debeast
(o)(o)
Posts: 238
Likes: 44
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Post by debeast on Dec 3, 2013 9:37:30 GMT
Well they have posted another loan recently (only 5% full). I don't know if anyone else has seen it yet? anyhow my initial thoughts.
+They seem to have large amount of fixed assets but not offering as security. +They offer a directors guarantee (which IMHO isn't worth anything) +One of the 2 directors resigned in October and my spidey sense is tingling with the answers they are giving +The credit rating at the mo is good back historically hasn't been +Interest rate is great
Just my thoughts would like to hear others. At the moment i'm giving this one a miss.
/beastie
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Post by mrclondon on Dec 3, 2013 22:57:23 GMT
I've asked a question regarding the appearance of a £70k+ revaluation reserve in the 2013 accounts which describe it as a "plant & machinery" revaluation. I'll await their response before giving this one further consideration.
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debeast
(o)(o)
Posts: 238
Likes: 44
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Post by debeast on Dec 5, 2013 11:27:49 GMT
I thought that was you Judging by the username . Just checked . No answer yet ? My issue is i like family run businesses that are just caught short through no fault of there own. I just can't quite determine if this is one or there is something a little deeper? We shall see
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Post by mrclondon on Dec 5, 2013 22:52:44 GMT
My question has now been answered with a plausible enough explanation (essentially poor accounting practises in the early days of the business). My concern is whether this revaluation reserve will be subject to depreciation as the assets would be if they had been correctly declared as fixed assets. The balance sheet on the year to date management accounts is not easy to follow, but does show a -£1941 adjustment to the previous year. Two more questions asked - and two flaws noted with the Q&A functionality. The main one is access to the website had timed out whilst I was researching and typing my questions, and when I pressed submit question it threw away my effort and the question box is limited to 500 characters which is a bit too restrictive.
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Post by parag on Dec 5, 2013 23:25:19 GMT
Hello and thanks for your feedback on our Q&A functionality. Apologies for any inconvenience this may have caused. We will raise these issues tomorrow with the IT team and get back to you on how we propose to address them. We will keep you updated via this thread.
Kind Regards,
Nik
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Post by mrclondon on Dec 6, 2013 20:28:34 GMT
Hello and thanks for your feedback on our Q&A functionality. Apologies for any inconvenience this may have caused. We will raise these issues tomorrow with the IT team and get back to you on how we propose to address them. We will keep you updated via this thread. Kind Regards, Nik Thanks for the astoundingly quick response given the late hour at which I made the comments. One other suggestion for your IT team is for the system to generate an email alert to the questioner when an answer is posted which would be very helpful (unless I've missed an existing configuration setting to enable this).
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Post by parag on Dec 7, 2013 17:16:50 GMT
Hi. No problem. This should be happening already. We will look into this and rectify the issue.
On Monday we aim to resolve the issue with the Q&A page by increasing the timeout period from 10 mins to 30 mins. Also we have increased the max character amount to 1000 for the question box.
Hope this helps and thanks for your feedback. Always much appreciated.
Regards,
Nik
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shimself
Member of DD Central
Posts: 2,561
Likes: 1,170
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Post by shimself on Dec 11, 2013 21:41:47 GMT
Found you here, well ok I'll give you a look (as a lender) - ah no I can't I'm not a permanent UK resident. Others (not all) don't have this restriction, someone (a competitor of sorts) told me that the identification inside the EU is just routine nowadays.
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Post by parag on Dec 11, 2013 23:50:07 GMT
shimself - Thanks for your comments. We are currently working with our solicitors to allow certain non UK residents to become lenders. We will keep you posted. Sorry for any inconvenience caused.
Regards,
Parag
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Post by mrclondon on Dec 12, 2013 12:19:33 GMT
Thanks parag , what ever you've done has worked as I did indeed receive an email when my final question was answered. I've been looking at the Dashboard and transaction statement pages in more detail following the recent repayment and realised there is a flaw in the info presented. The transaction statement shows my two £20 loan parts each produced a 48p repayment ... but there is no split between interest and capital shown. Turning to the dashboard its showing I have received 50p of interest to date ... so I must have received 46p of capital back. But the dashboard is showing me as lending £40.00 ... I can't see anywhere on the site that tells me the current capital balance is £39.54 ... or my total investment is £40.50 (or rather was before my top-up today) With only one loan its possible to calculate the capital value easy enough, but will get progressively harder as I invest in more loans. Can you have a rethink on this please ?
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Post by parag on Dec 12, 2013 16:33:24 GMT
mrclondon - Hi. Thanks for your comments.
Our next main release will address these issues and will provide lenders with a lot more information than is currently shown.
I assure you we are working on this now and hope to have this out before Christmas. I agree, as more loans are listed it is essential lenders can see the information they need at a glance.
Thanks again for your post. Much appreciated.
Regards,
Parag
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Post by mrclondon on Feb 24, 2015 21:56:00 GMT
This borrower has been repaying on time every month for just over 12 months on an unsecured loan, now has another loan request live on the Funding Empire platform that closes at the end of tomorrow (Wednesday 25th Feb). Debenture secured £20k loan, reverse auction starting at 15% with plenty of availability. Platform is pretty good at crediting incoming FP payments promptly, so its not too late.
Also a mixed bag of loan parts available on the marketplace, mostly at a rip off 3% premium.
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Post by webbski9 on Feb 25, 2015 8:23:42 GMT
But where is the deal flow ? I like the site but how long can it survive with its current activity. How about an update FE
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alison
Member of DD Central
Sanctuary!!
Posts: 356
Likes: 99
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Post by alison on Feb 25, 2015 14:04:37 GMT
This borrower has been repaying on time every month for just over 12 months on an unsecured loan, now has another loan request live on the Funding Empire platform that closes at the end of tomorrow (Wednesday 25th Feb). Debenture secured £20k loan, reverse auction starting at 15% with plenty of availability. Platform is pretty good at crediting incoming FP payments promptly, so its not too late. Also a mixed bag of loan parts available on the marketplace, mostly at a rip off 3% premium. I do like the site but there just hasn't been enough traction in getting deal flow or lenders on board. Shame because they are very approachable and friendly. I'll chip a few more pounds into the crockery kitty if FP works quickly enough.
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Post by parag on Feb 25, 2015 15:48:06 GMT
But where is the deal flow ? I like the site but how long can it survive with its current activity. How about an update FE webbski9 alison Thank you for your comments. Deal flow will increase considerably when we formally launch our asset backed model in the next 7-10 days. Legals are in the final stages and I will create a new thread for this just before we list the first loan under this model. We feel we have laid a great foundation for us to build on with the launch of our new asset backed model. We have spent the last 12 months developing the platform, perfecting back office processes / procedures and laying this foundation. We have a security trustee company, an FCA regulated back-up servicing provider (if they ceased to trade they also have a back up servicing provider that would step in), secondary loan market, tax statements etc. which a lot of platforms still currently don't have in place. Many of these are solely for lender protection, in that if we were to cease to trade, our lenders' interests would still be protected in the loans they still have capital outstanding in. Although we don't envisage this happening, we have taken all necessary steps to protect our lenders' interests should this occur. We currently don't have huge overheads which means we can comfortably survive off low volumes. As I have said previously, my aim is to deliver our lenders with sustainable returns through a number of different P2P products. The new asset backed model is the first of many we hope to launch. If you have any specific questions you would like me to answer, please DM me or email me. Alternatively if anything brings you to picturesque Wales, you are more than welcome to pop in and say hello! alison Any faster payments received today will be credited to lenders' accounts as soon as we receive them into the client account. Kind Regards, Parag
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