dorset
Member of DD Central
Posts: 281 
Likes: 187
|
Post by dorset on May 13, 2014 17:33:21 GMT
An interesting loan which looks exactly like the sort of proposal which would normally appear on Assetz. Clearly not a runner at 6% (7% less fee) but a possibility with the addition of the 2% cash back. Currently funded to 5%. May stick in a couple of hundred. Do any other contributors have any thoughts?
|
|
|
|
Post by chielamangus on May 13, 2014 17:53:31 GMT
Looks almost comparable to Wellesley's 18 month offer - interest rate is slightly better (6.1% against 5.65%) but is probably marginally less safe. Looks suitable for those who like asset security and dislike DD.
|
|
|
|
Post by phlitb on May 13, 2014 18:11:10 GMT
This seems like bad news to me for AC and P2P in general if this loan flies (and it's already 17% funded within the first hour or so). If FC are able to mobilise their large but dare I say it unsophisticated investor base (aka autobidders) to drive rates for property loans down to these levels, then I don't see how other platforms can compete. I'm already pulling back from P2P personal lending (e.g. Zopa) as the risk / reward is no longer attractive, it would be a great shame if P2B / property followed the same path. God forbid I might be forced to buy some more shares instead.
|
|
|
|
Post by davee39 on May 13, 2014 18:57:12 GMT
Pure cashback farming, with the loan parts dumped on the secondary market as soon as it is accepted. Another £700k to follow. Might mop up some of the excess cash chasing down rates (Even a £150k loan at MBR currently).
|
|
|
|
Post by GSV3MIaC on May 13, 2014 19:15:58 GMT
This seems like bad news to me for AC and P2P in general if this loan flies (and it's already 17% funded within the first hour or so). If FC are able to mobilise their large but dare I say it unsophisticated investor base (aka autobidders) to drive rates for property loans down to these levels, then I don't see how other platforms can compete. I'm already pulling back from P2P personal lending (e.g. Zopa) as the risk / reward is no longer attractive, it would be a great shame if P2B / property followed the same path. God forbid I might be forced to buy some more shares instead. Risk/reward looks slightly better at ratesetter, IMO, but yeah equities and by Bonds may be better .. Something about eggs and baskets applies though. Back to 6042 .. 7% doesn't seem very attractive on this one (why are we hiding the loan title? Doesn't exactly ID the company 8>) it's going to be rather illiquid at best, and a big bet on the housing bubble and one (lacking visible track record) builder.
|
|
|
|
Post by batchoy on May 13, 2014 20:11:32 GMT
Whilst I realize that the company is an SPA, the one and only director has only got one other active directorship to his name for a company registered in April '13, there are three other companies that he has resigned from as company secretary and these are all property management companies. For a someone with over 40 years of property development to their name, I would have expected to see more property development SPAs
|
|
|
|
Post by yorkshireman on May 13, 2014 20:54:45 GMT
Apparently the director’s personal guarantee has been “taken and perfected.”
I presume that’s some arcane legal expression but what the hell does it mean in plain English?
|
|
|
|
Post by aloanatlast on May 14, 2014 3:20:05 GMT
A lending business spells "principal" wrong? I give up.
|
|
|
|
Post by GSV3MIaC on May 14, 2014 8:25:01 GMT
The office oiks need a really good spell cheque to catch those types of errors!!
|
|
|
|
Post by oldnick on May 14, 2014 8:59:37 GMT
The office oiks need a really good spell cheque to catch those types of errors!! Without being ott about this, please remember that you are talking about people who may be hurt by your unthinking aspersions on their character or abilities. I'm sure you didn't intend your comment to be seen as such but I thought it worth mentioning nonetheless.
|
|
wysiati
Member of DD Central
Posts: 397
Likes: 86
|
Post by wysiati on May 14, 2014 13:52:53 GMT
Loan filled - straight to pre-agreement. Just under 5000 £20 loan parts
|
|
|
|
Post by GSV3MIaC on May 14, 2014 14:30:30 GMT
The office oiks need a really good spell cheque to catch those types of errors!! Without being ott about this, please remember that you are talking about people who may be hurt by your unthinking aspersions on their character or abilities. I'm sure you didn't intend your comment to be seen as such but I thought it worth mentioning nonetheless. I believe I aspersed their spell checker, not them, and anyway they are not allowed to visit here. It's the technical team, and management overseers, I am disappointed in, because I have higher expectations.
|
|
|
|
Post by oldnick on May 14, 2014 18:27:44 GMT
Without being ott about this, please remember that you are talking about people who may be hurt by your unthinking aspersions on their character or abilities. I'm sure you didn't intend your comment to be seen as such but I thought it worth mentioning nonetheless. I believe I aspersed their spell checker, not them, and anyway they are not allowed to visit here. It's the technical team, and management overseers, I am disappointed in, because I have higher expectations. The term "office oiks" was the problem, not the spell checker comment. Whether you think that those involved will visit this publicly open forum is not the issue either, rather the lack of respect shown for people you don't know (I presume).
|
|
|
|
Post by davee39 on May 14, 2014 18:45:06 GMT
644 parts on secondary market, discounts up to 0.7% (7.5% to lender). If these parts hang around unsold it will make it tough to shift the next two tranches of this loan. For what its worth I bunged in £40 to help feed autobid.
|
|
|
|
Post by GSV3MIaC on May 15, 2014 8:04:35 GMT
The term "office oiks" was the problem, not the spell checker comment. Ah, cultural disconnect .. In my part of the world that is/was a term of endearment for the degree-less folks at the coal face, aka 'non exempt' (from US employment protection rules). We also had technician wallahs, and manufacturing bods. All of whom need the right tools, and don't seem to have them. Anyway if they come here and feel offended, I apologise. If the managers comes here, They need to fix some of these problems, and do a bit more checking. A good 5% of loan requests are still being posted with errors of spelling!, or fact.
|
|
