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Post by muddyboots on Apr 4, 2017 8:27:32 GMT
I initially thought that the ESF takeover of TC might improve matters but I'm now getting concerned:
1. Big loans being seriously underwritten by ESF Finance- I wonder what happens if the loans go bad.
2. Does this indicate that ESF would rather go down the route of taking institutional money and therefore be quite happy to loose us 'small lenders'?
3. I rather fear that borrowers are being gagged as there no longer appears to be Forum input from one well known borrower and sponsors are equally quiet.
4. I have heard through third party sources that TC's charges to borrowers are on the up, forcing a reduction in loan rates on offer
5. Once TC was a 4 man band - too small - but now it rather appears to be growing like Topsy.
6. I fear that under the new management TC is just becoming another big impersonal finance company.
Where do we 'small lenders' put our funds these days?
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Greenwood2
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Post by Greenwood2 on Apr 4, 2017 10:00:59 GMT
1. I don't think the big loans would have filled without ESF taking the strain. It will be interesting to see how they handle recoveries, they seem have taken relatively swift action in the odd problems so far.
3. On the private forum it appears that the reason the borrower is no longer posting is because of 'unfortunate' comments made by one (or more) lenders in one of the threads he routinely contributed to. This has happened before with other borrowers. Very irritating to all the lenders who appreciate borrower input.
I believe sponsors have been told not to routinely engage directly with lenders now that TC have taken over the project monitoring.
6. I think it's inevitable that as platforms mature they become more corporate.
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Post by tybalt on Apr 5, 2017 17:54:53 GMT
I think there are questions outstanding on ESF but do view them as a positive force.
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jjc
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Post by jjc on Sept 29, 2017 13:00:27 GMT
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Steerpike
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Post by Steerpike on Sept 29, 2017 13:15:19 GMT
Recent 8.5% mega-loan security amounted to "trust the underwriters".
It was left open, albeit stated as unlikely, for the borrower to take out further unspecified sums to rank equally with the proposed loan, if the underwriters saw fit.
Effectively making any attempted LTV calculation by Cats potentially meaningless.
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Post by snowgoose on Apr 25, 2018 19:13:45 GMT
muddyboots Re your 'well known borrower'. Did he begin with 'Ma'?
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easylender
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Post by easylender on Sept 1, 2018 14:21:09 GMT
In the news I see TC have hired yet another executive to grow the business, and recently made their largest ever loan of £10m. But there is a meagre trickle of unattractive new loans on their website and no sign of progress with the IFISA. My impression is that they now favour institutional investors, who take all the best loans, and have lost interest in P2P. Is there any reason to continue trying to invest through TC?
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agent69
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Post by agent69 on Sept 1, 2018 15:35:45 GMT
and have lost interest in P2P. They've certainly lost interest in getting Oddy resolved
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Greenwood2
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Post by Greenwood2 on Sept 1, 2018 20:06:35 GMT
I thought that was looking more optimistic. But on the main point it is getting very difficult to even reinvest repayments so removing funds seems to be the only option. Possibly the only bright point is the community chest loans, if they keep coming in as suggested.
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alibaba
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Post by alibaba on Sept 3, 2018 12:25:24 GMT
I am absolutely amazed that anyone would consider investing in TC I have been there for five years (six figures) and the number of loans that have defaulted in many cases for dubious reasons is astonishing, the TC forum is very quiet, my guess is that most investors are liquidating where they can. There is no where near the dissent that you would expect, in my opinion mainly due to the fact that if all of the information was shared online the house would come tumbling down. My concern is that any new lenders do not get all of the correct historical individual loan information.
Note
I am also with BC, HNW, GS, BM and PL.
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seve
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Post by seve on Sept 3, 2018 20:03:13 GMT
If the TC forum participant that disappeared was Ma****ke, then I believe that, sadly, he died.
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Greenwood2
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Post by Greenwood2 on Sept 6, 2018 20:01:28 GMT
There were a few very vocal unhappy (boring) posters on the TC forum that cannot post there any more. I'm not unhappy about that.  |
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agent69
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Post by agent69 on Oct 13, 2018 11:14:59 GMT
They've certainly lost interest in getting Oddy resolved I see boot and can have come into contact again
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agent69
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Post by agent69 on Jan 16, 2019 18:13:56 GMT
They've certainly lost interest in getting Oddy resolved I see boot and can have come into contact again Another update.
While it appears upbeat, I can't but help listen to the clanking as can dissapears into the distance.
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alibaba
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Post by alibaba on Jan 16, 2019 18:28:29 GMT
I see boot and can have come into contact again Another update.
While it appears upbeat, I can't but help listen to the clanking as can dissapears into the distance.
Whatever the outcome is I have no confidence in TC This year 30k irrecoverable and 1k write off with lots more defaults to come, what amazes me is the positive press comments. it has taken four years to to finally find out the actual facts and they are not good.
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