You've hit the nail on the head BJ1 (in my opinion). That does at least appear what's happening. Though as Myles rightly points out, the communication has been nil.
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Tend to agree, and why wouldn't shareholders run the business in their interests?! Cash level is getting ridiculous but I have decided to give it a little longer and have upped the investment per loan and dropped a little further into the A zone. I will feel a whole lot more comfortable when I have a few hundred loans at the new level!
More competition for P2P platforms:
Fintechs plotting a revolution in SME lending
Prospa already up and running by the looks - not sure what sort of interest rates they offer (dependant on the business, time in business etc.).
Harbour Asset Management has been investing in Harmoney loans
http://investmentnews.co.nz/investme...an-disclosure/
Brown said the fund currently held about $600,000 in roughly 200 underlying Harmoney loans - means an average to $3000 per loan. I wonder if they're buying on the retail platform or if they're getting special access as an institution and beating the rest of us to the loans?
I was told recently that $2m was the minimum for wholesale but that they are not taking any more applications. Zip chance on either score!
Massive cock-up on my part yesterday. I had just bought a loan on Lending Crowd. I then went on to Harmoney and placed an order with the dollar amount not units! Something made me go back and check a little later but it was too late! Just raised my amount per loan too!
Another 10% of my portfolio turned to cash since last month and not a loan seen which meets my longstanding (3 year) set of criteria. Someone is getting to cherry pick before us.
I know the Harmoney ads I'm being served up on various platforms aren't making any mention of P2P.
I also liked this bit from the http://investmentnews.co.nz/investme...an-disclosure/ article:
"Brown said Harbour also did extensive due diligence on Harmoney before embarking on the peer-to-peer loans including a review of the platform’s credit ranking system and client servicing practices.
“We looked at a couple of other peer-to-peer platforms but Harmoney was the only one with critical mass and a reasonable historical record,” he said. “As investors you want to know the platform will be there in five years time.”"
Ironic much?