SteveT
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Post by SteveT on Jul 28, 2017 7:10:45 GMT
Blend has already attracted a little discussion here but this article covers their current soft-launch. A few platform quirks to iron out (coping with bank account numbers that start with a zero, getting rid of issuing a new payment reference for every deposit) but otherwise the software seems OK and sign-up process was smooth for me (company account). Their phone number was unobtainable the other day (now working) but the CEO called me back within 30 mins of my email. Things that may put some off: a) Minimum £1000 bids, and £1000 increments thereafter b) Bids earn nothing whilst loans fill, but start accruing interest immediately once closed (pre-drawdown) c) 0.6% selling fee for using the SM, but interest carries on accruing whilst parts are listed, to be paid at next monthly payment date to whoever the owns the part (like on ReBS, and possibly TC?) 2 loans available initially, both introduced by F&P: a 15% bridge on a Scottish pub and a dual-tranche 11%/14% development loan. Both likely to redeem early if things go according to plan so, given the SM fee, they look like buy & hold propositions to me.
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pom
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Post by pom on Jul 28, 2017 7:25:01 GMT
0.6% - what a strange figure to choose!
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archie
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Post by archie on Jul 28, 2017 7:33:30 GMT
Do you earn interest while selling? Is it a par SM? b) & c) would put me off
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SteveT
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Post by SteveT on Jul 28, 2017 7:44:44 GMT
Do you earn interest while selling? Is it a par SM? b) & c) would put me off Interest carries on accruing whilst parts are on the SM, paid at the next payment date to whoever owns the loan at that point (so buying likely to spike just before payment dates) Sounds like premiums and discounts are both permitted, but don't know yet whether there are defined increments and/or limits.
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archie
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Post by archie on Jul 28, 2017 8:04:13 GMT
Do you earn interest while selling? Is it a par SM? b) & c) would put me off Interest carries on accruing whilst parts are on the SM, paid at the next payment date to whoever owns the loan at that point (so buying likely to spike just before payment dates) Sounds like premiums and discounts are both permitted, but don't know yet whether there are defined increments and/or limits. Too many negatives for me, I'll pass.
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hazellend
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Post by hazellend on Jul 28, 2017 8:11:21 GMT
Are they going to be focusing on Scottish property?
Looks like the current properties are all in Scotland.
The W***** pub is just up the road from where I work, I haven't been but it looks like it's an Irish/Celtic Football Club pub.
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SteveT
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Post by SteveT on Jul 28, 2017 8:16:52 GMT
Sounds about right. I was amused that the introducer's report helpfully shared the fact that the borrower is an avid Celtic fan 😂
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Nomad
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Post by Nomad on Aug 8, 2017 13:35:28 GMT
Are they going to be focusing on Scottish property? Looks like the current properties are all in Scotland. The W***** pub is just up the road from where I work, I haven't been but it looks like it's an Irish/Celtic Football Club pub. All three initial loans filled.
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Post by dan1 on Dec 27, 2017 15:30:07 GMT
New loan available for investment, currently 28% funded by 9 investors: J** H******* To finance the acquisition and renovation of 3 residential properties in H********, Northern Ireland 11% interest only 18 month term Loan amount £250k LTV 72% LGDV 58%
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hazellend
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Post by hazellend on Dec 27, 2017 21:27:37 GMT
New loan available for investment, currently 28% funded by 9 investors: J** H******* To finance the acquisition and renovation of 3 residential properties in H********, Northern Ireland 11% interest only 18 month term Loan amount £250k LTV 72% LGDV 58% The LTV is much lower than 72% because a first chaser on a 112k property is also being thrown in. Looks like a good loan but not sure I can be bothered adding another platform unless their deal flow picks up
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SteveT
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Post by SteveT on Dec 28, 2017 6:07:52 GMT
New loan available for investment, currently 28% funded by 9 investors: J** H******* To finance the acquisition and renovation of 3 residential properties in H********, Northern Ireland 11% interest only 18 month term Loan amount £250k LTV 72% LGDV 58% The LTV is much lower than 72% because a first chaser on a 112k property is also being thrown in. Looks like a good loan but not sure I can be bothered adding another platform unless their deal flow picks up I believe the 72% LTV includes the extra property. The 3 houses to be refurbed are being purchased for £230k, against the £250k loan.
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Post by dan1 on Jan 17, 2018 14:53:32 GMT
Loan available for investment, currently 41% funded by 15 investors, 24 days left:
C**** H**** Ltd - Loan 1 To finance the acquisition and 1st phase redevelopment of an office building in Norfolk into residential apartments (1st phase to redevelop external & internal common areas + 1st three floors - six floors in total) 10% 24 month term 18 months Roll Up (Interest accrued monthly and added to the capital) then 6 months Interest only Loan amount £300k
1st tranche of £1.4m facility End of 1st phase GDV of £1.8m plus residual site valuation of £1m 1st charge
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SteveT
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Post by SteveT on Jan 22, 2018 13:46:07 GMT
Further new loan launching tomorrow, but again one that doesn't really tick my boxes. Another property development in NI that simply rolls up accrued interest for 18 months, then 6 months interest only. £330k 1st tranche of a £1.3m facility, against a GDV of £1.64m plus £375k of agricultural land (much needed, given that the site currently is valued at less than T1)
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Post by dan1 on Jan 22, 2018 13:53:50 GMT
Loan available to preview (32 days until end of listing): Loan #7 E******** U****** Ltd To finance the acquisition of a development site in order to develop 8 houses in Limavady, NI 12% 24 month term 18 months Roll Up (Interest accrued monthly and added to the capital) then 6 months Interest only Loan amount £330k 1st tranche of max £1.3m facility GDV of £1.64m 1st charge + 1st charge over agricultural land with a market value of £375k Edit: crossed with SteveT
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blueninja
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Post by blueninja on Jan 22, 2018 15:06:32 GMT
Has anyone ever used the SM on Blend? I've never seen any loan parts for sale, so either its not working yet, or there is not much activity.
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