annie
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Own DD
Dec 7, 2016 10:50:41 GMT
Post by annie on Dec 7, 2016 10:50:41 GMT
Does anyone else think that there will be a rush for investment between now and Christmas by those trying to hit their £5K target for the bonus? With few loans I think we'll see them fill quickly like the S...L.. Ltd today. All the more important we keep level heads and do our own DD I think. Maybe a time to sell lower interest loan parts on SM?
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Post by nanniema on Dec 8, 2016 9:36:16 GMT
Well good luck with selling on the SM - you will join the queue of investors who have only waited to get their bonus from the previous offer before rushing for the door.
Rather than buy new loans why not buy mine, theirs, on the SM.
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kaya
Member of DD Central
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Own DD
Dec 9, 2016 13:08:36 GMT
Post by kaya on Dec 9, 2016 13:08:36 GMT
Still, two reasonable looking new loans have now appeared - reasonable if the top rates are not undercut by the LRBH's!
(low rate big hitters)
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TheDriver
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Slightly bonkers
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Own DD
Dec 9, 2016 20:14:52 GMT
Post by TheDriver on Dec 9, 2016 20:14:52 GMT
After the fiasco of the misleading errors in the scaffolding loan prospectus, coming after several loans mysteriously withdrew with unanswered queries, it seems we have to do a lot more of our own DD than is reasonable, on LC.
Allied to the interminable - and so far 100% unsuccessful - Arrears processing, I fear an ultimately messy end for the platform. Unfortunately I will probably still be around, so hope the FCA have carefully assessed the rundown plans.
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ablender
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Own DD
Dec 9, 2016 22:30:26 GMT
Post by ablender on Dec 9, 2016 22:30:26 GMT
After the fiasco of the misleading errors in the scaffolding loan prospectus, coming after several loans mysteriously withdrew with unanswered queries, it seems we have to do a lot more of our own DD than is reasonable, on LC.
Allied to the interminable - and so far 100% unsuccessful - Arrears processing, I fear an ultimately messy end for the platform. Unfortunately I will probably still be around, so hope the FCA have carefully assessed the rundown plans.
FCA approved this platform before coming out with the idea of new regulations. If at FCA were serious at protecting lenders' money they would be looking at the SM and force this platform to make it: 1) transparent, 2) fair for both sellers and buyers - i.e. buyers are able to select the best interest rates available on the market - hard luck to those who have undercut other lenders at the lower end of the rates to do a favour for the platform. I hope that lendingcrowd will read this as I will continue to press on it.
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annie
Posts: 45
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Post by annie on Dec 10, 2016 12:09:10 GMT
Another point in hand. Latest loan B..F.. were asked (in fairness late last night) about actually being for sale, so no long term plan. Yet a) two further offers of funding since then by lenders who either don't read or don't care and b) why was this not addressed by LC's DD? If they are only wanting to reduce the heat from their existing debt until sold then that's a completely different offer. Profitability down and net asset value is all fixed asset - no cash. And as usual a BH jumps in with £40K at lowest possible rate.
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kaya
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Own DD
Dec 10, 2016 12:33:07 GMT
Post by kaya on Dec 10, 2016 12:33:07 GMT
If at FCA were serious at protecting lenders' money they would be looking at the SM and force this platform to make it: 1) transparent, 2) fair for both sellers and buyers - i.e. buyers are able to select the best interest rates available on the market - hard luck to those who have undercut other lenders at the lower end of the rates to do a favour for the platform. I hope that lendingcrowd will read this as I will continue to press on it. Not much chance of that. They have consistantly ignored our excellent advice to open up the secondary market, favouring instead a system that favours their BH'ers. In fairness, they depended on such bidders to get the platform up and running, but are now entrenched in their ways. A free secondary market would open up the primary market too and attract shorter-term speculative bidders, but I guess they want to closely control their business. As long as they are getting these BH'ers to support the loans nothing will change - and if they bail out then the whole platform will likely fail. As for the farm campsite loan - would not touch it. The other two look okay.
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ablender
Member of DD Central
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Post by ablender on Dec 10, 2016 13:26:47 GMT
1) transparent, 2) fair for both sellers and buyers - i.e. buyers are able to select the best interest rates available on the market - hard luck to those who have undercut other lenders at the lower end of the rates to do a favour for the platform. I hope that lendingcrowd will read this as I will continue to press on it. Not much chance of that. They have consistantly ignored our excellent advice to open up the secondary market, favouring instead a system that favours their BH'ers. In fairness, they depended on such bidders to get the platform up and running, but are now entrenched in their ways. A free secondary market would open up the primary market too and attract shorter-term speculative bidders, but I guess they want to closely control their business. As long as they are getting these BH'ers to support the loans nothing will change - and if they bail out then the whole platform will likely fail. As for the farm campsite loan - would not touch it. The other two look okay. I do not think that they have a solid argument in pursuing this road since they continue to deny any association with these BHs. This all amounts to obfuscation and FCA has recently said that they do not like it. Having said that I do not see how FCA could have approved LC in the first place.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Dec 11, 2016 21:42:12 GMT
Another point in hand. Latest loan B..F.. were asked (in fairness late last night) about actually being for sale, <snip>
and although a credible explanation has since been given, if LC had done any independent research they would surely have seen this anomaly so it could have been resolved. Now that it hasn't leads to questioning about the equity in the business:
a speculative marketing figure was probably in excess of realistic valuation, certainly in the event of a forced sale. As there's no cash (viz overdraft) there would probably be other creditors adding debts over realisable capital in the worst case scenario; so without a substantiated charge on an asset this one's a non-starter for me - and even then I might take some convincing!
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