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Post by davee39 on Aug 26, 2016 8:36:40 GMT
Octopus investments have launched a new asset backed lending site - Octopus Choice. I have only made a modest investment so far, and I have asked their permission to post here to introduce them to those who are interested. octopuschoice.com/The Model is closest to that of Wellesley, with investment spread across a number of loans (currently residential property) and a 5% co-investment by the company, which would absorb the first part of any loss. Target rate is 5.2% based on a spread across all loans (My current rate is 4.5%, but is in £10 stakes across 10 loans, so not very widely spread) Loans are based on terms of up to 5 years, but free withdrawal is offered subject to purchasers being available to take on loan parts. My reading of the small print suggests that they would expect to facilitate withdrawals under normal circumstances, although a lock-in until maturity should be considered as a worst possible case. I plan to make a trial withdrawal before committing further funds. Of interest is that the platform is part of a substantial investment group, with £5 Billion of funds under management. The aim appears to be promoting an investment which is more risky than a savings account, but safer than the stockmarket. The site is built in P2P Purple and works very well. Email messages are sent as money is deposited (Minimum £10) and when it is invested. Queries to customer services have been answered very quickly. My initial investments were made within 24hrs.
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pom
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Post by pom on Aug 26, 2016 8:57:36 GMT
I also dipped a toe after ilmoro mentioned them on another thread. My first £100 was spread across 20 loans and I'm now up to 29, some of them clearly now full as I no longer have equal amounts in each. Think I was initially at 5.7%, currently 5.4% Had a little confusion about how/when the interest is earned/paid/reinvested, they were going to update the faq but I haven't checked to see if they did. Very friendly responsive support. Can't yet work out where they really fit in the property risk/reward spectrum compared to other sites but so far they look like a potentially good low effort platform.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 26, 2016 10:49:23 GMT
I dipped a tentacle when they first launched having read about them on Altfi (Ive been getting round to posting a mini review) www.altfi.com/article/1882_octopus_launches_p2p_productwww.altfi.com/article/2063_adviser_friendly_p2p_an_interview_with_octopus_choiceFor those who do their DD the FCA authorisation (interim permission only) is in a different name to that referred to on the Register because the company has changed its name (docs registered at CH) and FCA hasnt updated it yet There are also several degrees of separation between the parent company and the P2P platform. Its target market are IFA Octopus doesnt source loans directly but invests in loans arranged by the property lending arm of the parent, (as noted the platform takes a 5% first loss position in each loan) It also aims to autodiversify lenders cash across 40 loans with a max of 5% per loan My cash was lent across 20 loans, with 5% in each at rates ranging form 3.8-8.5%, giving a blended rate of 5.62% (you can see underlying loans but blackbox for any details apart from rate) Most of the loans are London area, with a couple in Cardiff & Newcastle, all displayed on a map - disappointingly none are in the Sponge Belt. Site is nicely layed out, with everything well displayed on a dashboard Deposits by debit card (instant) or bank transfer (untried) and you can set up a monthly transfer by debit card. Had a couple of issue - the link to verify my email sent Firefox into an apoplexy of error messages (they are resolving the problem) My initial investment took 48hrs to be allocated (loans available) but given it was made Fri evening that suggests they dont do weekends and it was straight in early doors Mon Customer service very responsive Just waiting for my first interest payment (can auto reinvest if desired)
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Post by webbski9 on Aug 26, 2016 11:40:35 GMT
Have also dipped my toe :-) all good so far.Extremely helpful and swift responses from their office.Have suggested a number of improvements to the site ,mainly much more information on the loans purchased inc price,location ,current yield and sale proceeds when liquidated. All this to be available to all investors.
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
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Post by Neil_P2PBlog on Aug 26, 2016 14:48:49 GMT
Is P2P Purple a white label/ CMS platform?
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Post by davee39 on Aug 27, 2016 12:23:06 GMT
Just a reference to what appears to be web designers favorite colour.
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Post by loanstar on Aug 29, 2016 9:51:38 GMT
Registered on the 27th, checks completed and money "invested" @ 07:42 today 29/8, (a bank holiday)a very smooth start, but a rather poor 4.84% mean rate. I note the loans are referenced by postcode district. Total lack of information about loan term and repayments from the front page. Given that this platform is aimed at professionals I would have thought that more detail would have been provided. Still early days, will be interesting to see how they have developed in a months time when the first interest payment is due.
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Post by vanessaiman on Aug 31, 2016 11:33:51 GMT
Hi all,
Vanessa here from Octopus Investments. I know a few of you have been talking about our take on peer-to-peer lending – Octopus Choice. Well, we wanted to formally announce ourselves to you all and get your thoughts on what we’re doing!
But first, a quick intro on Octopus. We’re an established financial services firm that was founded in 2000 with a belief that financial services companies weren’t working hard enough for customers, and that we could do it better. We now manage over £6 billion, on behalf of over 60,000 customers.
As a business, we want to build products that put people back in control of their finances, and help to make their money work harder. Octopus Choice is designed to do exactly that.
Octopus Choice lets you target great interest by investing – alongside us – in loans backed by real bricks and mortar. For those with money to invest, but nowhere they feel comfortable investing it, we think it could be the choice they’ve been waiting for.
The benefits?
1.Rate – Target a variable rate of 5% per annum. Interest is paid monthly, and you can choose whether to have it automatically re-invested, or paid out as an income
2.Bricks & mortar security – All loans are secured against real physical assets with a first legal charge – initially residential property. Money will be spread across multiple loans with no more than 5% in one loan. Average LTV of around 60%; a maximum of 70%.
3.Our money where our mouth is – We will contribute 5% to each loan, straight from our balance sheet. In each loan, you’ll get your initial investment back before we get ours – and earn all of your interest before we earn any
4.Track Record – All loans are selected by our award-winning lending team. Past performance is not a reliable indicator of future results but they’ve lent more than £2 billion – of which less than 0.1% has been lost.
5.£10 minimum. Quick and easy. No fixed-term.
We’ll be adding lots more information to the website in due course – including full transparency on all of the loans that are open for investment (this info is currently available after investing, and we’re working on an additional ‘statistics’ page on the main site with fuller details of the product).
We would love to hear what you think! If you have any questions or want to find out more we’ll be checking this thread regularly – or alternatively drop us a line at support@octopuschoice.com.
Octopus Choice is not a cash savings product and there is a risk that investors may not get back the full amount they put in. Investments are not protected by the Financial Services Compensation Scheme (FSCS) against losses arising from performance. Past performance is not a reliable indicator of future results.
It’s important that investors read and fully understand the risks involved before deciding to invest. Any decision to invest should be made on the basis of the information contained in the Octopus Choice terms and conditions.
This financial promotion has been issued by Octopus Choice – a trading name of Octopus Co-Lend Limited, 33 Holborn, London EC1N 2HT, which is authorised and regulated under interim permissions by the Financial Conduct Authority.
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shimself
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Post by shimself on Aug 31, 2016 15:11:42 GMT
Just a reference to what appears to be web designers favorite colour. p2ple
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shimself
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Post by shimself on Aug 31, 2016 18:25:37 GMT
We would love to hear what you think! If you have any questions or want to find out more we’ll be checking this thread regularly – or alternatively drop us a line at support@octopuschoice.com.
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Post by webbski9 on Sept 2, 2016 11:46:25 GMT
Venessa hi i have invested but cannot see details in loans I am involved in ,excepting the post code .Where can I find details of the properties?
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Post by vanessaiman on Sept 5, 2016 13:11:02 GMT
Hi Webbski9,
I hope you're well.
I'm glad to hear you've invested, please do let me know how you're finding it.
You would be able to get further details on the properties by contacting support@octopuschoice.com.
Let me know if you have any problems.
Vanessa
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Post by webbski9 on Sept 6, 2016 7:20:29 GMT
Hi Vanessa. Thank you . However, don't you think details of all properties should be available on the website ? Best Regards.
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Post by vanessaiman on Sept 6, 2016 10:03:15 GMT
Hi Webbski9,
Yes you're correct, we're currently working on getting property information on the website and app which will give you more of an idea on where your investment is being placed.
Best, Vanessa
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 6, 2016 12:39:16 GMT
Queried interest as nothing paid.
Interest is calculated from 5th to 5th of month and paid on 15th
Calculated on individual loan parts and then totalled across portfolio
Octopus work to 13dp and round up.
As I only invested the minimum as a trial, my earnings are currently insufficient to register yet (not unexpected)
Again response was quick (2hrs) & clear
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