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Post by Deleted on Jan 11, 2017 17:57:08 GMT
Good news Filip...but do you deduct 1% off the 11% ? Our borrower servicing fee is generally 1% p.a, but the servicing fee for this particular loan would be, subject to full funding and acceptable valuation (as set out in the loan information) has been agreed at 0.4% p.a. That is, the borrower's interest rate would be 11.4% p.a., the borrower servicing fee 0.4% p.a. and gross rate to investors 11% p.a. (before deduction of any tax and other if applicable).
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 9,975 
Likes: 10,038
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Post by ilmoro on Jan 11, 2017 18:01:41 GMT
Oh... 11% 2nd charge, LTV 65-68% 290k Retained interest However, no valuation on secured property until loan filled (though Rightmove listing price used as indicator) Lots of blanks in property details. Property has been on market for 4.5 months. No details of borrower, no details of project funds are being used for and thus viability of exit plan. What existing charges are there on the site? Secured property is occupied but not clear if this is the borrower and whether it is therefore covered by a mortgage regulations making recovery difficult. Doesnt seem to be any form of Q&A to secure answers. Bit disappointing really. . Thank you for your feedback, ilmoro. Much appreciated. We will consider the feedback and look into how we can improve the information that we disclose about a borrower and loan going forward, keeping data protection and other considerations in mind. Thanks. Have you looked at other sites and how they handle the issues? Some provide full details while others redact pertinent information but still leave the meat. Lenders need sufficient information so they can make a reasonable assessment of the risks and I think its a little too sparse at the moment. You may have noticed that there are some on these forums who do in depth due diligence (pop over to the SS board for the depth some go to). Out of interest did the FCA not give any guidance on the level of info that needed to be provided to lenders to allow them to assess risk? My first impression of the proposal was actually favourable. I've had a little bit of a google and have a possible for the borrower but really needs some numbers on the project which you cant get from google. Still considering a toe dip
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Post by Deleted on Jan 11, 2017 18:16:12 GMT
Thank you for your feedback, ilmoro. Much appreciated. We will consider the feedback and look into how we can improve the information that we disclose about a borrower and loan going forward, keeping data protection and other considerations in mind. Thanks. Have you looked at other sites and how they handle the issues? Some provide full details while others redact pertinent information but still leave the meat. Lenders need sufficient information so they can make a reasonable assessment of the risks and I think its a little too sparse at the moment. You may have noticed that there are some on these forums who do in depth due diligence (pop over to the SS board for the depth some go to). Out of interest did the FCA not give any guidance on the level of info that needed to be provided to lenders to allow them to assess risk? My first impression of the proposal was actually favourable. I've had a little bit of a google and have a possible for the borrower but really needs some numbers on the project which you cant get from google. Still considering a toe dip We have looked at other boards and what other platforms disclose, but might have to consider it bit more. We did provide the FCA with screenshot of example loans including investment rationale, borrower and security details etc. But I understand that some lenders require more information and we have to look into how and in which manner we can offer it. The reason why we did not include too much information about the development is that we need to be clear what loan the information relates to, and it might be too much information if we start going into details related to another development (although the use of funds for this particular loan is that development, even if it is unrelated to the security property). It is an balancing act that and we will have to consider how we can present it in a way that enables lenders to make informed decisions. Hopefully, next loan will be "fleshier" and we do look forward for feedback once it goes live.
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Post by reeknralf on Jan 11, 2017 19:42:02 GMT
I came on to have a grumble, but seems ilmoro beat me to it. "Valuation of the property by an independent RICS surveyor will be carried subject to successful funding of the loan." I really think you've got this back-to-front. I want to do my due diligence before I commit, not after, and to do this I need site of the VR. If you haven't looked yet, look at Invest&Fund. I think they have by far the best loan descriptions. Shame, because from what you've told us, the loan looks OK. |
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Post by Deleted on Jan 12, 2017 7:39:17 GMT
I came on to have a grumble, but seems ilmoro beat me to it. "Valuation of the property by an independent RICS surveyor will be carried subject to successful funding of the loan." I really think you've got this back-to-front. I want to do my due diligence before I commit, not after, and to do this I need site of the VR. If you haven't looked yet, look at Invest&Fund. I think they have by far the best loan descriptions. Shame, because from what you've told us, the loan looks OK. Hi reeknralf, sorry to hear that you find the current lack of a formal valuation for this loan disappointing. The reason(s) that some loans might not have a formal valuation when made available for funding is explained here: landlordinvest.com/help#investor-18 - hope that it makes sense. Thank you for pointing to Invest & Fund, we will review their loan description to see if we can improve our service, together with the valuable feedback we received yesterday.
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Post by Deleted on Jan 13, 2017 12:23:23 GMT
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Post by Deleted on Jan 21, 2017 17:24:07 GMT
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Post by webbski9 on Jan 21, 2017 18:11:31 GMT
Flip,your first offering has stalled,in fact its never got going.What,if anything ,does LLI intend to make it attractive to us lenders which,at the moment,it clearly is not.
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Post by Deleted on Jan 21, 2017 18:43:10 GMT
Flip,your first offering has stalled,in fact its never got going.What,if anything ,does LLI intend to make it attractive to us lenders which,at the moment,it clearly is not. Hi webbski9. It is outside our control whether lenders choose to invest in a loan or not. LLI's role in this regard is quite clear. But we are launching new loans shortly, which may be more interesting to platform lenders.
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fp
Posts: 1,008
Likes: 853
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Post by fp on Jan 22, 2017 2:05:16 GMT
Flip,your first offering has stalled,in fact its never got going.What,if anything ,does LLI intend to make it attractive to us lenders which,at the moment,it clearly is not. The fact it isn't filling yet is probably more to do with interest not being paid until drawdown. @filipkaradaghi, i'm likely to invest in this current loan, but would be likely to invest more if it was sheltered in the IFISA, what is the likelihood of your IFISA product being rolled out in time for investing in this loan, or would this loan not be available in the IFISA, maybe you have a different plan?
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Post by Deleted on Jan 22, 2017 11:05:16 GMT
Flip,your first offering has stalled,in fact its never got going.What,if anything ,does LLI intend to make it attractive to us lenders which,at the moment,it clearly is not. The fact it isn't filling yet is probably more to do with interest not being paid until drawdown. @filipkaradaghi , i'm likely to invest in this current loan, but would be likely to invest more if it was sheltered in the IFISA, what is the likelihood of your IFISA product being rolled out in time for investing in this loan, or would this loan not be available in the IFISA, maybe you have a different plan? Hi fp. Although I cannot provide any assurances, it is likely that the loan could be available for funding when we launch our IFISA. We also intend to launch another loan tomorrow morning - details will be sent to all registered lenders as soon as the loan goes live.
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Post by webbski9 on Jan 22, 2017 13:18:24 GMT
Filip and fp.....yes, I realised why the loan wasn't filling .....my point was perhaps the way the loan was offered.Investors will only invest when they have a certain amount ( not always a guarantee) of confidence that drawdown will happen .
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Post by Deleted on Jan 23, 2017 9:48:37 GMT
Hi all, We have a new loan available on the loans marketplace. Please remember that Capital is at risk and ensure that you read our Risk Warnings available here. Regards, Filip |
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Post by Deleted on Jan 23, 2017 15:40:31 GMT
Filip and fp.....yes, I realised why the loan wasn't filling .....my point was perhaps the way the loan was offered.Investors will only invest when they have a certain amount ( not always a guarantee) of confidence that drawdown will happen . Hi webbski9. Sorry for the slight late reply, have been busy with the new loan, IFISA launch and other. I don't want to speculate on investors investment decisions, but I do understand your point. We only launched around a month ago and operate a "real" P2P business model (i.e. no pre-funding), so certain delays with getting the first loan(s) could perhaps have been expected. This is likely to change as we grow the lenders base, which could perhaps result in that loans will get funded quicker, with the reservation that is is outside LLI's role or control. Please let me know if you have any other questions.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 2,934
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Post by littleoldlady on Jan 23, 2017 18:43:50 GMT
Have inserted toe. So far does not look very appealing but I intend to use to some extent for platform diversification, and I am interested in the IFISA offering.
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