09dolphin
Member of DD Central
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Post by 09dolphin on Jun 3, 2016 20:12:25 GMT
In a couple of loans the update has said that interest has been or will be "part paid". I understand that this is a gesture of good faith and I respect that the borrower is trying their best to pay.
I understand the concept but I'm not sure what it means for investors. I know that the partial payment isn't made to investors and appears to be held by FS.
Can anyone give a more fulsome explanation of the implications to lenders.
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Post by earthbound on Jun 3, 2016 20:49:44 GMT
Hi 09dolphin I wish i could help, but like you, no idea, at the moment , apart from taking on every loan that comes their way, i cannot see anything that funding secure has to offer that any other platform is not offering better. I'm on my way out , they just do not have a feel good factor about them anymore, my opinion only, but gut feeling is not good.  |
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ben
Posts: 2,020 
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Post by ben on Jun 3, 2016 21:26:48 GMT
Hi 09dolphin I wish i could help, but like you, no idea, at the moment , apart from taking on every loan that comes their way, i cannot see anything that funding secure has to offer that any other platform is not offering better. I'm on my way out , they just do not have a feel good factor about them anymore, my opinion only, but gut feeling is not good. The pawn items are still as good as they have been just not as many of them. The amount of property loans is just getting stupid and they can not be doing any serious fact checking on them as there is to many.
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Post by earthbound on Jun 3, 2016 21:44:42 GMT
Hi 09dolphin I wish i could help, but like you, no idea, at the moment , apart from taking on every loan that comes their way, i cannot see anything that funding secure has to offer that any other platform is not offering better. I'm on my way out , they just do not have a feel good factor about them anymore, my opinion only, but gut feeling is not good. The pawn items are still as good as they have been just not as many of them. The amount of property loans is just getting stupid and they can not be doing any serious fact checking on them as there is to many. i agree , im going to stay with 2k , but only on feel good items ,which i liked investing in many moons ago on FS , bits of jewelry, old cars, etc , it all seems a bit ham fisted at the moment, as tho its all moving too fast. 
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ben
Posts: 2,020
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Post by ben on Jun 3, 2016 21:55:37 GMT
For pawn items I have moved over to unbolted slighty lower rates but benefit from a form of provision fund so, averaging at about 9.5% at moment, also collateral have had a few pawn items at 12% they are new but probably worth a lok.
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Post by earthbound on Jun 3, 2016 22:01:09 GMT
For pawn items I have moved over to unbolted slighty lower rates but benefit from a form of provision fund so, averaging at about 9.5% at moment, also collateral have had a few pawn items at 12% they are new but probably worth a lok. yep i'm in collateral as well, only a bit at the moment, but as i get out of FS they are going to get a bit more, funny you should mention another platform, i'm gonna have a fair lump to invest very shortly, and i was going to ask on the forum for some tips, so unbolted will by first look at another alternative.
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Post by mrclondon on Jun 4, 2016 11:38:18 GMT
And in complete contrast I've been adding significant funds to FS over recent weeks and they are now my 2nd biggest p2p platform behind AC (which for now has around twice as much).
The loan volume is such that most weeks there is at least 1 or 2 loans that pass my own due diligence checks, and for now the SM is working massively in my favour to reduce both tax liability and default risk pretty close to zero in both cases.
I've been with FS since launch, and have suffered just one capital loss (Lubin paintings, although FS have topped a few other shortfalls as goodwill gestures). I have just one defaulted loan awaiting recovery (Persian carpets) which pre-dated the SM.
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jimbob
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Post by jimbob on Jun 5, 2016 23:39:08 GMT
And in complete contrast I've been adding significant funds to FS over recent weeks and they are now my 2nd biggest p2p platform behind AC (which for now has around twice as much).
The loan volume is such that most weeks there is at least 1 or 2 loans that pass my own due diligence checks, and for now the SM is working massively in my favour to reduce both tax liability and default risk pretty close to zero in both cases.
I've been with FS since launch, and have suffered just one capital loss (Lubin paintings, although FS have topped a few other shortfalls as goodwill gestures). I have just one defaulted loan awaiting recovery (Persian carpets) which pre-dated the SM. I've had a crack at modelling IRR with various discount rates from a seller's perspective: docs.google.com/spreadsheets/d/1dvPjQEA6vRUPpL6TSGz28B7ghcnn7YQQhzuf2asUXSo/edit?usp=sharingExecutive summary - Sales at 0.75/1% discount after ~ 90 days are suitable for all to look at maybe, 2% can come into play if you're a higher rate taxpayer post 130 days (Assuming a 6 month loan) The exact 'acceptable' IRR is obviously a combined tax/default problem. 8 or higher % maybe ?
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