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Thread: Harmoney

  1. #3551
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    Quote Originally Posted by permutation View Post
    Been lending for 40 months now, I switched away from E an F grades from September 2015 due to heavy losses, the low point of my RAR graph, then began concentrating in the mid-range zones and it's served me well. Latest RAR 14.06% being 422 pips above the platform.

    Attachment 9842
    Great going!

    I still think there are worthwhile loans in grade E , just being very selective. Last year I had 25% grade E or F and some of those wouldn't touch with a bargepole today. Other then certain risk pockets, am relatively happy barring a complete financial meltdown,

  2. #3552
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    One thing I know for sure, from November to Mid January I'll tighten up my lending criteria and stick with the B & C grade stuff. My only loans still in arrears (and looking like they are well on their way to write-down) are E grades issued in Early December.

  3. #3553
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  4. #3554
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    Thank for the link @Wsp.

    Article timing makes me wonder if Gareth is a reader of this forum thread given the chatter from a few weeks back. If so, @Gareth, thanks for doing the legwork on this. If not; thanks anyway.

  5. #3555
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    Thanks Wsp. Wholesale support for P2P is killing it? Unless they substantially reduce funding of Harmoney it will surely remain a tiny niche investment opportunity unless of course there is some other radical change like acquisition of finance companies. Maybe we are just too tight to meet market interest rates!

  6. #3556
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    Quote Originally Posted by RMJH View Post
    Wholesale support for P2P is killing it?
    A different take: Wholesale support for P2P lending is what is allowing it to grow...in Harmoney's case anyway. Without it, I suspect, Harmoney would not be viable.

    The 'P2P lenders' who don't *yet* include wholesale investment are unable to meet investment demand - they need to 'grow' significantly to meet the demand, wholesale investment appears to be the way forward for growth at this time.

  7. #3557
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    Quote Originally Posted by myles View Post
    A different take: Wholesale support for P2P lending is what is allowing it to grow...in Harmoney's case anyway. Without it, I suspect, Harmoney would not be viable.

    The 'P2P lenders' who don't *yet* include wholesale investment are unable to meet investment demand - they need to 'grow' significantly to meet the demand, wholesale investment appears to be the way forward for growth at this time.
    I agree wholesale funding was vital to get critical mass but wonder if it is now blocking mass participation such that it will never become a game changer in financial services here. Lack of support from the powers that be doesn't help either. I hope the tax working group at least take a look at P2P. I see Zopa in the UK has achieved significant scale is now raising capital to become a bank.

  8. #3558
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    Chinese P2P lenders are in a lot of trouble https://money.cnn.com/2018/08/08/new...ing/index.html

  9. #3559
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    Quote Originally Posted by RMJH View Post
    I agree wholesale funding was vital to get critical mass but wonder if it is now blocking mass participation such that it will never become a game changer in financial services here. Lack of support from the powers that be doesn't help either. I hope the tax working group at least take a look at P2P. I see Zopa in the UK has achieved significant scale is now raising capital to become a bank.
    They should have looked at retail taxation implications, and a tax ruling provided, of p2p at the time p2p was given the go ahead by FMA. This should especially have been the case in NZ given our poor financial investment rate and over reliance on residential housing investment when compared with developed nations.
    Last edited by Bjauck; 11-08-2018 at 01:48 PM.

  10. #3560
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    Quote Originally Posted by RMJH View Post
    I agree wholesale funding was vital to get critical mass but wonder if it is now blocking mass participation such that it will never become a game changer in financial services here. Lack of support from the powers that be doesn't help either. I hope the tax working group at least take a look at P2P. I see Zopa in the UK has achieved significant scale is now raising capital to become a bank.
    Well it seems that most borrowers aren't aware that most of the lending is coming from institutional funding.

    Harmoney just haven't yet been able to attract enough customers for there to be the scale that you desire. It's hardly surprising that a new lending business isn't able to take over the market.

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