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Post by harryvederci on Jan 24, 2017 16:42:50 GMT
Well I've put a few p into it even though I don't "do" art loans.  There will always be some chink or oligarch willing to buy this one up if the borrower fails to repay. if you end up losing monet just dial 101 and i'm sure a constable will be along shortly
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am
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Post by am on Jan 24, 2017 16:53:57 GMT
Well I've put a few p into it even though I don't "do" art loans. There will always be some chink or oligarch willing to buy this one up if the borrower fails to repay. if you end up losing monet just dial 101 and i'm sure a constable will be along shortly No doubt the constable will have a whistle in his jacket. Don't forget to keep your cheque stubbs.
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min
Member of DD Central
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Post by min on Jan 24, 2017 16:56:52 GMT
Well I've put a few p into it even though I don't "do" art loans. There will always be some chink or oligarch willing to buy this one up if the borrower fails to repay. if you end up losing monet just dial 101 and i'm sure a constable will be along shortly Shouldn't that be dali 101?
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ablender
Member of DD Central
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Post by ablender on Jan 24, 2017 17:01:06 GMT
Does this parcel of land come wrapped in brown paper?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 25, 2017 13:14:08 GMT
LIVE 1200 Investors @ Live Allocation please  |
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 25, 2017 13:20:59 GMT
What happens if it gets nicked? It will be (FS will insist... should insist) insured The same applies to property loans. "what if it burns down, gets flooded.... gets hit by a meteor". Lendy and others will only lend against property that is adequately insured. AIUI, the general FS modus operandi is to take possession of the security and store it for the term of the loan. This obviously doesn't work for property loans, and in some cases they've specifically noted the security is being held by a third party. There are other cases where the borrower has the right to exhibit some or all of the security. So perhaps there isn't a general 'rule' for FS. Perhaps they should be making it clearer exactly where any moveable security is held.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 25, 2017 13:24:59 GMT
1200 Investors @ Live Allocation please That's not many investors, but implies an average allocation of £120. Since the minimum pre-funding is £100, I'd guess the maximum would have been £130.
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Jeepers
Member of DD Central
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Post by Jeepers on Jan 25, 2017 13:32:02 GMT
I expect this will be popping up on the SM a lot.
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mikes1531
Member of DD Central
Posts: 6,453
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Post by mikes1531 on Jan 25, 2017 13:32:56 GMT
Could we have more notice of loans. Its unreasonable to have auto-bid get you tranches of poor deals like this just because you didn't visit this forum or click the pipeline tab every day. I agree. My response has been to set my default pre-funding to £0.
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r1200gs
Member of DD Central
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Post by r1200gs on Jan 25, 2017 13:33:05 GMT
I was kind of hoping that people might have given this a miss, but no. There's now another 8% with a 70% LTV for people to throw some money at. Seems to me the message for SS is quite clear here. Why on earth offer 12 percent? At this rate I'll be slowly divesting from SS, 8 percent with a 70 percent LTV on property is silly.
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Post by Deleted on Jan 25, 2017 13:47:41 GMT
I only put in pre funding at the last minute, as I agree with you, and am a bit peeved with SS at the moment. The only reason my head ruled my heart is that 8% is better that nowt even for a few weeks and the reasonable expectation that the SM will continue to have periods of famine allowing me to get shot of it. There are alsways other portals, MT and FS are still there.
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Post by thetreasurer on Jan 25, 2017 13:50:35 GMT
Put my name down for £1500 got £170... never gonna get to my target of 100k at this rate.
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sl75
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Post by sl75 on Jan 25, 2017 13:55:38 GMT
Put my name down for £1500 got £170... never gonna get to my target of 100k at this rate. At time of writing there's £92k of stuff for sale on the SM, so it certainly seems possible to reach a £100k target if you're not too fussed about the exact composition of that £100k....
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r1200gs
Member of DD Central
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Post by r1200gs on Jan 25, 2017 13:56:26 GMT
Put my name down for £1500 got £170... never gonna get to my target of 100k at this rate. I was once in the same position, as have others. I'm up to about 300k now.You'll get there, particularly once you work out when the best time to hit the secondary markets are. Besides, if 8 percent on a 70 percent LTV property loan becomes the norm, you'll need to be looking elsewhere.
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Post by jackpease on Jan 25, 2017 14:06:27 GMT
I am finding it very hard to actively get money away at MT, and elsewhere is closing in.
Actually, and I expect to get flamed for this view, if 8% loans get filled then in a non-communist, free world, why would we expect SS NOT to send them out at 8%? SS is not a charity - it is there to make money and if 8% balances demand from investors and borrowers (as it looks) then I suspect those of us who were used to getting 12% need to get over it or get out.
As I have taken 8%, according to some that makes me a sucker/fool, I'd reserve that tag for those who clearly imagine they will not encounter defaults of the loans/platforms they 'like' and think are 'safe'.
Jack P
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