twoheads
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Post by twoheads on Jul 12, 2017 16:30:40 GMT
Two in the pipeline are now marked as **CASH BACK OFFER**:
DFL019 tranche 2 DFL024 tranche 4
All we need to know now is exactly what the offer really is.
EDIT: Crossed with star dust, above.
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twoheads
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Post by twoheads on Jul 12, 2017 16:39:08 GMT
They're offing CB on Tranches now to help them fill Hi Dude,
Do we yet know: (1) exactly what is the bonus amount (1/12 of annual interest or 1/12 of investment)? and (2) when will it will be paid (lump sum at the end of the first month or 12 monthly payments)?
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min
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Post by min on Jul 12, 2017 16:52:12 GMT
Hi Dude,
Do we yet know: (1) exactly what is the bonus amount (1/12 of annual interest or 1/12 of investment)? and (2) when will it will be paid (lump sum at the end of the first month or 12 monthly payments)?
From the support page... As part of this offer lenders who fund tranches of a qualifying development loan will receive cash back worth 1/12th of the annual interest earned, (i.e. equivalent to one extra month’s interest per annum), payable at the same time as their interest payment. For example, a 12% loan would earn an extra 1% in interest.So... I interpret that as a 13% loan for as long as pre-funder holds it. If you sell it, it becomes a 12% loan.
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twoheads
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Post by twoheads on Jul 12, 2017 16:56:12 GMT
Hi Dude,
Do we yet know: (1) exactly what is the bonus amount (1/12 of annual interest or 1/12 of investment)? and (2) when will it will be paid (lump sum at the end of the first month or 12 monthly payments)?
See hereThanks... this answers point 1 nicely... clearing up the ambiguity in the original announcement.
Doesn't answer point 2 though.
I imagine that, since the amount of cash back is so small, it will be paid as a lump sum.
As I have said before, if the CB is 12 monthly payments, then how will cash back loan parts be marketed on the SM if you need to sell out? Will the cash back bonus be transferred to the buyer or will it be cancelled when a loan part is sold?
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GeorgeT
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Post by GeorgeT on Jul 12, 2017 16:58:54 GMT
As far as I'm concerned if it needs a special cashback offer to get it away then it could well be duff stuff.
High class loans will fill on a decent interest rate alone. You never have to discount quality, high demand products.
(The exception being new platforms that need to offer special incentives to get started and grow their investor base, as SS/LY did in their first year and COL have done recently).
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gustapher
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Post by gustapher on Jul 12, 2017 17:00:39 GMT
The extra 1% is paid in full at the next interest run surely? A bonus month's interest ready for you to reinvest.
Can't see how people are reading it any other way.
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Post by GSV3MIaC on Jul 12, 2017 17:07:48 GMT
I can cheerfully read it any of three ways, soi I emailed savingstream support to ask what they really meant. D*mn I wish they'd trial (beta test) this stuff on someone - anyone intelligent - to pick the inconsistencies out before they go live with it. In this case .. what happens if you buy / sell the part, whether the 1% extra is really paid month1, or in 12 equal parts (i.e. with EACH monthly interest payment). If the former, then we'll see more 'buy, strip and dump' (although the Sm can't really stand it .. and the next tranche will need 2% ..). p.s. the sensible approach (IMO) would probably be to pay the extra 1% (or 1/12th of the total interest racked up) to whoever held the part when the capital was repaid (sort of like 'advanced bonus rate') .. So it won't be that then. |
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twoheads
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Post by twoheads on Jul 12, 2017 17:12:54 GMT
The extra 1% is paid in full at the next interest run surely? A bonus month's interest ready for you to reinvest. Can't see how people are reading it any other way. I completely agree. However, some confirmation from Lendy Support, savingstream or Paul64 would clear things up.
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GeorgeT
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Post by GeorgeT on Jul 12, 2017 17:54:01 GMT
It's a failure that it needs clearing up. It's basic stuff. This sort of thing has reputational impact.
LY is running a multi million pound business here, we aren't talking about some bloke flogging a bit of tat on Ebay who we might forgive for a poorly worded, ambiguous statement.
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star dust
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Post by star dust on Jul 18, 2017 11:34:23 GMT
No sign of the cash-back with the DFL019 tranche this time. I wonder if this is the end of the rather mayfly like, DFL tranche ‘cash-back’ “pilot”. Or perhaps it will be added later before go-live  . |
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twoheads
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Post by twoheads on Jul 18, 2017 12:31:29 GMT
No sign of the cash-back with the DFL019 tranche this time. I wonder if this is the end of the rather mayfly like, DFL tranche ‘cash-back’ “pilot”. Or perhaps it will be added later before go-live . I think they'll wait and see how it fills. If it's too far short, I expect the CB will be added.
The two previous CB offers were in the pipeline for six days (06/07 to 12/07) without CB before being 'upgraded' with CB. They both went live on 13/07.
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n
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Post by n on Jul 21, 2017 14:40:18 GMT
A few new Tranche listings: DFL025 - TRANCHE 2 - TRURO £106,647 DFL011 - TRANCHE 3 - HAYWARDS HEATH £71,600 DFL005 - TRANCHE 13 - PAIGNTON £226,458 It is showing DFL011 at 12%PA. A new sort of Bonus?
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twoheads
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Post by twoheads on Jul 22, 2017 17:39:06 GMT
It is showing DFL011 at 12%PA. A new sort of Bonus? Shhhh!!!   Must be a typo. However, it's stuck around for 24 hours. How much longer I wonder until they correct it?
Perhaps Lendy will gain some information when they change the rate to 10%: many prefunders may suddenly disappear.
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twoheads
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Post by twoheads on Jul 24, 2017 14:47:00 GMT
It is showing DFL011 at 12%PA. A new sort of Bonus? Shhhh!!! They've just spotted their error and corrected it.
%PA now shows 10% for DFL011 tranche.
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elliotn
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Post by elliotn on Jul 24, 2017 14:52:09 GMT
 hope they have notified any prefunders thinking this might be 12%
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hope they have notified any prefunders thinking this might be 12%