SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Dec 11, 2016 8:40:31 GMT
I've spread 20% of my savings across a number of P2P platforms but am considering allocating a further 5% into a property only platform. Landbay is certainly a strong contender but I'm also considering Property Moose and Property Partner. I realise these aren't strictly P2P and more on the crowdfunding side of things but does anyone have any experiences or opinions on which is the better option from the three? See my PM re Landbay, which I've always liked.
|
|
pom
Member of DD Central
Posts: 1,922 
Likes: 1,244
|
Post by pom on Dec 11, 2016 10:07:12 GMT
I've spread 20% of my savings across a number of P2P platforms but am considering allocating a further 5% into a property only platform. Landbay is certainly a strong contender but I'm also considering Property Moose and Property Partner. I realise these aren't strictly P2P and more on the crowdfunding side of things but does anyone have any experiences or opinions on which is the better option from the three? May depend on what liquidity you need really - unless the sticky stuff really hits the fan Landbay will probably be a lot more liquid. But the returns are potentially better elsewhere - which is why although I use LB I have more money in PM in the hope of some capital gains rather than paying everything as income tax. Course there's also probably potentially more risk of capital loss if an SPV does really badly... I'd say go with both types... but then I do have more platforms than a lot people would probably consider sensible 
|
|
r00lish67
Member of DD Central
Posts: 2,692
Likes: 4,048
|
Post by r00lish67 on Dec 11, 2016 10:35:34 GMT
Still not a penny of my money off the queue here as of yet, coming up to 6 weeks in. I'm surprised that Landbay haven't yet done a Zopa and restricted cash inflows.
|
|
Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355
Likes: 209
|
Post by Neil_P2PBlog on Dec 11, 2016 14:56:56 GMT
Is there any indication given on Landbay's website of how long the queue is? I can't see any. Even if you are in the queue you still get paid interest, which is a bit different than others like Lending Works.
|
|
|
|
Post by jackpease on Dec 11, 2016 16:50:08 GMT
Is there any indication given on Landbay's website of how long the queue is? I can't see any. I've had over £3k in the queue since early November - not budged an inch. I like Landbay, I trust Landbay, but this worries me because platforms need to make money or else we risk losing ours. As another poster has said, now zopa has frozen deposits with barely a murmur on this board, it would be obvious for Landbay to do the same. Wellesley's answer was to lower rates to levels that only a lunatic would invest in, that too doesn't seem to have attracted the ire that FC/Assetz/SS etc have done with their falling rates. Jack P
|
|
|
|
Post by 999william on Jan 6, 2017 20:27:33 GMT
I have had £4k on deposit since 27 Oct. To date (6th Jan) they have managed to invest £12. So yes, I'm being paid interest on the full balance but I'm concerned about the time taken to find suitable borrowers, especially given the low rates compared to the other platforms I invest with. Both AC and LW have invested larger amounts in a few weeks, not months. I have had no comms from LB to give any indication of what the expected timescale for investment is and overall my first impressions are not favourable.
|
|
Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355
Likes: 209
|
Post by Neil_P2PBlog on Jan 6, 2017 21:15:24 GMT
I have had £4k on deposit since 27 Oct. To date (6th Jan) they have managed to invest £12. So yes, I'm being paid interest on the full balance but I'm concerned about the time taken to find suitable borrowers, especially given the low rates compared to the other platforms I invest with. Both AC and LW have invested larger amounts in a few weeks, not months. I have had no comms from LB to give any indication of what the expected timescale for investment is and overall my first impressions are not favourable. Iirc their underlying loan terms are longer (10 years) so perhaps they are more willing to sit on money while waiting to originate the right mortgages. I noticed they cut the tracker rate which would make them more appealing to borrowers too. If you take property partner for an example of a borrower, they are only looking to pay about 3.6-3.8% on the leveraged part of their investments (usually around 50% LTV)
|
|
|
|
Post by 999william on Jan 20, 2017 21:56:52 GMT
2 more weeks gone by and still only £12 invested in nearly 3 months? All my other P2Ps are bragging about record lending and what a busy month January has been for them...not for Landbay apparently...
|
|
|
|
Post by johnnykash on Jan 23, 2017 0:46:29 GMT
Yes, something is definitely not right at Landbay. In October, I went to invest and one of their two products was showing no loan parts available. Then I saw an article saying they had a 95% fall in mortgage lending. That along with under-the-radar rate changes, people's funds being sat waiting endlessly to be invested and the fact the market is likely to face ever-increasing regulation, I just cant see them surviving. Then again, they now have full FCA auth and are launching their new ISA next month so maybe things will be OK.
|
|
|
|
Post by 999william on Jan 23, 2017 12:05:05 GMT
I asked the question to LB who said:
We are waiting for some mortgages in our lending pipeline to drawdown
There was a quiet period for our applications towards the end of the summer and it was only until September when they picked up again. Thus, as mortgages generally take 3 -4 months to complete after initially receiving the application, they are only starting to drawdown now
We expect to complete between £1.5 million to £2 million by the end of February which should be enough to invest all funds currently on the queue.
We are planning to introduce a display to show the average length of time in the queue
But it is not likely to be in production until February/March.
I at least feel a bit more reassured by this info so thought it would be useful to share it here.
|
|
|
|
Post by d_saver on Jan 23, 2017 18:56:52 GMT
Just for info, the funds I put in there on the 9th of Jan this year were all used up a few days ago in one go. Plus of course, you get the interest in the meantime anyway. This is I think my most 'boring' platform  |
|
|
|
Post by dan1 on Feb 8, 2017 16:17:38 GMT
At quick look at their downloadable loan book indicates that since the start of July 2016 they've completed just 3 loans with a total of £563k lent (final loan on 20 Jan). I trust they have a healthy pipeline, why else would they continue to offer the refer a friend promotion?
|
|
littonowl
Member of DD Central
Posts: 398
Likes: 355
|
Post by littonowl on Feb 8, 2017 16:45:39 GMT
An article from article from p2pfinancenews.co.uk from earlier this week with the CE of Landbay seems to indicate the loans drying up was down to meeting FCA regs: Landbay had to amend a key element of its business model before the City watchdog would give it the green light. The platform had to stop pre-funding its loans with an institutional partner – which sped up how quickly it could lend out investors’ money – in order to comply with the 36h regulations that P2P lenders must fall under.
It was “clearing out” these pre-funded loans that contributed to Landbay’s lending coming to a near-standstill over the summer, but Goodall says that it will not create a material time lag going forward“From February onwards it will be a few days or a few weeks in some cases, so in the grand scheme of things it’s not going to have a material impact on people’s returns,” he says.Full article is worth a read, but far from struggling, it seems they have some very lofty aspirations: Goodall hopes Landbay will be lending out £1bn annually in three or four years’ timeHere's the article link: www.p2pfinancenews.co.uk/2017/02/06/landbay-john-goodall/ |
|
|
|
Post by 999william on Feb 20, 2017 18:04:53 GMT
Just a quick update, my funds got invested today after 3 1/2 months queued, coincidentally on the same day they launched their ISA...I'll just sit back and watch now...
|
|
alant
New Member
Posts: 4
Likes: 1
|
Post by alant on Mar 3, 2017 15:53:33 GMT
I've had money invested for the last 8 weeks and it's still stood doing nothing at all. Granted, they pay interest while you're waiting but I'd still like my money to get used. Out of four p2p I'm investing with, this is the most boring and most I certainly won't be using their ISA until this backlog gets cleared.
|
|
