dan83
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Post by dan83 on Mar 5, 2017 19:32:26 GMT
How long does it take to deposit funds?
How many loans repay in 6 months?
Do the mainly roll over into a new loan or do they just default?
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SteveT
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Post by SteveT on Mar 5, 2017 20:11:53 GMT
How long does it take to deposit funds? How many loans repay in 6 months? Do the mainly roll over into a new loan or do they just default? Usually 2-3 hours max during office hours. Relatively few repay on time after only 6 months (10% at a guess?). Perhaps another 30% will renew more or less on time. Another 30% will renew or repay "quite late" (2 - 4 months). And maybe 30% enter the long dark tea-time of the soul. My estimates may be coloured by my own portfolio of FS loans, including one that eventually returned all capital but no interest after about 20 months.
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mikes1531
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Post by mikes1531 on Mar 5, 2017 22:44:25 GMT
My estimates may be coloured by my own portfolio of FS loans, including one that eventually returned all capital but no interest after about 20 months. : Is that the loan that would have had a capital loss if it hadn't been for the generosity of FS? If so, dan83 might want to know that.
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elliotn
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Post by elliotn on Mar 6, 2017 4:16:46 GMT
dan, it was L***** P****** S*****•
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phil
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Post by phil on Mar 6, 2017 6:31:31 GMT
dan, it was L***** P****** S*****• I've been investing in FS for a couple of years and I wouldn't have a clue as to what that sequence of stars represents, not sure how a newbie is going to fathom it out  Just kidding, I know we have to be secretive even though any Joe can register with FS in about five minutes flat and avail themselves of the financial details of more than 1000 past and present loans. Have you the loan number so I can enter it in the active and past loans page, thanks.
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Post by bonfemme on Mar 6, 2017 6:42:17 GMT
dan, it was L***** P****** S*****• Have you the loan number so I can enter it in the active and past loans page, thanks. Phil The loan number is 2198963072
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Post by Deleted on Mar 6, 2017 10:38:32 GMT
So I have registered, why is there so much on the secondary market? At these rates, they would of been snatched up in no time on SS. Logically, if you pay income tax then you want the long length loans with high rates that also pass your "sensible" test. Not many at the moment and I've just about given up looking for them.
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ashtondav
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Post by ashtondav on Mar 6, 2017 10:41:44 GMT
That sounds APPALLING!
I have a fairly broad spread of loans, about 75 bought since October last year (so first payments just about coming soon - hopefully!)
Can someone who has been on FS for longer, and with a similar number of loans or more, confirm those stats or refute them. Because if true i'm away back to more sensible platforms that lend money and receive regular payments.
If it is as bad as the poster implies do you at least get interest for the extra days/weeks/months?
I am not expecting 11% or 12%pa, but nearer 8%/9% - but would be disappointed if it went much below this.
Do FS publish stats on rates actually achieved over their portolio in total?
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locutus
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Post by locutus on Mar 6, 2017 11:05:00 GMT
It isn't that bad. Remember that you are on the sharp end of lending bullet loans here. Using the figures above, you get your capital and interest repaid on time in 40% of cases (if you choose not to roll over). The renewal process is in place because the max sensible time for a bullet loan is 6 months but some of the projects that FS lend on could take much longer than that. And for the 30% that pay 2-4 months late, this also doesn't seem too bad. In the real world, projects overrun and you do get your interest for any additional days over the agreed term. Lastly, some loans will inevitably default no matter what. I don't think the figure is anywhere near as high as quoted but defaults happen on all platforms. The thing to remember is that as these are bullet loans, you should add the interest due at the end to the amount being lent to calculate the true LTV. And as you don't get monthly interest, you also lose a very small amount of money by not compounding.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 6, 2017 11:56:38 GMT
That sounds APPALLING! I have a fairly broad spread of loans, about 75 bought since October last year (so first payments just about coming soon - hopefully!) Can someone who has been on FS for longer, and with a similar number of loans or more, confirm those stats or refute them. Because if true i'm away back to more sensible platforms that lend money and receive regular payments. If it is as bad as the poster implies do you at least get interest for the extra days/weeks/months? I am not expecting 11% or 12%pa, but nearer 8%/9% - but would be disappointed if it went much below this. Do FS publish stats on rates actually achieved over their portolio in total? If you used the refer a friend system, then hopefully your "friend" should be able to give you some pointers as to which loans are likely to repay/renew on time, and which loans you would be better off selling on the SM.
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ashtondav
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Post by ashtondav on Mar 6, 2017 12:14:12 GMT
My "friend" may only have 10 to 20 loans.
I want to know from someone who has been on FS for a year or two and with 100 or so loans if their experience mirrors that of the poster I quoted. Or is his experience down to a limited number of loans.
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SteveT
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Post by SteveT on Mar 6, 2017 12:41:39 GMT
For info, I've used FS for over 2 years. Interest keeps on accruing for as long as a loan runs (until completed or declared a bad debt) so the lengthy delays aren't a major issue if they eventually repay capital and interest in full. The big unknown with FS is the growing list of loans that are more than 6 months overdue (some well over a year overdue). Not all of these are going to repay capital and interest in full, but "how many?" is the multi-million pound question!
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ashtondav
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Post by ashtondav on Mar 6, 2017 12:51:30 GMT
OK, I'm out. I'll monitor how my six month tranch of loans (Oct to Mar) performs by year end and reach a decision.
I'll report end May how my intial October loans perform. That gives 30 to 60 days for repayment.
Just one question - if the loans are over 6 months overdue surely the asset should have been marketed and sold?
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SteveT
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Post by SteveT on Mar 6, 2017 12:56:14 GMT
In some cases, many lenders would agree. The good thing about FS is that you can view the entire loan book under "All Active & Past Loans" to read the latest updates and see how long they've been running. Sort by either Days Active and / or Last Updated to bring the perennial favourites to the top.
To be fair, the stats for the small pawn loans would be better than the property loans, not least because they are more quickly sent to auction when the borrower can't repay.
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elliotn
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Post by elliotn on Mar 6, 2017 15:52:30 GMT
OK, I'm out. I'll monitor how my six month tranch of loans (Oct to Mar) performs by year end and reach a decision. I'll report end May how my intial October loans perform. That gives 30 to 60 days for repayment. Nearly every loan I was in from Dec to Feb went overdue, about 20-30 loans picked up at discount and purposefully mid-build to maximise likelihood of renewal/continuation. This is now less than 10 loans going into March but I will reduce my exposure to overdue loans by accepting lower returns on the primary market and aiming to sell within term. If that still doesn't work then I'll be joining you on the out .
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