james21
Member of DD Central
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Post by james21 on Aug 8, 2018 11:56:02 GMT
Over 20 unfilled loans at present I dont see how they are going to fill them solely by investors any time soon. I have never seen so many in my 2 yrs investing on the platform, not long ago there was a mad scramble at 11:00 to try and get a piece of a loan, not any more. I think there is a crisis of confidence in the platform. I does not help having a proportion of rank behinds (another going up shortly Steven**e,) might be ok I dont know. All I know is I dont invest in FS second charge loans the risk of loss through default is enormousness on this platform. This board is influential to investors considering putting money in not only those who post, but look at the thousands of visitors who look and read. Its the only viable means of providing objective feedback to the platform, I have no doubt all of the posts are read by them. FS need to address the issues identified time and time again; including poor judgement in the quality of some loans, no transparency in linked loans, dreadful loan management, slowness in dealing with defaults, and weak communication to lenders. There are some seriously bad defaults about to occur discussed extensively on the board. FS need to have a serious review of their business to address these issues. Until an improvement is evident they are going to struggle going forward. I dont know if others agree
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09dolphin
Member of DD Central
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Likes: 866
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Post by 09dolphin on Aug 8, 2018 12:17:04 GMT
James I agree wholeheartedly.
Frankly I don't think FS can recover. I've sold everything with FS that I can and I am just left with defaults and loans FS choose not to default (ie the powerboat) which, I believe, most have given up on. My profit is in the order of 3 - 4% in the time I have lent with them. Alas I am now in a negative position if you just look at the past 2 years and I can't see any hope of improvement. My overall position is likely to be a loss by the time FS sort out the multitude of loans that have and are defaulting.
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rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
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Post by rogerthat on Aug 8, 2018 12:24:05 GMT
Over 20 unfilled loans at present I dont see how they are going to fill them solely by investors any time soon. I have never seen so many in my 2 yrs investing on the platform, not long ago there was a mad scramble at 11:00 to try and get a piece of a loan, not any more. I think there is a crisis of confidence in the platform. I does not help having a proportion of rank behinds (another going up shortly Steven**e,) might be ok I dont know. All I know is I dont invest in FS second charge loans the risk of loss through default is enormousness on this platform. This board is influential to investors considering putting money in not only those who post, but look at the thousands of visitors who look and read. Its the only viable means of providing objective feedback to the platform, I have no doubt all of the posts are read by them. FS need to address the issues identified time and time again; including poor judgement in the quality of some loans, no transparency in linked loans, dreadful loan management, slowness in dealing with defaults, and weak communication to lenders. There are some seriously bad defaults about to occur discussed extensively on the board. FS need to have a serious review of their business to address these issues. Until an improvement is evident they are going to struggle going forward. I dont know if others agree ..I have no wish to dilute the gravity of your post, indeed I agree with it wholeheartedly but some of us have been shouting this from the rooftops at every opportunity over the last few months..much to the displeasure it seems of certain other investors if my PM box is anything to go by. FS have a ticking timebomb that unless immediate action is taken to defuse it, is going to go off imminently.
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Post by charliebrown on Aug 8, 2018 12:26:21 GMT
I think the LEndy situation shows how quickly confidence can evaporate. If the “predicted mega failures” do fail spectacularly then I think FS are finished. On top of that, there’s the examples of absolute bewildering incompetence and negligence such as Whitehaven and the art loans etc. Any single one of these examples of extreme incompetence just as isolated cases would be enough to stop most sane people handing over their money. I read somewhere that the platform is run by a glue salesman or at least someone who doesn’t have a background in this space, and it really shows.
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Post by beepbeepimajeep on Aug 8, 2018 12:27:00 GMT
It's entirely Funding Secure's own fault.
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Monetus
Member of DD Central
Posts: 1,179
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Post by Monetus on Aug 8, 2018 12:38:19 GMT
I feel like we have to repeat the same things over and over.... will FS finally listen? My fundingsecure turnaround plan: - Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. - Improve your due diligence and loan monitoring significantly. Too many shocking loans have slipped through the cracks and debacles such as Whitehaven should never have been allowed to happen. There has been far too much emphasis on new loan origination and hardly any resources allocated to managing the existing loan book for far too long. Unfortunately the penny has now dropped and the new money is finally drying up. - Change your loan agreements to force borrowers to service interest monthly if they don't repay on the due date or it's an immediate default. Right now investors carry all of the risk of your inactivity resulting in significantly increased LTVs - sometimes for up to years at a time which means that capital loss is often inevitable. This is an unacceptable risk and I feel the FCA will have something to say about it given their recent guidelines. - Be far more willing to enforce security on renewal date if funds aren't forthcoming and be tougher on borrowers in general. Right now it feels like you are complete walkovers and borrowers know that you'll accept any old nonsense like endless promises of "refinance" or "funds to be sent shortly". - Pick a date and provide accurate, credible and believable updates on loans regularly like clockwork (perhaps fortnightly). Go see the updates at Bridge Crowd for an excellent example of how useful updates can be when done correctly. If you need to limit updates to people actually in loans to maintain confidentiality then by all means go for it if it helps improve the appalling communication situation. - Remove the Live Chat as it's a waste of time and resources. They can never give out any information so it achieves nothing. Instead replace it with a ticket-based customer service system via email and focus instead on updating loans properly or allocating more resources to recoveries and managing the loan book. |
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 8, 2018 12:43:59 GMT
Over 20 unfilled loans at present I dont see how they are going to fill them solely by investors any time soon. I have never seen so many in my 2 yrs investing on the platform, not long ago there was a mad scramble at 11:00 to try and get a piece of a loan, not any more. I think there is a crisis of confidence in the platform. I does not help having a proportion of rank behinds (another going up shortly Steven**e,) might be ok I dont know. All I know is I dont invest in FS second charge loans the risk of loss through default is enormousness on this platform. This board is influential to investors considering putting money in not only those who post, but look at the thousands of visitors who look and read. Its the only viable means of providing objective feedback to the platform, I have no doubt all of the posts are read by them. FS need to address the issues identified time and time again; including poor judgement in the quality of some loans, no transparency in linked loans, dreadful loan management, slowness in dealing with defaults, and weak communication to lenders. There are some seriously bad defaults about to occur discussed extensively on the board. FS need to have a serious review of their business to address these issues. Until an improvement is evident they are going to struggle going forward. I dont know if others agree ..I have no wish to dilute the gravity of your post, indeed I agree with it wholeheartedly but some of us have been shouting this from the rooftops at every opportunity over the last few months..much to the displeasure it seems of certain other investors if my PM box is anything to go by. FS have a ticking timebomb that unless immediate action is taken to defuse it, is going to go off imminently. FS know full well the "Quality" of every single Loan they take on. The exceptionally fast cutter Avarice sailed past and overtook the good ship Integrity years ago. Unfortunately that faithful old tub Lenders was never even in the race.
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aligibbs
Member of DD Central
Posts: 69
Likes: 25
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Post by aligibbs on Aug 8, 2018 12:57:50 GMT
I feel like we have to repeat the same things over and over.... will FS finally listen? My fundingsecure turnaround plan: - Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. - Improve your due diligence and loan monitoring significantly. Too many shocking loans have slipped through the cracks and debacles such as Whitehaven should never have been allowed to happen. There has been far too much emphasis on new loan origination and hardly any resources allocated to managing the existing loan book for far too long. Unfortunately the penny has now dropped and the new money is finally drying up. - Change your loan agreements to force borrowers to service interest monthly if they don't repay on the due date or it's an immediate default. Right now investors carry all of the risk of your inactivity resulting in significantly increased LTVs - sometimes for up to years at a time which means that capital loss is often inevitable. This is an unacceptable risk and I feel the FCA will have something to say about it given their recent guidelines. - Be far more willing to enforce security on renewal date if funds aren't forthcoming and be tougher on borrowers in general. Right now it feels like you are complete walkovers and borrowers know that you'll accept any old nonsense like endless promises of "refinance" or "funds to be sent shortly". - Pick a date and provide accurate, credible and believable updates on loans regularly like clockwork (perhaps fortnightly). Go see the updates at Bridge Crowd for an excellent example of how useful updates can be when done correctly. If you need to limit updates to people actually in loans to maintain confidentiality then by all means go for it if it helps improve the appalling communication situation. - Remove the Live Chat as it's a waste of time and resources. They can never give out any information so it achieves nothing. Instead replace it with a ticket-based customer service system via email and focus instead on updating loans properly or allocating more resources to recoveries and managing the loan book. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. ^^ this seems to be happening (though very hit and miss), I had 3 updates on loans in the past week or so, that were for loans due in the next 30 days.
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james21
Member of DD Central
Posts: 651
Likes: 669
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Post by james21 on Aug 8, 2018 13:14:21 GMT
I feel like we have to repeat the same things over and over.... will FS finally listen? My fundingsecure turnaround plan: - Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. - Improve your due diligence and loan monitoring significantly. Too many shocking loans have slipped through the cracks and debacles such as Whitehaven should never have been allowed to happen. There has been far too much emphasis on new loan origination and hardly any resources allocated to managing the existing loan book for far too long. Unfortunately the penny has now dropped and the new money is finally drying up. - Change your loan agreements to force borrowers to service interest monthly if they don't repay on the due date or it's an immediate default. Right now investors carry all of the risk of your inactivity resulting in significantly increased LTVs - sometimes for up to years at a time which means that capital loss is often inevitable. This is an unacceptable risk and I feel the FCA will have something to say about it given their recent guidelines. - Be far more willing to enforce security on renewal date if funds aren't forthcoming and be tougher on borrowers in general. Right now it feels like you are complete walkovers and borrowers know that you'll accept any old nonsense like endless promises of "refinance" or "funds to be sent shortly". - Pick a date and provide accurate, credible and believable updates on loans regularly like clockwork (perhaps fortnightly). Go see the updates at Bridge Crowd for an excellent example of how useful updates can be when done correctly. If you need to limit updates to people actually in loans to maintain confidentiality then by all means go for it if it helps improve the appalling communication situation. - Remove the Live Chat as it's a waste of time and resources. They can never give out any information so it achieves nothing. Instead replace it with a ticket-based customer service system via email and focus instead on updating loans properly or allocating more resources to recoveries and managing the loan book. Extremely well put sir, some excellent ideas here
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bugs4me
Member of DD Central
Posts: 1,845
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Post by bugs4me on Aug 8, 2018 13:42:06 GMT
The problem with talking about FS in general and/or individual loans is that posters just keep going round and round in circles, myself included with zero progress being made.
Many useful and easily adapted ideas have been mentioned over time which would enhance the situation for everyone including improving the reputation of the platform but these ideas would appear to have been largely ignored whilst FS were able to fund just about everything.
If the defaults/overdue loans had directly impacted the FS balance sheet then I’m convinced we would be looking at a different scenario. Whilst I have no doubt that the platform reads the posts from time to time it is my belief they have a different agenda to lenders.
On the one hand, once those new loan opportunities cease to be funded so easily it may just divert their attention to ‘sorting’ out the problematic loans. It could of course just as easily go the other way and the current owners decide to move onto new pastures and leave someone else to sort out the mess.
The only positive for myself personally is that if nothing else is repaid I will still be ahead of ‘the game’. Was it worth it? - probably not especially if I count my time and occasional no doubt raised blood pressure due to frustration.
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mjc
Member of DD Central
Posts: 342
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Post by mjc on Aug 8, 2018 14:03:56 GMT
Agree with Monetus, as 10 others have - so far.
but what can be added to the list is probity. FS doing what they threaten to do, i.e. giving Burnley ultimatum after (final) ultimatum shows how totally ineffective they are at recovery. There were 5 claims refinance was about to happen, then three times ultimatum was mentioned in updates, and 3 months on...........
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Imothep
Member of DD Central
Posts: 106
Likes: 72
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Post by Imothep on Aug 8, 2018 15:24:07 GMT
I feel like we have to repeat the same things over and over.... will FS finally listen? My fundingsecure turnaround plan: - Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. - Improve your due diligence and loan monitoring significantly. Too many shocking loans have slipped through the cracks and debacles such as Whitehaven should never have been allowed to happen. There has been far too much emphasis on new loan origination and hardly any resources allocated to managing the existing loan book for far too long. Unfortunately the penny has now dropped and the new money is finally drying up. - Change your loan agreements to force borrowers to service interest monthly if they don't repay on the due date or it's an immediate default. Right now investors carry all of the risk of your inactivity resulting in significantly increased LTVs - sometimes for up to years at a time which means that capital loss is often inevitable. This is an unacceptable risk and I feel the FCA will have something to say about it given their recent guidelines. - Be far more willing to enforce security on renewal date if funds aren't forthcoming and be tougher on borrowers in general. Right now it feels like you are complete walkovers and borrowers know that you'll accept any old nonsense like endless promises of "refinance" or "funds to be sent shortly". - Pick a date and provide accurate, credible and believable updates on loans regularly like clockwork (perhaps fortnightly). Go see the updates at Bridge Crowd for an excellent example of how useful updates can be when done correctly. If you need to limit updates to people actually in loans to maintain confidentiality then by all means go for it if it helps improve the appalling communication situation. - Remove the Live Chat as it's a waste of time and resources. They can never give out any information so it achieves nothing. Instead replace it with a ticket-based customer service system via email and focus instead on updating loans properly or allocating more resources to recoveries and managing the loan book. decent post, fyi F/S have taken on a senior property manager / compliance / risk and they send out borrowers regular statements prior to the loans running to term ....
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james21
Member of DD Central
Posts: 651
Likes: 669
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Post by james21 on Aug 8, 2018 15:41:50 GMT
I feel like we have to repeat the same things over and over.... will FS finally listen? My fundingsecure turnaround plan: - Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. - Improve your due diligence and loan monitoring significantly. Too many shocking loans have slipped through the cracks and debacles such as Whitehaven should never have been allowed to happen. There has been far too much emphasis on new loan origination and hardly any resources allocated to managing the existing loan book for far too long. Unfortunately the penny has now dropped and the new money is finally drying up. - Change your loan agreements to force borrowers to service interest monthly if they don't repay on the due date or it's an immediate default. Right now investors carry all of the risk of your inactivity resulting in significantly increased LTVs - sometimes for up to years at a time which means that capital loss is often inevitable. This is an unacceptable risk and I feel the FCA will have something to say about it given their recent guidelines. - Be far more willing to enforce security on renewal date if funds aren't forthcoming and be tougher on borrowers in general. Right now it feels like you are complete walkovers and borrowers know that you'll accept any old nonsense like endless promises of "refinance" or "funds to be sent shortly". - Pick a date and provide accurate, credible and believable updates on loans regularly like clockwork (perhaps fortnightly). Go see the updates at Bridge Crowd for an excellent example of how useful updates can be when done correctly. If you need to limit updates to people actually in loans to maintain confidentiality then by all means go for it if it helps improve the appalling communication situation. - Remove the Live Chat as it's a waste of time and resources. They can never give out any information so it achieves nothing. Instead replace it with a ticket-based customer service system via email and focus instead on updating loans properly or allocating more resources to recoveries and managing the loan book. decent post, fyi F/S have taken on a senior property manager / compliance / risk and they send out borrowers regular statements prior to the loans running to term .... New manager, has to be a good thing, that accounts for the better spelling/grammar and increase in updates that had been noted previously. However regarding regular statements, the usual one liners are not anywhere like good enough for example today Radclif** Aven*e " We have spoken to the borrower who has confirmed the refinance is still ongoing", this is not much good, why is it on going, has offer been received, is valuation received, is it enough to pay off debt interest and at what stage is the paperwork/reports/correspondence, estimated completion of refinance is? Not difficult is it?
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Post by thegrumbler on Aug 8, 2018 15:50:46 GMT
I feel like we have to repeat the same things over and over.... will FS finally listen? My fundingsecure turnaround plan: - Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. - Improve your due diligence and loan monitoring significantly. Too many shocking loans have slipped through the cracks and debacles such as Whitehaven should never have been allowed to happen. There has been far too much emphasis on new loan origination and hardly any resources allocated to managing the existing loan book for far too long. Unfortunately the penny has now dropped and the new money is finally drying up. - Change your loan agreements to force borrowers to service interest monthly if they don't repay on the due date or it's an immediate default. Right now investors carry all of the risk of your inactivity resulting in significantly increased LTVs - sometimes for up to years at a time which means that capital loss is often inevitable. This is an unacceptable risk and I feel the FCA will have something to say about it given their recent guidelines. - Be far more willing to enforce security on renewal date if funds aren't forthcoming and be tougher on borrowers in general. Right now it feels like you are complete walkovers and borrowers know that you'll accept any old nonsense like endless promises of "refinance" or "funds to be sent shortly". - Pick a date and provide accurate, credible and believable updates on loans regularly like clockwork (perhaps fortnightly). Go see the updates at Bridge Crowd for an excellent example of how useful updates can be when done correctly. If you need to limit updates to people actually in loans to maintain confidentiality then by all means go for it if it helps improve the appalling communication situation. - Remove the Live Chat as it's a waste of time and resources. They can never give out any information so it achieves nothing. Instead replace it with a ticket-based customer service system via email and focus instead on updating loans properly or allocating more resources to recoveries and managing the loan book. decent post, fyi F/S have taken on a senior property manager / compliance / risk and they send out borrowers regular statements prior to the loans running to term .... Where is this mentioned? I would really like to have the name and be able to contact the person, given how things have been managed up to now.
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rogerthat
Member of DD Central
Posts: 2,048
Likes: 1,994
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Post by rogerthat on Aug 8, 2018 16:07:38 GMT
I feel like we have to repeat the same things over and over.... will FS finally listen? My fundingsecure turnaround plan: - Hire one really good portfolio manager / debt recovery officer. Clearly your existing staff are totally out of their depth and you need someone with a lot of prior experience to get things back on track. - Manage the loan book proactively. That means having a calendar with dates, updating loans as soon as they are due, and contacting borrowers 30 days prior to due date - not asking them what they want to do on the loan renewal date and then giving them months to think about it. - Improve your due diligence and loan monitoring significantly. Too many shocking loans have slipped through the cracks and debacles such as Whitehaven should never have been allowed to happen. There has been far too much emphasis on new loan origination and hardly any resources allocated to managing the existing loan book for far too long. Unfortunately the penny has now dropped and the new money is finally drying up. - Change your loan agreements to force borrowers to service interest monthly if they don't repay on the due date or it's an immediate default. Right now investors carry all of the risk of your inactivity resulting in significantly increased LTVs - sometimes for up to years at a time which means that capital loss is often inevitable. This is an unacceptable risk and I feel the FCA will have something to say about it given their recent guidelines. - Be far more willing to enforce security on renewal date if funds aren't forthcoming and be tougher on borrowers in general. Right now it feels like you are complete walkovers and borrowers know that you'll accept any old nonsense like endless promises of "refinance" or "funds to be sent shortly". - Pick a date and provide accurate, credible and believable updates on loans regularly like clockwork (perhaps fortnightly). Go see the updates at Bridge Crowd for an excellent example of how useful updates can be when done correctly. If you need to limit updates to people actually in loans to maintain confidentiality then by all means go for it if it helps improve the appalling communication situation. - Remove the Live Chat as it's a waste of time and resources. They can never give out any information so it achieves nothing. Instead replace it with a ticket-based customer service system via email and focus instead on updating loans properly or allocating more resources to recoveries and managing the loan book. Is this supposition, rumour or fact..and if its fact, how do you know this ?
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