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Post by captainconfident on Nov 22, 2015 23:55:16 GMT
One of my very many problems with understanding this loan is that then closing down sale at the shop appears to predate the loan application. What might also be observed is that a court case over various issues of misrepresentation, being persued by governmental authorities, has been in progress for far longer. Something is surely amiss either with what the client admitted to the intermediaries or what the intermediaries failed to investigate with regard to the client.
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shimself
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Post by shimself on Nov 23, 2015 14:37:33 GMT
One of my very many problems with understanding this loan is that then closing down sale at the shop appears to predate the loan application. I can name a shop (only the mods would censor it) which has been closing down longer than my daughter has been alive - and she's at secondary school
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kaya
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Post by kaya on Nov 23, 2015 14:40:05 GMT
Same broker for this and The Glums, I notice. Yes indeed. From now on one of my lending criterea will be personal answers from the borrower, and not hiding behind a broker - who are the only ones who can safely profit in situations such as this. With personal replies to questions it is then perhaps a bit easier to judge the 'character' behind the loan.
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Post by Ton ⓉⓞⓃ on Nov 23, 2015 14:47:50 GMT
Same broker for this and The Glums, I notice. Yes indeed. From now on one of my lending criterea will be personal answers from the borrower, and not hiding behind a broker - who are the only ones who can safely profit in situations such as this. With personal replies to questions it is then perhaps a bit easier to judge the 'character' behind the loan. I thought normally the broker gets his big bonus only when the loan is successful and repaid(?) (EDIT: A broker has confirmed later in this thread, that they get their bonus on drawdown normally) So if it's a brokers first loan show some caution when he's proved himself more trust might then be given.
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shimself
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Post by shimself on Nov 23, 2015 18:34:02 GMT
Yes indeed. From now on one of my lending criterea will be personal answers from the borrower, and not hiding behind a broker - who are the only ones who can safely profit in situations such as this. With personal replies to questions it is then perhaps a bit easier to judge the 'character' behind the loan. As a fee charging broker, not sure I can agree with that. Clients are paying for my professional services to handle the application, therefore I would need to be the 'face' of the application. Some introducers hide behind their clients, not something I would want to do. Yes but you get the problem - if this were your loan you would have in effect sold us a crock. But you still got paid. I hope you might have spotted the wrong 'un in this case - but if you hadn't and if you had smoothed over some rough answers, what would or could you do to make it right? And if you did develop doubts at what point do you stop?
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Post by captainconfident on Nov 23, 2015 19:12:47 GMT
It still remains with each individual lender to decide if they wish to invest. What if there is significant information omitted, or statements made which by no stretch of the imagination represent the true state of affairs? The individual investor's decision depends in great part in the presentation of the case to invest made by the broker and the platform.
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Post by captainconfident on Nov 23, 2015 23:47:56 GMT
I'm not sure you had reason to quote me if you have no rebuttal or answer to offer. This thread is about the mechanics of a specific loan.
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wysiati
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Post by wysiati on Nov 24, 2015 0:38:59 GMT
As a fee charging broker, not sure I can agree with that. Clients are paying for my professional services to handle the application, therefore I would need to be the 'face' of the application. Some introducers hide behind their clients, not something I would want to do. Yes but you get the problem - if this were your loan you would have in effect sold us a crock. But you still got paid. Yes, as you well know it's called the Sell-Side.
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shimself
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Post by shimself on Nov 27, 2015 13:10:50 GMT
I thought normally the broker gets his big bonus only when the loan is successful and repaid(?) So if it's a brokers first loan show some caution when he's proved himself more trust might then be given. Where do you get that from? - I think they get some money from the borrower up front, then a share of the raise which will be the most sizeable sum. After that I think rebs brokers are out of the picture?
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Post by jh on Nov 27, 2015 14:19:48 GMT
I thought normally the broker gets his big bonus only when the loan is successful and repaid(?) So if it's a brokers first loan show some caution when he's proved himself more trust might then be given. Where do you get that from? - I think they get some money from the borrower up front, then a share of the raise which will be the most sizeable sum. After that I think rebs brokers are out of the picture? Afternoon...not sure I want to get too drawn into conversations regarding the deal itself, but am happy to be transparent about how we as brokers derive our income. Quite simply rebuilding pay brokers between 1 and 1.5% of the loan amount once the loan has drawdown, depending on what has been negotiated.
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Post by Ton ⓉⓞⓃ on Nov 27, 2015 17:33:22 GMT
Where do you get that from? - I think they get some money from the borrower up front, then a share of the raise which will be the most sizeable sum. After that I think rebs brokers are out of the picture? Afternoon...not sure I want to get too drawn into conversations regarding the deal itself, but am happy to be transparent about how we as brokers derive our income. Quite simply rebuilding pay brokers between 1 and 1.5% of the loan amount once the loan has drawdown, depending on what has been negotiated. So simply put, are you saying that you don't get any bonus when the loan is repaid? You only get when one when it's drawn with RebS? To be honest I'm a little surprised.
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Post by jh on Nov 27, 2015 17:48:25 GMT
Afternoon...not sure I want to get too drawn into conversations regarding the deal itself, but am happy to be transparent about how we as brokers derive our income. Quite simply rebuilding pay brokers between 1 and 1.5% of the loan amount once the loan has drawdown, depending on what has been negotiated. So simply put, are you saying that you don't get any bonus when the loan is repaid? You only get when one when it's drawn with RebS? To be honest I'm a little surprised. Confirmed. its pretty much the same across all the p2p forums I currently deal with. Would be nice if we did, but alas not.
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shimself
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Post by shimself on Nov 27, 2015 22:58:48 GMT
So simply put, are you saying that you don't get any bonus when the loan is repaid? You only get when one when it's drawn with RebS? To be honest I'm a little surprised. Confirmed. its pretty much the same across all the p2p forums I currently deal with. Would be nice if we did, but alas not. TC 'sponsors' get a bit out of every repayment I think. But yes this is really important - p2p in general does not get over the big problem with all finance companies - it doesn't make much difference to them, if any, when investors do badly. They make money when they sell us a crock.
Two TC sponsors co-invest one in particular co-invests half their fee. There's a platform which always holds a bit ?10%? of every loan, forgotten who right now.
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Steerpike
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Post by Steerpike on Nov 28, 2015 8:49:36 GMT
Confirmed. its pretty much the same across all the p2p forums I currently deal with. Would be nice if we did, but alas not. TC 'sponsors' get a bit out of every repayment I think. But yes this is really important - p2p in general does not get over the big problem with all finance companies - it doesn't make much difference to them, if any, when investors do badly. They make money when they sell us a crock.
Two TC sponsors co-invest one in particular co-invests half their fee. There's a platform which always holds a bit ?10%? of every loan, forgotten who right now. The Wellesley Way - "indeed, we are the only Peer-to-Peer platform to place our own funds into every loan made"
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Post by ablrateandy on Nov 28, 2015 9:27:24 GMT
TC 'sponsors' get a bit out of every repayment I think. But yes this is really important - p2p in general does not get over the big problem with all finance companies - it doesn't make much difference to them, if any, when investors do badly. They make money when they sell us a crock.
Two TC sponsors co-invest one in particular co-invests half their fee. There's a platform which always holds a bit ?10%? of every loan, forgotten who right now. The Wellesley Way - "indeed, we are the only Peer-to-Peer platform to place our own funds into every loan made" Just for the record that statement is not true.
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