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Post by rover on Aug 27, 2020 11:09:43 GMT
Is this merely a restriction "for lending by retail customers"?
Lending by certified 'sophisticated' and 'high net worth' investors may still be permitted.
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iRobot
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Post by iRobot on Aug 27, 2020 11:20:24 GMT
I don't think so.
PropertyCrowd have done something similar and their comms on the matter were most clear (my emphasis):
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djg
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Post by djg on Sept 1, 2020 13:17:17 GMT
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Post by hnwlending on Sept 7, 2020 13:30:41 GMT
Apologies - someone has just pointed out this post to me. As you can see, we haven't been on this forum for a long time (a number of years!).
I can confirm that HNW Lending is accepting new non-retail customers, is still facilitating loans and is not in wind-down or ceasing business. However please note that I don't look at this forum at all regularly so any lenders or potential lenders, please email me directly
Ben Shaw, CEO
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alibaba
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Post by alibaba on Nov 9, 2020 6:54:23 GMT
Apologies - someone has just pointed out this post to me. As you can see, we haven't been on this forum for a long time (a number of years!). I can confirm that HNW Lending is accepting new non-retail customers, is still facilitating loans and is not in wind-down or ceasing business. However please note that I don't look at this forum at all regularly so any lenders or potential lenders, please email me directly Ben Shaw, CEO Just had email from HNW saying if yo wish to leave the site to contact them, does this mean that outstanding loans will be repaid to lenders.
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djg
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Post by djg on Nov 9, 2020 17:20:09 GMT
I got the same email. Queried it with Ben Shaw, and he says: "This text is merely because we needed to email all lenders. There will therefore be some lenders who signed up and have never lent but wish to be removed from our database. We cannot remove existing lenders".
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Post by overthehill on Nov 9, 2020 20:29:31 GMT
I did get this email though and it's back on the 4thWay website.
"The FCA restriction has now been lifted. It might take a day or two for the FCA register to be updated"
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Post by hnwlending on Dec 3, 2020 11:12:41 GMT
The voluntary requirement (being referred to in this thread as the FCA restriction) was lifted on 28th October 2020.
This means that retail investors have been able to invest in our loans since then. Non-retail investors were never subject to this voluntary requirement.
Our website, http://www.hnwlending.co.uk is now also listing some loans which are available through our sister company, HNW LoanCo Ltd. These loans are not authorised or regulated by the FCA and as such have different terms and conditions, the principal one being that they are also not currently available to ISA investors.
However our core business remains in that we continue to offer peer to peer regulated loans through our website hnwlending.co.uk
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Post by overthehill on Nov 23, 2021 22:12:22 GMT
Two FCA prescribed outcome statements containing default and losses information for periods up to Jul 2020 and Jul2021 also on the website .
<Recent update from HNW Lending>
With cold winter nights now upon us and the nights creeping ever earlier, its nice to have a bit of festive cheer around the corner. And we've got two nuggets of our own festive good news to report!
We are delighted that a number of our problem loans have been resolved in the last few weeks, with borrowers at last realising that Covid delays just won't wash with the court any more. We have also had our first successful claim against a valuer agreed and another case using the Land Registry indemnity insurance scheme, which has agreed to pay out £800,000 on a property we only had valued at £720,000, which was a surprisingly good result. We have also settled a loan this quarter involving a professional negligence claim against a solicitor acting for a borrower. In all these cases, this means that lenders will get all their capital repaid and interest in full for the whole period their money has been invested - i.e. from investment date to the date the settlement is done.
There is also festive cheer on the new lending side. We tightened our lending criteria a few months ago which led to us rejecting many more loans than previously and led to a scarcity of new loans on the platform over parts of the summer and autumn. However, in recent weeks we have completed some good sized new loans and there is now plenty of availability again. We have over 10 loans in legals which are not yet up on the platform as we are tending to wait until there is greater certainty that they will complete before listing them. The loans with most availability are as follows :
- Hallwood2, which is a new loan to an existing borrower with a good track record of paying interest on time still has some availability:
This is a site with planning for 25 high end holiday homes in Cornwall and the loan to value is just 40%. Our loan is to put in utilities (water, electricity, roads etc) so that individual plots can then be sold off, rather than a full development loan.
- City Living 4 completed yesterday - another loan to an existing borrower who has a good track record of paying interest on time.
This is based on 14 apartments in Katowice, Poland and the loan to value is again low - 45%. The existing City Living loans 1-3 which started in September have all been fully subscribed and so we expect this one to be popular too. Don't be put off by the fact that its in Poland - we have done a lot of research with Linklaters (a top international law firm) into enforcement in Poland and are comfortable it is a smooth and relatively swift process - similar to the UK and very much better than most of the other foreign jurisdictions we have explored.
- Fitzwilliam is due to complete later this week - again a low loan to value of just over 50%, using principally a large property just outside the M25 as the main security but also with a number of London properties as additional comfort collateral.
- Poplar is another loan to an existing borrower with a good track record of paying interest also at around c.40% loan to value.
This is on Poplar Farm Lodge Development, Tealby, Market Rasen, Lincolnshire - a site with planning for 64 holiday lodges - our loan is to help purchase the site and put in utilities (water, electricity, roads etc) so that individual plots can then be sold off.
As ever full details are on the website so please log into your account and take a look!
Wishing everyone festive good wishes.
Ben, Kim, Rachel and all the team.
HNW Lending Ltd
72 Charlotte Street
London W1T 4QQ
+44 203 488 0184
http://www.hnwlending.co.uk
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alibaba
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Post by alibaba on Nov 24, 2021 6:05:02 GMT
Interesting that there is no mention of the total loss of capital and no first loss tranche on an outstanding loan, will also be interesting to see what their front line advertising says about losses and first loss tranche situation.
Just noticed one liner at the end of the statement.
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Post by overthehill on Nov 24, 2021 8:31:43 GMT
Interesting that there is no mention of the total loss of capital and no first loss tranche on an outstanding loan, will also be interesting to see what their front line advertising says about losses and first loss tranche situation. Just noticed one liner at the end of the statement.
Sorry, that last line is my comment (outside of the quotations), I'll make it clearer. I was just pointing out there are 2 FCA outcome statements available but they don't cover the previous min 1 -> max 12 months activity. Not sure if there is real time data on the website.
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alibaba
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Post by alibaba on Nov 24, 2021 10:37:06 GMT
Did not realise that it was your comment, but have to admit that I did not realise that there are two outcome statements on the HNW site, I would have thought that in the interest of transparency HNW would mention this in their email, or I am being naive. thanks for highlighting the outcome statement.
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Post by hnwlending on Mar 2, 2022 12:32:19 GMT
Apologies, we don't monitor this forum regularly
We have 2 outcome statements on the website, one for 2020 and one for 2021, they are clearly marked as such so that investors can see the difference and compare them if they wish. The follow the prescribed FCA format and so cannot show loss of capital and first loss tranches
However, if you log onto the website, you can see the first loss tranches for each loan as well as use the buttons to see all of our back book of loans (ie repaid and fully funded). We are very fortunate to have virtually no losses to capital in over 400 loans conducted to date.
The only crystallised losses to date are to 2 borrowers -
1) a car loan back in 2016 when the valuer over-estimated the value of 2 replica cars. We don't lend on replicas any more
2) a property loan back in 2017 where we had lent 75% LTV on a second charge. The property sold for a little under what we needed to repay the loan and lenders lost c.2.5% of capital. We no longer lend above 70% LTV.
Any questions, please email me ben@hnwlending.co.uk
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Post by overthehill on Mar 2, 2022 16:13:58 GMT
Apologies, we don't monitor this forum regularly We have 2 outcome statements on the website, one for 2020 and one for 2021, they are clearly marked as such so that investors can see the difference and compare them if they wish. The follow the prescribed FCA format and so cannot show loss of capital and first loss tranches However, if you log onto the website, you can see the first loss tranches for each loan as well as use the buttons to see all of our back book of loans (ie repaid and fully funded). We are very fortunate to have virtually no losses to capital in over 400 loans conducted to date. The only crystallised losses to date are to 2 borrowers - 1) a car loan back in 2016 when the valuer over-estimated the value of 2 replica cars. We don't lend on replicas any more 2) a property loan back in 2017 where we had lent 75% LTV on a second charge. The property sold for a little under what we needed to repay the loan and lenders lost c.2.5% of capital. We no longer lend above 70% LTV. Any questions, please email me ben@hnwlending.co.uk
I'm fairly certain someone posted a while back that they had what appeared substantial losses from multiple loans. Not got time to search just now as they are more pressing things happening in the world at the moment.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Mar 2, 2022 16:33:43 GMT
Apologies, we don't monitor this forum regularly We have 2 outcome statements on the website, one for 2020 and one for 2021, they are clearly marked as such so that investors can see the difference and compare them if they wish. The follow the prescribed FCA format and so cannot show loss of capital and first loss tranches However, if you log onto the website, you can see the first loss tranches for each loan as well as use the buttons to see all of our back book of loans (ie repaid and fully funded). We are very fortunate to have virtually no losses to capital in over 400 loans conducted to date. The only crystallised losses to date are to 2 borrowers - 1) a car loan back in 2016 when the valuer over-estimated the value of 2 replica cars. We don't lend on replicas any more 2) a property loan back in 2017 where we had lent 75% LTV on a second charge. The property sold for a little under what we needed to repay the loan and lenders lost c.2.5% of capital. We no longer lend above 70% LTV. Any questions, please email me ben@hnwlending.co.uk
I'm fairly certain someone posted a while back that they had what appeared substantial losses from multiple loans. Not got time to search just now as they are more pressing things happening in the world at the moment.
You are correct i recall the same. Won't tag but im sure they will see this as a regular poster
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