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Post by Collateral Rep on Jun 6, 2017 15:23:37 GMT
Evening,
We've decided to change the interest rate on this loan which is now giving a 14% return on your investments. All previous loan parts bought will also receive 14% interest.
I'll send out an email shortly to confirm the change.
Many thanks,
Gordon
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jun 6, 2017 18:53:57 GMT
Seems that Collateral have a charge over this already in place. Collateral Rep has this loan drawndown already? As its on the FH presume it doest apply the 7 individual flats which ISTM would be LH
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Post by Cashback Chaser on Jun 6, 2017 20:14:12 GMT
I've sold £4k of the other 14% loans within 20 minutes to put into this one. Why did the other investors buy my loan parts instead of investing in this longer term and lower LTV one?
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Post by df on Jun 6, 2017 23:40:37 GMT
Buying into these liquid (SM) active property loans to use as a temporary 'parking area' pending the arrival of new Jewelry, stones, cars, coin type loans? There are hardly any new pawn loans arriving on the platform.
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elliotn
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Post by elliotn on Jun 7, 2017 5:24:23 GMT
I've sold £4k of the other 14% loans within 20 minutes to put into this one. Why did the other investors buy my loan parts instead of investing in this longer term and lower LTV one? Due diligence? - this borrower might seem a bit needy, borrowing against a princely 7 unsold units and then requiring to put up the f/h before these completed; - maximum exposure to this borrower (& associates) across a myriad of high interest rate platforms in various stages of completion; - existing exposure to student developments (increasingly hitting the financial press as the next, putative bubble; uncertainty over next government's immigration policy); - the mews offering a new borrower, an active secondary market and plausible btl refinance. Funds available? - I put my max into the f/h based on above and personal materiality levels; - and then nibbled away on your kindly 14% morsels (nice to put a name to a loan part ).
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Post by lendinglawyer on Jun 7, 2017 6:27:03 GMT
But, but elliotn didn't your diligence stop on all of these loans when you saw an unexpired term of less than 250 days? Ok 14% is great but that's dangerously close to default territory...
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elliotn
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Post by elliotn on Jun 7, 2017 7:09:08 GMT
But, but elliotn didn't your diligence stop on all of these loans when you saw an unexpired term of less than 250 days? Ok 14% is great but that's dangerously close to default territory... For non-Ly platforms I invest on a materiality/hold to term basis (ok I might go higher for CB but I no longer invest on Ly as I do not trust the platform enough beyond their erstwhile liquid SM). I've just bought various pawn with a few days left and nibbled at the block C units as the platform has confirmed all are currently going through legals to complete; these could of course fall through although the completion of the other 247 units suggests underlying investability. I also invest in FS and abl at 14% and this is where DD and materiality levels will help you reach your individual comfort level. It is my humble opinion that you could find worse loans at 12% (where these started) and so this may be coming out of Col's margin to drive business - happening to launch during a recent glut of loans and a general election - rather than necessarily indicating a more speedy default event.
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Post by lendinglawyer on Jun 7, 2017 9:14:50 GMT
But, but elliotn didn't your diligence stop on all of these loans when you saw an unexpired term of less than 250 days? Ok 14% is great but that's dangerously close to default territory... For non-Ly platforms I invest on a materiality/hold to term basis (ok I might go higher for CB but I no longer invest on Ly as I do not trust the platform enough beyond their erstwhile liquid SM). I've just bought various pawn with a few days left and nibbled at the block C units as the platform has confirmed all are currently going through legals to complete; these could of course fall through although the completion of the other 247 units suggests underlying investability. I also invest in FS and abl at 14% and this is where DD and materiality levels will help you reach your individual comfort level. It is my humble opinion that you could find worse loans at 12% (where these started) and so this may be coming out of Col's margin to drive business - happening to launch during a recent glut of loans and a general election - rather than necessarily indicating a more speedy default event. I now realise that my post looked too serious. I should have added a smiley / hashtag / other internationally recognised "joking" symbol!
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Post by Collateral Rep on Jun 7, 2017 10:01:59 GMT
Hi ilmoro, No this loan has not been drawn down yet, we'll let investors know when this happens. Many thanks, Gordon
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elliotn
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Post by elliotn on Jun 16, 2017 16:17:34 GMT
Hi baldpate, Just to give you an update on the seven loans we have on the platform. Our legals have been informed that all seven have been reserved and are awaiting completion. Many thanks, Gordon Hi Collateral Rep, could I confirm none of the 7 loans awaiting completion have fallen through yet, thanks.
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Post by Collateral Rep on Jun 16, 2017 16:30:57 GMT
Hi elliotn , None of the loans have fallen through. Many thanks, Gordon
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Post by Collateral Rep on Jun 16, 2017 17:35:48 GMT
Hi elliotn, Loan BL00020 - Block C, C**** H***, Unit 2.14 has repaid today and will be completed on the platform Monday to give investors an extra couple of days interest. Many thanks, Gordon
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Post by elephantrosie on Jun 20, 2017 22:58:34 GMT
Could be I suppose but given that the loans on the 7 remaining properties have only 53 days to run, the length of the loan secured on the freehold seems a bit over the top at 6 months. I confess I wasn't aware the borrower had an interest in an adjacent site so that just goes to show how cursory my DD is.
Thanks for your thoughts ilmoro . It's not exactly racing off the shelves at the moment but I might take a modest punt when it gets closer to being filled. what do you mean by borrower had an interest in an adjacent site?
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DeafEater
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Post by DeafEater on Jun 21, 2017 12:50:24 GMT
what do you mean by borrower had an interest in an adjacent site? I didn't say he had. I was referring to something ilmoro said in the post before because he's far better at research than I am!
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elliotn
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Post by elliotn on Jun 21, 2017 14:56:42 GMT
Could be I suppose but given that the loans on the 7 remaining properties have only 53 days to run, the length of the loan secured on the freehold seems a bit over the top at 6 months. I confess I wasn't aware the borrower had an interest in an adjacent site so that just goes to show how cursory my DD is.
Thanks for your thoughts ilmoro . It's not exactly racing off the shelves at the moment but I might take a modest punt when it gets closer to being filled. what do you mean by borrower had an interest in an adjacent site? This is block C of 3 adjacent blocks A-C, have a look on Lendy the Property Platform for the other blocks.
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