they will only have lent out just over 1 million.
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adrian77
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Post by adrian77 on Oct 16, 2017 16:50:32 GMT
thanks Mr Dodgydave/explorep2p - I did see the results but not sure if I could reproduce them hence my question which REBS seemed to have ignored- funny that!
I agree several more defaults seem very close.
Looks to me as if REBS were a software company that produced p2p platforms and then branched out into a field in which they had little expertise. I am not a forensic accountant so don't know what can be concluded after going through the books although I can guess!
I am now out of REBS apart from 3 problematic (about to be defaulted?) loans
I am also out of FC....
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Post by dodgeydave on Nov 1, 2017 11:59:38 GMT
A default by ReBS is typically classified as having missed 3 months payments. Previous years can be found listed p2pindependentforum.com/post/148407December 2016
P***Y K*T borrowed 25 k @ 17.36 % for a term of 60 months and made 23 full payments and 1 interest only P*******n p******ies borrowed 25k @ 13.66% for a term of 24 months and made 16 full and 1 interest only January 2017
Cr*****e B******g borrowed 70k at 19.59 % for a term of 48 months and made 7 full payments. ReBS defaulted this loan R****n t/a Fr****on B***i Ltd borrowed 30K at 17.93% for a term of 36 months and made 16 full payments. K*****y G******on borrowed 81K at 15.24% for a term of 48 months made 13 full and 1 interest only payments. February 2017
G* F***s borrowed 295k @ 18.92% for a term of 60 months and made 4 full payments Bus****s T********y Group ltd borrowed 50k over 60 months and made 14 payments March 2017M & * C****s borrowed 25k @ 12.84% for a term of 60 months and made 33 full payments E****st Fac****y Man*****nt borrowed 50k @ 16.25 % for 48 months and has made 23 full payments April 2017
A**x So******rs Ltd ( A***m So******rs ) borrowed 35k @ 19.7% for 60 months and made 19 full payments May 2017
Oc****s F*****e and l*****g ltd borrowed 40k @ 14.77% for 24 months and made 23 full payments O***n E*****s Ltd borrowed 40K @ 16.64 and made 21 full payments June 2017
H** Dr***ll Ltd was a refactored loan. The refactored part was for 14706 and 6 payments have been made one outstanding for 2976.24 The original loan was for 60k @ 16.64% for 36 months and made 29 full payments July 2017 A***a R********nt S******ns Ltd borrowed 25k @ 14.45 % for 60 months. all the repayments are up to date but borrower has contacted an insolvency practice. W*******ee P********s Ltd borrowed 50k @13.71% for 60 months The repayments are up to date , But ReBS have declared it in default regarding adverse trading conditions. August 2017
No defaults September 2017
V*****ge V*****es Ltd borrowed 30 k @ 14.73 % for a term of 60 months and made 20 full payments October 2017No defaults |
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Post by captainconfident on Nov 1, 2017 15:53:00 GMT
You should restate September as "No defaults" as V******* Ven***** Ltd made two payments end September/early October and has not been three months behind schedule for a while. Thanks.
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