P2p Global Investments Share Discussion Threads

[gopher] 10/7/2016 12:28

These are interesting after the price fall. The one point I am struggling with is whether one can regard an individual who is willing to pay 9% on a personal as prime borrower.

[wirralowl] 09/7/2016 14:50

oniabsta, good luck with idealing - I fear you'll need it !

I had the exact same problem with them wrongly taking the tax off Ranger Direct Lending (RDL) interest income payments. Despite being a customer of theirs for over 13 years, their initial emails were blunt, to say the least. They advised that if I had any issues I speak to HMRC about it and that they did not offer a tax reclaim service. I replied that as my shares were held in an ISA, this was not something HMRC would be interested in, and that as an administrator of a nominee account what they should have done was contacted the company on my (and all other holders) behalf and complete a Declaration of Eligibility Form, so that they would receive the payment gross from the company. At this point they just stopped communicating with me, even when I complained and ask to speak to someone in a senior position.

Consequently, I did as anley said and switched to AJBell and now receive the payments in full, and on time...

[anley] 09/7/2016 09:39

Get yourself a good broker like The Share Center and you will not have to waste your time coming on and asking BB.......trying to be helpful.

In the meantime I notice that the company is buying back its own shares into "treasury".........so are they trying to get a bottom for the shares?

[aroon001] 09/7/2016 00:37

its interest income not a dividend I think so taxed like savings in theory. in an ISA and Sipp they shud just pay the whole thing to you. what I noticed was though that AJ bell isa did pay the gross amount. TD stockbrokers ISA taxed it first, and then after a month paid me the tax taken off too. They said they had to do it that way for some reason, cant recall why. I think now with savings interest not taxed at source this should all change and we will get everything gross going fwd.

[oniabsta] 07/7/2016 07:53

I hold these in my Sipp & ISA and so should not be taxed. For some reason iDealing.com taxed the last divi (May) into the Sipp but not the ISA. They have not responded to my e-mails about it. Can anyone tell me if their last divi was taxed before it was paid?

[anley] 31/5/2016 14:24

I agree and our dividend gets re-invested back in to shares........

[argoal] 25/5/2016 08:42

Nothing in the news letter to be worries about.

Just the usual (0.43p) tick up Nav.

Not to say there is nothing to worry about though- just not in the news letter.

[farmsted] 25/5/2016 06:50

Can't access the monthly news letter, must be ... news

[dendria] 14/5/2016 09:14

P2P article in today's Citywire IT Watch:

hxxp://citywire.co.uk/money/investment-trust-watch-p2p-funds-in-turmoil/a908505?ref=citywire-money-highlights-of-the-week-list

[analyst] 12/5/2016 20:48

US Lending Club allegations of irregularities in lending, CEO sacked.

It transpires that Lending Club sold a major portfolio of $22m of loans to a large investor, which then discovered the loans were not quite what had been advertised or requested.
Lending Club bought back the loans and launched an investigation, firing the boss plus two other executives - the company’s shares tumbled by almost 30%.

As a result investors and industry-watchers suspect the wrongdoing may be the tip of a bigger iceberg in the firm and, given its prominence, in the wider industry.

[aroon666] 12/5/2016 14:00

Anyone know why the share price just fell about 8%?

[davebowler] 22/4/2016 08:26

Liberum;
1.3% NAV total return in Q1

Event
P2PGI's NAV at 31 March 2016 was 1012.2p per share which represents an uplift of 0.48% in the month. NAV total return in Q1 was 1.3% and we calculate a 12-month NAV return of 6.4%.

The weighted average coupon on the loans is 10.4% following the merger of the C shares and the portfolio is diversified across ~134,000 loans. Delinquency remains within expectations.

As previously announced, the C share proceeds were fully invested during March and the company is now focusing on deploying debt capital towards the target range of 90%-100%. The leverage ratio at the end of March was 56%. Future investments are likely to focus increasingly on loans outside of the consumer sector and the US/UK in order to provide greater diversification.

P2PGI increased its equity investment in four of the platforms that it had previously invested in.

Liberum view
P2PGI's NAV performance in the month showed an uptick from prior months and this should continue to improve as the company deploys further debt and brings the leverage ratio towards the 90-100% target. We expect that it will take 4-5 months to reach the target leverage ratio. P2PGI currently trades on a 10.5% discount to NAV which we regard as attractive given the potential for a c.7% dividend yield (based on the lower end of the target dividend range) over the next four quarters, this does not include any potential upside from equity investments in high-growth platforms.

[aroon666] 08/3/2016 01:52

Does anyone know why P2PC has 50,000 loans, average size = £10,000 each. Makes net assets £500m, when only £400m has been raised? it has no leverage yet.

hxxp://www.p2pgi.com/Home/NewsLetterJanuary2016

[yieldsearch] 07/3/2016 23:18

off topic question apologising in advance, i couldnt find a board dedicated to general q on marketplace lending. anyone can share view on www.lendinvest.com? or redirect me to dedicated website comparing and discussing p2p structures? tia

[rl34870] 04/3/2016 19:15

As Specuinvestor and I argued the recent price drop was an anomaly and one to be fully exploited. This week I have had similar success with Mercantile Investment trust. By yesterday market sentiment had changed considerably and yet this trust was still drifting lower. It should move in line with the FTSE 250 Index but over the last month it has underperfomed by 10%. Sometimes these anomalies can take time to be corrected but in 24 hours it has already risen from 15.62 to 16.16. Is there anywhere on this site where such anomalies are discussed? Today I am starting to build a large position in Astrazeneca which has underperformed the FTSE100 by 10% in the last month...................

[davebowler] 04/3/2016 10:08

Liberum;
P2P Global Investments (BUY)
C Share conversion to take place in March

Event
As previously indicated, P2PGI's C shares will convert on 22 March following the announcement of the February 2016 NAV as over 90% of the C share proceeds have now been invested.

Once the share classes have merged, P2PGI expects to resume a regular quarterly dividend with the dividend for Q1 2016 to be declared in April.

Liberum view
The merging of the C shares is in line with the 6-9 month target set at the time of issue and the enlarged portfolio will then be diversified across 160,000+ loans. The gearing ratio on the ordinary shares will reduce following the conversion but this will be partly offset by the higher yielding loan portfolio of the C shares (11.3% coupon on C shares vs. 10.0% on ordinary shares). The gearing on the ordinary shares was 78% at 31 January and we estimate it could reach c.95% by the time of the C share conversion. The subsequent gearing ratio would be c.50% following conversion and we estimate it would take approximately 5 months to achieve the targeted 100% gearing ratio from that point. P2P's share price has recovered in recent weeks and now trades on a 10% discount to NAV.

Real Estate

[rl34870] 03/3/2016 15:29

Ranger just published January factsheet saying NAV rose 3.92% in January due to appreciating dollar- if you can get in around 960p then buying on a discount of around 15%- P2P discount now reduced to 10%.

[argoal] 02/3/2016 18:53

Agreed, more like a junk bond than a gilt for sure. Not sure what index would make sense maybe global high yield (VHYL) or similar.

I'll stick around here rather than a single p2p site just for the diversification. Although I do have cash in Zopa and have used zopa since 2008 or 2009 I think. Zopa has been pretty reliable through thick and thin.

[aroon666] 02/3/2016 18:38

Thing is it wont trade like a low risk bond like a gilt. It is probably viewed as a high yield/junk bond effectively, so should have the credit component of equities. I think it should track a high yield index of some sort, or perhaps the FTSE 250 over the medium term. If it holds up through a full economic cycle, perhaps then will trade more like a investment grade bond.

well done on catching the bottom!

[anley] 02/3/2016 17:13

Well done as I sold and went back to RateSetter..........will keep an eye on the evolving industry.

[argoal] 02/3/2016 16:17

I'm not sure that this should really track the ftse in any meaningful way. Which is part of the reason it is attractive.

Obviously the economic circumstances that would create mass defaults on the loan book would also hit the ftse hard but overall it should be far less volatile that most shares and behave far more like a bond.

I see the discount is back under 10% which is nice as it looks like I caught the bottom here (for once).

[aroon666] 01/3/2016 15:42

Also this is on the back of almost a 10% rise in the ftse from the lows. So perhaps less impressive.

[aroon666] 01/3/2016 13:08

Got it.
Yes discount looking bit better, hoping it trends back to about 5% discount to NAV. Though is bit worrying that something can go to such a large discount in first place. Volume of shares traded over the last month or so doesnt indicate anything excessive so not sure if overhang from an institutional seller is a true.

[argoal] 01/3/2016 10:56

No special knowledge aroon.

I was just trying to illustrate that amortisation does not affect assets and liabilities in opposite ways and invented a reasonable scenario as an example.

On another topic I see the the discount is unwinding quite quickly. Down to around 12.5%. Unless the Nav deteriorates then a smaller discount looks more reasonable.

Even if Nav starts to falter then a 12% discount in anticipation of further Nav falls would still be excessive in my opinion.