kaya
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Post by kaya on Sept 30, 2014 19:42:22 GMT
I thought it looked a reasonable proposition, so put in a bit. This platform seems to be struggling to get going though.
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bugs4me
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Post by bugs4me on Oct 1, 2014 16:54:54 GMT
I agree that the platform doesn't appear to be picking up the number of lenders it should, given the rates that are available. I certainly hope that a few more of our compatriots start investing here. The loan on offer seems a good one and I have some funds in the previous one. I'm impressed with the Lender Dashboard page and find this really useful. Hope others start investing as this IMO will lead to other loans becoming available. Like many new P2P platforms it's a chicken and egg scenario IMO. The longer they take to get truly airborne then the more likely they are going to flounder.
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Post by parag on Oct 1, 2014 17:12:46 GMT
Jaydee kaya Hello both and thanks for taking the time to post your comments. I think the following will help explain where we are and where we are going. We launched last year and developed our own platform in-house. When we launched we did not have a secondary loan market in place and it was clear that lenders wanted one. We decided that we would not do any marketing or advertising to attract lenders with no secondary loan market in place. After a few delays, we launched the secondary loan market last month. We wanted to make absolutely sure that our lenders had the best experience when using it so we spent more time than originally anticipated in the testing phase. I am pleased to say that this extra testing time was well worthwhile as all works as it should and both seller and buyer are treated fairly when it comes to accrued interest. We had a marketing and advertising campaign ready to go last month but since then a new partnership has arisen. I can't say much about this at the moment, but it will allow us to bring lenders a constant flow of asset backed deals at very competitive rates and terms. We are finalising the legals now after which platform tweaks will be made in order to deliver you our new model. In the next few weeks we will be reaching out to some of our lenders who have engaged with us previously to run the model past them and get their views on it before it is set in stone. Since launch we have had over 350 loan applications. As we have communicated to our lenders previously, we will only list deals that we are happy to lend to ourselves. Our credit assessment process is both comprehensive and demanding and as a result the number of loans approved is very low. This reflects in our current loan statistics; no late repayments, no defaults and 1 loan settled early. I would rather these statistics than a larger number of funds lent with had attached defaults and late payments. This is a very exciting time for us all and are main aim is unchanged. We are still committed to delivering the strongest lending opportunities which give lenders a sustainable return on their funds with the risk of default minimised. Our new model will reflect this even more whilst providing a constant deal flow of asset backed loans. I would like to take this opportunity to thank all those who have lent through us and engaged with us to date. It means a lot to us all as we constantly strive to deliver the best customer service possible. If you want to contact me, please drop me an email at parag@fundingempire.com Kind Regards, Parag
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bugs4me
Member of DD Central
Posts: 1,841
Likes: 1,466
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Post by bugs4me on Oct 1, 2014 17:36:11 GMT
Jaydee kaya Hello both and thanks for taking the time to post your comments. I think the following will help explain where we are and where we are going. We launched last year and developed our own platform in-house. When we launched we did not have a secondary loan market in place and it was clear that lenders wanted one. We decided that we would not do any marketing or advertising to attract lenders with no secondary loan market in place. After a few delays, we launched the secondary loan market last month. We wanted to make absolutely sure that our lenders had the best experience when using it so we spent more time than originally anticipated in the testing phase. I am pleased to say that this extra testing time was well worthwhile as all works as it should and both seller and buyer are treated fairly when it comes to accrued interest. We had a marketing and advertising campaign ready to go last month but since then a new partnership has arisen. I can't say much about this at the moment, but it will allow us to bring lenders a constant flow of asset backed deals at very competitive rates and terms. We are finalising the legals now after which platform tweaks will be made in order to deliver you our new model. In the next few weeks we will be reaching out to some of our lenders who have engaged with us previously to run the model past them and get their views on it before it is set in stone. Since launch we have had over 350 loan applications. As we have communicated to our lenders previously, we will only list deals that we are happy to lend to ourselves. Our credit assessment process is both comprehensive and demanding and as a result the number of loans approved is very low. This reflects in our current loan statistics; no late repayments, no defaults and 1 loan settled early. I would rather these statistics than a larger number of funds lent with had attached defaults and late payments. This is a very exciting time for us all and are main aim is unchanged. We are still committed to delivering the strongest lending opportunities which give lenders a sustainable return on their funds with the risk of default minimised. Our new model will reflect this even more whilst providing a constant deal flow of asset backed loans. I would like to take this opportunity to thank all those who have lent through us and engaged with us to date. It means a lot to us all as we constantly strive to deliver the best customer service possible. If you want to contact me, please drop me an email at parag@fundingempire.com Kind Regards, Parag Thank you for the feedback
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kaya
Member of DD Central
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Post by kaya on Oct 1, 2014 18:50:42 GMT
Thanks for your own feedback, Funding Empire. The SME market could do with another player, and glad to hear you have plans - but you will need that advertising campaign to attract new lenders too, it would seem. Wish you well, will be watching to see how it goes.
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Post by parag on Oct 1, 2014 19:19:24 GMT
kaya Thank you. As soon as we have the mechanics of the new product finalised we will definitely be rolling out our marketing / advertising campaign to attract more lenders. I am sure all will be pleasantly surprised with our new deal flow and model when it is rolled out.
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Post by pepperpot on Oct 1, 2014 19:59:28 GMT
Small point to note - the current auction has 48 mins left to run and ends;
"Only 0 days 48 mins left Auction ends: 01/10/2014 20:41"
Which clock do you use as I make it currently 20.59??
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Post by parag on Oct 1, 2014 21:51:28 GMT
Small point to note - the current auction has 48 mins left to run and ends; "Only 0 days 48 mins left Auction ends: 01/10/2014 20:41" Which clock do you use as I make it currently 20.59?? Apologies. This was down to a BST/GMT issue. I have asked the IT guys to fix this and they have now done so.
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Post by webbski9 on Oct 4, 2014 10:00:38 GMT
Parag I like the present ~look~ of your site ,so any upgrade can only enhance the present.I would also like to say that your admin people,in particular Faraz ,have been very helpful indeed. Your site is clear and easy to navigate and the SM easy to handle.As you know it just needs a constant flow of quality loan applications. Keep up the good work Regards David
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Post by parag on Oct 4, 2014 17:47:12 GMT
Parag I like the present ~look~ of your site ,so any upgrade can only enhance the present.I would also like to say that your admin people,in particular Faraz ,have been very helpful indeed. Your site is clear and easy to navigate and the SM easy to handle.As you know it just needs a constant flow of quality loan applications. Keep up the good work Regards David Many thanks for your kind words David. I will be sure to pass these on to Faraz. The new model we are working on, and hope to have live by Jan 2015, will give lenders a constant flow of deals backed by assets. Thanks again for your feedback.
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gb007
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Post by gb007 on Feb 11, 2015 18:46:35 GMT
The new model we are working on, and hope to have live by Jan 2015, will give lenders a constant flow of deals backed by assets. parag any update?
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Post by parag on Feb 11, 2015 18:57:29 GMT
gb007 Hi. We are aiming for the legals to be signed off sometime this week / early next week. The platform changes are all in place and we are in the final stages of regression testing. We hope to list the first of many asset backed deals late next week. We are rolling out the site changes this weekend so lenders can see full details of the new product / offering and ask us any questions well before the first loan is listed. If you have any other questions, please feel free to PM me or post here. Hope this helps. Regards, Parag
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Post by parag on Feb 11, 2015 19:50:17 GMT
Jaydee The maximum term of these loans will be 36 months and the majority will also be for 36 months. These loans can also be repaid early with no penalty to the borrower, so lenders must expect a certain percentage of loans to repay early. There will be more about this covered in the new section of our 'FAQ' page once the release over the weekend has been done.
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