No update a month after repayment date

A guide to borrowing via Funding Secure, by beepbeepimajeep.

1)  Ask for a ridiculously large amount of money on your property/asset, well in excess of the price it would actually achieve in a forced sale.  Around £800k on something worth probably £100k is the ball park to aim at.  Whatever you do make sure 70% LTV ratio is highlighted strongly on the loan advert.

2) Set your repayment date to be 6 months or a year.  Promise that you will have completed the build/acheived planning permission/got refinancing/completed promotional activities and have sponsorship by this time.  Don't worry, whatever time you set has no bearing on when you actually have to pay up.

3) Collect the money after being pimped at the top of the "available loans" list for a few days.  If the internet reveals you as a risky prospect you might have to wait a little bit to get filled - but don't fear you will.  In extreme cases you will have to take a 1% hit offering cashback or FS will have to make no other loans available, but it will get done.  If they can get the endurance boat over the line for £938,000 then truly miracles do happen on this website.

4) Do the minimum required to keep up appearances, probably nothing.  Let the repayment date pass for months before making any contact.  Nobody will care. When you finally do speak to FS give vague promises to renew.  You could always renew but there is no real need and it will detract from point 6.  Either way you can at minimum double your initial time frame for starters doing that.  Hey there are loans that were due to end in 2016 where everything is OK in FS land because "progress is being made towards refinancing"

5) Give occasional, but very promising sounding, updates.  Always claim the money will be there "next week" or "next month" but you don't ever have to actually come up with the money -  just go quiet/blame someone else/claim legal holdups.  You can get at minimum a year out of "next week"'s.  Eventually just stop giving the next week update and instead give a "start of a long journey" update.  Rinse repeat for as long as you can be bothered.

6) Profit

About time too!

***** Update: Now been repaid *****

Speaking works wonders

Where do you get this data from?

I see 22 loans over the 180 day mark and many of those are just various tranches of the same loan (eg Business Centre in Liverpool, Formby Development).  I see it as around 15 distinct loans that are over 180 days late, not 145.  £5m in value terms.

In fact I only see 92 loans that are overdue out of 444 active loans, again many of these are just the various tranches of the same loan.  That is £20m in value terms.

OK, 100 late loans is a little closer to the 92 that I see (from the same source).

Not sure how that equates to 145 loans over 180 days late though!

no , they take them on drawdown ...