r00lish67
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Post by r00lish67 on Jul 2, 2018 19:55:31 GMT
in the short time with FS I seem to have acquired a lot of late renewers. A late payer (without a good reason given in Updatej is a prospective defaulter. Few Updates give me any confidence FS hold more cards than the minority(?) of delinquent borrowers. It's not just you, there are plenty of probably sound loans for which FS just seem to have stopped processing renewals. Whether that's a tactic to try and fill more new loans I don't know, but it's totally backfiring IMV if so, as it's quite confidence sapping. For example, Stretford T5 1337070959 - Expected End 9th June. No update given at all. Landrover 2745291647 - Expected end date 24th May - No update given at all. Hightown T4 1034974685 - Expected end 14th June - No update given at all. Poole 3141804202 - Expected end 16th June - no update given at all. I'm certainly not investing any money in new loans when they can't even be bothered to give us an excuse for delay in processing their existing portfolio.
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adrian77
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Post by adrian77 on Jul 2, 2018 20:30:30 GMT
I thought this one was underwritten ...
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r00lish67
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Post by r00lish67 on Jul 2, 2018 20:59:01 GMT
I thought this one was underwritten ... Yeah, it is. Like I say, most of the loans I listed probably aren't troubled, but when platforms don't communicate, what assumption should we make? How can you have the confidence to invest further if you look at your list of investments and see a huge wedge of overdue loans with no explanation as to why. Especially when you look further and see some that then run overdue for literally years... Given that we are, at least nominally, meant to be receiving back our capital plus interest on the due date of these loans, it just seems unnecessarily sloppy and/or arrogant to leave them without comment for weeks on end after their supposed end date, whilst visibly pumping out new and dubious loans.
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mjc
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Post by mjc on Jul 2, 2018 22:17:32 GMT
“Given that we are, at least nominally, meant to be receiving back our capital plus interest on the due date of these loans, it just seems unnecessarily sloppy and/or arrogant to leave them without comment for weeks on end after their supposed end date, whilst visibly pumping out new and dubious loans.”
Just so.
Looks like a pyramid system in a way.
So many loans go quickly, others limited to £25 but evaporate in seconds. Is it mainly new suckers investors suckered in by the illusionary 13%?
When I started early this year, and before enlightenment here, I had no idea the vast amount of egregious outstanding loans. How would a new suck investor know about them, we only see “current opportunities”? I expected a few to go bad, not a tsunami eating very large but undisclosed chunks of the hoped for returns. I am still investing, but much smaller amounts, on this platform, and only withdrawing funds - until loan repayments are the norm, not an option for some feckless ‘heads I win, tails you lose’ developers.
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Post by dan1 on Jul 3, 2018 11:24:31 GMT
From the latest loan listing (G****** R***, Barnoldswick 2849905862):
Evidence that at least they are aware of the discontent regarding connected loans.
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rogerthat
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Post by rogerthat on Jul 3, 2018 11:29:46 GMT
From the latest loan listing (G****** R***, Barnoldswick 2849905862): Evidence that at least they are aware of the discontent regarding connected loans. Id like to agree with you..but in this particular case I think its an effort to reduce investors hyper ventilating on seeing the place name 'Barnoldswick' 
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adrian77
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Post by adrian77 on Jul 3, 2018 17:24:37 GMT
d
agreed but I would add
1) Rolls Royce is or has closed a factory based there - granted a relative small number but doubtless well-paid quality jobs that sadly have been lost which will have an impact on the local economy
2) I note FS state
Well why didn't they go directly to longer term finance than borrow at about 20% (?) with FS
I see no sign of the turnover in the valuation so how is the borrower going to fund the repayment? If this was a profitable business then why is this chap going to FS in the first place? Anbody want to guess what I think of the valuation?
However I never invest in restaurants and especially FS ones.
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Post by df on Jul 3, 2018 18:08:51 GMT
“Given that we are, at least nominally, meant to be receiving back our capital plus interest on the due date of these loans, it just seems unnecessarily sloppy and/or arrogant to leave them without comment for weeks on end after their supposed end date, whilst visibly pumping out new and dubious loans.” Just so. Looks like a pyramid system in a way. So many loans go quickly, others limited to £25 but evaporate in seconds. Is it mainly new suckers investors suckered in by the illusionary 13%? When I started early this year, and before enlightenment here, I had no idea the vast amount of egregious outstanding loans. How would a new suck investor know about them, we only see “current opportunities”? I expected a few to go bad, not a tsunami eating very large but undisclosed chunks of the hoped for returns. I am still investing, but much smaller amounts, on this platform, and only withdrawing funds - until loan repayments are the norm, not an option for some feckless ‘heads I win, tails you lose’ developers. You can see all of them if you click on "all active and past loans" (takes long to load).
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Post by dan1 on Aug 7, 2019 8:45:07 GMT
fundingsecure - from the latest New Loan email... Please can you list the numbers of the previous 35 loans on the loan listing? You should be listing this information as standard on every loan you offer, it's the only way to allow lenders to assess and manage their risk to a particular borrower. I considered posting at length on suggestions (call it constructive feedback) the new owners could implement to demonstrate their turnaround. In the end I settled on one idea, one that has been requested for several years now, that of introducing a borrower ID and a list of their past and present loans on the platform. It would in no way compromise the borrower's identity. So, how about it fundingsecure?
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