cb25
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Post by cb25 on Jun 1, 2018 13:07:49 GMT
Hard to see that as attractive, e.g. given AC are currently offering 5.1% on their 30-day account which has the benefit of a provision fund.
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Nomad
Member of DD Central
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Post by Nomad on Jan 29, 2019 17:51:48 GMT
A new peer-to-peer company, Loanpad, is launching later this year. Its USP appears to be that “retail investors invest alongside professional lending partners with the professional lenders taking on a greater level of risk.” Link: A new model (Peer2Peer Finance News) Email today - "Loanpad is Now Accepting Sign Ups!"
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Post by nooneere on Jan 30, 2019 19:12:03 GMT
Signed up with Loanpad yesterday, and their website says they currently have 39 lenders - there is a 20% interest rate boost till the end of May for the first 100 lenders to sign up...
Rates are 4% for the instant access 'Classic Account' (4.8% with the above bonus) and 5% for the 60-day notice 'Premium Account' (6% with bonus). They have residential property loans (max LTV 46%) totalling £1.1M live at the moment, with £2.1M 'upcoming'. Lenders' investments are 'spread across all performing loans'. Loans all seem to be originated via a finance company based in Bermondsey that has been operating since 1980.
I invested for P2P diversification - it is my first venture into property loans, about which I am VERY cautious thanks to all the threads about property P2P on this forum. Incidentally I mean THANKS - aggrieved posters about property sites should know that novice investors are learning from you.
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Post by Loanpad on Jan 31, 2019 16:15:17 GMT
Hi everyone just a quick message to introduce Loanpad and set out some information about our new platform. About LoanpadOur brand new style of p2p lending offers a hybrid lending model where investors share loans with established balance sheet lenders (Lending Partners). Lending Partners retain “skin in the game” of at least 25% (but typically higher) on a first loss basis. Key features of our platform for investors: 1. A Cash account and 2 Lending Accounts (Classic/Premium). i. Classic Lending Account: £20,000 limit. Free daily withdrawals. ii. Premium Lending Account: £250,000 limit. 60 days’ withdrawal notice or a small fee for early withdrawals. 2. The loanbook is reconfigured daily. This means: daily interest (paid into your Cash Account) daily diversification (diversified across all loans each day) daily withdrawals (subject to availability) 3. Loans are all secured on property and split into 2 tranches. a. Senior tranche for Loanpad lenders b. Junior tranche (typically 25%-50% of the loan) for Lending Partners Here is an example of a current live loan on our platform. Loan ID 9553583 This is a loan of £535,000 to a Borrower to convert an existing house into 3 apartments, and is structured as follows: Senior Tranche: £300,000 (Loanpad) Junior Tranche: £235,000 (Lending Partner) Total loan = £535,000 So on this loan the Lending Partner’s “skin in the game” is in fact c. 44%. The valuations are: Market Value: £1,300,000 (pre conversion) 90 day £1,000,000 GDV £2,400,000 (post conversion) This gives Loanpad lenders a loan-to-value of 23% pre-conversion. 4. We operate a unique Interest Cover Fund that aims to provide investors with income stability by covering late interest. Our senior tranche structure aims to protect investors’ capital, whereas the Interest Cover Fund aims to maintain investors’ stable daily income. 5. Flexible ISA Our accounts are ISA eligible meaning you can open an ISA with Loanpad with any interest earned being tax free. Our ISA accounts are flexible and function identically to our standard accounts. 6. The Loanbook All live and upcoming loans are updated daily on the platform alongside some overall data regarding the loanbook. Due to the combination of our interest cover fund (keeping loans at par every day) and investors’ senior security position, loans are only suspended in the event there is a reasonable prospect of a capital loss arising and not automatically upon a default or a delay. We created this structure to minimise not only the risk of capital loss but also the likelihood of loans being suspended. However, like all peer to peer platforms we are unable to provide any guarantees as capital is at risk and our loans are not covered by the FSCS. Through our unique model, we aim to offer a safer and simpler form of p2p lending. For more information, please visit our website www.loanpad.com - thanks and we hope to welcome some of you on board soon  |
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cb25
Posts: 3,528
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Post by cb25 on Jan 31, 2019 16:28:38 GMT
Hi everyone just a quick message to introduce Loanpad and set out some information about our new platform. About LoanpadOur brand new style of p2p lending offers a hybrid lending model where investors share loans with established balance sheet lenders (Lending Partners). Lending Partners retain “skin in the game” of at least 25% (but typically higher) on a first loss basis. Key features of our platform for investors: 1. A Cash account and 2 Lending Accounts (Classic/Premium). i. Classic Lending Account: £20,000 limit. Free daily withdrawals. ii. Premium Lending Account: £250,000 limit. 60 days’ withdrawal notice or a small fee for early withdrawals. If the figures given by nooneere are correct ("Rates are 4% for the instant access 'Classic Account' ... and 5% for the 60-day notice 'Premium Account'", why should Lenders sign up with you given they can get 4.1% in AC's QAA (normally instant access) and 5.1% in AC's 30DAA (normally 30 days notice)?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
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Post by ilmoro on Jan 31, 2019 16:40:29 GMT
Hi everyone just a quick message to introduce Loanpad and set out some information about our new platform. About LoanpadOur brand new style of p2p lending offers a hybrid lending model where investors share loans with established balance sheet lenders (Lending Partners). Lending Partners retain “skin in the game” of at least 25% (but typically higher) on a first loss basis. Key features of our platform for investors: 1. A Cash account and 2 Lending Accounts (Classic/Premium). i. Classic Lending Account: £20,000 limit. Free daily withdrawals. ii. Premium Lending Account: £250,000 limit. 60 days’ withdrawal notice or a small fee for early withdrawals. If the figures given by nooneere are correct ("Rates are 4% for the instant access 'Classic Account' ... and 5% for the 60-day notice 'Premium Account'", why should Lenders sign up with you given they can get 4.1% in AC's QAA (normally instant access) and 5.1% in AC's 30DAA (normally 30 days notice)? Diversification.
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Post by Loanpad on Jan 31, 2019 16:42:08 GMT
Hi everyone just a quick message to introduce Loanpad and set out some information about our new platform. About Loanpad If the figures given by nooneere are correct ("Rates are 4% for the instant access 'Classic Account' ... and 5% for the 60-day notice 'Premium Account'", why should Lenders sign up with you given they can get 4.1% in AC's QAA (normally instant access) and 5.1% in AC's 30DAA (normally 30 days notice)? Hi cb25. We do not think we can directly compare our products to other platforms for regulatory reasons. However, there are many differences between the accounts you mentioned and Loanpad accounts, not least the lending structure. As we cannot provide any advice you will need to make your own assessment of the benefits of each platform. Rates are just one of the considerations to be made, albeit a very important one
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Post by Badly Drawn Stickman on Jan 31, 2019 16:46:51 GMT
If the figures given by nooneere are correct ("Rates are 4% for the instant access 'Classic Account' ... and 5% for the 60-day notice 'Premium Account'", why should Lenders sign up with you given they can get 4.1% in AC's QAA (normally instant access) and 5.1% in AC's 30DAA (normally 30 days notice)? Diversification. I suppose it depends on min deposit, transfer speeds and a few other issues how it really compares, I couldn't be bothered to register just to find that out. Not much detail on the front page. having said that I did not watch the video. I am assuming somebody less lazy will tell me.
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Post by nooneere on Jan 31, 2019 17:45:27 GMT
Agree they should cut their notice account period to 30 days to compete with AC - what difference does it make to the platform?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
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Post by ilmoro on Jan 31, 2019 18:24:59 GMT
I suppose it depends on min deposit, transfer speeds and a few other issues how it really compares, I couldn't be bothered to register just to find that out. Not much detail on the front page. having said that I did not watch the video. I am assuming somebody less lazy will tell me. Min deposit £10 (probably £1 but min invest £10), speed of deposit fast, cash drag, max 24hrs as invested midday once allocated, diversification - hold % of each loan, so bigger the loan higher % of portfolio same as AC.
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Post by Badly Drawn Stickman on Jan 31, 2019 18:31:50 GMT
I suppose it depends on min deposit, transfer speeds and a few other issues how it really compares, I couldn't be bothered to register just to find that out. Not much detail on the front page. having said that I did not watch the video. I am assuming somebody less lazy will tell me. Min deposit £10 (probably £1 but min invest £10), speed of deposit fast, cash drag, max 24hrs as invested midday once allocated, diversification - hold % of each loan, so bigger the loan higher % of portfolio same as AC. Thank you. I did get less lazy, and started sign up. In my case they wanted documentation (upload) is that others experience? I suspect this only gets processed during office hours, so doubt account will be activated till tomorrow. Might be useful knowledge for others if it is.
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Ukmikk
Member of DD Central
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Loanpad
Jan 31, 2019 18:57:36 GMT
via mobile
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Post by Ukmikk on Jan 31, 2019 18:57:36 GMT
Loanpad, thank you for the overview of your new platform. I have a couple of questions; What is the current level of diversification? IE. How many live loans are there at this point? I'm not well versed in property loan structures; What's in it for the Lending Partners? Why would they only want to take on the riskier part of the loan? Is it that the lower risk/lower return part which is offered to us is not lucrative enough for them? Thanks.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Jan 31, 2019 19:04:55 GMT
Rates say 4% and 5% is the introductory 20% bonus gone? It wasn't much of an incentive, but it is a definite dis-incentive if you don't get it as an early adopter.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
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Loanpad
Jan 31, 2019 19:12:43 GMT
via mobile
Post by ilmoro on Jan 31, 2019 19:12:43 GMT
Min deposit £10 (probably £1 but min invest £10), speed of deposit fast, cash drag, max 24hrs as invested midday once allocated, diversification - hold % of each loan, so bigger the loan higher % of portfolio same as AC. Thank you. I did get less lazy, and started sign up. In my case they wanted documentation (upload) is that others experience? I suspect this only gets processed during office hours, so doubt account will be activated till tomorrow. Might be useful knowledge for others if it is. Not for me though I am aware of others who have had checks
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Post by nooneere on Jan 31, 2019 19:28:34 GMT
Rates say 4% and 5% is the introductory 20% bonus gone? It wasn't much of an incentive, but it is a definite dis-incentive if you don't get it as an early adopter. As of tonight there are still only 47 lenders on the platform, but the ‘average lender’ has loaned £24,497 while the ‘live loan value’ is £1,100,000 – which implies they have filled their loan book already. If they have pulled the special offer, I *speculate* that this could be the reason. £2M of ‘upcoming loans’ are promised, I should add. All the above information is available to investors as a ‘Live Data Feed’.
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