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Post by mrclondon on Nov 8, 2013 23:26:25 GMT
A quick update on my "toe in the water" exercise at Funding Empire. The borrower accepted the rather pitiful £3k or so that was offered at an average rate of just under 15%.
In the last 24 hours or so the FE website has been updated so that the lender dashboard now has a link to a list of loans you have a live stake in, and further links to drill down into the loan details, including the repayment schedule ... I hope they can manage the £72 a month repayments ! For some reason the average rate for the loan is showing as NA, but most of the bids were at 15% so the average rate in this case is easily deduced.
As always it is incredibly difficult for new platforms to get off the ground, but having a tame borrower (hopefully not a desperate borrower) willing to take on board a loan so small it is almost an embaressment is a help. FE have flagged up the next loan will be listed towards the end of November.
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Post by bracknellboy on Nov 9, 2013 1:24:02 GMT
Thanks for the update MRC. With regulation looming, and the costs that is going to impose on platforms, it is going to be increasingly difficult for new players to enter the market. The primary reason I am against anything other than the lightest touch regulation: but unfortunately that doesn't look like what we are going to end up with. A consequence of that is very likely going to be a higher barrier to entry, and a consolidation around existing players that are able to fund the burden of compliance with the new regulations.
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alison
Member of DD Central
Sanctuary!!
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Post by alison on Nov 9, 2013 15:55:17 GMT
I feel honoured that my £60 investment helped get their first loan up and running!
It was however good that their MD came onto the old forum to clarify some issues.
I hope we will see him post on here too (if he can find it!!).
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Post by mrclondon on Nov 9, 2013 17:30:21 GMT
Thanks for the update MRC. With regulation looming, and the costs that is going to impose on platforms, it is going to be increasingly difficult for new players to enter the market. The primary reason I am against anything other than the lightest touch regulation: but unfortunately that doesn't look like what we are going to end up with. A consequence of that is very likely going to be a higher barrier to entry, and a consolidation around existing players that are able to fund the burden of compliance with the new regulations. Yes, the figures quoted as the cost of compliance during the ThinCats conference this week, and discussed in a fair bit more detail on their forum in the London conference thread are scary. A daunting message for new entrants for sure.
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Post by parag on Nov 10, 2013 9:27:11 GMT
Hello all. I have made it on here! Big thanks to Andrew for setting it up and the admin / moderator team for assisting with it's operation.
I would like to sincerely thank all who participated in our first loan request.
MRCLONDON - Thank you for starting this thread and your feedback. Our IT team have looked at this issue and will fix it in the next release which will be pushed out in the next 2 days. Our first borrower was made aware that he was indeed our very first borrower and there was a high chance their loan request would not be filled. They were happy to proceed as they felt we gave them great customer service from the outset. They have also made very clear that once things pick up they will come back to us for subsequent rounds of funding. Our next loan request(s) will be posted towards the end of November and we will keep our lenders updated by email closer to the date.
Alison - We are honoured you participated in our first loan and a big thank you from us all. Thankfully, a couple of people made me aware of this forum so here I am!
Compliance
Ian Crocker, our Compliance Director, will be emailing all of our lenders very shortly to inform them of how we are placed for the upcoming regulation but here is a quick snapshot. We have had a Consumer Credit Licence from day 1 and as a result have received interim permission from the FCA to continue operating. We also have a great legal team onboard, who advised 'Bank of Dave', and we have spoken with them about the upcoming regulation in great detail. We also have our own Compliance Director, Ian, who has over 20 years experience in being regulated by the FSA (FCA) and who has also been a compliance officer for the last 10 years.
There is nothing that concerns us in terms of not being able to satisfy the currently proposed requirements. We currently nearly meet all of the proposed requirements with the exception of the minimum capital requirement, which will not be an issue to us once / if introduced. With the help of Ian, from day 1, we set the business up in anticipation of the upcoming FCA regulation and hence it's impact on the business is anticipated to be small. I will let Ian email you all to introduce himself and elaborate on this matter more.
Look forward to seeing you all on here again very soon.
Regards,
Parag
Funding Empire
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Post by elljay on Nov 10, 2013 12:47:22 GMT
Hello all. I have made it on here! Welcome on board! 
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Post by mrclondon on Dec 5, 2013 23:02:34 GMT
And the first repayment (all 96p of it in my case ) was credited to my account today.
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mikes1531
Member of DD Central
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Post by mikes1531 on Dec 7, 2013 16:39:40 GMT
Our next loan request(s) will be posted towards the end of November ... For those of us who aren't following FE closely enough to know, what happened to the second loan request?
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Post by mrclondon on Dec 7, 2013 16:51:11 GMT
Our next loan request(s) will be posted towards the end of November ... For those of us who aren't following FE closely enough to know, what happened to the second loan request? The 2nd loan request appeared at the beginning of this week, another reverse auction starting at 15%. See p2pindependentforum.com/post/1314/thread
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mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
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Post by mikes1531 on Dec 7, 2013 17:18:12 GMT
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