pikestaff
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Post by pikestaff on Nov 28, 2015 10:50:11 GMT
TC 'sponsors' get a bit out of every repayment I think... Sort of. In addition to their upfront fee (which they get direct from the borrower) they get half of the 1% spread between borrower and lender rates. They collect this only to the extent that the loan performs.
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Post by Ton ⓉⓞⓃ on Nov 28, 2015 20:49:52 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? Andrew Holgate here (concerning AC) on 24th Nov 2014 says, I take the ratchet fee loans to be BL's. From Andrew's comment quote above and the very helpful/informative Broker, jh, clearly this sort of loan fee structure is far from normal (as I mistakenly said above), but it would be nice to see the Broker's fee more closely aligned to the success of the loan as a whole and not just the drawdown, as has already been suggested.
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SteveT
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Post by SteveT on Nov 30, 2015 10:14:43 GMT
Surprised to see the first payment has been made today (1 week late)
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jonno
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nil satis nisi optimum
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Post by jonno on Nov 30, 2015 10:47:41 GMT
Surprised to see the first payment has been made today (1 week late) I'll guarantee you're not the only one
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shimself
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Post by shimself on Nov 30, 2015 15:02:44 GMT
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. What, meaning Ablrate also invest in every loan?
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Post by ablrateandy on Nov 30, 2015 15:06:15 GMT
Just for the record that statement is not true. What, meaning Ablrate also invest in every loan? I do on a personal basis.
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jonno
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nil satis nisi optimum
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Post by jonno on Nov 30, 2015 15:51:29 GMT
What, meaning Ablrate also invest in every loan? I do on a personal basis. Mmm, that's reassuring, but is it quite the same thing?
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Post by ablrateandy on Nov 30, 2015 15:55:32 GMT
It depends on how you define "own". But this is an Rebs thread and not appropriate for me to hijack.
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ixel
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Post by ixel on Nov 30, 2015 16:05:50 GMT
Wow, this is shocking! Just saw this thread. Quite some time ago I did lend through ReBS (thankfully only a small amount), but after my first and only loan defaulted with a reasonable loss I decided to stop and stick with the companies I've had good experiences with. Plat**** Wea**'s loan was what stung me at the time. Well, I guess there may be concerns for the future for ReBS if ReBS can't recover much of this particular loan for their lenders involved .
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shimself
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Post by shimself on Nov 30, 2015 17:07:19 GMT
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Post by dodgeydave on Nov 30, 2015 23:45:19 GMT
Wow, this is shocking! Just saw this thread. Quite some time ago I did lend through ReBS (thankfully only a small amount), but after my first and only loan defaulted with a reasonable loss I decided to stop and stick with the companies I've had good experiences with. Plat**** Wea**'s loan was what stung me at the time. Well, I guess there may be concerns for the future for ReBS if ReBS can't recover much of this particular loan for their lenders involved . So based on one bad loan you're abandoning the whole platform?! If you are getting an average of say 15% and have your investments spread well over many many loans on the platform then 1 bad loan is barely going to make a dent. Or you could go to say FC and still get a 2% (or thereabouts I haven't checked the latest figure) bad debt rate. Though of course you should also spread your risk across multiple platforms. If you've read the whole thread you'll see that FC has also lent them £200k and another platform also lent them money, so that's 3 platforms due diligence teams it passed, plus all the lenders many of whom will have done their own due diligence checks.The only worisome aspect with hindsight was the bad reviews on Trust Pilot, but the borrower gave a fair and reasonable explanation. J** R***** actually paid the 1st payment today so there's still hope they haven't done a runner with the cash. I had spread my risk across a number of loans. Currently have 3 bad debts and a fourth that will be or should of been added as the last payment was due August 2015. My Average return is 16.27% gross and 1.58 % nett.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 1, 2015 21:09:09 GMT
I had spread my risk across a number of loans. Currently have 3 bad debts and a fourth that will be or should of been added as the last payment was due August 2015. My Average return is 16.27% gross and 1.58 % nett. I just checked, I have loan parts in 118 loans currently live. There will be some that have repaid in full already on top of that. My average return is 16.51% Gross and 15.7% Net. I currently have 9 loans of the 118 in recovery. With Plat**** We*** being almost 50% of the balance because I was overexposed on that one. The platform average is 15.4% Net: www.rebuildingsociety.com/stats/Hi viperstripesMy stats show average return 17.42% gross and 14.92% net, but I don't think that is the true story. I have 69 loans and 5 are in default/bad debt according to my dashboard, these no longer show in "My Loans". Then there are 2 loans in "My Loans" which are clearly in default - one borrower is bankrupt and one is pending bankruptcy. ReBs haven't recovered anything on any of these loans. There are 2 more loans in "My Loans" which are clearly in default (over 2 months late) - but negotiating repayment plans. Sometimes interest only payments are made (recovered). Then there are 4 loans which are late and may crash and burn. Then there are some loans that have recovered from very late payments, and are up to date. So my question is "what do you class as loans in recovery ?"
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Post by Deleted on Dec 6, 2015 14:14:12 GMT
When the loan came up i asked and they gave me some numbers B***JEWE951912, B***JEWE302858 which meant nothing, tried to work it out based on the FC loanbook and it being in NI but failed miserably, was not happy with their other answers so did not invest. Those are virtual banking ids behind the scenes, like the lender deposit ones start with L and follow the same format. I have looked at the Funding Circle loan book and could not find anything related to this case. In particular I looked: - Northern Ireland loans - companies with two or more loans - sectors: consumer services, retail and wholesale (being the borrower a jeweller). It does not seem to be there. So one of the data must be wrong.
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Post by chris on Dec 6, 2015 14:46:48 GMT
Those are virtual banking ids behind the scenes, like the lender deposit ones start with L and follow the same format. I have looked at the Funding Circle loan book and could not find anything related to this case. In particular I looked: - Northern Ireland loans - companies with two or more loans - sectors: consumer services, retail and wholesale (being the borrower a jeweller). It does not seem to be there. So one of the data must be wrong. Possibly but not necessarily. Historically those virtual banking IDs were generated off the borrower's user account whereas the loan itself could mask or hide those details.
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oldgrumpy
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Post by oldgrumpy on Dec 6, 2015 15:04:07 GMT
No one on the forum has surfaced to say they are in Fist Clenched for this borrower, which I would take to indicate a lot of doubt over whether FC is the other lender.
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