Loanpad P2P - Reviews, experiences, info or updates, post them here. I'm having a dabble.

Aceace

Sea_Shell said:

I'll probably just chalk up £10 per month as interest, on my other spreadsheet, but then make sure the figures tally with the end of the tax year.

Not that I'll need to pay tax on it, but I like to keep everything squared away!! 😉

No need for that. You can go to the Statement page and enter dates to cover the tax year and it will give you the interest paid in that year. 

Sea_Shell

Aceace said:

Sea_Shell said:

I'll probably just chalk up £10 per month as interest, on my other spreadsheet, but then make sure the figures tally with the end of the tax year.

Not that I'll need to pay tax on it, but I like to keep everything squared away!! 😉

No need for that. You can go to the Statement page and enter dates to cover the tax year and it will give you the interest paid in that year. 

Ah.   That's handy.   I'll have a play.

Still learning their platform!!

longleggedhair

I’ve had a dabble. Just started with a few thousand as Zopa & Ratesetter have both given my money back which is a nuisance as I have to find a new gone for £50,000. So far so good.

Sea_Shell

Can't seem to log in this morning as it says the algorithm is running ?!?

Doesn't that run overnight now, with interest credited in the early hours.

Hopefully temporary blip.

Aceace

Yes, same for me. I suspect it might have something to do with the clocks changing. I have a vague memory of the same thing happening last year, but can't recall if it was on Loanpad. 

Aceace

Now working again. Not much to note other than the average LTV has jumped from 41% to 44%.

Oh, and Loanpad have now passed a milestone of 250 loans since inception. 

Sea_Shell

Sea_Shell said:

I've just noticed loan #9436180 is in default.   However, they are not having to use the ICF as the interest is being covered by their lending partner. 

They have a 50% LTV on this.   I'm not worried, as my exposure is only £21, which is only about 2 months worth of interest. 

It is one loan out of 131. 

Will continue to keep my eye on the website.

Todays update seem to show that this property has been sold at auction for £590k, so assuming the sale completes, then the loan (£345k) should be repaid in full.

Sea_Shell

Just seen your post on the P2P forum @Aceace, and they seem to be going from strength to strength.

£50m invested on the platform in January 22, now up to £60m.

Sea_Shell

Interestingly (or strangely), there only appears to have been one loan repaid so far in April.  (There were 9 in March)

It seems like there are lots of extensions happening instead.   Something to be wary of?  

Still about £1.74m of liquidity on the platform ATM.   Being about 3% of current loans.

Aceace

Sea_Shell said:

Interestingly (or strangely), there only appears to have been one loan repaid so far in April.  (There were 9 in March)

It seems like there are lots of extensions happening instead.   Something to be wary of?  

Still about £1.74m of liquidity on the platform ATM.   Being about 3% of current loans.

The Repaid Loans tab doesn't seem to be being properly maintained. According to the Updates tab there have been 3 full loan repayments in April and 1 partial repayment.