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Post by Proptechfish on Jan 31, 2019 21:29:46 GMT
Propifi finally opens its doors. A property development P2P platform, claiming to pioneer blockchain technology. Current opportunities offering 12.00% PA return www.propifi.co.uk |
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Post by mrclondon on Feb 2, 2019 15:03:42 GMT
The first loan (Kirkcaldy Land) is to an existing FS borrower with a couple of loans via other SPV's ( L********, Edinburgh and Cha**el Str**t, Gal**hiels ) both overdue. Dormant accounts were filed by the Edinburgh SPV despite having drawn down a loan from FS. The borrower is also believed to be aquainted with the borrowers on a couple of Lendy loans (PBL095 and PBL106 both in default).
The Kirkcaldy land was advertised for sale fairly recently, and noted the planning permission dated back to 2005.
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cwah
Member of DD Central
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Post by cwah on Feb 2, 2019 15:55:29 GMT
Maybe good if the platform buy back all the lendy and FS bad loans  |
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cb25
Posts: 3,528
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Post by cb25 on Feb 2, 2019 16:03:18 GMT
Proptechfish - I apologize wholeheartedly, my mistake (clearly), I read it too quickly and incorrectly assumed you were a representative of the platform. I've removed my post.
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Post by Proptechfish on Feb 2, 2019 16:09:19 GMT
@proptechfish - I apologize wholeheartedly, my mistake (clearly), I read it too quickly and incorrectly assumed you were a representative of the platform. I've removed my post. No problem, I guess the 'Prop' bit in the name doesn't help. I'm glad you raised though because if IIRC correctly I don't think that was the MD stated in the fund raise. The comments about FS & LY loan crossover seem a little alarming too. I am very much looking to this so thanks.
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Post by Proptechfish on Feb 2, 2019 17:43:14 GMT
It also looks like one of the 'coming soon' loans (803) is a refinance of the FS Cha**el Str**t, Gal**hiels. This could all be the same borrower on all four properties. The same guy who liquidated best part of £4.5 mil through SPV's, both LY loans I'm still in. Wow what a way to launch a platform, I can feel an email brewing. |
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Post by mrclondon on Feb 2, 2019 18:06:15 GMT
Wow what a way to launch a platform. Yep, I've no need to feel I'm missing out (Resolution refuse to pass me for KYC/AML so its not an option for me)
"Propifi is a trading name of Propifi Capital Limited, an appointed representative of Resolution Compliance Limited, who are authorised and regulated by the Financial Conduct Authority (FRN: 574048)."
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Post by captainconfident on Feb 2, 2019 19:36:52 GMT
Is it pronounced "Prop-iffy"? It doesn't inspire much confidence.
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Post by mrclondon on Feb 5, 2019 16:22:33 GMT
Even if we look beyond the borrower of this first loan there are issues regarding the project itself. The planning permission as I noted earlier appears to date from 2005, and is for retail space on the ground floor with apartments above.
Today's Guardian has an article about a shopping centre in Kirkcaldy auctioned earlier today with a reserve of £1, and sold for £310k vs the 1980 build cost of £4.25m. 14 of the 21 units are vacant. This shopping centre is less than 100m SW of the site for this project.
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bugs4me
Member of DD Central
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Post by bugs4me on Feb 5, 2019 23:03:04 GMT
Just noticed this thread - apologies for being late to the party.
Has anyone actually done some basic DD on the platform. Certain (key) personnel do seem to be very busy bunnies - I wonder where they will find the time to manage and grow the business. Or is it just me being cynical thinking here we go again time, opportunists 'plonking another P2P website' online thinking everyone will pile in whilst they cream off any fees!!
Going OT, 5 years ago a certain NH established a P2P company forecasting massive profits within 5 years - source. Results just in show a loss of £1.4m and a reduction in headcount from 12 to 1 - source.
As many established players are discovering, running a P2P company successfully for both the platform owners and lenders requires far more than any fancy website.
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Post by Proptechfish on Feb 14, 2019 18:57:50 GMT
Update : I have decided to close my Propifi account as I'm just too uneasy with a few issue this early on. There is a 14 day cooling off period for which an account holder can request withdrawal of pledged funds and account closer. I did this and the request was responded to and accepted very quickly, which was impressive.
I may return in a few months once things start taking shape, but I think other platform experiences over the last year or so have just made me a little more cautious these days.
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Post by mrclondon on Apr 5, 2019 16:10:08 GMT
The Kirkcaldy land loan has disappeared from the public pages of Propifi, presumably withdrawn. I've glanced at the listing periodically, and it never advanced beyond the 1.02% filled (apart for a brief time before one or more lenders cancelled their bids). The link to the detailed page for the Kirkcaldy loan is still valid, and shows 0% filled.
The other 3 coming soon listings are still there incl the refinance of one of the FS loans (2 on the home page, the 3rd only on the investments page.)
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Post by mrclondon on Mar 5, 2020 20:38:41 GMT
After close to a year of inactivity, the Propifi website has been refreshed, and seems to have morphed into a black-box based proposition offering 3 accounts 6-8% pa, notionally 24, 48 or 60 month terms, with capped access to a proportion of the funds each year.
Tagging Proptechfish as a declared small shareholder to see whether he can shed any light on the happenings here. (Given their prior incarnation appeared to be based solely on a relationship with a borrower we are generally not keen on, I would need a lot of convincing to take a deeper look).
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michaelc
Member of DD Central
Say No To T.D.S.
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Post by michaelc on Mar 5, 2020 20:56:12 GMT
Afraid I couldn't get past the frontpage strapline "Your next P2P lending opportunity is only a few clicks away".
I was trying to analyze why I didn't like that. It sounded so carefree but that wasn't enough.
Then it dawned on me. A P2P opportunity should NEVER be just a few clicks. DD takes a lot more than that. If only so many of these platforms were forced to make it clear they are little more than web portals and opportunities should be thoroughly researched by investors before jumping in.
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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 5, 2020 22:13:07 GMT
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