fp
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Likes: 853
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Post by fp on Sept 15, 2016 17:38:27 GMT
Joined BondMason this Monday with just a test £1k to see how it shaped up against other P2P investment companies in my portfolio. Initially, I had a 9.6% investment uptake, meaning a whopping 90.4% was earning 0% for me!!! Well a few days later and my total investment has gone down 8.3%? How is this possible you may ask? Well, the Bondmason investment algorithm matched some of my investments against loans with Zero months left... That's just not a very clever thing to do... My gut feeling is BondMason has too many investors chasing too few loans... My early impressions, which are so very important, I would rate BondMason a low 2 out of 10. Everyone has been in the same boat, i have a 5 figure balance in Bondmason now, about £10-15 of which is sat idle, two days ago I had about £400 sat idle, last week I had £200 sat idle, the week before that nothing, you wont get fully invested at the drop of a hat and you're not likely to be fully invested continuously once you are, Thats how it works. On the plus side; I spend a minute or two every now and then transferring some cash in Another minute or two maybe two or three times each week checking my balance I've got a fully diversified portfolio which I haven't spent a single minute doing DD on I'm getting a slightly better return than I did when I had this same cash in FC, for which in invested hours cherry picking loans It leaves me more of my very limited time to do DD on loans I want to invest larger sums in at better rates This is a feed and forget account, you are relying on them going out and finding the investments for your cash once they have it to invest So far I would have to give them 10/10 because they have done everything they said they would do pretty much in the time frame I expected, albeit I haven't tried to withdraw my entire holding in one go, nor have I had any losses.... yet.
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Post by robbobrum on Sept 15, 2016 18:09:36 GMT
You should always contact the platforms directly as they will usually look at your account and respond quite quickly.
Most platforms that don't require DD take anything from 7 days to 30days to get fully invested its the nature of the beast.
Also time remaining on bondmason rounds down so if it says 0 months remaining it could have 26 days left so your still earning interest for the remaining days. I agree this needs to be made clearer as i messaged them my self about this.
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Post by wickedxuk on Sept 15, 2016 20:18:00 GMT
You should always contact the platforms directly as they will usually look at your account and respond quite quickly. Most platforms that don't require DD take anything from 7 days to 30days to get fully invested its the nature of the beast. Also time remaining on bondmason rounds down so if it says 0 months remaining it could have 26 days left so your still earning interest for the remaining days. I agree this needs to be made clearer as i messaged them my self about this. Thank you I was just about to email them to ask that question!
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Post by stevefindlay on Sept 15, 2016 22:26:11 GMT
Trying to consolidate some of the questions / comments: - rookyone : thank you for your comments and thank you for trying out BondMason, to reply: Investment rate: we say to allow 7-28 days for full allocation of your funds. We do have an algorithm which is run every 7-10 days which can makes this much faster (i.e. 1-2 days) for smaller investors (£10k or less). So the first couple of weeks can always be a little lumpy. Zero months left: we have 10-20% in invoice discount finance, which are typically 30/60/90 days. For those that are 30 days, they will show as 0 month left after day 1 has passed. Total investment gone down: you will have received a loan repayment. 2 out of 10 rating: I'm sorry to hear this. We are happy to discuss our service in detail, and hope that you will increase your assessment as your funds are allocated further. - fp : thank you for the kind words. Re no losses - we have 0.16% of invested capital in a single non-performing loan out of 1,000+ loans to date), but expect good / full recovery on this over time. Re liquidation - we recently liquidated a client with £250k invested in a few days (they needed their funds back for business purposes - they remain happy with our service!). At present, anything less than £100k can usually be liquidated and returned pretty quickly (less than 1 week). - robbobrum : thank you - your explanation is spot on. And noted re showing days remaining when we are in the final month of a loan Please do drop us a line invest@bondmason.com to speak with one of the team - I like to handle most / all client interactions, so would be very pleased to chat about any aspect of our service, or your account on a 1-1 basis at any time. |
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Post by henders on Sept 16, 2016 9:44:49 GMT
Having been in BM for about 2 months; I'm beginning to get the hang of it.
My experience is very good.
At times (if you have a cash balance) it can seem like things have ground to a halt then after a couple of days there is a burst of lending (sometimes sweeping up all of a substantial cash balance); patience is the key.
Yes your cash balance can go up and down as loans repay and, yes, some loans are only for a very short time but if those loans are earning you, say, 10% PA then they are helping to keep your average return up; it is not a problem. I think its important not to think of many of these loans as long term deals; a lot are high turnover short sharp facilities that the average investor would not have access to.
I drip feed (at £1K at a time) funds in as my RS loans repay. I think most of my £1K batches have been pretty much fully loaned out in less than 2 weeks. As my balance gest bigger I do expect this to slow up as, over time, a £1K batch will not account for 5% of my total so will not be "prioritised" (ie in the less than 95% loaned out category); I will have to monitor this but hope that the time to lend is not unacceptably long.
I have to trust BM on the "assurances" that they give for liquidity at withdrawal time but so far they seem to do what they say.
My biggest concern is as the word spreads and they become more popular (which is good for us all in many ways) whether they can continue the deal flow.
I'm giving a high satisfaction rating at the moment.
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dave
Member of DD Central
Posts: 86
Likes: 38
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Post by dave on Sept 16, 2016 18:03:36 GMT
+1 on what henders said  my only problem is that I now have 50% of my p2p in BM, so I can't put anymore in  |
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Post by khampson on Sept 16, 2016 21:18:37 GMT
+1 on what henders said my only problem is that I now have 50% of my p2p in BM, so I can't put anymore in Why is that? Is it because you have decided not to invest more than 50% into anyone platform?
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nd
Member of DD Central
Posts: 56
Likes: 37
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Post by nd on Sept 17, 2016 0:28:17 GMT
Just hit 100% investment again and it's been at around 95%+ until that point. Investments do go in waves and processes appear to be quite manual but I'm impressed by investments so far and dealings with BM (replied by Steve directly) have been excellent.
Going to keep drip feeding money in and hope it continues to be as good.
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shuff27
Member of DD Central
Posts: 90
Likes: 100
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Post by shuff27 on Sept 17, 2016 6:36:11 GMT
Having received an email confirming I was now fully invested (I believe that was my own brilliant suggestion for improvement  ), I added another £2k yesterday & was delighted to see it was all invested the same day - apparently due to a large batch of invoice discounting loans. Very pleased so far with BM. |
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guff
Posts: 730
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Post by guff on Sept 27, 2016 20:03:30 GMT
Another £1k deposited and invested within the day.
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edward
Member of DD Central
Posts: 66
Likes: 24
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Post by edward on Sept 27, 2016 22:07:07 GMT
Really? I had over £1k awaiting investment all day with no action whatsoever. Feeling very unloved!
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Greenwood2
Member of DD Central
Posts: 4,376
Likes: 2,780
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Post by Greenwood2 on Sept 28, 2016 7:27:13 GMT
No love for me either.
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Post by wiseclerk on Sept 28, 2016 8:24:11 GMT
Nothing moving in my account past 5 days. Currently 33% invested, 67% cash sitting there. I am patient.
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Post by stevefindlay on Sept 28, 2016 19:38:16 GMT
Please excuse the sporadic allocations - we've had over £1M of new investors in the last week - so the standard rotation method has created some patchy allocations. This should smooth out over the coming days or so.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Oct 3, 2016 9:16:16 GMT
My allocation has dropped from nearly 100% to 78% over the last fortnight (I haven't been watching to see whether that has been a steady decline). Presumably that has been caused by a series of repayments because the total in the portfolio has dropped also). I hope the 78% does not continue for more than a few days; I was expecting to drop in a bit more cash today.  |
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), I added another £2k yesterday & was delighted to see it was all invested the same day - apparently due to a large batch of invoice discounting loans.
