markdirac
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Post by markdirac on Mar 10, 2016 18:54:21 GMT
I wonder if anyone would like to comment upon the security for this current loan? I have diddly-squat invested in FK, 'cos their rates are so low. But I decided to take a look at this loan. However, the security seems (to me) to be just too ambiguous:
2nd debenture - who has the first debenture and what is it worth? (Probably Danske, for £475k, but not unambiguously so.)
- when a business hits trouble, the process of their assets evaporating begins there and then. Do FK regularly check on the value of assets, as do AC? Are there covenants that fixed assets must be maintained above a certain level, as with AC and perhaps TC? And what comprises the fixed assets here? In summary, can I be confident that the 2nd debenture has enough value to cover the loan + some, and that the fixed assets are sufficiently fixed that they cannot evaporate too quickly?
cross guarantee - What is this worth? I could go and check out W******l H******s at Company Check, but I would have expected some information on FK's web pages about this guarantor.
- Is it a one-way guarantee? Or is our loan going to support the credibility of W******l H******s instead, as happened with a loan pulled from ReBS some months ago?
So, to me, the security is ambiguous and I am disappointed once again not to be diversifying intto FK. Am I missing anything please?
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ben
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Post by ben on Mar 10, 2016 19:13:17 GMT
I had a little look at FK and put some money in but have not increased it since and doubt I will.
I had a look at this one but when someone else has first charge over assets what that actually going to leave you with
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Post by kayfundingknight on Mar 11, 2016 14:38:34 GMT
I wonder if anyone would like to comment upon the security for this current loan? I have diddly-squat invested in FK, 'cos their rates are so low. But I decided to take a look at this loan. However, the security seems (to me) to be just too ambiguous: 2nd debenture - who has the first debenture and what is it worth? (Probably Danske, for £475k, but not unambiguously so.) - when a business hits trouble, the process of their assets evaporating begins there and then. Do FK regularly check on the value of assets, as do AC? Are there covenants that fixed assets must be maintained above a certain level, as with AC and perhaps TC? And what comprises the fixed assets here? In summary, can I be confident that the 2nd debenture has enough value to cover the loan + some, and that the fixed assets are sufficiently fixed that they cannot evaporate too quickly? cross guarantee - What is this worth? I could go and check out W******l H******s at Company Check, but I would have expected some information on FK's web pages about this guarantor. - Is it a one-way guarantee? Or is our loan going to support the credibility of W******l H******s instead, as happened with a loan pulled from ReBS some months ago? So, to me, the security is ambiguous and I am disappointed once again not to be diversifying intto FK. Am I missing anything please?
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Post by kayfundingknight on Mar 11, 2016 14:39:02 GMT
Thank you for your interest in FundingKnight, markdirac.
We offer three types of products for our investor community, business loans, property bridging loans and renewable energy loans. If you have a preference for fully secured loans, you might find you are more comfortable investing in our property bridging loans.
Happy to discuss your specific needs in more detail: kay@fundingknight.com 02392 985267
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kaya
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Post by kaya on Mar 11, 2016 16:08:52 GMT
I usually take a punt at new loans here, but this one gave me the chills. It may just be the lack of the Irish in me.
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oldgrumpy
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Post by oldgrumpy on Mar 12, 2016 12:18:41 GMT
Another large glass of Jamesons!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 12, 2016 12:24:59 GMT
Another large glass of Jamesons! Careful. Dont be too profligate. Reports suggest the Scots are starting to run out of the good stuff and no doubt the Irish are in a similar position. [Disclaimer -non whisk(e)y drinker (other than when my local cinema provides it free) so wouldnt know 'the good stuff']
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oldgrumpy
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Post by oldgrumpy on Mar 12, 2016 13:32:14 GMT
Another large glass of Jamesons! Careful. Dont be too profligate. Reports suggest the Scots are starting to run out of the good stuff and no doubt the Irish are in a similar position. [Disclaimer -non whisk(e)y drinker (other than when my local cinema provides it free) so wouldnt know 'the good stuff'] The Scots are running out of the good stuff because they can't make it quickly enough (I'm working on how to make a ten year malt in six months ), and some of the favourite ones are not sold here now because distillers' multi-national owners get a better price selling to USA and China. That's one reason why Glenlivet 12 is sold abroad but not here (lower taxes/duties), and Pernod Ricard have substituted an inferior mix with no age statement (at the same price) supposedly "Founders Reserve", which actually means most of the 12yr found is reserved for export, (and maybe a small proportion of it is actually used in the blue box FR disppointment).
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kaya
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Post by kaya on Mar 12, 2016 16:39:59 GMT
Well I'll settle for a wee Bushmills, if it comes with a glass of the black stuff (a 1/2 and a 1/2) Mind you, you should never punt&tipple, it is detrimental to dilligent decision making. On that note, I suspect that the credit team at Furtive Creative have been out for a few jars at lunchtime before making their credit checks and deciding on the risk bands.
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