panda
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Post by panda on Sept 4, 2017 13:14:21 GMT
And so much for spreading your risk across platforms. And it doesn't seem good to me for Wellesley and Archover as well, I assume they knew and were complicit in what was going on.
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wapping35
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Post by wapping35 on Sept 4, 2017 13:26:42 GMT
Well rather than speculate I have emailed RS directly (with the linked article) and asked them to clarify.
Given the July 19th announcements I feel some clarity as to what the position is ,from RS directly, would be useful. Indeed in my opinion it would help RS.
W35.
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mary
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Post by mary on Sept 4, 2017 13:34:20 GMT
Well rather than speculate I have emailed RS directly (with the linked article) and asked them to clarify. Given the July 19th announcements I feel some clarity as to what the position is ,from RS directly, would be useful. Indeed in my opinion it would help RS. W35. ... why oh why did they not just come completely clean then? Is there anything else that lenders should know?
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rick24
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Post by rick24 on Sept 4, 2017 14:14:31 GMT
I think the title of the thread is misleading. If they were lending ON the other platforms, rather than lending TO the other platforms, then they were not wholesale lending.
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Post by davee39 on Sept 4, 2017 16:15:28 GMT
So a Bloke asks Wellesley for a loan, the esteemed city folk look snootily down their noses " oy, we don't deal with the likes of you, run along to Ratesetter", pocketing a handy commission to spend on cigars and posh suits. Meanwhile Rupert Murdoch, short of a bob or two for his sky takeover bid asks Ratesetter for a loan and gets the heave ho once he shows them his credentials. Hence non story and the usual suspects popping up here moaning.
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puddleduck
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Post by puddleduck on Sept 5, 2017 15:27:40 GMT
This came to me as an Archover lender:
'Comment from our CEO Angus Dent in response to an article in The Times on Monday 4th September regarding RateSetter:
“The lending that RateSetter made on the ArchOver platform began over two years ago and ended eighteen months ago. We were pleased that they saw us as a secure and valued partner; RateSetter invested on a project-by-project basis, choosing those projects they liked.
“ArchOver’s lenders come from a mix of individuals, corporates, family offices and institutions and, all lend on the same terms and conditions. We do not loan their funds via other peer-to-peer (P2P) lenders. Absolute transparency is ensured as lenders themselves select the businesses they would like to invest in as projects, all of which have passed our credit analysis before going live on our platform. The average return on a loan through ArchOver is 7.3 per cent and on average each investor has pledged 7-8 times.
“ArchOver has secured full authorisation from the FCA to operate as a P2P lending platform and today we have facilitated in excess of £45m of investment over our platform.”
Kind regards,
Hugo ArchOver Lender Team'
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Steerpike
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Post by Steerpike on Sept 5, 2017 15:41:23 GMT
There's a frood who really knows where his towel is.
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ashtondav
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Post by ashtondav on Sept 6, 2017 7:34:25 GMT
There's a frood who really knows where his towel is. ?
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Post by GSV3MIaC on Sept 6, 2017 7:37:56 GMT
Douglas Adams, HHGTTG.
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wapping35
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Post by wapping35 on Sept 6, 2017 16:57:16 GMT
Well rather than speculate I have emailed RS directly (with the linked article) and asked them to clarify. Given the July 19th announcements I feel some clarity as to what the position is ,from RS directly, would be useful. Indeed in my opinion it would help RS. W35. And I received the following reply earlier today. So its not wholesale lending and the loans were validated according to RS's criteria by RS directly. Anyway I was pleased I asked. ============ Good afternoon XXX, Thank you for your email. Times article is actually unrelated to our email in mid-July. That email explained the actions we had taken in the interests of our lenders with regards to three borrowers, which arose from wholesale lending. As you are no doubt aware, we stopped writing new wholesale loans in late 2016 and existing loans are paying back in accordance with their contracts. The Times article looked at loans that had been originated by third parties - in this case Wellesley and Archover. To provide some context to this: in addition to receiving loan applications directly via our website, we use a wide range of intermediaries to originate borrowers that are of sufficient quality. Intermediaries range from professional brokers to platforms such as Money Supermarket, to schemes backed by the government that help small businesses find finance. In all cases, we only approve loans that meet our own credit criteria and finance is provided directly to the borrower - not to the intermediary. For a period, Wellesley and Archover acted as intermediaries to originate loans, with our underwriters assessing each loan application against RateSetter's own credit policy. If an application was approved, we lent directly to the borrower and each loan was secured against property. To date, every repayment has been made in full and on time: the loans originated via Wellesley all repaid in full by April 2016, and the those originated via Archover are on track to repay in full by March next year. We continue to work with a range of intermediaries as a means of originating borrowers, but we no longer use Wellesley and Archover as intermediaries: it is not unusual to use different origination channels at different points in time depending on which we think are most effective in generating the types, quality and quantities of applicants that we require. I hope you find this helpful. Kind regards, XXXX
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