littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 13, 2021 8:22:26 GMT
True, but I expect most of their expansion to come from property, which is why they have recruited FS founder Norman Akram for his expertise in property. In my understanding Noman wasn't recruited, he is a co-founder of CL. Not sure if he is a property specialist, from what I read his part of partnership is expertise in p2p. I wasn't with FS from the beginning, so I don't know, but always had an impression that FS started as a pawn platform and property loans were introduced later (same as MT and Col). There was a short period in 2014 when FS only did pawn but they were quickly into property which is where all their expansion came from. CL make it clear in their initial post that this is their aim. Typically one property loan will be equal in size to a multiple of pawn loans.
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Post by connectivelending on May 15, 2021 10:41:55 GMT
In my understanding Noman wasn't recruited, he is a co-founder of CL. Not sure if he is a property specialist, from what I read his part of partnership is expertise in p2p. I wasn't with FS from the beginning, so I don't know, but always had an impression that FS started as a pawn platform and property loans were introduced later (same as MT and Col). There was a short period in 2014 when FS only did pawn but they were quickly into property which is where all their expansion came from. CL make it clear in their initial post that this is their aim. Typically one property loan will be equal in size to a multiple of pawn loans. Hello all, Thank you for your posts and continuous engagement. I Just wanted to provide some clarity on the above points to ensure that there is no confusion over my role at Connective Lending. Our property lending section is headed by Kristian Henery and not by me (Noman Akram). Kristian will oversee all property lending and has many years of experience within this area. Property is an area that we will look to include, further down the line. Our aim is not to use property as our method of quick expansion (and in my opinion, this is not an automatic route to success). We have no desire of being the quickest from £0 to £100m. Our main focus is to grow our pawnbroking loanbook to a healthy level and then slowly introduce property loans into the business. We believe our strategy in having a good healthy pawnbroking loanbook gives us the added benefit further down the road of being much more selective on the property loans we place on the platform. We have no intention of introducing a property loan conveyor belt culture within this platform but rather, a slow and steady feed of good quality property loans when we deem the time to be right. I hope this clarifies a few points for you. Many thanks Noman.
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Post by mfaxford on May 24, 2021 15:25:10 GMT
Having recently started investing via the platform I've got a few thoughts for connectivelending on things that could be useful to add/alter in the interface (roughly in order of importance for me): - On the Active Loans page list the date it became active rather than the number of days it's been active.
- Within each loan add some dates to the Particulars ("Maturity Date: 6 months from the date of loan activation" is fairly meaningless without knowing when it started). As a minimum I'd like to see dates for Activation and Due.
- From the Dashboard page have the various summaries link to the relevant detail (e.g. Clicking on the "Active Loans #" section takes you to the Active loans page)
- For the "Investor Activity" within each loan it would be useful to have an indication of how recently they happened (something like "last 10 minutes", "last hour", "last day")
And for those of us that like to play with the numbers: - Add some detail in the FAQ about how the tranche LTV percentages are calculated
- Add some detail in the FAQ about how the interest is calculated and how it's added to the loan summary.
- At some point in the future it would be useful to have a downloadable list of my loans (loanid, borrowerid, start/end dates, my investments in it, loan status etc).
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Greenwood2
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Post by Greenwood2 on May 24, 2021 16:22:11 GMT
And why do the loan refs have to be so long and random? What's wrong with some sort of sequential numbering?
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Post by investandlearn on May 25, 2021 9:31:00 GMT
I finally invested in my first two peer to peer loans in the last week or so and noticed that the loan ref numbers were very long. I just presumed that they have to be completely unique from anything else.
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Post by Penny Pincher on May 25, 2021 9:35:37 GMT
And why do the loan refs have to be so long and random? What's wrong with some sort of sequential numbering? The long 'random' reference numbers are an artefact of the software implementation and likely to have been carefully designed that way. The numbers are probably what is called a hash; generated from other non-unique loan information. These hashes help make the storage and retrieval of information from databases more efficient, resulting in reduced cost for running the software and an improved experience for the users of the software.
Also, their apparent randomness makes it easier for humans to distinguish between reference numbers. For example, the first four digits can be used in the vast majority of cases to distinguish between loans. This wouldn't be possible if the loan references were sequential.
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Greenwood2
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Post by Greenwood2 on May 25, 2021 10:18:14 GMT
And why do the loan refs have to be so long and random? What's wrong with some sort of sequential numbering? The long 'random' reference numbers are an artefact of the software implementation and likely to have been carefully designed that way. The numbers are probably what is called a hash; generated from other non-unique loan information. These hashes help make the storage and retrieval of information from databases more efficient, resulting in reduced cost for running the software and an improved experience for the users of the software.
Also, their apparent randomness makes it easier for humans to distinguish between reference numbers. For example, the first four digits can be used in the vast majority of cases to distinguish between loans. This wouldn't be possible if the loan references were sequential.
If they need a hash for their own (software) purposes fine, as lenders we don't need to see that. Using a simple five digit reference would allow for up to 99,999 loans with unique five digit references for each loan, would immediately place the loans in chronological order and is very easy for 'humans' to distinguish. Just four digits would allow for 9,999 loans enough for quite a few years I would think and we wouldn't need to worry about being able to 'just' use the first four digits. Make it simple at the user end and figure it out in the software, it should be easy to link the simple reference number to the loan hash at generation.
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Post by mfaxford on May 25, 2021 11:13:45 GMT
And why do the loan refs have to be so long and random? What's wrong with some sort of sequential numbering? The long 'random' reference numbers are an artefact of the software implementation and likely to have been carefully designed that way. The numbers are probably what is called a hash; generated from other non-unique loan information. These hashes help make the storage and retrieval of information from databases more efficient, resulting in reduced cost for running the software and an improved experience for the users of the software. I would hope that's not the case. Hashes aren't guaranteed to be unique. Whilst it's unlikely the data from two loans would generate the same hash it is a possibility. A good database identifier must be unique and should carry no other information, traditionally databases used sequential numbering, more recently something like a GUID/UUID is more common as it works better as things scale. There might be a case of formatting the loan refs in a different way, base16 is fairly common in the IT world and the current 12 digit numbers would become 10 characters which if separated into 2 or 3 blocks would be easy to work with over email/phone. (801456987235 could be represented as BA9-A8F1-C63).
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Post by investandlearn on May 25, 2021 12:24:19 GMT
I would imagine that each company has their own system for creating the unique ref numbers that just works for them. I have not invested anywhere else other than CL so not sure how other companies numbers work but would imagine that they are all similar.
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Greenwood2
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Post by Greenwood2 on May 25, 2021 13:18:36 GMT
I would imagine that each company has their own system for creating the unique ref numbers that just works for them. I have not invested anywhere else other than CL so not sure how other companies numbers work but would imagine that they are all similar. Nope, some of them have sensible, consecutive numbering in chronological order, that my simple brain understands.
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Post by investandlearn on May 28, 2021 8:50:15 GMT
I have just looked on the CL website to see what other loans are coming and there are now 3 more potential watch loans showing. Watches do seem to be very popular items to use when funds are needed. I thought gold and jewellery would be the most popular.
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toffeeboy
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Post by toffeeboy on May 28, 2021 17:15:10 GMT
I have just looked on the CL website to see what other loans are coming and there are now 3 more potential watch loans showing. Watches do seem to be very popular items to use when funds are needed. I thought gold and jewellery would be the most popular. I think one of the watches has been there since the creation of the website and seems to be a glitch but hopefully two more loans coming soon to invest in.
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Ukmikk
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Post by Ukmikk on Jun 1, 2021 18:33:13 GMT
Sad times when a couple of watches should cause such a stir.
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jcb208
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Post by jcb208 on Jun 7, 2021 19:17:24 GMT
First loan repayment today the Gold coins and early
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Post by df on Jun 7, 2021 19:52:20 GMT
First loan repayment today the Gold coins and early Coincides well with new loan launching tomorrow.
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