rs
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Post by rs on Sept 12, 2019 14:48:25 GMT
From FS email, I've highlighted in bold red the words that should cause investors to consider their risks before investing in the FS30 day account. What does normal market conditions mean?
It will be possible to withdraw funds at any time by giving 30 days’ notice subject to normal market conditions and we encourage investors to read more about this opportunity on the FS30 section of the website.
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rocky1
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Post by rocky1 on Sept 12, 2019 14:49:49 GMT
Funding Secure more like Financial Suicide. were do we go from here FS?
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pip
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Post by pip on Sept 12, 2019 14:51:26 GMT
Its is saying ""aim to offer a targeted rate of 5% per annum returned to the investor regardless of whether the loan defaults or not"", So as a black box you dont know what loans the money is in, performing, under performing, or defaulted, you can still withdraw. If thats the case I am not seeing a problem with it OK James, then go for it. I am sure you will be able to come back in 6 months time and tell us all exactly what the problem is when that £10k you sweated away to earn has been turned into 'We are still waiting for the borrower to provide us with update on progress regarding the refinance, we will provide a further update next month'.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 12, 2019 14:55:15 GMT
From FS email, I've highlighted in bold red the words that should cause investors to consider their risks before investing in the FS30 day account. What does normal market conditions mean?
It will be possible to withdraw funds at any time by giving 30 days’ notice subject to normal market conditions and we encourage investors to read more about this opportunity on the FS30 section of the website. Really this should say "subject to ABnormal market conditions" because in FS land "normal conditions" mean you've got no chance of getting your money out.
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james21
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Post by james21 on Sept 12, 2019 14:56:08 GMT
From FS email, I've highlighted in bold red the words that should cause investors to consider their risks before investing in the FS30 day account. What does normal market conditions mean?
It will be possible to withdraw funds at any time by giving 30 days’ notice subject to normal market conditions and we encourage investors to read more about this opportunity on the FS30 section of the website. Thats the wording Assetz use, basically if there is a run on withdrawals they cant all be fulfilled immediately so will be queued, or something like that
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benaj
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Post by benaj on Sept 12, 2019 14:57:15 GMT
No typos that I can see?
The overall account is limited to £250,000 on a first come first served basis.
Individual investors can invest between £1-£10,000
Hopefully clear?
FundingSecure
Is interest paid monthly? interest rate fixed? can the rate go up or down?
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rs
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Post by rs on Sept 12, 2019 14:57:41 GMT
As per FS website. I'm not sure if the website describes what normal market conditions is! Brexit is normal market conditions isn't it?
*Interest is paid gross. Access times relate to the 30 day notice period and then to withdrawals in normal market conditions but cannot be guaranteed.
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james21
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Post by james21 on Sept 12, 2019 15:00:14 GMT
Its is saying ""aim to offer a targeted rate of 5% per annum returned to the investor regardless of whether the loan defaults or not"", So as a black box you dont know what loans the money is in, performing, under performing, or defaulted, you can still withdraw. If thats the case I am not seeing a problem with it OK James, then go for it. I am sure you will be able to come back in 6 months time and tell us all exactly what the problem is when that £10k you sweated away to earn has been turned into 'We are still waiting for the borrower to provide us with update on progress regarding the refinance, we will provide a further update next month'. Bit unkind that, I try to be objective in my comments about any platform, if something is OK I will say so if its bad I will say so, in the case of FS however its mostly bad. As its a black box you wont be getting updates about loans, you wont know what loans are in that fund
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rs
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Post by rs on Sept 12, 2019 15:00:16 GMT
Some more info from FS website. Seems like an SM market that pays 5%. They really need to use learn spellchecker as well.
Normal Market Conditions
Under Normal Market Conditions investors are able to make withdrawals from the FS30 account as other lenders are willing and able to replace the funds in the FS30 account. FundingSecure has provisioned cash for the FS30 account to aid liquidity in normal market conditions. Abnormal market conditions arise if there was a large, sudden and extended demand to withdraw cash from the FS30 account. This could arise, for example, be due to a severe recession, a loss of faith in peer-to-peer lending or an underlying collapse in the property market or similar event.
If abnormal conditions were to continue for an extended period, investors in the FS30 account may have to wait for a withdrawal until new funds have been recieved from other lenders or until loans held within the FS30 were completed. The completion of loans should, continue to provide funds which, if paid back in full and on their due date, would be available for withdrawal by investors, regardless of market conditions. In any event investors funds would remain invested in multiple individual loans, all secured against property or other pledged assets.
All investors should therefore be aware that the 30 day access to funds cannot be guaranteed under abnormal conditions, should they occur.
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pip
Posts: 542
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Post by pip on Sept 12, 2019 15:00:32 GMT
From FS email, I've highlighted in bold red the words that should cause investors to consider their risks before investing in the FS30 day account. What does normal market conditions mean?
It will be possible to withdraw funds at any time by giving 30 days’ notice subject to normal market conditions and we encourage investors to read more about this opportunity on the FS30 section of the website. Thats the wording Assetz use, basically if there is a run on withdrawals they cant all be fulfilled immediately so will be queued, or something like that James you seem to be actually considering investing? If so can you just pay me £10k, I would like the cash and will save you a lot of time and stress when you never see your money again.
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james21
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Post by james21 on Sept 12, 2019 15:02:53 GMT
Thats the wording Assetz use, basically if there is a run on withdrawals they cant all be fulfilled immediately so will be queued, or something like that James you seem to be actually considering investing? If so can you just pay me £10k, I would like the cash and will save you a lot of time and stress when you never see your money again. Too much personalisation from you, I wont be commenting further to you
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 12, 2019 15:05:32 GMT
James you seem to be actually considering investing? If so can you just pay me £10k, I would like the cash and will save you a lot of time and stress when you never see your money again. Too much personalisation from you, I wont be commenting further to you Can I have the £10K then?
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Post by dan1 on Sept 12, 2019 15:09:26 GMT
This bit caught my attention...
...does this imply loans can be purchased from the SM. Is this account designed to allow underwriters to exit loans they would normally be required to hold to term?
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pip
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Post by pip on Sept 12, 2019 15:10:01 GMT
James you seem to be actually considering investing? If so can you just pay me £10k, I would like the cash and will save you a lot of time and stress when you never see your money again. Too much personalisation from you, I wont be commenting further to you James I have no idea who you are, certainly nothing personal against you. All I can say is in my experience lending through FS has been a total disaster. Lending to them blindly in 30 day tranches therefore doesn’t appeal. I believe I am pretty objective on platforms, look at my posts for other platforms such as lending crowd. But with this one, I have nothing positive to say and don’t think I should be bashful in sharing my experience with others and warning others of the risks.
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Greenwood2
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Post by Greenwood2 on Sept 12, 2019 15:30:45 GMT
Its is saying ""aim to offer a targeted rate of 5% per annum returned to the investor regardless of whether the loan defaults or not"", So as a black box you dont know what loans the money is in, performing, under performing, or defaulted, you can still withdraw. If thats the case I am not seeing a problem with it The problem is likely to be that you never achieve the 'target' 5% rate because there are too many defaults. There doesn't seem to be a PF or anything to support the 5% rate (or your capital). You will be able to see which loans you are in: 'Tracking your Investment
At any time you can view the complete list of loans that your funds in FS30 have been invested in, showing your individual allocation. As loans complete and new loans are added the amounts invested in each loan will vary. This list can be downloaded at any time.'
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