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Post by Badly Drawn Stickman on Feb 22, 2021 16:22:56 GMT
Not sure how long it will take to make the two pawn loans that were filled yesterday to go active. They are still shown as live at the moment. Can't take as long as property loans i would have thought. The deposit process is a bit painful. You can't rely on transfering just prior to a loan,you have to leave a cash balance at all times. Despite a strange feeling of déjà vu on the platform, I guess we are all 'learning on the job'. I suspect a few days would be right for pawn, given that is all that is being proposed in the beta stage. I am mainly curious as to what the loan flow will be, too fast would be worrying. The opposite a bit frustrating so I am looking for the Goldilocks version.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 22, 2021 16:39:36 GMT
Not sure how long it will take to make the two pawn loans that were filled yesterday to go active. They are still shown as live at the moment. Can't take as long as property loans i would have thought. The deposit process is a bit painful. You can't rely on transfering just prior to a loan,you have to leave a cash balance at all times. Despite a strange feeling of déjà vu on the platform, I guess we are all 'learning on the job'. I suspect a few days would be right for pawn, given that is all that is being proposed in the beta stage. I am mainly curious as to what the loan flow will be, too fast would be worrying. The opposite a bit frustrating so I am looking for the Goldilocks version. Hopefully the existing pawn business will provide a reasonable flow of loans.
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nyneil
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Post by nyneil on Feb 22, 2021 17:08:49 GMT
Is an email notification given, when a new investment becomes available to invest in?
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Post by Ace on Feb 22, 2021 17:11:30 GMT
Yes, the day before it goes live.
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toffeeboy
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Post by toffeeboy on Feb 23, 2021 11:01:48 GMT
Not sure how long it will take to make the two pawn loans that were filled yesterday to go active. They are still shown as live at the moment. Can't take as long as property loans i would have thought. The deposit process is a bit painful. You can't rely on transfering just prior to a loan,you have to leave a cash balance at all times. The cluster ring is now active, strangely says that it has been active for 30 days and I am showing a months interest on it.
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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
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Post by ilmoro on Feb 23, 2021 11:28:44 GMT
Not sure how long it will take to make the two pawn loans that were filled yesterday to go active. They are still shown as live at the moment. Can't take as long as property loans i would have thought. The deposit process is a bit painful. You can't rely on transfering just prior to a loan,you have to leave a cash balance at all times. The cluster ring is now active, strangely says that it has been active for 30 days and I am showing a months interest on it. Probably reflecting the minimum interest period. IIRC FS did the same
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rocky1
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Post by rocky1 on Feb 23, 2021 11:31:46 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
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 23, 2021 11:38:15 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 I think you're right. But I don't think I'll be touching property here. I'm not convinced the "pawn-broking model" lends itself to property investing. Look how FS ended up. If that means I'll only end up with "small-beer" then that's ok; it might make up to some extent for my reducing portfolio on Unbolted.
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Greenwood2
Member of DD Central
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Post by Greenwood2 on Feb 23, 2021 12:07:22 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 I can't see there being much appetite, on here at least, if they go down the same route as FS. Probably just a small window of opportunity for lenders while lender numbers are low and the loans are all hopefully good quality pawn.
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Post by df on Feb 23, 2021 12:27:01 GMT
The cluster ring is now active, strangely says that it has been active for 30 days and I am showing a months interest on it. Probably reflecting the minimum interest period. IIRC FS did the same Yes, exactly the same as on FS (displays 1 month interest at the start of the loan).
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 23, 2021 12:38:07 GMT
Probably reflecting the minimum interest period. IIRC FS did the same Yes, exactly the same as on FS (displays 1 month interest at the start of the loan). Yes,well, let's hope that's where the similarity ends
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james100
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Post by james100 on Feb 23, 2021 13:00:42 GMT
Yes, exactly the same as on FS (displays 1 month interest at the start of the loan). Yes,well, let's hope that's where the similarity ends Unlikely . Seriously, I wish all investors peaceful and prosperous experiences...but have to admit reading this thread makes me feel I've accidentally slipped through some sort of time-rift.
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Post by connectivelending on Feb 23, 2021 17:11:07 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
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Post by df on Feb 23, 2021 18:02:09 GMT
Yes,well, let's hope that's where the similarity ends Unlikely . Seriously, I wish all investors peaceful and prosperous experiences...but have to admit reading this thread makes me feel I've accidentally slipped through some sort of time-rift. Yes, it's hard to ignore previous experiences, but as they say "past performance is no guarantee of future results" . I'm happy with the familiar model and hopefully this time the old mistakes won't be repeated. We'll see what happens, but for now I'm happy to go along with bling offers (in moderation).
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Post by investandlearn on Feb 25, 2021 9:47:09 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.
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