andy1
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Post by andy1 on Mar 2, 2018 11:37:33 GMT
Wow. 13% + cashback was apparently not very tempting but one nice letter from the borrower and the thing flies!!!
Are we all suddenly soft hearted suckers for a sob story? I was already in both advances by the way so I'm not having a dig at the loan. It just seemed like a wierd change of behaviour.
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southport
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Post by southport on Mar 2, 2018 11:39:43 GMT
Wow. 13% + cashback was apparently not very tempting but one nice letter from the borrower and the thing flies!!! Are we all suddenly soft hearted suckers for a sob story? I was already in both advances by the way so I'm not having a dig at the loan. It just seemed like a wierd change of behaviour. Nice to see it filled all the same.
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toast
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Post by toast on Mar 2, 2018 11:42:24 GMT
Wow. 13% + cashback was apparently not very tempting but one nice letter from the borrower and the thing flies!!! Are we all suddenly soft hearted suckers for a sob story? I was already in both advances by the way so I'm not having a dig at the loan. It just seemed like a wierd change of behaviour. Nice to see it filled all the same. Indeed. Maybe the £100k was from an underwriter?
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hector
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Post by hector on Mar 2, 2018 12:17:28 GMT
Wow. 13% + cashback was apparently not very tempting but one nice letter from the borrower and the thing flies!!! Are we all suddenly soft hearted suckers for a sob story? I was already in both advances by the way so I'm not having a dig at the loan. It just seemed like a wierd change of behaviour. Nice to see it filled all the same. Judging by the responses posted from lenders shortly following the borrower's letter (mainly respectful, but negative to further investment), I don't think it was anything to do with a "sob" story. I think its far more to do with lenders respecting a direct, honest, approach setting out the position "from the horses mouth" & prepared to back the individual as well as his figures.
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Post by moneymagnet on Mar 2, 2018 12:49:28 GMT
The plea from the borrower seems to have worked this time. Will it work again? Probably not. MT need to get the defaulted loans sorted with a positive outcome for lenders and get an IFISA going before they get any new money from me. I do respect the team at MT and I am sure they already know what they need to do to guide the platform in the right direction.
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Post by francism on Mar 2, 2018 13:00:09 GMT
Hi, 100k not from underwriter; just private investor
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Post by dudester on Mar 2, 2018 13:00:39 GMT
I am not in this loan but would have invested after the letter if I had spare change. I appreciate honest and direct communication which is one of the reasons why i chose to invest on MT and (unfortunately) Collateral
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ali
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Post by ali on Mar 2, 2018 13:07:00 GMT
Hi, 100k not from underwriter; just private investor In that case, thanks for pushing it so close to the line
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ptr120
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Post by ptr120 on Mar 2, 2018 15:23:15 GMT
Now drawn down and cashback credited. Well done Things!
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Post by Badly Drawn Stickman on Mar 2, 2018 15:35:19 GMT
Now drawn down and cashback credited. Well done Things! And well over 100k on the SM already?
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jcb208
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Post by jcb208 on Mar 2, 2018 15:43:11 GMT
Cashback seems to work well for MT to get the loan funded,might take a while in the present climate to offload the loan
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Post by GSV3MIaC on Mar 2, 2018 15:51:42 GMT
Now drawn down and cashback credited. Well done Things! And well over 100k on the SM already? That's not really a problem as long as new investors have appeared to soak it up before the next tranche is launched, and as long as it doesn't cause a stampede. I quite like platforms where there is a spread of stuff on the SM (if I am trying to buy in) and I can even stand it if I am trying to get out, as long as I am not in a mad rush, and as long as the &^%$^&s are not trying to charge me for queuing time (take a bow, ly).
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Post by Badly Drawn Stickman on Mar 2, 2018 16:37:53 GMT
And well over 100k on the SM already? That's not really a problem as long as new investors have appeared to soak it up before the next tranche is launched, and as long as it doesn't cause a stampede. I quite like platforms where there is a spread of stuff on the SM (if I am trying to buy in) and I can even stand it if I am trying to get out, as long as I am not in a mad rush, and as long as the &^%$^&s are not trying to charge me for queuing time (take a bow, ly). Given that some of it is mine I am inclined to agree in part. I would suggest however lower levels than are currently on the market would have more 'new lender kerb appeal', but as you say, if I was assessing a new platform would like to see a modest amount of most loans available to buy a good starting spread. I am certainly no fan of the totally unacceptable loss of interest applied by Lendy (Maybe only non-full FCA members can do this?). Things tend to resolve themselves eventually so it probably wont be long before the cupboard is bare.
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ptr120
Member of DD Central
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Post by ptr120 on Mar 2, 2018 17:00:38 GMT
Well the SM is certainly moving with this second drawdown - someon has just invested £6!
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Post by mrclondon on Mar 13, 2018 19:28:39 GMT
A recent post made on DD Central links to an article dated May 2017 on a local media website. Whilst such websites can not always be relied upon to be accurate, it is of some interest that they report that someone of the same name, age, and street name as the sole director / shareholder of the borrowing company on this loan pleaded guilty to assault by beating and criminal damage in relation to an incident during May 2017, and received a community service sentence.
This loan drew down mid July 2017.
AC appear to ask potential borrowers to declare unspent convictions as I have occaisonaly seen said listed in their credit report documents. I wonder if that is routine across the p2p sector, and whether the substance of this media report in any way influenced Lendy's decision not to proceed with this loan when it was in their pipeline.
I've said before that p2p finance is the lender of last resort for some of our borrowers, and it is inevitable that as a consequence there will be borrowers with a "colourful" past seeking our help. I accept that, and I'm willing to keep an open mind and judge each loan / borrower individually on merit. The nature of any (unspent) criminal offences may have a greater bearing on one loan application that say involves the borrower in a public facing role, compared to another loan with no public interaction.
My main concern is where the exit strategy involves re-finance, (or indeed if p2p funding dries up generally before all development tranches are funded), a borrower having unspent criminal convictions is inevitably going to face a restricted pool of providers from which to seek re-finance.
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