|
|
Post by geldregiertdiewelt on Jun 24, 2019 17:23:12 GMT
Yes, you're right, this is also what is discussed in the German speaking forum, second link: the online user interface of some loan originators suggests certain loan sizes more than others, and applies thresholds relating to the borrower rating; this needs to be considered when trying to apply Benford's law
still, I think it's a worthwhile analysis, adding another piece to the puzzle....
|
|
|
|
Post by geldregiertdiewelt on Jun 27, 2019 8:34:03 GMT
Some loan originators have left Mintos!! There is some language about "decline in their financial condition" and "ongoing restructuring" , but also "...each loan originator has fulfilled all of their obligations towards Mintos investors by repurchasing all outstanding loans." blog.mintos.com/mintos-update-some-loan-originators-have-left-mintos-heres-why/Let's hope that Mintos continues to monitor and manage the loan originators well. |
|
|
|
Post by bilko on Jun 27, 2019 18:35:53 GMT
Could Mintos' ratings of some loan originators possibly be influenced by the financial ties with them? For instance, it is known that Aigars Kesenfelds is the "true benificiary" (holding 25% of shares directly or indirectly) in Mintos and Mogo. Mintos acknwowledges this in their info on Mogo: "Some of the equity investors in the Loan Originator and Mintos overlap." |
|
|
|
Post by explorep2p on Jul 3, 2019 21:59:41 GMT
That's a great question. It probably goes beyond the rating though. Would some of these startup lenders be even given access to the Mintos platform if there were no shareholder connections? And what is the commercial relationship between Mintos and lender? Usually startups give equity or warrants to investors who are early in providing liquidity for their loans.
|
|
|
|
Post by explorep2p on Jul 3, 2019 22:04:50 GMT
Hello Forum Just a quick note to let you know that there have been a lot of changes to our ratings and lender info since we last posted here. Several new lenders, many downgrades, upgrades etc. Today we published reasons for several rating changes and updated the financial information for many companies. You can find it here: Explore P2P lender ratings |
|
|
|
Post by explorep2p on Aug 18, 2019 10:53:02 GMT
Hello Forum Just a quick note to highlight that a lot of lenders have now (finally) released their 2018 results in the last few weeks. This has led to a lot of rating changes. There are also 2019 results from big lenders such as Mogo. Check out the updated post for the latest lender financial information, rating change explanations, and scores for new lenders like SOS Credit and others. Latest Mintos lender ratings |
|
|
|
Post by vainiusr on Sept 11, 2019 8:35:29 GMT
Thanks for doing this, silently stalking this forum for a while now and this thread was quite interesting to browse through.  |
|
|
|
Post by explorep2p on Oct 28, 2019 8:56:02 GMT
Hi Forum There's been a lot happening at Mintos recently, with new defaults and plenty of rating changes. Some interesting developments emerging with Lendo too. You can find more details on our refreshed ratings page: Latest ExploreP2P Mintos lender ratings |
|
benaj
Member of DD Central
N/A
Posts: 5,591 
Likes: 1,735
|
Post by benaj on Oct 28, 2019 9:03:55 GMT
Hi Forum There's been a lot happening at Mintos recently, with new defaults and plenty of rating changes. Some interesting developments emerging with Lendo too. You can find more details on our refreshed ratings page: Latest ExploreP2P Mintos lender ratingsHi explorep2p, could you please explain what are the latest developments emerging with Lendo?
|
|
|
|
Post by southseacompany on Oct 28, 2019 10:14:35 GMT
I'm not explorep2p , but this is the relevant bit from Lendo's recent (terrible) financial statements: - According to agreement terms signed 3 May 2019 Dindin Holdings ltd, sole shareholder of the Parent, sold 100% of the equity interest to Varks AM Universal Credit Organization CJSC.
- From 30 July 2019 to 12 August 2019 sole shareholder (Varks UCO CJSC) increased charter capital of Parent with cash contribution with total amount of EUR 1,800,000.
So Lendo got bailed out by Varks. Did Varks really see opportunity in this train wreck, or do they perhaps have common owners who wanted to save Lendo? I have no idea. |
|
|
|
Post by geldregiertdiewelt on Nov 8, 2019 18:13:23 GMT
On top of the ongoing Aforti issue, there is a string of loan originator news on the Mintos blog that make you think twice:
08.11.2019 Metrokredit no longer issues new loans
04.11.2019 Mintos releases Notice for the event of default to Rapido Finance
01.11.2019 Dinero begins to compensate interest on delayed loans
Looks to me like the time for some consolidation in the Mintos portfolio of LOs has come. Hope they manage to attract more partners in Asia Pacific, think that's the way to go.
|
|
|
|
Post by jmot on Nov 8, 2019 21:00:50 GMT
Yes another negative equity loss making LO hitting the wall:
However since it has not officially defaulted yet, on the secondary market there are now thousands of Metrokredit loans on sale. I mean these guys were selling loans at 9.5% in late September while in July they were selling at 15%. 
I do believe that I&A investors are going to get screwed big time: a good thing in my opinion, since the only benefit of I&A is for Mintos and its related LOs with bad financials. Lazy/Financially ignorant investors should not approach P2P investment, since they will be the first to scream to newspapers and regulators and destroy the market like it has happened for the retail bond market in Europe with Mifid II (an absolute nanny state nonsensical regulation for stupid retail investors).
Forgot to say: if Mintos wants to become a P2P market leader in the long term, it should really cleanup its act and invest in a proper credit risk department that will initially select LOs with at least half decent credit risk and then perform reviews every 6 months and adjusting the ratings. I understand that this will hit their bottom line in the short term and probably some of their russian shareholders will not like it (since they want to sell their very risky loans on the platform), but they are the only platform (in my opinion) that has the financial resources, market force and legal muscle to push this through. They would have to behave more like an exchange than like an LO affiliate (like it is now, that is why in my opinion the FCA is not granting them the possibility to sell to UK investors).
The thread is all in English by the way and the guy performing most of the research work was excellent.
|
|
|
|
Post by geldregiertdiewelt on Nov 9, 2019 0:19:22 GMT
Holy cow! If this p2p-kredite thread is right, Mintos might indeed be a bit of a house of cards. And why should Mintos "clean up its act" as long as they are attracting fresh money? This will not happen, it's just not in the interest of the VCs in the back room.
I'm afraid this is a bit too much for me. I will not opt out completely, but reduce significantly.
Only question is, where to turn to. Thoughts?
|
|
sb
Posts: 166
Likes: 118
|
Post by sb on Nov 9, 2019 11:43:31 GMT
|
|
|
|
Post by explorep2p on Nov 12, 2019 21:20:53 GMT
Forgot to say: if Mintos wants to become a P2P market leader in the long term, it should really cleanup its act and invest in a proper credit risk department that will initially select LOs with at least half decent credit risk and then perform reviews every 6 months and adjusting the ratings. I understand that this will hit their bottom line in the short term and probably some of their russian shareholders will not like it (since they want to sell their very risky loans on the platform), but they are the only platform (in my opinion) that has the financial resources, market force and legal muscle to push this through. They would have to behave more like an exchange than like an LO affiliate (like it is now, that is why in my opinion the FCA is not granting them the possibility to sell to UK investors).
The thread is all in English by the way and the guy performing most of the research work was excellent.
Really accurate and interesting assessment - many of the new LO's either had very poor lending histories or were pure startups with almost no balance sheets... For these LO's it is venture capital finance but without any big potential upside.... The (likely) default of Metrokredit was highly predictable - we had initially scored it 13/100 and then it fell to 11/100. There are quite a lot of others with similar scores. However there are quite a few decent ones too...
|
|
