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Peer-to-peer lending sites: MSE guide discussion
Comments
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royroberts322 said:I have a rate setter account instant release at 1.5%. I requested release of some money not all in June this year. I am still waiting and am 16000 in the queue. got to be some serious off course matters going on in ratesetter.
The bad news is that at queue position 16000 you're in for a very long wait. The good news is that, assuming you've set your reinvestment rates as high as possible, you will have received a steady drip of repayments over the 4 months that you've been in the queue, which should continue.
In order for your release to be satisfied there has to be a willing buyer to take on your loans. Today's provision fund update from RS makes it extremely unlikely that they will be anywhere near to hitting their expected target of returning the Interest Coverage Ratio to 100% by the end of the year. So, they will need to extend their rate cuts to lenders for longer, or make even more drastic cuts. This will likely result in even fewer lenders willing to reinvest.2 -
DireEmblem said:I wonder if any p2p houses will share any statistics - this year is a really good stress test for the product.
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Aceace said:DireEmblem said:I wonder if any p2p houses will share any statistics - this year is a really good stress test for the product.AFAIK (most recent review I can easily see here) they haven’t lost any investor money to date. They take the first 5% “hit” on investments, which is a little reassuring.
All that said, we only have a teeny tiny amount of play cash invested!Plan for tomorrow, enjoy today!1 -
cfw1994 said:Aceace said:DireEmblem said:I wonder if any p2p houses will share any statistics - this year is a really good stress test for the product.AFAIK (most recent review I can easily see here) they haven’t lost any investor money to date. They take the first 5% “hit” on investments, which is a little reassuring.
All that said, we only have a teeny tiny amount of play cash invested!
In many ways they're similar to CrowdProperty and they have the advantage of a Secondary Market, but on most other measures they come up a bit short for me.- They do lend on second charge deals whereas CP insist on first charge only.
- Some of their LTVs are a little steep for me. Their stats page says 18% of their loans are over 80% LTV.
- Some of their loans are released as multi-tiers. Higher tiers are much more risky as they're effectively structured as higher charges. The higher rates offered for the higher tiers are far too low to compensate for the extra risk involved.
- You can't self-select loans in their ISA.
- Their auto-invest product, including their ISA, do invest in the higher tier and higher LTV loans. There must be a temptation for them to dump higher risk loans that self-selectors won't touch in these products.
- Their rates are a bit lower, though this is somewhat mitigated by having lower cash drag (most of their deals pay from the day you pledge to lend).
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Aceace said:cfw1994 said:Aceace said:DireEmblem said:I wonder if any p2p houses will share any statistics - this year is a really good stress test for the product.AFAIK (most recent review I can easily see here) they haven’t lost any investor money to date. They take the first 5% “hit” on investments, which is a little reassuring.
All that said, we only have a teeny tiny amount of play cash invested!
In many ways they're similar to CrowdProperty and they have the advantage of a Secondary Market, but on most other measures they come up a bit short for me.- They do lend on second charge deals whereas CP insist on first charge only.
- Some of their LTVs are a little steep for me. Their stats page says 18% of their loans are over 80% LTV.
- Some of their loans are released as multi-tiers. Higher tiers are much more risky as they're effectively structured as higher charges. The higher rates offered for the higher tiers are far too low to compensate for the extra risk involved.
- You can't self-select loans in their ISA.
- Their auto-invest product, including their ISA, do invest in the higher tier and higher LTV loans. There must be a temptation for them to dump higher risk loans that self-selectors won't touch in these products.
- Their rates are a bit lower, though this is somewhat mitigated by having lower cash drag (most of their deals pay from the day you pledge to lend).
Who else *does* make it onto your "personal favourites list"?
Cheers!Plan for tomorrow, enjoy today!0 -
cfw1994 said:Aceace said:cfw1994 said:Aceace said:DireEmblem said:I wonder if any p2p houses will share any statistics - this year is a really good stress test for the product.AFAIK (most recent review I can easily see here) they haven’t lost any investor money to date. They take the first 5% “hit” on investments, which is a little reassuring.
All that said, we only have a teeny tiny amount of play cash invested!
In many ways they're similar to CrowdProperty and they have the advantage of a Secondary Market, but on most other measures they come up a bit short for me.- They do lend on second charge deals whereas CP insist on first charge only.
- Some of their LTVs are a little steep for me. Their stats page says 18% of their loans are over 80% LTV.
- Some of their loans are released as multi-tiers. Higher tiers are much more risky as they're effectively structured as higher charges. The higher rates offered for the higher tiers are far too low to compensate for the extra risk involved.
- You can't self-select loans in their ISA.
- Their auto-invest product, including their ISA, do invest in the higher tier and higher LTV loans. There must be a temptation for them to dump higher risk loans that self-selectors won't touch in these products.
- Their rates are a bit lower, though this is somewhat mitigated by having lower cash drag (most of their deals pay from the day you pledge to lend).
Who else *does* make it onto your "personal favourites list"?
Cheers!- ABLrate
- AxiaFunder
- CapitalRise
- CrowdProperty
- Loanpad
- Unbolted
I'm also investing in the following platforms. They're not in my absolute favourites list, but I'm happy enough to invest with them as suitable opportunities arise:- Assetz Capital
- Assetz Exchange
- Brickowner
- Kuflink
- Landlord Invest
- Proplend
- Uown
In the interests of disclosure, I should declare that I have minor equity investments in many of the above and a major equity investment in AxiaFunder (major for me rather than them), but I have tried not to let that colour my judgement. Unfortunately, I also have minor equity investments in other platforms that have no chance of ever making it to my favourites list.3 -
I received another Growth Street repayment Today, about 12%
Retired 1st July 2021.
This is not investment advice.
Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."1 -
quirkydeptless said:I received another Growth Street repayment Today, about 12%
....and there maybe more on Mon. when the email re progress goes out
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I've been using LendInvest, Funding Circle and Ratesetter for the last few years. Ratesetter was doing well, but seems to have gone a bit haywire since they were taken over by a bank. Funding Circle is doing ok but not taking on new clients right now as far as I'm aware. LendInvest has continuously outperformed the others (6-7%) and I never have any issue getting my money in/out, even during the height of the pandemic. In the last 3.5 years, had 2 properties go in arrears, but they sorted it out and it just meant I got a few extra months profit.
Savings: £60,029.70 (+ I don't know how much BTC/ETH)
Investments: Not sure
Daily Breathing Salary (DBS): £1.14
Debt: £0.00 :j0 -
I asked to withdraw my investment from Ratesetter on 19 March. The funds have been released to my holding account today. So, approximately nine months from request to release, but at least I have them.2
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