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Post by gravitykillz on Feb 13, 2019 9:47:01 GMT
Yes totally agree. There loans keep increasing in size yet their pf is stagnant. I like the platform however safety is primary concern. The pf needs to triple in size at least 2.4 million based on their loanbook size to ease my concerns.
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Steerpike
Member of DD Central
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Post by Steerpike on Feb 13, 2019 10:19:10 GMT
Raw statistics for 2017 and 2018 shows claims on the LLP exceeding contributions from loan interest by almost a factor of two and therefore requiring top ups by equity and loans. This is obviously a concern and appears to be unsustainable in the longer term, which is presumably why GS improved their processes and stopped certain types of lending, the December blog makes a good case for expecting improved performance in future and therefore lower calls on the LLP. Clearly a good idea to keep a close eye on updates to the statistics page over the next few months. |
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Post by gravitykillz on Feb 13, 2019 11:53:24 GMT
Raw statistics for 2017 and 2018 shows claims on the LLP exceeding contributions from loan interest by almost a factor of two and therefore requiring top ups by equity and loans. This is obviously a concern and appears to be unsustainable in the longer term, which is presumably why GS improved their processes and stopped certain types of lending, the December blog makes a good case for expecting improved performance in future and therefore lower calls on the LLP. Clearly a good idea to keep a close eye on updates to the statistics page over the next few months. To hell with that. My investments should be available for withdrawal over the next couple of days. Turned off reinvestment. I will put the money in rs or welendus also considering wisealpha. I would prefer lending works but its taking about 4 weeks to invest. Lending works have the strongest provision fund.
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Post by gravitykillz on Feb 13, 2019 11:56:00 GMT
Are we really going to wait til the sh*t hits the fan before making a move? If that is even possible then ? Or are we going to vote with our feet when the stats clearly show we have a problem.
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Post by gravitykillz on Feb 13, 2019 11:57:27 GMT
Especially with a no deal brexit round the corner.
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Post by nesako on Feb 13, 2019 20:46:07 GMT
Raw statistics for 2017 and 2018 shows claims on the LLP exceeding contributions from loan interest by almost a factor of two and therefore requiring top ups by equity and loans. This is obviously a concern and appears to be unsustainable in the longer term, which is presumably why GS improved their processes and stopped certain types of lending, the December blog makes a good case for expecting improved performance in future and therefore lower calls on the LLP. Clearly a good idea to keep a close eye on updates to the statistics page over the next few months. To hell with that. My investments should be available for withdrawal over the next couple of days. Turned off reinvestment. I will put the money in rs or welendus also considering wisealpha. I would prefer lending works but its taking about 4 weeks to invest. Lending works have the strongest provision fund. GS Provision Fund is too low I agree... but let's look at Lending works. Latest statistics (Jan 2019), they have: (Shield) Cash: £1,450,165 and £75,442,652 outstanding balance of loans. GS does not include "future contractual income" in their coverage calculations, so if we do the same with LW for fair comparison... LW shield bad debt coverage is only 1.92% vs GS "super low" 3.56%. The only unique item on LW is that in addition to Shield, they also have an Insurance product, though I am not sure how much value I should attribute to it. For another comparison, let's look at RS. If we exclude future income from RS calculations, we get £826,989,768 outstanding loans and £13,650,018 in provision fund, giving current "cash" coverage of only 1.65% To be honest, I personally fail to find any platform which would have a "strong" provision fund.
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Post by p2plender on Feb 14, 2019 6:42:03 GMT
I think Gravitykillz is 'short' Growth Street...  In all seriousness, some of the 7 mill of investment is required into the PF. 5.3% isn't really attractive and any hiccups will see a run down of funds pretty quickly. I'd like them to succeed as it's a nice simple leave alone platform, a little like RS. The more of this type the better as far I'm concerned. |
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jsmill
Member of DD Central
Posts: 100
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Post by jsmill on Feb 15, 2019 11:12:16 GMT
I chased GS yesterday who responded that statistics would be updated in a few hours (which credit to them they were). There are no further disclosed claims on the PF although my accrued but unpaid interest is still increasing so there must be some payments that are overdue (even if they are not yet 45 days late).
TBC.........
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Post by p2plender on Feb 18, 2019 1:44:00 GMT
I was with RS at the very beginning and they were very prompt and good at answering any queries/problems. This is how newcomers have to be. There's a huge number of platforms to choose, if GS are to succeed then they have to copy the RS model. I'd like to see a spokesperson on here at least until they've grown the business into something resembling solid and steady.
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liso
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Post by liso on Mar 17, 2019 15:08:59 GMT
March's statistics show some improvement - borrowers now total 164, an increase of 3 since December; and LLP now 4%, up from 3.5% in December. No more defaults/claims reported.
An upward trend, small but welcome.
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Post by gravitykillz on Apr 8, 2019 17:58:11 GMT
Got to say was very sceptical about this platform in the beginning but i am glad i invested. Doing quite well so far. But most importantly i feel comfortable with it. Especially with the provision fund above 4%.
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jsmill
Member of DD Central
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Post by jsmill on Apr 30, 2019 8:29:05 GMT
I am also broadly a fan of the platform, and its model, but there are still issues. Despite the promise to keep the statistics (including most importantly borrower numbers/ provision fund coverage) up to date on a monthly basis they are still struggling with this.
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Post by df on Apr 30, 2019 13:50:19 GMT
I am also broadly a fan of the platform, and its model, but there are still issues. Despite the promise to keep the statistics (including most importantly borrower numbers/ provision fund coverage) up to date on a monthly basis they are still struggling with this. Very minor issue to compare with many other platforms. It will be my 2nd anniversary with GS in a couple of weeks. There was a big cash drag issue at the time, but since they've sorted that out everything works fine. It's now my favorite platform. 5.3% return is not great, but it is consistent and requires no maintenance.
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liso
Member of DD Central
Posts: 390
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Post by liso on May 2, 2019 10:25:42 GMT
Good to see statistics updated for May.
Borrower numbers have increased significantly to 193, an increase of 29 since March, which is good news. More disappointingly, LLP coverage has dropped back to 3.5% from 4%.
Defaults/claims remain unchanged.
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jsmill
Member of DD Central
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Likes: 114
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Post by jsmill on Jul 12, 2019 8:46:53 GMT
Looking at the July 12th stats pleased to see the number of active borrowers ticking up to 202. The business seems to be getting the scale it needs from the expansion in the regions. No new claims on the provision fund during 2019 is also a positive following the changes in borrower application screening that were implemented.
For me the 3.5% PF coverage is still a negative, doesn't provide much protection in a downturn scenario. That said happy with the product and the way GS is shaping up overall though.
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