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  1. #251
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    Investing with LC and Harmoney has become so time consuming that I am considering withdrawing all my money and investing it all with Squirrel Money.

    Harmoney's Auto-Lend lacks some important filters and its priority rules are broken. LC gets very few loans and unless you are watching your phone all day or login countless times throughout the day then it's difficult to invest.

    For these reasons I quite like investing with Squirrel Money; deposit some money, create a loan order and then go to the beach. My money is automatically invested when a new loan becomes available. The interest rates are slightly lower but far less time consuming and time is money. And I am also a fan of their Loan Shield.
    Last edited by icyfire; 29-01-2017 at 01:05 PM.

  2. #252
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    Quote Originally Posted by icyfire View Post
    Investing with LC and Harmoney has become so time consuming that I am considering withdrawing all my money and investing it all with Squirrel Money.

    Harmoney's Auto-Lend lacks some important filters and its priority rules are broken. LC gets very few loans and unless you are watching your phone all day or login countless times throughout the day then it's difficult to invest.

    For these reasons I quite like investing with Squirrel Money; deposit some money, create a loan order and then go to the beach. My money is automatically invested when a new loan becomes available. The interest rates are slightly lower but far less time consuming and time is money. And I am also a fan of their Loan Shield.
    Yes that's right you find the P2P Options that work best for yourself!

    I'm now split approx 50 \ 50 with funding between LC and SM.

    I would never advise investing 100% in any one P2P company - got to keep diversified!
    Last edited by Saamee; 30-01-2017 at 10:52 AM.

  3. #253
    Squirrel Mortgages (Verified) JB@Squirrel's Avatar
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    Nov 2015
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    Quote Originally Posted by Saamee View Post
    Maybe the drop(ping) in Reserve Fund size is linked to Squirrels commitment to paying in 4% over the 1st year. Now they will let the fund dwindle down to the 1.9% level they state it should be at?
    Hi Saamee, apologies haven't been on here for a while.

    We wrote off a $20k loan over Christmas. We expect to collect on this one, but we have a policy of writing off at 90 days arrears and then recovering to the reserve fund. It is sitting with debt collectors and we have security. We also cover arrears through the reserve fund. A combination of this can make it appear a bit more volatile whilst the book isn't that large. What we have been showing is the cash balance in the fund as opposed to the cash balance plus receivables. It has since started to build up again and does so fairly quickly now.

    We initially committed to keeping the reserve fund at 4.00% for the first 12 months so that the reserve fund would have a reasonable starting position. We are now through 12 months so it will build up under its own steam. The book has started to grow faster and recently passed $6m 100% retail funded. That growth will drop the reserve fund as a % of loans outstanding.

    We launched a new web site in December so the reporting has changed a bit, mostly for the better.

    The focus with the new web site has been on getting the borrower proposition simpler. You'll see we now have explicit borrower rates targeting high quality borrowers and we sped up the loan acceptance process to reduce latency for investors.

    You'll see we put up the Squirrel Investor App for Android and iOS. Its version 1 and we have plans for v2.0 already. We'll hit you up for feedback on what you want when we're ready for the next App sprint.

    We intend to put up a lot more reporting up on the reserve fund soon.

  4. #254
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    Quote Originally Posted by JB@Squirrel View Post
    Hi Saamee, apologies haven't been on here for a while.

    We wrote off a $20k loan over Christmas. We expect to collect on this one, but we have a policy of writing off at 90 days arrears and then recovering to the reserve fund. It is sitting with debt collectors and we have security. We also cover arrears through the reserve fund. A combination of this can make it appear a bit more volatile whilst the book isn't that large. What we have been showing is the cash balance in the fund as opposed to the cash balance plus receivables. It has since started to build up again and does so fairly quickly now.

    We initially committed to keeping the reserve fund at 4.00% for the first 12 months so that the reserve fund would have a reasonable starting position. We are now through 12 months so it will build up under its own steam. The book has started to grow faster and recently passed $6m 100% retail funded. That growth will drop the reserve fund as a % of loans outstanding.

    We launched a new web site in December so the reporting has changed a bit, mostly for the better.

    The focus with the new web site has been on getting the borrower proposition simpler. You'll see we now have explicit borrower rates targeting high quality borrowers and we sped up the loan acceptance process to reduce latency for investors.

    You'll see we put up the Squirrel Investor App for Android and iOS. Its version 1 and we have plans for v2.0 already. We'll hit you up for feedback on what you want when we're ready for the next App sprint.

    We intend to put up a lot more reporting up on the reserve fund soon.
    Hey JB

    Thanks for the confirmation \ update. I recently got the App installed too.

    Would be good to hear from you where you think P2P will be going in NZ over 2017 and also for sure how you think P2P may play out with Domestic & International Borrowing Interest rates moving now upwards slowly. ( either on here or via a Newsletter to Investors.

    Rgds Saamee

  5. #255
    Squirrel Mortgages (Verified) JB@Squirrel's Avatar
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    Hey guys,

    Quick update.

    We currently have $200,000 of loans available on the platform. $52k in the secondary market (loans we've settled on our account and now for sale), $97k in documentation and $50k documented and awaiting funding.

    5 year at 9.00%
    3 year at 8.50%

    The stuff we have on the secondary market is a mix of $2k and $5k loans. Historically we used to do these at $5k but are dropped to $2k last week and now to $500 going forward to match the minimum investment amount.

    Few key points to reminder you all:

    - Even 5 year loans prepay at about 30% per year (nature of market.) . Average duration is around 18 months.
    - Secondary market if you need to liquidate. (Saame - I don't see rates going up any time soon.)
    - Can auto-invest and can also set up a regular withdrawal for income.
    - Mobile App (iOS and Android)

  6. #256
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    Apr 2014
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    I like the change made to buying into the secondary market at 500 amounts. Gives confidence that it will be easy to sell out of my investments if needed.

    Continuing happy investor.

  7. #257
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    Squirrel shareholder update says they are looking to reach a $30m loan book for the platform to break even.

    A long way to go from the current $6m loans and with investors not keeping up with borrower activity recently

  8. #258
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    Quote Originally Posted by Kelvin View Post
    Squirrel shareholder update says they are looking to reach a $30m loan book for the platform to break even.

    A long way to go from the current $6m loans and with investors not keeping up with borrower activity recently
    Growing organically takes time and perhaps they need to invest a bit more into marketing the platform. I personally prefer to invest into SM nowadays. Slightly lower returns but much less time consuming and much safer investment.

  9. #259
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    I have been very happy with my little sojourn into Squirrel Money so far but because I don't know how to estimate the risk I have limited the funds I have invested to date. I am thinking of increasing it tho and wondered if anyone else could venture an opinion on how you personally view the risk profile? I know Icyfire has indicated above that SM is a much safer investment than other P2P lenders but just how safe over 3 to 5 years do you think the investments are? Especially given the 4% reserve was only for year 1. I'm doing the indecision dance at present. Thanks in advance for any thoughts and apologies for the uninformed question I'm a novice investor.
    Last edited by lawson; 22-02-2017 at 10:43 PM.

  10. #260
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    Quote Originally Posted by lawson View Post
    I have been very happy with my little sojourn into Squirrel Money so far but because I don't know how to estimate the risk I have limited the funds I have invested to date. I am thinking of increasing it tho and wondered if anyone else could venture an opinion on how you personally view the risk profile? I know Icyfire has indicated above that SM is a much safer investment than other P2P lenders but just how safe over 3 to 5 years do you think the investments are? Especially given the 4% reserve was only for year 1. I'm doing the indecision dance at present. Thanks in advance for any thoughts and apologies for the uninformed question I'm a novice investor.
    Have a look at "What happens if the Reserve Fund runs out?"

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