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Peer-to-peer lending sites: MSE guide discussion
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I just put another hundred in as they allocated me a significant proportion of the recent new loans. However, thats my lot. 1k and no more... just in case.0
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Flobberchops wrote: »But if there's bigger money to be made on the side...
Bigger rewards inevitably come with bigger risks.0 -
Flobberchops wrote: »I'm with MoneyThing at the moment and perfectly happy with 12% average returns. But if there's bigger money to be made on the side...0
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Can't comment on Rebs but MoneyThing are a class act and Ablrate are also thoroughly decent.
It lost credibility for me some while ago and I am gradually withdrawing what funds I have in it.0 -
Or alternatively it means that lots of people don't know that for at least one loan they used a value for LTV calculation based on planning permission that didn't exist, didn't disclose that they owned 10% of the borrowing firm, which was described as an individual, and withdrew their corporate guarantee after the loan defaulted.
I no longer trust them to provide accurate descriptions of investments they are offering and have cancelled my own plans to invest with the platform. Plenty of other choices around.
Agree, SavingStream do not seem quite as stringent with the Loan to Value numbers as they might be sometimes. I have seen a few things that made me think they may be slightly out on values and have given me cause for thought. I have invested 20K so far but am wary about going further at the moment for this reason. On the positive side there seem to be plenty of loans to invest in and they tend to deal with larger projects where (I assume) more professional people and companies are involved.0 -
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fun4everyone wrote: »The reason I mentioned Funding Knight was because I trust them the most which counts for a lot (to me) in p2p, it is irrelevant for banks when you have less than 75k there.
Funding Knight went into administration this week and the business has been acquired:
http://www.altfi.com/article/2072_gli_acquires_fundingknight
Some discussion about it at: http://p2pindependentforum.com/thread/5861/goes-administration-gli-buying-remains0 -
I certainly looks like you know how to pick 'em
Funding Knight went into administration this week and the business has been acquired:
http://www.altfi.com/article/2072_gli_acquires_fundingknight
Some discussion about it at: http://p2pindependentforum.com/thread/5861/goes-administration-gli-buying-remains0 -
I no longer trust them to provide accurate descriptions of investments they are offering and have cancelled my own plans to invest with the platform. Plenty of other choices around.
I share these concerns and have stopped putting funds into SavingStream. On one hand they are saying "Trust us" but with the other there are the potential conflicts of interest concerns raised by Jamesd which are being completely ignored.
In addition I do not believe they always provide sufficient information for you to make a decision on the investment and in some recent cases the assumptions given to the valuer seem to be at odds with the situation and designed to give a higher valuation. For example on some recent loans the property used as collateral had a short lease but the valuer was told to assume they were 90 years. That is ok if you are then given information on why this assumption was made and the costs to increase the lease etc but there was no such information. Anyone not carrying out thorough research could find themselves with a much riskier loan than they thought.
This is a shame as I thought they had a nice platform and I liked the provision fund.
R0 -
Another issue worth noting -
http://p2pindependentforum.com/thread/5868/epml-goes-administration-wellesley-isa0
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