madpierre
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Post by madpierre on Oct 26, 2016 8:35:25 GMT
I would suggest that this is the safest loan available on the books. Regardless of any actual risk SS will not let this one fail  This almost makes me tempted to invest but then I would be falling into their trap  |
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jonno
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nil satis nisi optimum
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Post by jonno on Oct 26, 2016 8:36:26 GMT
Maybe SS have launched this at 9% as a "Stalking Horse", lowering everyones expectations to such an extent that when they launch a bigger one at 10% or 11% we'll all be relieved and pile in. I certainly wouldn't touch this at 9% but I'm still trying to work out whether that's predicated on risk or "principle".
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Post by jackpease on Oct 26, 2016 8:47:36 GMT
Principle!!!
I feel a vote coming on - 'if you plan to avoid this 9% loan, are you doing it on principle or because its not financially worthwhile'
Incidentally I live nearby and can pop there on my motorbike and see if there are any lights on at 9pm but i agree any more than that would be unethical
Jack P
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duck
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Post by duck on Oct 26, 2016 9:12:04 GMT
I’m not sure this is a very good idea, does anyone know what the borrower looks like and how would anyone determine what exactly they are doing at the property if they thought they were there, are you suggesting someone should camp outside? Or are you proposing someone should ring the doorbell and ask? I think this is one of the reasons why borrowers should not be identified here or perhaps even by the P2P platform’s themselves. I have heard that at least one borrower refused a loan because they were harassed by prospective investor’s, although I have no information to be able to verify this myself. Going to have a look at a large development site build and reporting back on it is one thing spying on the occupants of a residential dwelling strikes me as quite another. Whilst I agree in principal I believe that a bit of 'local knowledge' posted is of no harm - I have been known to visit various local loan sites as part of my DD. Where I feel the information gleaned will be of use for others I post it. With development sites (even house renovations) a quick glance tells you if the builders are 'professional'.... fencing, tidy site, state of vans and equipment etc. Photos can show the 'property' to be poor (I tend to check a fair number on street view), but in reality the property is desirable ..... or on the flip side there can be some nasty surprises on the other side of the road! To my mind this type of inspection is fine (happy for others to take the opposing view) since it is non intrusive. Walk pasts to establish if a property is actually occupied is also OK in my book, I don't view this as spying. Whilst computer based DD can turn up a lot of information nothing beats the Mk1 eyeball in my world. EDIT I'm not tempted by this loan!
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am
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Post by am on Oct 26, 2016 9:18:13 GMT
Principle!!! I feel a vote coming on - 'if you plan to avoid this 9% loan, are you doing it on principle or because its not financially worthwhile' Incidentally I live nearby and can pop there on my motorbike and see if there are any lights on at 9pm but i agree any more than that would be unethical Jack P You'd need at least an "Other" alternative. There's a fine line between principle and tactics (avoiding the loan to encourage Lendy to keep rates higher), and there's the uncertainty over the status of the property.
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ablender
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Post by ablender on Oct 26, 2016 9:22:24 GMT
Given that it already has a PBL number, how long do you estimate it will take to launch?
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grahamg
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Post by grahamg on Oct 26, 2016 9:23:23 GMT
Anyone live close enough to go see who is in residence I’m not sure this is a very good idea, does anyone know what the borrower looks like and how would anyone determine what exactly they are doing at the property if they thought they were there, are you suggesting someone should camp outside? Or are you proposing someone should ring the doorbell and ask? I think this is one of the reasons why borrowers should not be identified here or perhaps even by the P2P platform’s themselves. I have heard that at least one borrower refused a loan because they were harassed by prospective investor’s, although I have no information to be able to verify this myself. Going to have a look at a large development site build and reporting back on it is one thing spying on the occupants of a residential dwelling strikes me as quite another. Was only thinking is there anyone living there at all. Nothing more.
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dandy
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Post by dandy on Oct 26, 2016 9:29:04 GMT
I do love this forum but all these comments re 9% seem like hyperbole. what else are SS expected to do to gain more/better borrowers?? ISTM that if this loan was perceived by forum contributors as being a lowe risk than previous SS loans, then the comments about the9% would be minimal. ... be nice to know why the other lender didn't proceed : Do we know that the other lender didn't proceed? I tend to agree with the suggestion that the existing lender might have been in place for some time but now wishes to exit the loan. Or perhaps it was another bridging loan and the lender does not wish to extend it. It could be as simple as the loan having been taken out as an ordinary mortgage and the lender doesn't want to do a BtL mortgage. hi mikes1531the following from the valuation report is what has made me assume there was another lender before lendy got involved and for some reason did not proceed. "The property was inspected on 29th September 2016 following instructions from another
lender"
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adrianc
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Post by adrianc on Oct 26, 2016 9:30:11 GMT
I’m not sure this is a very good idea, does anyone know what the borrower looks like and how would anyone determine what exactly they are doing at the property if they thought they were there, are you suggesting someone should camp outside? Or are you proposing someone should ring the doorbell and ask? ... Going to have a look at a large development site build and reporting back on it is one thing spying on the occupants of a residential dwelling strikes me as quite another. Was only thinking is there anyone living there at all. Nothing more. How long are you planning on staking the place out to determine whether they live there, or just happen to be visiting, or just happen to be away for the evening/night/a holiday? Will you be interviewing neighbours and the postman?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Oct 26, 2016 9:30:23 GMT
I haven't done a poll recenenty, and I'm getting withdrawal symptoms... I've added one to this thread to gauge how popular this loan is going to be (considering it is the first non-12% returns loan). Will lock and show the results when we get the Go-Live e-mail  |
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adrianc
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Post by adrianc on Oct 26, 2016 9:30:54 GMT
the following from the valuation report is what has made me assume there was another lender before lendy got involved and for some reason did not proceed. "The property was inspected on 29th September 2016 following instructions from another lender"I read that as being an agent introducing the borrower to Lendy.
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dandy
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Post by dandy on Oct 26, 2016 9:40:20 GMT
the following from the valuation report is what has made me assume there was another lender before lendy got involved and for some reason did not proceed. "The property was inspected on 29th September 2016 following instructions from another lender"I read that as being an agent introducing the borrower to Lendy. the inspection was on 29 September and receipt of Lendy's instructions was 07 October. if they were only instructed by Lendy on 07 October they must have been valuing for another lender originally, who pulled out - could be because of the owner/occupier issue as LTV for this type of asset (very liquid) seems ok
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Post by dualinvestor on Oct 26, 2016 10:16:14 GMT
Ooo..... 11 "new" posters with less than 30 total posts on the forum in this thread. Wonder how long it will take the SS acolytes to accuse them of being trolls like they did the new posters on 143?
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ablender
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Post by ablender on Oct 26, 2016 10:25:55 GMT
Was only thinking is there anyone living there at all. Nothing more. How long are you planning on staking the place out to determine whether they live there, or just happen to be visiting, or just happen to be away for the evening/night/a holiday? Will you be interviewing neighbours and the postman? You forgot the milkman.
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ablender
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Post by ablender on Oct 26, 2016 10:26:54 GMT
I haven't done a poll recenenty, and I'm getting withdrawal symptoms... I've added one to this thread to gauge how popular this loan is going to be (considering it is the first non-12% returns loan). Will lock and show the results when we get the Go-Live e-mail That's cruel. 
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