I am a frequent user of many of the P2P sites. I try to get a balance between short-term liquidity and making sure my cash is working and earning interest. I have participated in both of Relendex’s auctions as a lender.
Given the near-plethora of sites now around, why do I use Relendex? The main reasons are excellent rates and security in the first auction the rate was fixed just below 9.00%, and in the second auction the rate was 10%, and you are lending against property with a relatively low loan-to-value ratio (so a lot of protection if the loan were to go wrong). And the team at Relendex understand property- it is clear that they are adopting a very conservative approach to the loans they take on, and have the skills to sort issues were they to arise.
Relendex is a new company, so there are some cosmetic issues that need addressing. The web-site is clunky, and not as user friendly as some others. The site is better suited to a property professional who wants to inspect the property details of the asset on which the loan will be secured, rather than a casual lender attracted by the stunning rate. You have to fund your account before the auction closes- so you could have dead money sitting idle until the auction closes.
Against that you get a professional team of managers who understand property, market-beating rates of interest for your money, and your loan is secured. As the cosmetic issues get sorted the site and platform should appeal to many more lenders.
As Relendex gets better known I think it will challenge some of the established P2P players-quite why anyone would want to lock their money up on a P2P site at 5% for 5 years when you could get twice that with Relendex escapes me.
