warn
Member of DD Central
Curmudgeon
Posts: 641 
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Post by warn on Oct 6, 2021 15:50:13 GMT
I quote:
Oh dear. What I love about this platform is its utter untrammelled simplicity. If it ain't broke, etc.
I just pray it doesn't lose itself in the briar patch.
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nyneil
Member of DD Central
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Post by nyneil on Oct 6, 2021 18:40:54 GMT
Loan Reports From 1 October 2021, we have decided not to disclose the lending partner’s identity on each loan report as the information is commercially sensitive to both the platform and to lending partners (who ultimately are private businesses). We have added a field on Live Data so that investors can see the number of lending partners we have at any time. Loanpad Why has this suddenly become important? Handf didn't seem to think it was a problem, so why should any of the other loan companies? Reducing transparency in this way is a retrograde step, it suggests to me that some 'less desirable' deals might be entered into in the future and you wish to mask the details. One foot on the slippery slope....... |
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Post by Ace on Oct 6, 2021 19:22:18 GMT
Loan Reports From 1 October 2021, we have decided not to disclose the lending partner’s identity on each loan report as the information is commercially sensitive to both the platform and to lending partners (who ultimately are private businesses). We have added a field on Live Data so that investors can see the number of lending partners we have at any time. Loanpad Why has this suddenly become important? Handf didn't seem to think it was a problem, so why should any of the other loan companies? Reducing transparency in this way is a retrograde step, it suggests to me that some 'less desirable' deals might be entered into in the future and you wish to mask the details. One foot on the slippery slope....... Isn't this "commercially sensitive" information publicly available at the land registry for a few quid, as it will state who holds a charge on the property? If so, it seems that LP are being rather churlish in stopping providing it. I would also like to see a table that indicates the percentage of our loans that is lent via each lending partner.
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Greenwood2
Member of DD Central
Posts: 4,396
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Post by Greenwood2 on Oct 6, 2021 19:30:24 GMT
Loan Reports From 1 October 2021, we have decided not to disclose the lending partner’s identity on each loan report as the information is commercially sensitive to both the platform and to lending partners (who ultimately are private businesses). We have added a field on Live Data so that investors can see the number of lending partners we have at any time. Loanpad Why has this suddenly become important? Handf didn't seem to think it was a problem, so why should any of the other loan companies? Reducing transparency in this way is a retrograde step, it suggests to me that some 'less desirable' deals might be entered into in the future and you wish to mask the details. One foot on the slippery slope....... So we can't see how exposed we are to individual lending partners, big exposure to few lending partners was an initial worry with this platform. If we don't know how exposed we are to individual lending partners we can't assess the risk of their failure or of their over exposure to individual or multiple big loans. Not a great incentive to lend.
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Post by Ace on Oct 7, 2021 21:09:31 GMT
Louis addressed this issue in the LiveStream with FinancialThing (See here at about 49 minutes in www.youtube.com/watch?v=MWspJb66WaA). He said it was done for commercial sensitivity reasons and that he didn't think it was anything negative for lenders. He also said that they would reconsider if many lenders complained. Personally, I don't think I need to know who the Lending Partner is for every loan, as I have no ability to avoid specific loans. However, I do feel that I need to know who the Lending Partners are and what the platform's (and therefore my) exposure is to each partner. I feel that adding a table of percentage of loanbook exposure for each Lending Partner to the Live Loans page would be a happy compromise. Afterall, as I said elsewhere, this info can be obtained from the Land Registry for a few quid per property, so it's hardly confidential. Tagging Loanpad for comment. Other things I found interesting from the LiveStream were: - New products that they are looking at are: a higher LTV product, and a leveraged product (see at about 46:30 into the LiveStream).
- The minimum reinvestment amount will reduce from £10 to 1p in the upcoming software release.
- A 7th lending partner is coming very soon, and there are 2 more possibles.
- I'm sure there was another I was going to mention but can't remember what it was now, and CBA to watch all over again
 . Sorry.
Many thanks to Laurence for organising and hosting, and to Louis for fronting up. |
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Post by nooneere on Oct 8, 2021 16:34:25 GMT
Louis addressed this issue in the LiveStream with FinancialThing (See here at about 49 minutes in www.youtube.com/watch?v=MWspJb66WaA). Other things I found interesting from the LiveStream were: - New products that they are looking at are: a higher LTV product, and a leveraged product (see at about 46:30 into the LiveStream).
- The minimum reinvestment amount will reduce from £10 to 1p in the upcoming software release.
- A 7th lending partner is coming very soon, and there are 2 more possibles.
- I'm sure there was another I was going to mention but can't remember what it was now, and CBA to watch all over again . Sorry.
Well, two more revelations I found comforting were: 18:10 LP has an option to sell its loans back to the lending partners, which could in principle create extra liquidity in the event of a rush of panic withdrawal requests; 30:40 LP has been profitable since June.
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firedog
Member of DD Central
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Likes: 465
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Post by firedog on Oct 8, 2021 17:13:00 GMT
And another: the 'healthy pipeline' for upcoming deals lessens the worry that the current large cash balance might lead to a reduction in rates, or a restriction in lending.
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Post by nooneere on Oct 8, 2021 18:51:03 GMT
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Post by redpete on Nov 13, 2021 20:59:15 GMT
- The minimum reinvestment amount will reduce from £10 to 1p in the upcoming software release.
On my £14000 or so I reckon this would mean an additional 21p over a year. I'll start making plans.
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Post by Ace on Nov 13, 2021 21:08:39 GMT
- The minimum reinvestment amount will reduce from £10 to 1p in the upcoming software release.
On my £14000 or so I reckon this would mean an additional 21p over a year. I'll start making plans. I made it 20p regardless of balance, but yes it's really not significant. It's something that people were asking for and it would make things tidier. For what is worth, my logic was: on average the amount not earning interest at any time it's £5. 4% of £5 is 20p.
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Post by redpete on Nov 15, 2021 12:51:48 GMT
On my £14000 or so I reckon this would mean an additional 21p over a year. I'll start making plans. I made it 20p regardless of balance, but yes it's really not significant. It's something that people were asking for and it would make things tidier. For what is worth, my logic was: on average the amount not earning interest at any time it's £5. 4% of £5 is 20p. Ah yes, my calculation was on my current promotional 4.2%.
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Post by Badly Drawn Stickman on Nov 19, 2021 14:47:04 GMT
Thank what ever deity is currently popular that the processing has been moved to midnight.
It was taking far too long to be done in the middle of the day.
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. Sorry.
