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Post by xordon on Apr 30, 2014 13:27:04 GMT
The refund should happen much quicker for non filled loans. I understand that sometimes the borrower may want to consider a reduced amount or revised terms but would it not be better to free the lender to invest in another loan which is almost filled rather than to cause two loans to fail. An email to lenders stating the loan request will be revised allows the lender to decide how to proceed, hold the funds or invest elsewhere.
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Post by nickrebuildings on Apr 30, 2014 15:03:31 GMT
Hi Xordon,
It's a tricky balance to strike to be honest, but we're always mindful of the opportunity cost of keeping lenders cash tied up. We try to give loans an opportunity to fill if we believe there to be sufficient interest in the loan, because if we refund straight away, then some might choose to reinvest in that loan and others could look at different loans, meaning it is difficult to get a critical mass and get a loan filled. People that want to stay in the loan become frustrated as there is less chance of it completing!
If a loan is extended, you can get your money refunded, please just email support@rebuildingsociety.com and we'll process that the same day (between Monday - Friday). We'll always send a note around to lenders already invested in the loan informing them of the next steps in this instance too.
Best,
Nick
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