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manafana

Strettie11 wrote: »

Same here I see no loan for 150000

they sent an email, limited to certain bidders, i suppose i got one due to past activity.

Strettie11

so the largest loan request in irish peer to peer history was sent to a limited number of bidders ?

Did autobid operate on this loan?

What was the grade, loan term ?

What is the companies name seeking the request ?

What criteria must bidders fall into to receive email

tomwaits48

Strettie11 wrote: »

so the largest loan request in irish peer to peer history was sent to a limited number of bidders ?

Did autobid operate on this loan?

What was the grade, loan term ?

What is the companies name seeking the request ?

What criteria must bidders fall into to receive email

I see it now, had an email in spam. It's a 1 year loan @ 10%, company is Iconic Offices.

Cute Hoor

losttheplot74 wrote: »

One bidder has €50,000 on the Iconic loan.

He is a fairly serious bidder on most loans

Cute Hoor

Strettie11 wrote: »

so the largest loan request in irish peer to peer history was sent to a limited number of bidders ?

Did autobid operate on this loan?

What was the grade, loan term ?

What is the companies name seeking the request ?

What criteria must bidders fall into to receive email

It's available to all now

Edit: Criteria for receiving email appears to be long time investors, and the autobid did apply

manafana

Cute Hoor wrote: »

It's available to all now

Edit: Criteria for receiving email appears to be long time investors, and the autobid did apply

the 12 month is appealing so i reinvested all cash i had waiting to make last withdrawal on.

scheister

i got the email about this loan at 11.08 this morning. From the looks of it id imagine its closed shortly after this

Cute Hoor

scheister wrote: »

i got the email about this loan at 11.08 this morning. From the looks of it id imagine its closed shortly after this

Around 11:45

tomwaits48

I emptied my account for that loan in the end - 1 year loan @ 10% is pretty attractive.

sceach16

tomwaits48 wrote: »

why one is this, I don't see anything for 150k as live when I log in or in the previously successful loans section

Autobidders got an email on Tuesday about it

"This will be a one-year facility for a very impressive business, so it is bound to prove popular with lenders. As such, we have decided to provide Autobid users and some of our most active lenders with 24 hours of early access to this loan before it hits the public marketplace. "

It went on general release at 11 this morning.

at9qu5vp0wcix7

After tax and fees it looks like a sub 2.5% return - hardly anything special considering its an unsecured loan IMO.

sceach16

Lenders may have noticed an offer on this loan offering 20% off your final bill if you bid 500 or more on this loan.

I posted this in the Q/A

"Hi. What is a final bill? I eat regularly in Swords and Malahide.....I don't know when my final bill will be. Do you? Sceach "

The question is still awaiting moderation but the offer has been changed to

"Bid €500 or more on the loan and you'll get a 20% discount on your next visit to either the Swords, Malahide or Dun Laoghaire restaurants.
Limited to one discount voucher per lender. Terms & Conditions Apply"

More seriously, On a bill of 125 euro ( a good lunch for 4 including wine...it is a good and moderately priced menu), 25 euro off gives a nice premium on the rate.

Against this , La Maison gave a straight 50 euro off voucher if you bid 500!

manafana

Mila Calm Ax wrote: »

After tax and fees it looks like a sub 2.5% return - hardly anything special considering its an unsecured loan IMO.

your calculations are wrong tbh

manafana

sceach16 wrote: »

Lenders may have noticed an offer on this loan offering 20% off your final bill if you bid 500 or more on this loan.

I posted this in the Q/A

"Hi. What is a final bill? I eat regularly in Swords and Malahide.....I don't know when my final bill will be. Do you? Sceach "

The question is still awaiting moderation but the offer has been changed to

"Bid €500 or more on the loan and you'll get a 20% discount on your next visit to either the Swords, Malahide or Dun Laoghaire restaurants.
Limited to one discount voucher per lender. Terms & Conditions Apply"

More seriously, On a bill of 125 euro ( a good lunch for 4 including wine...it is a good and moderately priced menu), 25 euro off gives a nice premium on the rate.

Against this , La Maison gave a straight 50 euro off voucher if you bid 500!

incentive for good offers is gone, 20% seems more than enough give it won't help you get a lower interest rate, still don't get why LF doesnt blend between two, I have seen few loans who cleared would have got lower rates

at9qu5vp0wcix7

manafana wrote: »

your calculations are wrong tbh

Entirely possible! What would you put the return at?

manafana

Mila Calm Ax wrote: »

Entirely possible! What would you put the return at?

its complicated but i thkn your numbers assume that any principal repaid couldnt be reinvested somewhere else.

Basic calulation is the return is 10-1.5%= 8.5% *.51% after tax (highest rate now 49% = 4.25% +

sceach16

manafana wrote: »

its complicated but i thkn your numbers assume that any principal repaid couldnt be reinvested somewhere else.

Basic calulation is the return is 10-1.5%= 8.5% *.51% after tax (highest rate now 49% = 4.25% +

Less the likely default rate on a portfolio of C rated loans (may not apply to this loan) is 3.3% average (Linked finance)

manafana

sceach16 wrote: »

Less the likely default rate on a portfolio of C rated loans (may not apply to this loan) is 3.3% average (Linked finance)

tbf iv factored some that in, rounding down return 3.3% of 4.5%+ isn't that much, but then if you put in principal thats another matter. Fully defaulted loans can be claimed against interest received, some say you can't but those defaults are earned from the very source of interest income

at9qu5vp0wcix7

manafana wrote: »

its complicated but i thkn your numbers assume that any principal repaid couldnt be reinvested somewhere else.

Basic calulation is the return is 10-1.5%= 8.5% *.51% after tax (highest rate now 49% = 4.25% +

I considered the loan as a single investment, independant of any reinvestment. I also still believe it is a poor return - loans elsewhere have higher interest rates combined with buy-back guarantees.

sceach16

sceach16 wrote: »

Less the likely default rate on a portfolio of C rated loans (may not apply to this loan) is 3.3% average (Linked finance)

manafana wrote: »

tbf iv factored some that in, rounding down return 3.3% of 4.5%+ isn't that much, but then if you put in principal thats another matter. Fully defaulted loans can be claimed against interest received, some say you can't but those defaults are earned from the very source of interest income

Check with revenue ! I say they cannot be written off against income. So do the other somesayers.

manafana

sceach16 wrote: »

Check with revenue ! I say they cannot be written off against income. So do the other somesayers.

yeah i think the law isnt written well to cover this, but like its a cost of investment that you won't get back so in any form of common sense it should be deductable.

As for income tax their are number of deductable items for other income

Strettie11

Manafana,

My understanding and I am open to correction untaxed interest earned in the State is taxed as Schedule D Case III income and this income has no provision for any type of deductions.

This poses another question though are the platform fees tax deductible against the gross interest earned ??

When you look to the UK which had a very similar tax structure platform fees are not tax deductible so tax is charged on the gross interest. Taxpayers in UK were given permission for tax year 2014/2015 to deduct platform fees because there was confusion and no clear direction from HMRC but from 2015/2016 tax is charged on gross interest.

Also UK tax payers were not allowed any deduction for loan losses until changes in April 2016 to tax code when it was allowed with restrictions attached.

manafana

Strettie11 wrote: »

Manafana,

My understanding and I am open to correction untaxed interest earned in the State is taxed as Schedule D Case III income and this income has no provision for any type of deductions.

This poses another question though are the platform fees tax deductible against the gross interest earned ??

When you look to the UK which had a very similar tax structure platform fees are not tax deductible so tax is charged on the gross interest. Taxpayers in UK were given permission for tax year 2014/2015 to deduct platform fees because there was confusion and no clear direction from HMRC but from 2015/2016 tax is charged on gross interest.

Also UK tax payers were not allowed any deduction for loan losses until changes in April 2016 to tax code when it was allowed with restrictions attached.

indeed as in ireland not clear, common sense says you should be allowed deduct bad debts from income received from same activite but believe currently yes that is not case.

Returns are net of platform fees so would be very generous of anyone to add them back from interest earned. It could easily be argued that the 10% is only 8.5% simply as thats what you get returned.

manafana

currently it seems tax system benefits only business and not individuals, even the usual first 1,270 is tax free would be nice

scheister

Tax issues

My understanding of the taxation around linked finance payments is that you are liable for tax on the actual interest received. So its after LF take their cut.

I also see we have a new record for fastest loan funded.
Investnet Healthcare grade C €20,000 funded in 1 second

Bubbaclaus

Auto Bid annoys the hell out of me. Surely you'd want to at least read the company background, reason for taking out the loan and their financials before parting with money?

All these loans getting filled within a few seconds basically means it's autobid or nothing.

manafana

Bubbaclaus wrote: »

Auto Bid annoys the hell out of me. Surely you'd want to at least read the company background, reason for taking out the loan and their financials before parting with money?

All these loans getting filled within a few seconds basically means it's autobid or nothing.

the minimum bid being 50 also makes autobid crap, ok if used as way to spread risk, but LF doesnt have the amount of loans needed for good use of autobid

benjamin d

So there are currently no loans available at all. I know it's Christmas week so nobody is really looking for a loan right now, but is that something Linked should have prepared for, maybe delaying some loans to keep a steady stream?
Is there a shortage of companies seeking to use Linked or am I reading into it too much and it's just a product of it being Christmas week?

manafana

benjamin d wrote: »

So there are currently no loans available at all. I know it's Christmas week so nobody is really looking for a loan right now, but is that something Linked should have prepared for, maybe delaying some loans to keep a steady stream?
Is there a shortage of companies seeking to use Linked or am I reading into it too much and it's just a product of it being Christmas week?

reading too much into it, purely so they can all take christmas off, which seems fair enough

benjamin d

I thought so alright. Though I have noticed in the last few months that often there are only 6-8 loans up at a given time where there used to be up to 13 or 14.