ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168 
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Post by ozboy on Aug 18, 2017 9:54:41 GMT
Ben Shaw of HNW has just phoned me back from overseas and I'll post further notes later when I have time to scratch my backside at the same time.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
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Post by stub8535 on Aug 18, 2017 12:01:16 GMT
Oh you kidder Kaya. We all know croesus borrows from your ample pot 
Gold coins of Lydia. The expression "as rich as Croesus" comes from the legendary wealth of the king who reigned from 560 to 546 BC over Lydia in western Asia Minor. Gold from the mines and from the sands of the River Pactolus filled his coffers to overflowing. The Lydians in the time of Croesus, it is believed, were the first people to mint coins as money.
Search, search.....Google knows everything, fortunately. Term "rich as Croesus" is likely to be a swipe at the over extravagance of gifts he made to flaunt his wealth. Shame that modern day Western central Turkey where Lydia was is not as well off. Ephesus gives a glimpse of his riches and influence. S
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madpierre
Member of DD Central
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Post by madpierre on Aug 18, 2017 12:52:18 GMT
My story of getting invested... It took quite a long time to get invested as two of the ones I picked had delays. As noted here you can't transfer cash out (to ISA) w/o penalty. The web site is prehistoric. I was told a low LTV loan with £100K+ "loan available" had no free 5K allotment for me. Once you get a loan, they are added to the statement tab, it doesn't look like it gets updated that often And if only 10K is left of in investment you can't buy that with an ISA (even though min is 5k). Thanks ding. That's not an inspiring experience. Let's see if Ben replies to my queries when he returns (from Turkey?  ) and what ozboy gets out of him after a good grilling (we expect no less from oz) 
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Nomad
Member of DD Central
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Post by Nomad on Aug 18, 2017 15:40:16 GMT
I emailed HNW with 3 straightforward questions about one of their loan offerings.
I received a prompt one-line reply, addressing one of my questions and completely ignoring the other two.
Fuhgeddaboudit!
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IFISAcava
Member of DD Central
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Post by IFISAcava on Sept 17, 2017 12:05:19 GMT
My experience pretty positive so far (6 months in)
- have drip fed ISA transfers in and now diversified across 10 loans or so
- always rapid responses to email queries, and feedback regarding loan delays/oversubscriptions
- cash drag not terrible insofar as can top up new investments with the interest (so eg invest £5,150 instead of just £5,000). As loans are 6-24 months, a small amount of non-compounding cash drag from non-invested interest is inevitable. Otherwise most loans are already underway and earn interest immediately. I think the "Director selling to SM" bit is that the loans that aren't fully filled have both a director guaranteed minimum skin in the game part (5-10% usually) and also a larger directors' holding, which is available to buy. Some loans are due to start in a week or two, but can be delayed - has happened a couple of times, and was offered option to choose an alternative when it was more than a week or two delay.
- it's a flexible ISA so as I understand it you can theoretically withdraw the interest without paying the £75 exit fee each time (I haven't so maybe best to check that) - not sure how easy it is to put it back in before tax year end though (is there a minimum for doing this? Best to check with HNW). I wont bother as plan is to recycle as per above.
- generally 30-40 available loans to choose from with differing risk profiles/returns. I've got an averaged headline rate of 10.11% - it's by far my highest P2P rate taking tax into account (but bearing in mind higher risk of a big hit to that if one loan defaults given the high minimum £ per loan). AbLrate may challenge that level of return once I am invested; this and LandlordInvest (much smaller platform, fewer loans) are the nearest current comparables.
- One loan is a over a month behind on repayments, others all up to date.
- it's not a "buy then sell before term" type platform - there's not really a secondary market per se. It's a buy and hold to term site. So liquidity likely to be less. Best await MT ISA for that approach, or try it with ABLrate/LandlordInvest.
- there is little on the website to update news on loans - need to actively enquire of HNW directly.
- there aren't always valuations linked to loans, and sometimes the figures are a bit discrepant - you are really relying more on Directors' judgements and experiences than your own DD compared to other sites.
Happy to answer any other Qs from forumites.
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csj
New Member
Posts: 3
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Post by csj on Nov 18, 2017 10:44:39 GMT
I'd be interested to hear more of IFISAcava's experiences with the transfer of his ISAs to the HNW Lending IFISA.
I've recently tried to transfer a cash ISA from a bank to a HNW Lending IFISA. It has now taken 2 weeks and, although the money has left my bank, there is no sign of it appearing on my HNW Lending account. I'm told by email from HNW Lending's Ben that they've received my money but there's no sign of it appearing in my HNW Lending account wheh I log in.
How long did it take for other people's transfers to take place?
I transferred identical amounts from the same ISA to two other P2P IFISAs and they went through quickly and are already out on loan.
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Post by martinde21 on Nov 18, 2017 13:00:45 GMT
Hey personally speaking the minimum investment levels per loan would rule this p2p operator out for me. I like to diversify and will only put in a maximum of 2k for a very low risk loan or 1K for everything else. I even keep the 2K loans to less than 5% of my number of loans across multiple sites.
But top marks to HNW for actively reaching out to investors on this forum. It's good to have the opportunity to give feedback.
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seeingred
Member of DD Central
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Post by seeingred on Nov 27, 2017 10:33:51 GMT
The overall approach is interesting and with quite a few loans always available. 'Skin in the game' can be thought of as concentrating the mind wonderfully on DD but if you're so wealthy that an occasional loss doesn't matter, is it much of a comfort to ordinary investors?
The 5k ISA minimum makes it a similar platform to BC (5k minimum but no ISA available?) and it has the same feel - being a 'cottage industry' organisation where you can phone the owner without having to go via the PR department.
As mentioned, a large SM is either the result of few people buying the loan (often the case when it has just been launched) or a long term issue of people not buying, or a large investor wanting out - for a loan that is well into its period, there seems no way to determine which option applies, unless you've been keeping tabs on the loan since inception.
I'd certainly like to see more discussion here on some of their loans.
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Post by mrclondon on Dec 14, 2017 21:46:11 GMT
I'm not in HNW Lending, so not sure whether this will make sense or not. I think there was a Sept 2017 loan to a Northern Ireland company secured against a number of land titles mostly in and around Richhill, Co Armagh. Via a different SPV the same directors/shareholder have several loans from FS that are also secured on a number of land titles mostly in and around Richhill, Co Armagh. Full details on this DD Central thread for those with access. |
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Post by mrclondon on Feb 16, 2018 12:54:19 GMT
Another heads up for HNW Lending investors of a FS loan which may be of interest. A FS loan secured against a mixed use property in Coventry (convenience store with a 5 bed flat above) has recently defaulted four months into a third six month term. The reasons given include "breach of loan agreement" and "undisclosed other debts". The "undisclosed other debts" may relate to a HNW Lending loan drawn down in Oct 2017 secured (at least in part) against the same security as the FS loan as a 2nd charge. For those with access to DD Central, see the Mixed Use Property, Coventry DEFAULT thread on the FS-DD board, on which it has been revealed that the loan was declared by HNW Lending to be a 1st charge. |
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p2pclive
Blockchain specialist
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Post by p2pclive on Feb 16, 2018 13:47:12 GMT
Hey personally speaking the minimum investment levels per loan would rule this p2p operator out for me. I like to diversify and will only put in a maximum of 2k for a very low risk loan or 1K for everything else. I even keep the 2K loans to less than 5% of my number of loans across multiple sites. But top marks to HNW for actively reaching out to investors on this forum. It's good to have the opportunity to give feedback. Are you serious?! Maybe in France in the 1950's, this would have been a good idea, but not these days! 
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mikes1531
Member of DD Central
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Post by mikes1531 on Feb 16, 2018 21:50:13 GMT
Another heads up for HNW Lending investors of a FS loan which may be of interest. A FS loan secured against a mixed use property in Coventry (convenience store with a 5 bed flat above) has recently defaulted four months into a third six month term. The reasons given include "breach of loan agreement" and "undisclosed other debts". The "undisclosed other debts" may relate to a HNW Lending loan drawn down in Oct 2017 secured (at least in part) against the same security as the FS loan as a 2nd charge. For those with access to DD Central, see the Mixed Use Property, Coventry DEFAULT thread on the FS-DD board, on which it has been revealed that the loan was declared by HNW Lending to be a 1st charge. Oct.'17 was about the time that FS was renewing their loan for a further six months. Reading about this incident made me wonder... Is there a chance that the borrower was trying to refinance the loan away from FS to HNW? And got the HNW loan organised but somehow the FS loan wasn't repaid in the process? I'm only speculating -- I'm good at that! -- but such a scenario could result in the situation described, couldn't it?
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Post by Ace on Jun 23, 2018 15:05:43 GMT
Would anyone like to give an update on how things have been going since February? Would be particularly interested to hear if there was ever an explanation given with regards to the Coventry default. Perhaps hnwlending would care to comment. |
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ding
Member of DD Central
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Post by ding on Oct 28, 2018 15:43:49 GMT
Web site got a makeover. Disappointed that no useful functionality has been added. Disappointing you can't see repayments on loans your not invested in. You can email them though for this information. Account statements are still not real time (1 or 2 days out).
You get emailed if a loan closes. But not for partial repayments. I noticed one of mine has paid back 80%.
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Post by winger on Nov 1, 2018 19:34:47 GMT
Would anyone like to give an update on how things have been going since February? I have been investing into a HNWL ISA for 18 months now, which is currently spread out over 9 loans, and it pains me to say that I recently discovered (they don't volunteer the information!!) that over 50% of those loans are in default! It's starting to remind me of my investments in AC, BC, FC, FS, Lendy, MT........
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) and what ozboy gets out of him after a good grilling (we expect no less from oz) 
