jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,792
Likes: 3,213
|
Post by jonno on Feb 25, 2021 12:08:15 GMT
Did anyone watch that new pawnbroking series that was on the other night showing loans against high value items? It gave an insight into what CL do I guess. Yes. It was a bit sad watching the "Agadoo" guy having to sell his Rolex, and the look on his face when he got offered a little more than half of what he expected
|
|
|
Post by investandlearn on Feb 25, 2021 12:31:50 GMT
I know, it was his punishment for releasing such a bad record in the past! I guess most people always hope and believe that their items are worth much more than they really are.
|
|
|
Post by Ace on Feb 25, 2021 12:58:50 GMT
I know, it was his punishment for releasing such a bad record in the past! I guess most people always hope and believe that their items are worth much more than they really are. That's true for most customers, but not so for the woman at the end who walked away £150k for a watch and jewelry. She got 10 times what she was looking for. Can't help wonder what it was really worth! Think I'd have looked for a second opinion before agreeing. I bet she could have got more extra than she originally wanted by haggling there and then.
|
|
rocky1
Member of DD Central
Posts: 1,132
Likes: 1,951
|
Post by rocky1 on Feb 25, 2021 13:05:15 GMT
i reckon the watch was worth at least double the offer. what do you reckon Danny?
|
|
Greenwood2
Member of DD Central
Posts: 4,333
Likes: 2,753
|
Post by Greenwood2 on Feb 25, 2021 13:28:31 GMT
Did anyone watch that new pawnbroking series that was on the other night showing loans against high value items? It gave an insight into what CL do I guess. What was the name of the show?
|
|
|
Post by investandlearn on Feb 25, 2021 13:52:16 GMT
The show is called "Million Pound Pawn" It`s a 3 part series on ITV.
|
|
|
Post by Badly Drawn Stickman on Feb 25, 2021 17:27:01 GMT
surely the main aim here is to get property loans going here.how can a few low value pawn loans cover everything? danny could have covered them out of his back pocket.our ex FS man must have a long list of contacts and potential borrowers so just waiting to get the registered lenders up to a decent amount and knowing peoples net worth and experience can work out where to start on these bridging loans before slowly moving onto small development loans Dear rocky1 , Thanks for the message. We can confirm we will not be moving into development loans. Our aim is and will always be to only offer loans that get, either paid back, or have a satisfactory route to disposal, with no realistic expectation of capital loss. If this means that in the overall market size we remain niche then that is a perfectly good business model if everyone benefits. Further, just because we have an excess of investors does not, and will not, mean we pursue risky loans just to satisfy a short term appetite. Long term is the focus. If we ever decide to move into new areas it will only be after employing experts in that field. Kind regards Danny Grimes Slight change of subject connectivelending I would be interested to know what level of costs you would anticipate should the need to realise an asset occur, for example the cluster ring loan currently active? Clearly over time this situation will occur on some loans, I am assuming given the backgrounds that it is fairly well trodden ground already and that contacts are well established? Or indeed is there a possible in house disposal option.
|
|
|
Post by connectivelending on Feb 25, 2021 18:25:51 GMT
Hi All, And rocky1 . We did watch the show and I was approached by this show and declined. Many of the purchases are manufactured, to a point for TV, and I was never comfortable with this. We have been approached before and declined each time. I can tell you that most genuine pawnbroking customers would not want to be on TV as they prefer discretion and we didn't want to risk losing their business. A good example is if you read a book written by the owner of the American Tv show Pawn Stars where he will describe the 2 entrances they have, one for tourists and the show, and one for the everyday customers who do not want to appear. The watch in the show was a Patek 5270j www.patek.com/en/collection/grand-complications/5270J-001This was an item on the show where I believe the offer was fair. You can look these up now you have the model number and asking prices are circa £110k. Bearing in mind these pieces do not fly off the shelf then £85k seems reasonable with the time needed to achieve a sale, taken into consideration. @village idiot To answer the question about costs of disposal on the sapphire ring. The costs will be minimal, for example the cost of insured post if we have pre-sold to the highest trade offer. A Pawnbroker, typically, will place an item like this for sale in their store in the knowledge that interest is still accruing up to the point of sale, but meaning a much higher price is achieved. Within our platform we know that capital repayment is important so we would sell to one of many trade buying jewellers we have relationships with. If we did send to auction then of course there would be selling fees however this is well valued ring so an excess would be expected on our valuation. Sapphires are mainly valued on Colour, Size and Clarity with a consistent hue. A 4 Ct very dark blue opaque sapphire will be worth a fraction of the value of a very transparent and attractively coloured stone. Hope this helps as it is a topic of great interest. Kind regards Danny
|
|
nyneil
Member of DD Central
Posts: 349
Likes: 438
|
Post by nyneil on Mar 1, 2021 11:16:56 GMT
Hi connectivelending are you able to give an indication of what you anticipate the pawn loan flow to be, and some time frames? Thanks.
|
|
|
Post by connectivelending on Mar 2, 2021 17:08:42 GMT
Hi connectivelending are you able to give an indication of what you anticipate the pawn loan flow to be, and some time frames? Thanks. Hi nyneilSadly, we cannot predict the loan flow. We are working on enquiries and have started marketing work. Whilst we understand investors will want a flood of good quality loans, in reality we must make sure that we don't take unnecessary risks with your money. Please be patient and we will update you soon. Kind regards
|
|
toffeeboy
Member of DD Central
Posts: 530
Likes: 378
|
Post by toffeeboy on Mar 16, 2021 12:53:36 GMT
Hi connectivelending are you able to give an indication of what you anticipate the pawn loan flow to be, and some time frames? Thanks. Hi nyneil Sadly, we cannot predict the loan flow. We are working on enquiries and have started marketing work. Whilst we understand investors will want a flood of good quality loans, in reality we must make sure that we don't take unnecessary risks with your money. Please be patient and we will update you soon. Kind regards No new loans for almost a month now and no communication for two weeks, is there even a hint you could give us of any new loans coming? Similar problem at another pawn P2P site with the biggest problem being a lack of loans, not sure if it still is the same.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,214
Likes: 11,405
|
Post by ilmoro on Mar 17, 2021 9:32:09 GMT
Hi nyneil Sadly, we cannot predict the loan flow. We are working on enquiries and have started marketing work. Whilst we understand investors will want a flood of good quality loans, in reality we must make sure that we don't take unnecessary risks with your money. Please be patient and we will update you soon. Kind regards No new loans for almost a month now and no communication for two weeks, is there even a hint you could give us of any new loans coming? Similar problem at another pawn P2P site with the biggest problem being a lack of loans, not sure if it still is the same. Guess they heard you
|
|
nyneil
Member of DD Central
Posts: 349
Likes: 438
|
Post by nyneil on Mar 17, 2021 9:41:21 GMT
No new loans for almost a month now and no communication for two weeks, is there even a hint you could give us of any new loans coming? Similar problem at another pawn P2P site with the biggest problem being a lack of loans, not sure if it still is the same. Guess they heard you connectivelending will there be an initial bid limit, to give everyone a chance to get on board?
|
|
|
Post by Ace on Mar 17, 2021 16:49:56 GMT
Only £200 left on tranche C. A and B all gone.
|
|
Greenwood2
Member of DD Central
Posts: 4,333
Likes: 2,753
|
Post by Greenwood2 on Mar 17, 2021 16:49:58 GMT
connectivelending will there be an initial bid limit, to give everyone a chance to get on board? Apparently not. A little of Tranche C left, but may be gone before I finish typing! Edit: Crossed with Ace.
|
|