shimself
Member of DD Central
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Post by shimself on Jun 7, 2016 10:52:37 GMT
I know this sounds like a commercial promotion, but no I am just a lender like everyone else. After that yes I am plugging this loan because I want it to fill. This loan needs another 14K to fill. It has insanely good security (see my other thread p2pindependentforum.com/thread/5552/surfeit-security). What's not to like? - btw if anyone can explain why the borrower would agree to offer so many additional layers of security above and beyond 28% LTV first charge I still would like to understand |
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Post by parag on Jun 7, 2016 11:43:34 GMT
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Steerpike
Member of DD Central
Posts: 1,961
Likes: 1,680
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Post by Steerpike on Jun 7, 2016 12:45:15 GMT
OK, I'll buy it!
Registered and lobbed in my tuppeneth, somewhere to put funds ex SS I suppose.
Golly, lots of asset backed loans on the SM at 3% premium, I think that I will give those a miss.
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Post by parag on Jun 7, 2016 12:50:17 GMT
Steerpike Thank you. There are also hundreds of loan parts, for the asset backed BLX loans, currently listed on the secondary market with nil premium.
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ben
Posts: 2,020
Likes: 589
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Post by ben on Jun 9, 2016 11:38:16 GMT
looks like there is £600 still avalaible on the website
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Post by parag on Jun 9, 2016 11:44:21 GMT
MONEY Legals have been progressing in the background and I should be getting an update later today as to how they are going. We'll keep lenders informed and provide an estimated draw down date as soon as possible.
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jimbob
Member of DD Central
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Post by jimbob on Jun 9, 2016 15:22:33 GMT
Seems I got the last £50 ^^;
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Steerpike
Member of DD Central
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Post by Steerpike on Jun 28, 2016 8:18:21 GMT
Crikey, the loan is still "Pending Acceptance", is this the usual speed of loan processing on FE?
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Post by parag on Jun 28, 2016 9:42:52 GMT
Steerpike Please ignore the loan status as this loan is being handled offline therefore the status of the loan will show 'Pending Acceptance'. The borrower is happy with the loan and we have completed our legal work. As communicated to lenders last week, the delay in originating this loan is down to not receiving the local authority search results as of yet. We paid for them to be expedited and are continually chasing them. On average our BLX loans are originated between 1-3 days after the loan request has filled. We share lenders frustrations and are doing everything practicably possible to originate this loan asap.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,742
Likes: 3,137
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Post by jonno on Jun 29, 2016 8:30:16 GMT
Steerpike Please ignore the loan status as this loan is being handled offline therefore the status of the loan will show 'Pending Acceptance'. The borrower is happy with the loan and we have completed our legal work. As communicated to lenders last week, the delay in originating this loan is down to not receiving the local authority search results as of yet. We paid for them to be expedited and are continually chasing them. On average our BLX loans are originated between 1-3 days after the loan request has filled. We share lenders frustrations and are doing everything practicably possible to originate this loan asap. Morning parag. We are almost a month in now and I think we are reaching unacceptable territory. I have been a supporter of your platform from the outset but I don't think this is helping your reputation at all. If you really want to do something "practicably possible" will you consider compensating investors for the unacceptable delay in earning a return on our funds?
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Post by parag on Jun 29, 2016 13:00:39 GMT
jonno I share your frustration. It has been 20 days since the auction closed and we have done everything we can to originate this loan asap. Unfortunately, we are at the mercy of the borrower's solicitor and ours. That is not to say they have caused any delays but just that there is a process that they both need to follow before the loan can be originated. We have had 2 of the searches back and are just waiting on the last few to come back. The delay between an auction filling and origination is an issue which I know a number of other platforms have to contend with. Of course we will consider your request but I can't make any promises at this stage. If there was something that we had done which had caused a delay we would have been happy to compensate lenders but in this case the delay is down to the normal processes that have to be followed for deals with a security package such as this one. For the new products we are considering launching, we will be offering lenders pre-originated loans to invest in with instant returns. This loan should be the last property backed loan under the current model.
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Monetus
Member of DD Central
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Post by Monetus on Jul 4, 2016 23:11:35 GMT
Another week gone..... any update?
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ben
Posts: 2,020
Likes: 589
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Post by ben on Jul 16, 2016 16:12:39 GMT
Even longer gone and still not live, they have launced and made live 2 other loans since this one. Shame really as this was a pretty popluar loan if they had launced a few similar loans and quicker they may have got a few new investors, here hoping the new offering launches quicker.
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ben
Posts: 2,020
Likes: 589
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Post by ben on Jul 26, 2016 16:58:53 GMT
Do we think this is going to go live by by the 28th or is it going to carry on?
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,742
Likes: 3,137
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Post by jonno on Jul 27, 2016 14:36:01 GMT
Do we think this is going to go live by by the 28th or is it going to carry on? Email today saying it's finally completing on Friday 29th. No mention of any compensation though. parag any thoughts?
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