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Post by johnnykash on May 17, 2017 15:16:07 GMT
I saw online that Landbay have had another round of funding on Seedrs but this one was private. Is it normal for a company to need to raise such little funds (£1-2M) every 12 months?
It is not my area of expertise but I am worried they just give away far more interest than they earn and are needing to turn to investors constantly to keep afloat. Whilst I do enjoy receiving interest on my funds even though they are sat in a queue and not being leant out, I don't see the logic/longevity.
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Post by Landbay on May 18, 2017 16:37:18 GMT
Hi johnnykashYes we are raising a private round on Seedrs. This is to allow our existing Seedrs investors to retain their shareholding in the business as we have taken in external investment, and to raise funds for investment into technology and operations. These funds are not being used to support cashback payments to queued investments – this capital is coming out of profits we make from loan application fees and the margin on the outstanding loans. It is worth pointing out that 75% of our revenue comes during the course of a loan and only 25% from fees at the beginning of the loan. We expect the queue to clear soon as we have a strong pipeline, with a lot of cases at legals. Cashback will not remain a permanent feature of Landbay’s model and we expect to remove it when the average time to deploy funds for lenders is much shorter - we will of course give notice to customers when this is due. In addition, it is important to remember that cashback is not technically interest and should not be considered as such. Best wishes Landbay |
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Post by bodroll on May 22, 2017 19:33:58 GMT
Can someone please tell me how to withdraw funds from the Investment Queue? The website doesn't appear to allow this. thanks
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macq
Member of DD Central
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Post by macq on May 22, 2017 20:24:02 GMT
contact their support by email(think its mentioned in faq)
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Post by bodroll on May 23, 2017 15:36:40 GMT
Thanks Macq - actioned as suggested
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macq
Member of DD Central
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Post by macq on May 23, 2017 15:44:58 GMT
ok- hopefully its made the queue shorter  |
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Post by johnnykash on May 24, 2017 7:53:43 GMT
Hi johnnykashYes we are raising a private round on Seedrs. This is to allow our existing Seedrs investors to retain their shareholding in the business as we have taken in external investment, and to raise funds for investment into technology and operations. These funds are not being used to support cashback payments to queued investments – this capital is coming out of profits we make from loan application fees and the margin on the outstanding loans. It is worth pointing out that 75% of our revenue comes during the course of a loan and only 25% from fees at the beginning of the loan. We expect the queue to clear soon as we have a strong pipeline, with a lot of cases at legals. Cashback will not remain a permanent feature of Landbay’s model and we expect to remove it when the average time to deploy funds for lenders is much shorter - we will of course give notice to customers when this is due. In addition, it is important to remember that cashback is not technically interest and should not be considered as such. Best wishes Landbay Thanks Landbay . Really appreciate the response and makes sense to me now.
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Post by dan1 on Jun 23, 2017 16:38:11 GMT
It's now almost Easter and my investment has been sitting in the queue for 3 whole months. If it doesn't move soon I'm going to withdraw and move it to a p2p company which can lend it out to someone who needs it. I've just downloaded Landbay's loan book and they have issued just 5 loans in 2017 and only 8 in the last 12 months. My investment was placed on the tracker queue on 22nd December (2016!) and is still awaiting investment. They've paid cashback equivalent to the tracker rate up to now so at least my cash is earning whilst on the queue. It's not sustainable but these are long-term BTL investments (10 year) subject to somewhat seasonal demand (I guess things were markedly quiet following the end of the 2015-16 tax year when the 3% stamp duty for second-homes was introduced). Membership of the P2P Finance Association provides some comfort. It's now been 6 months waiting on the tracker queue. Hmmmm....
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Post by df on Jun 25, 2017 1:31:51 GMT
My investment was placed on the tracker queue on 22nd December (2016!) and is still awaiting investment. They've paid cashback equivalent to the tracker rate up to now so at least my cash is earning whilst on the queue. It's not sustainable but these are long-term BTL investments (10 year) subject to somewhat seasonal demand (I guess things were markedly quiet following the end of the 2015-16 tax year when the 3% stamp duty for second-homes was introduced). Membership of the P2P Finance Association provides some comfort. It's now been 6 months waiting on the tracker queue. Hmmmm.... The same here - it will be 6 month in tracker queue next week. I don't understand the reason behind paying me interest on uninvested funds.
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macq
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Post by macq on Jun 27, 2017 11:03:29 GMT
They were saying 2 months for fixed about 3 months back when i made a deposit and mine took about 6-7 weeks.Had an email from Landbay saying they had a good month in May which had helped clear some of the backlog but that fixed is far more popular then trackers with people taking the loans out and that trackers are at least a 2 month wait (guess you need to take that with a pinch of salt then!)
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Post by dan1 on Jun 27, 2017 12:42:23 GMT
It's now been 6 months waiting on the tracker queue. Hmmmm.... The same here - it will be 6 month in tracker queue next week. I don't understand the reason behind paying me interest on uninvested funds. Good news df, the bulk of my funds are invested as of today so you shouldn't have too long to wait.
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Post by df on Jun 27, 2017 13:35:40 GMT
The same here - it will be 6 month in tracker queue next week. I don't understand the reason behind paying me interest on uninvested funds. Good news df , the bulk of my funds are invested as of today so you shouldn't have too long to wait. Thank you for good news dan1. I've just logged in and in deed all my initial capital is invested now. 6 month interest is still on queue.
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Post by landbayceo on Jul 21, 2017 8:35:17 GMT
Hi all,
Just to let you know the queue is no virtually down to zero. We have had around £3.5m of drawdowns in the last three weeks and so waiting time on both the fixed and tracker would be 1-2 weeks.
Best Regards
John
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r00lish67
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Post by r00lish67 on Jul 21, 2017 9:01:22 GMT
Hi all, Just to let you know the queue is no virtually down to zero. We have had around £3.5m of drawdowns in the last three weeks and so waiting time on both the fixed and tracker would be 1-2 weeks. Best Regards John Simple brain - confused - are you saying there's practically no queue, and yet it will take up to 2 full weeks for funds to be invested? That sounds like a long time. Also, I've not been in this corner of the P2P world for a while - is interest still paid on queued funds?
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m2btj
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Post by m2btj on Jul 21, 2017 9:15:05 GMT
I deposited a small 'test' investment onto the platform on 22 May & I am now finally invested. Under Landbay's business model queued funds still earn interest. Queued funds can take several months to become invested....it wouldn't be worth investing if queued money was not earning interest.
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