BLEND - New Loans

[CoolingDude]

Purpose: To refinance a development site in Newry

This is an opportunity to lend to an experienced development team in order to release equity from a site consisting of 4 land plots located in Newry, Northern Ireland. Newry is 34 miles from Belfast and 67 miles from Dublin. It has a population of around 30,000 and a reputation as one of the best provincial shopping-towns in Northern Ireland

Rate : 12.00% | Term : 12 months
Loan Amount : £150,000.00

Borrower

• First charge over the development site at Newry with a Gross Development Value of £265,000
  
• First charge over 2 other development sites northeast of Newry, with a market value of £150,000
  
  

Note that interest is rolled up and paid at the end of the 12-month term

---

TBH, because of it being in NI and the fact interest is rolled up, I'm not that interested. However, Blend is definitely worth a look if you are looking to diversify; whilst my investments with them are limited (loan flow has been slow), their comms are excellent, and the loans have a great amount of information to get stuck into

[ozboy]

Fully agree about NI Loans, and no particular rhyme nor reason as to why, other than just a bad feeling deep in my bowels. (rofl)

[CoolingDude]

Thrilled to see my first loan Blend repaid today (Cross Keys)

A very pleasant experience

[jontyab]

Thrilled to see my first loan Blend repaid today (Cross Keys)

A very pleasant experience

Agreed, this is the loan that brought me to Blend, I've been happy with the experience.

Still no actual announcement yet other than the loan being marked "Ended" on the site.

[CoolingDude]

Agreed, this is the loan that brought me to Blend, I've been happy with the experience.

Still no actual announcement yet other than the loan being marked "Ended" on the site.

Yeah - no email or anything

I only knew because I saw my balance jump on my alerts. Will drop them an e-mail to suggest they do a better job of alerting investors

Hope it isn't a mistake; I've withdrawn the money!

[CoolingDude]

No sooner than I contacted them...

To all lenders on Cross Keys ?? Your money has arrived!



Full early repayment: The Cross Keys loan has been repaid well ahead of maturity after the property, a public house in Scotland, was sold.

Happy borrower: The loan was taken with the aim to buy-out the remaining stakeholder in the public-house. The borrower achieved his goal.

Happy lenders: Total interest received by lenders was £27,395

[ozboy]

"Agreed, this is the loan that brought me to Blend, I've been happy with the experience."

Yep. [Thumbs up emoticon here]

[SteveT]

The Sunniside Homes loans were both repaid early on 28th June. Apparently the final month's interest was paid in full (vs 5 days owed)

[BJN]

new loan launched at 08:30 am on a Monday morning (Crown House 2).. bank transfer do not start till after a few coffee's and Blend only run consolidations twice a day at approx. 10am and 4pm ... ( that was what I was informed on phone last time I called and asked ) Funny launch at 08:30 in the morning ...well 20 mins in and 87% remains . Dropped a line to them wondering why.. but they not in yet ..haha...lets see

[BJN]

Still in Blend and repayments all coming through fine 
new loans about 1 a month or so .. not too many really but see above so all good 
money drag is long - FYI ( see below ) 
im in Auto-Lend as the new loans are smallish, BUT the Auto-Lend system is a first in and hold system if you have spare funds... basically you can be in Auto lend for all the loans and get nothing. ( i have been in for 4 loans on Auto-lend and NOT got a penny of them)
After several discussions with them, find out its a basic Queue system with with full allocation of what you asked for and if you still have funds in the system to cover your required amount you stay at the front of the queue. Nothing like crowdproperty. 

So joining Auto-lend is not an automatic process of getting a piece of the action-  FYI .. its a queue and you will have to wait your turn until the others have eaten enough and dropped off the front of the list . Im told im roughly #29 on the list and several 100,000 ahead of me .. 

cannot complain at the loans im in at all... not one second late.. all repaid at reasonable rates

[sinatra]

You can be in Auto lend for all the loans and get nothing. (I have been in for 4 loans on Auto-lend and NOT got a penny of them).

After several discussions with them, find out its a basic Queue system with with full allocation of what you asked for and if you still have funds in the system to cover your required amount you stay at the front of the queue.

So joining Auto-lend is not an automatic process of getting a piece of the action-  FYI .. its a queue and you will have to wait your turn until the others have eaten enough and dropped off the front of the list.

Auto-lend is even worse than I realised. Who wants to leave their cash earning nothing for several months waiting for chance to get to the front of a queue? I don't understand why Blend don't implement a system that shares out each loan like Proplend does. The Blend system now denies most loans to most of their previous loyal investors. The last 2 loans were taken by just 23 and 24 lenders investing on average £6k and £7k each.

[BJN]

Blend AUTOLEND .. just got seriously worse due to MANIPULATION of the platform for someones benefit .... not mine or the minor investors...

there must have been lots of complaints again as they issued a general email.. explaining the reasons BUT FORGETTING  to mention that they MANIPULATED the autolend ... for someones benefit....

story line ....
14 Jan loan listed ... straight forward no issues 
20 Jan - Loan repaid in full..great 

9 Feb new loan listed - IMage house 2 Loan 4, not wanting another tranche, i deactivated and then later reactivated
It stated in the email summary .....ONLY LENDERS WHO HAVE SWITCHED ON AUTOLEND PRIOR TO 18th DECEMBER  2020 will be able to mange to get some of this loan...... WOW this is new .. have not seen his before ... will watch ..

9 Feb new loan listed  ... wow a 2nd loan Great ...Haynes heights Loan 2, But not wanting another tranche, i deactivated and then later reactivated  - so got none - good
NOTHING said about PRE DATING Autolend.......this time .....will continue to watch ..

17 Feb loan repaid in full and early... all good

17 Feb loan listed Cheyne Walk ... great ....BUT
stated in the email summary .....ONLY LENDERS WHO HAVE SWITCHED ON AUTOLEND PRIOR TO 8th FEB  2021 will be able to mange to get some of this loan.......
AS i had deactivated reactivated for the loans on the 9th FEB to ensure i did NOT get tranche on top of tranche ....so got NONE of this new loan....

You  can see they are MANIPULATING the Autolend  pre-qualification dates now for the benefit of some few or their own needs....
platform integrity for ME has gone SOUTH ...i have no idea if i can invest or not 

they refuse to issue ... YOUR QUEUE status list after each loan.... i have asked before ..
they will not do allocation as other platforms etc etc 


regards and FYI 


COPIED in the email they sent yesterday BELOW for  total story to ensure im not stating a one sided view .....
 i have withdrawn my waiting to invest cash today.... not playing these games......
 You may have noticed our recent loans have been funded by AutoLend only. Even some lenders who recently switched their AutoLend ON have been unable to lend on some of the recent opportunities and are on a queue.
This is due to a large increase in demand for loans from our existing and new lenders in recent months. Blend Network's solid and consistent track record, along with equity markets being high and the constant search for yield from investors has meant that the demand for our loans has surged in recent months.
Despite a challenging environment and a ‘Black Swan’ event caused by Covid19  and the lockdown, Blend Network has consistently performed strongly. Our credit team has been very selective and done a great job on the due diligence process. We have received over £2,000,000,000 loan requests to date, yet we only lend to projects we truly believe in.
We understand lenders want to see more loans and we are working extremely hard on this. But I'm sure you'll agree with us that the last thing we want to do is to loosen our lending criteria to accept more loans. We want to maintain the level of due diligence, similar lending criteria but potentially bring bigger loans on the platform to fill everyone’s appetite. Quality over quantity has always been and remains our mantra.
As you may have seen already, we've grown our lending team by hiring very experienced professionals who we hope will bring more loans in the coming months.
For those who have missed loans on AutoLend, I can assure you that you are going up in the queue. As an example, today 113 investors funded the Cheyne Walk loan and 32 investors dropped off AutoLend. This means that if you were on AutoLend and have missed on this loan, you are going up in the queue and you should be able to lend very soon. However, please note that every time you switch OFF your AutoLend - perhaps because you want to change some parameters such as your lending amount - and you re-switch it ON, you automatically go back down on the queue. 
We currently have a number of larger deals under due diligence which should allow all the AutoLenders to lend plus “Manual” lenders if they wish to.
To us, it is very important that everyone understands that while the demand for lending has grown rapidly on the platform, our key priority has always been and remains to always do the right thing and bring loans we truly believe in.
Thank you again for all your support.
 
Yann Murciano
CEO at Blend Network

[BJN]

New loan announced today  21st FEB.. Cheltenham Loan 3..

only AutoLenders who have switched their AutoLend ON prior to 18th January 2021 will be able to lend on this loan.

changed to the pre qualification range again

[BJN]

New loan today .. Bristol loan 1 ... 500,000, strange happenings on the allocation to this loan 

it said on the advanced email

“This loan is expected to be fully funded with AutoLend. Only Lenders who have switched their AutoLend ON before 22nd March 2021 will manage to lend on this loan. ”

the previous loan was on the 23rd of March and was a Follow on Tranche .. so i switch autolend OFF and 12 hours later switched it back ON.. so basically i was NOT legible for this loan on AutoLend. 

So never bothered looking too hard at it and just left Autolend switch on ....... i just got an email... “You have successfully lent £1,000 to the Bristol - Loan 1”......interesting !!!!!

seems others have left the platform and left Autolend DUE to BLEND squad switching Autolend  dates at will and when they want and trying to be far too clever .... so they never filled it with pre 22 march autolend and so they decided to just TAKE from post 22march autolend date on their own whim... instead of putting it on the open market ... interesting what they doing