We would just like to thank all our investors for their valued support in getting our biggest loan to date over the line this morning.
The loan is expected to be drawn down hopefully later today but may be Monday. Cashbacks will be applied to accounts once this has taken place.
Any loan parts bought on the secondary market will not receive bonuses and references to cashbacks have been removed from the listing.
Again thanks for your support, it really is appreciated.
The Collateral Team
Is that "Any loan parts bought on the secondary market will not receive bonuses" before or after you have made this announcement? If before then this would be as bad as Lendy applying interest and then taking it away from investors.
I'm collecting 'likes' to help fight hunger and disease. Like my posts to show your support.
Cashback was offered to fill the loan. Once the loan is filled, cashback ends. Cashback isn't paid (to those who helped fill the loan) until the loan actually completes (draws down). Anyone who sells out between the loan filling and it completing may or may not lose some or all of their cashback, I know not. But the idea that someone who buys in after the loan has already filled should be entitled to cashback seems bizarre to me.
Presumably you're pushing CL hard so that they pay you 4% cashback on your whole stake rather than "just" 3%. But the parts you've bought on the SM may have been entitled to a much lower cashback rate. Why should CL pay out potentially an extra £1000 when the loan is already filled?
I was just in the process of transferring some funds over that had finally sold on another platform to buy this loan and I got the email that it had filled so missed out entirely on the cashback! But at least I read the email first before logging in to Collateral otherwise I would have bought not realising the cashback had finished. Oh well, plenty on the SM to buy into if I wanted. collateral Is there likely to be cashback on the subsequent tranches?