littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Nov 16, 2016 21:30:21 GMT
The Warrington Property (2532356769) is only for £69K but has still not filled after 3 and a half months. Money invested in it is locked at FS's convenience. It should be underwritten or pulled now.
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SteveT
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Post by SteveT on Nov 16, 2016 21:34:21 GMT
The Warrington Property (2532356769) is only for £69K but has still not filled after 3 and a half months. Money invested in it is locked at FS's convenience. It should be underwritten or pulled now. No, it filled months ago. It's just not completed the necessary legals and been drawn down yet. Lenders are earning interest regardless.
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mikes1531
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Post by mikes1531 on Nov 16, 2016 23:27:03 GMT
The Warrington Property (2532356769) is only for £69K but has still not filled after 3 and a half months. Money invested in it is locked at FS's convenience. It should be underwritten or pulled now. Further to what SteveT wrote... This has to be one of the best loans at FS right now -- it's earning interest and there's no default risk at the moment because investors' money is sitting safely in the FS client account.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Nov 17, 2016 7:19:06 GMT
The Warrington Property (2532356769) is only for £69K but has still not filled after 3 and a half months. Money invested in it is locked at FS's convenience. It should be underwritten or pulled now. Further to what SteveT wrote... This has to be one of the best loans at FS right now -- it's earning interest and there's no default risk at the moment because investors' money is sitting safely in the FS client account. I suppose that's better than I thought, but the money is still locked indefinitely. Could be bad news for anyone who needed access to it.
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mikes1531
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Post by mikes1531 on Nov 17, 2016 13:26:28 GMT
This has to be one of the best loans at FS right now -- it's earning interest and there's no default risk at the moment because investors' money is sitting safely in the FS client account. I suppose that's better than I thought, but the money is still locked indefinitely. Could be bad news for anyone who needed access to it. I've never tried, but I wouldn't have thought it would be easy to exit any FS loan after just a few months. IMHO, FS isn't an appropriate place for money you might need quick access to.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Nov 17, 2016 14:29:17 GMT
I suppose that's better than I thought, but the money is still locked indefinitely. Could be bad news for anyone who needed access to it. I've never tried, but I wouldn't have thought it would be easy to exit any FS loan after just a few months. IMHO, FS isn't an appropriate place for money you might need quick access to. In fact FS is (of my platforms) the easiest to exit (at a price) as loans, once drawn down, can be sold at a discount. However I do agree with your last statement, in fact I would substitute "any p2p" for "FS", but an individuals circumstances might change. Another point is that no end date is known for these zombie loans unlike loans that have drawn down.
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SteveT
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Post by SteveT on Nov 18, 2016 9:55:01 GMT
The knock-on effect on SM liquidity of the large FS renewal loans now being underwritten has been substantial IMO. This new 'policy' has, however, not been applied consistently so far. The £730k Greenwich loan now being renewed hasn't been underwritten yet. IIRC, it was no more than 25% funded when the renewal went live for funding. So 75% of the investors in the original loan want to get out, and that's about £550k worth. Greenwich now underwritten too.
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