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Post by Badly Drawn Stickman on Jun 10, 2021 22:42:53 GMT
I just received my email about this £30,000 loan. I wish CL kept to the original process (i.e. one day notice). I've made a deposit, we'll see if it arrives before the loan is filled. I normally don't keep any uninvested cash on platform unless there is a constant loan flow. Please note, as the borrower wishes to draw-down this loan tomorrow, we have put this loan up without our normal 24hr notice. The above is in the asset description so would suggest it is not going to be standard policy. Think I will keep my powder dry in anticipation of an added incentive to complete the loan if it falls short. I have a strange feeling a steady stream of watches will be heading our way so am happy to let this one pass rather than rush to add funds.
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Post by mfaxford on Jun 11, 2021 9:05:25 GMT
I wish CL kept to the original process (i.e. one day notice). I've made a deposit, we'll see if it arrives before the loan is filled. I normally don't keep any uninvested cash on platform unless there is a constant loan flow. Please note, as the borrower wishes to draw-down this loan tomorrow, we have put this loan up without our normal 24hr notice. I can understand the reason for not giving the usual 24 hours notice. It might have helped if they had sent out the email as the loan went live rather than being several hours after it had been already noticed here. As I think the loan had been an upcoming loan for at least a few days I wonder where the sudden urgency came from: Was it something in CL that had been slower than the borrower expected or was it the borrower only provided information last minute and wanted the funds immediately. My fear is that if things get rushed then some due diligence may get hurried (either by CL or by those of us investing) leading to mistakes going through.
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Post by df on Jun 11, 2021 12:29:14 GMT
Funds arrived to "amount available" at 22:20. The system won't let me invest, the red box at bottom left is saying "you are trying to invest more than you have, please deposit some more funds", which is not true. Tranche C is already gone... I'll have another go tomorrow morning and see what happens. I had the same thing. I deposited an exact amount to bring my balance up to exactly £200 when added to the capital and interest paid on the completed loan. Once the deposit hit the account it did indeed say "amount available = £200". However, when I tried to invest £200 I got the same error that you did (not enough funds). I surmised that the displayed balance from the Interest had been rounded up to the next penny, and therefore my exact balance was really something like £199.997... So I tried to invest the next lower amount allowed, £175 (as investments have to be in multiples of £25). That investment went through OK. Yes, I'm sure this is exactly what happened. It would've been better if the displayed sum was rounded down to the real available amount... I've deposited more this morning, it was credited very quickly and I got my slice of tranche B.
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Post by df on Jun 11, 2021 12:47:51 GMT
Please note, as the borrower wishes to draw-down this loan tomorrow, we have put this loan up without our normal 24hr notice. I can understand the reason for not giving the usual 24 hours notice. It might have helped if they had sent out the email as the loan went live rather than being several hours after it had been already noticed here. As I think the loan had been an upcoming loan for at least a few days I wonder where the sudden urgency came from: Was it something in CL that had been slower than the borrower expected or was it the borrower only provided information last minute and wanted the funds immediately. My fear is that if things get rushed then some due diligence may get hurried (either by CL or by those of us investing) leading to mistakes going through.It would be for the loans secured on property, debentures etc., but not very relevant for the bling. For somebody with relevant experience it shouldn't take very long to inspect and value luxury watches (I trust Danny is an expert in this). Even for me, who knows nothing about watches, it not too difficult to check retail prices. I've done it for the first few loans and the value was lower than the offers from online shops.
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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: 11,213
Likes: 11,404
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Post by ilmoro on Jun 13, 2021 21:00:51 GMT
Anyone received any bonus interest yet in relation to the early adopter offer?
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Post by df on Jun 14, 2021 18:49:23 GMT
Anyone received any bonus interest yet in relation to the early adopter offer? I can't recall any bonus offers from CL. Checked my e-mails, nothing there...
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Post by mfaxford on Jun 15, 2021 8:15:57 GMT
Anyone received any bonus interest yet in relation to the early adopter offer? I can't recall any bonus offers from CL. Checked my e-mails, nothing there... One loan offered a "bonus" on for tranches A & B as they wanted it filled that day (email 20th May). Although I've not seen much to show how that extra bit is being paid (it shows the same interest payments as other loans) at a lower rate.
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nyneil
Member of DD Central
Posts: 349
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Post by nyneil on Jun 16, 2021 10:09:53 GMT
Disappointed that so much of the Watches loan tranche A, was consumed by just two investors :-( Nothing left by the time I was able to log on, just after 5 pm.
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Post by connectivelending on Jun 16, 2021 19:45:45 GMT
Dear All, Apologies for a silence on our part for a period as we have been very busy. I just wanted to answer one or two questions to reassure you all. 1 : The bonus rates and offers will be added soon. We have been re-coding the system so we do not have to manually change the back end of individual investor accounts so this can be made simpler to implement. We thank you for your patience as this will show in coming weeks. 2 : We understand that Tranche A has been taken up quickly, however if you spend some time looking up the value of the assets used to secure this loan there is a sizeable equity which would mean the items would need to drop in value by a substantial amount for any capital to be lost, in the case of default, in any of the 3 tranches.
Kind regards All at Connective Lending
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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: 11,213
Likes: 11,404
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Post by ilmoro on Jun 24, 2021 14:19:31 GMT
Bonus payment received.
Cant find the original email to see what was offered but seems to be a 2% cashback on £500
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Post by Penny Pincher on Jun 24, 2021 14:32:53 GMT
Likewise, I received a cashback equivalent to 2% APR of my total investment in the Patek watch loan. The original incentive was described as an additional 2% interest so I guess if the loan is repaid early then we've received more than 2% APR, but if repayment is late ...
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Bagman
Member of DD Central
Posts: 208
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Post by Bagman on Jun 24, 2021 14:34:00 GMT
Bonus payment received. Cant find the original email to see what was offered but seems to be a 2% cashback on £500 Got to agree , that was a nice surprise..
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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: 11,213
Likes: 11,404
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Post by ilmoro on Jun 24, 2021 14:36:42 GMT
Likewise, I received a cashback equivalent to 2% APR of my total investment in the Patek watch loan. The original incentive was described as an additional 2% interest so I guess if the loan is repaid early then we've received more than 2% APR, but if repayment is late ... I think this is a different incentive - there was a 2% bonus interest for the first 500 to invest £500 in 6 months early bird offer. Not sure if it was just those who registered ahead of launch
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Post by Badly Drawn Stickman on Jun 24, 2021 14:40:00 GMT
Likewise, I received a cashback equivalent to 2% APR of my total investment in the Patek watch loan. The original incentive was described as an additional 2% interest so I guess if the loan is repaid early then we've received more than 2% APR, but if repayment is late ... I think this is a different incentive - there was a 2% bonus interest for the first 500 to invest £500 in 6 months early bird offer. Indeed it would seem to be that. Worryingly it persuaded me to risk a small punt on the guitars, which I had decided was not for the likes of me.
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Post by Penny Pincher on Jun 24, 2021 14:53:05 GMT
Likewise, I received a cashback equivalent to 2% APR of my total investment in the Patek watch loan. The original incentive was described as an additional 2% interest so I guess if the loan is repaid early then we've received more than 2% APR, but if repayment is late ... I think this is a different incentive - there was a 2% bonus interest for the first 500 to invest £500 in 6 months early bird offer. Not sure if it was just those who registered ahead of launch If so then that's great. It's a shame that the transaction description doesn't make this absolutely clear.
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