in p2p investing

defaults on Housers

I have been investing in Housers for more than a year now. My experience with Housers was negative at the beginning and then I have changed my mind and re-ranked it.

Now I have new experience – default. Defaults are usual in lending industry. The risks and how they are managed – that is what is interesting in this case: MARISMAS DE ODIEL

535k loan was taken with 11,5% yearly interest rate for period of 6 months on July of 2018. 3,5k of interest was paid.

The interesting part is that Housers asked every investor to vote what to do next.

Voting interface. I have chosen to prolong the contract

I like the idea that everybody is allowed to control their fate, but on the other hand, Housers, with 80+ of staff could prepare some analysis and give their opinion on what is better to do.

Another interesting about this Spanish default is that Housers outsource recovery of money for a hefty 12% + VAT fee. (additionaly Housers pays 1.5% from their pocket)

So investors in this project had two options:

  • A. prolong interest (with lower interest rate!!!)
  • B. give for management company the right to recover the debt.

Customer support is terrible. 3 emails sent. No reply. Phone call 3 minutes hold – no answer = promise to call me back.

p.s. Housers earned 8.5% on raising this loan.

MEDITERRANEAN HILLS. Project was funded 2018 July 18th for 12 month loan with 8,5% interest. 2020 April 24 the project still does not have a building license. Same situation is with Bond Hills where same developer NOK (run by GARRIGOS ZAMBUDIO ANA BELEN) did not get the license in 2 years to start construction.

BELLEVUE GREEN 2020 April 1st – 2 month notification is given to present new schedule. June 6th nothing happens

HONLY HOTEL. Property funded December 12, 2018 for 12 month loan. It paid interest for 4 months. No more communication from Housers side.

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