beh
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Post by beh on Jun 6, 2018 16:10:41 GMT
I've just messaged them asking when they plan to update the stats. I don't mind every month but 2 months is pushing it.
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beh
Member of DD Central
Posts: 175
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Post by beh on Jun 7, 2018 17:17:20 GMT
Reply was - "We are currently in the process of altering the way we classify borrowers into business sectors, as we plan to use slightly different sectors going forward. We therefore are unable to update the portfolio statistics with the most recent figures, but will be able to soon. In the meantime, however, we have updated the Loan Loss Provision figures for May so you can see these on the page now."
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Post by nesako on Jun 8, 2018 8:35:02 GMT
Reply was - "We are currently in the process of altering the way we classify borrowers into business sectors, as we plan to use slightly different sectors going forward. We therefore are unable to update the portfolio statistics with the most recent figures, but will be able to soon. In the meantime, however, we have updated the Loan Loss Provision figures for May so you can see these on the page now." And those figures are not good... another claim has been made this month against provision fund, dropping coverage to 4.8% which is now below my comfort level of 5% for this platform. What also does not help is that there are 8 defaults and 7 claims, which means there will be another claim against it any time now, which will drop the coverage even further, unless founders contribute yet again. I am still going to use my Ratesetter example. They have expected losses of around 3.66%, which is very similar to expected losses here (I have used a more pessimistic rate of 4% in the past, but I will use 3.66% for a fair comparison). 4.8% coverage here translates to 131% coverage in Ratesetter terms, so we are now pretty much on par here. I will now wait for the last claim to go through and if there are no new founder contributions, I will be reducing my holding...
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jlend
Member of DD Central
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Post by jlend on Jun 8, 2018 10:57:25 GMT
Reply was - "We are currently in the process of altering the way we classify borrowers into business sectors, as we plan to use slightly different sectors going forward. We therefore are unable to update the portfolio statistics with the most recent figures, but will be able to soon. In the meantime, however, we have updated the Loan Loss Provision figures for May so you can see these on the page now." And those figures are not good... another claim has been made this month against provision fund, dropping coverage to 4.8% which is now below my comfort level of 5% for this platform. What also does not help is that there are 8 defaults and 7 claims, which means there will be another claim against it any time now, which will drop the coverage even further, unless founders contribute yet again. I am still going to use my Ratesetter example. They have expected losses of around 3.66%, which is very similar to expected losses here (I have used a more pessimistic rate of 4% in the past, but I will use 3.66% for a fair comparison). 4.8% coverage here translates to 131% coverage in Ratesetter terms, so we are now pretty much on par here. I will now wait for the last claim to go through and if there are no new founder contributions, I will be reducing my holding... Interesting The PF value is just above the total of the founder contributions at the moment which is OK but not great. I assume they will want to top it up at least short term. RS topped their PF up a few times in the early years before withdrawing the money once it had reached a critical mass. The challenge i have with GS is that they just dont have many borrowers at the moment so a small number of defaults can make a big dent in the PF. It will take time to build up the borrower base and time to see how they perform in terms of recoveries. Although they have been going a few years now... I also dont like the line on the stats where they takes fees from the PF. I think they would be better funding this from their margin, but at least they are open about the amount they are taking out. RS has the benefit of a much larger borrower base and a better idea about recoveries based on experience, not withstanding the issues they had last year with a few very large loans. It will be interesting to see how the AC GBBA, GEIA, and Property account provision funds perform over the next year.
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Post by nesako on Jun 8, 2018 12:44:42 GMT
I have sent my PF reduction concern and also asked for some clarification on when a resolution event would be triggered. Here is a response:
So the key for me is that resolution event does not happen until PF depletion / imminent depletion (as opposed to dropping just below 100% coverage).
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Post by nesako on Jun 21, 2018 8:52:38 GMT
Reply was - "We are currently in the process of altering the way we classify borrowers into business sectors, as we plan to use slightly different sectors going forward. We therefore are unable to update the portfolio statistics with the most recent figures, but will be able to soon. In the meantime, however, we have updated the Loan Loss Provision figures for May so you can see these on the page now." And those figures are not good... another claim has been made this month against provision fund, dropping coverage to 4.8% which is now below my comfort level of 5% for this platform. What also does not help is that there are 8 defaults and 7 claims, which means there will be another claim against it any time now, which will drop the coverage even further, unless founders contribute yet again. I am still going to use my Ratesetter example. They have expected losses of around 3.66%, which is very similar to expected losses here (I have used a more pessimistic rate of 4% in the past, but I will use 3.66% for a fair comparison). 4.8% coverage here translates to 131% coverage in Ratesetter terms, so we are now pretty much on par here. I will now wait for the last claim to go through and if there are no new founder contributions, I will be reducing my holding... The last claim has been now settled and the additional founder contribution has been made. Very well handled and we are well above the "desired" coverage again  Happy days...
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liso
Member of DD Central
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Post by liso on Jun 21, 2018 9:01:44 GMT
Thank you nesako. Your stats are so useful and much appreciated.
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llew
Posts: 11
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Post by llew on Jun 24, 2018 0:01:08 GMT
The last claim has been now settled and the additional founder contribution has been made. Very well handled and we are well above the "desired" coverage again Happy days... Excellent stuff. Thanks for your stats and updates.
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Post by maxedout2 on Jun 24, 2018 20:13:41 GMT
Again thanks for the stats. I to will start reducing if the coverage went to low or there was a delay in publishing, but happy wit GS so far.
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jsmill
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Post by jsmill on Jun 26, 2018 8:08:22 GMT
I am also happy with them for the time being although will keep monitoring the coverage levels. I think the other crucial number to keep an eye on is number of active borrowers. Currently stands at 134 and GS will need to scale this to make it viable longer term.
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r00lish67
Member of DD Central
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Post by r00lish67 on Jun 26, 2018 8:17:51 GMT
I am also happy with them for the time being although will keep monitoring the coverage levels. I think the other crucial number to keep an eye on is number of active borrowers. Currently stands at 134 and GS will need to scale this to make it viable longer term. Agree. This seems far too small a base to compete at present, and if/when they scale they'll meet the usual dilution of quality issues that can arise. Also, they're not alone in this, but when we're judging the financial viability of the business to be good by virtue of them having generous donors rather than through astute lending, it does make me rather nervous for the long term.
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loadsahope
Member of DD Central
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Post by loadsahope on Jun 29, 2018 19:27:46 GMT
I am also happy with them for the time being although will keep monitoring the coverage levels. I think the other crucial number to keep an eye on is number of active borrowers. Currently stands at 134 and GS will need to scale this to make it viable longer term. Yes the number is small and hopefully will grow. There is one key difference from many other p2p platforms in that they are not offering (as far as I can tell) a fixed term loan. It's more like an overdraft facility which companies can dip in and out of as they see fit. This may mean a lot less of the churn/refinance which is typical of many platforms, which could help increase borrower numbers.
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Post by nesako on Aug 16, 2018 9:18:03 GMT
Stats updated for 15-8-2018. Going in the right direction
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Post by nesako on Nov 2, 2018 8:35:56 GMT
Additional claim/recovery - pushing total to 9. Claims slightly exceed the borrower contributions, however, if we get no more defaults by the end of the year it should balance out nicely.
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alibaba
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Post by alibaba on Nov 22, 2018 13:11:14 GMT
Nesako, thanks for the information , can you tell me how to access the stats, are they freely available or do we have to ask. I am considering taking advantage of the new bonus offering.
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Happy days...
