Greenwood2
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Post by Greenwood2 on Oct 8, 2016 12:14:40 GMT
From the FAQs:
'do you have a secondary market?' 'Yes, and it is quite active'
But, if I click on the Secondary Market tab it says, 'Coming Soon'.
Does a secondary market exist and how do you use it? Has anyone used it?
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pom
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Post by pom on Oct 8, 2016 13:49:15 GMT
Nope not yet, they were a bit too optimistic with the FAQs when they launched the site. So for now you have to accept that any investment will be tied up for an unknown time as bridging loans rarely repay on time. Even a good (ie non-defaulting loan) may be extended for 6 months with extension interest rolled to the end.
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bababill
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Post by bababill on Oct 16, 2016 13:02:55 GMT
And for this reason I am out. Yesterday Steerpike mentioned in another thread about moving funds to BC. So I thought I would investigate further... I read BC's FAQ and all looked good so right away I checked this amazing forum.
First thread I read happens to be about the secondary market and basically BC does not appear to do what they say on the tin.
Sadly to me there seems no point going further if I can not rely on the website's information to be correct.
This is not slightly misleading information but grossly inaccurate.
For once, I do think we need more government oversight if things like this are allowed to perpetuate.
Fortunately, I did not bother to sign up. Thank you greenwood2 and pom for your assistance.
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pom
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Post by pom on Oct 16, 2016 13:44:26 GMT
And for this reason I am out. Yesterday Steerpike mentioned in another thread about moving funds to BC. So I thought I would investigate further... I read BC's FAQ and all looked good so right away I checked this amazing forum. First thread I read happens to be about the secondary market and basically BC does not appear to do what they say on the tin. Sadly to me there seems no point going further if I can not rely on the website's information to be correct. This is not slightly misleading information but grossly inaccurate. For once, I do think we need more government oversight if things like this are allowed to perpetuate. Fortunately, I did not bother to sign up. Thank you greenwood2 and pom for your assistance. No I guess it's not good if that's all the info newbies have to go on (I don't know if Louis still has a discussion with all new investors)... but it's basically because they've only recently switched from a totally manual operation to a website, and the transition is clearly proving a bit trickier/clunkier than anticipated. Loans themselves are good tho (better than SS in my view so I don't mind the lock in so much), and while you can end up tied up longer than you'd think, so far they seem to have been doing a pretty good job with the problem loans.
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Steerpike
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Post by Steerpike on Oct 16, 2016 14:45:06 GMT
I am not bothered about the lack of a secondary market, bridging loans are usually for 6-12 months and I invest with the intention of holding to term.
As far as I know Louis engages with each new lender and explains how the process works, and once logged in if you click on the secondary market tab it says "coming soon" but it has said that for quite a while now.
Presumably because of the minimum investment there are many fewer transactions than on other platforms and it is not so important to use resources developing features for the website, it works as it is for me, and time can instead be spent on the process of delivering good quality and well managed loans.
YMMV.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Oct 20, 2016 16:11:30 GMT
Is it possible that there is a manual secondary market? I seem to remember that initially it was an entirely off-line operation.
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Post by Financial Thing on Oct 24, 2016 22:31:16 GMT
With regards to Octopus, who is the lender lending to? Borrower or platform? Or is it not really a p2p platform?
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Post by vanessaiman on Oct 25, 2016 11:37:19 GMT
With regards to Octopus, who is the lender lending to? Borrower or platform? Or is it not really a p2p platform? Hi Financial Thing, Vanessa from Octopus Choice here! Saw your question and thought I might be able to help. While investors won’t have any of the obligations or hassle of dealing with individual borrowers, the product is structured as a direct investment into loans. In other words, investors are lending to borrowers, rather than to the platform – and the product is regulated as peer-to-peer lending. That said, you’re right, it is somewhat different from typical P2P lending products – not least for the fact that Octopus co-invests alongside investors in each and every loan, at first loss. We contribute 5% of the capital in each and every loan – and would lose our money first if anything went wrong. Any other questions, just shout. Thanks Vanessa
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seeingred
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Post by seeingred on Dec 7, 2016 11:16:44 GMT
I'm looking to diversify from other platforms having recently taken a large position on SS and drawing down some lower % loans on other platforms. Bridgecrowd caught my eye and there was mention in one thread of a £250 cashback. I've asked three times about this and got no answer - this is not encouraging for customer service.
Also the SM would be important to me - I've picked up most of my SS loans that way.
On the BC website the SM is still stated as 'coming soon'
So when is soon?? And does the cashback deal still apply?
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Steerpike
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Post by Steerpike on Dec 7, 2016 11:49:13 GMT
I'm looking to diversify from other platforms having recently taken a large position on SS and drawing down some lower % loans on other platforms. Bridgecrowd caught my eye and there was mention in one thread of a £250 cashback. I've asked three times about this and got no answer - this is not encouraging for customer service. Also the SM would be important to me - I've picked up most of my SS loans that way. On the BC website the SM is still stated as 'coming soon' So when is soon?? And does the cashback deal still apply? p2pmoney had a £250 referral link, I think that this offer is still available for a minimum investment of £5k. I believe that you may be able to buy or sell on SM by making an email request but there is nothing (yet) on the website, it has been "coming soon" for quite a long time. There is a minimum of £5k in each loan and a minimum £15k deposit in advance if you want to use the "auto-invest" feature. No INPL and funds are added twice a day so a loan can disappear before you have added the money to bid with. Quite a few of the offers are 2nd charges.
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Greenwood2
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Post by Greenwood2 on Dec 7, 2016 12:01:33 GMT
I heard they were aiming for December for the SM. I've seen a few fleeting old loans come up as available so there does seems to be an unofficial SM.
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seeingred
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Post by seeingred on Dec 7, 2016 12:16:44 GMT
Received today:
Yes, there is a cash back of £250 on your first investment.
The secondary market is active but at present only via email to the team.
It will be live on the platform in January 2017.
So now we all know.
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Post by easteregg on Dec 7, 2016 13:43:16 GMT
Re: Customer Service, I've had sporadic responses to emails but always excellent service when telephoning - including call-backs when promised. Re: CashBack - I signed up via the 'Register' link on the BridgeCrowd page of the Cash Back section in p2pmoney.co.uk. Amongst other things, the conditions state: Based on the 1 month criterion, I should be eligible for CashBack on the 23rd December. easteregg / thebridgecrowd - can either of you confirm the status of the cashback offer, please? Many thanks, Ian.. PM sent
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Post by eascogo on Dec 7, 2016 19:23:07 GMT
Re: Customer Service, I've had sporadic responses to emails but always excellent service when telephoning - including call-backs when promised. Re: CashBack - I signed up via the 'Register' link on the BridgeCrowd page of the Cash Back section in p2pmoney.co.uk. Amongst other things, the conditions state: Based on the 1 month criterion, I should be eligible for CashBack on the 23rd December. easteregg / thebridgecrowd - can either of you confirm the status of the cashback offer, please? Many thanks, Ian.. PM sent Note that prior to investing with BC I asked them to confirm my eligibility for cashback; their answer was that family members are not eligible. I had referred my wife who then invested with them. It is not clear if this would also apply to more remote family members, say, in-laws or grandchildren, etc. A degree of flexibility may well exist perhaps in consideration of loan amounts pledged.
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Steerpike
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Post by Steerpike on Dec 7, 2016 20:20:41 GMT
Has anyone received the fabled cashback?
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