rogerthat
Member of DD Central
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Post by rogerthat on Sept 10, 2019 17:14:57 GMT
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Sept 10, 2019 18:06:43 GMT
it is all just fintech p2p jargon to me. all these p2p platforms must really think they are something else.
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Monetus
Member of DD Central
Posts: 1,179
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Post by Monetus on Sept 10, 2019 19:29:26 GMT
"The last eight weeks over the Summer period have seen considerable changes at FundingSecure, including restructuring the team and extensively evaluating our processes and procedures to prioritise defaulted loans, creating an organisation fit for purpose, including recruiting a specialist team of in-house lawyers, a national property recovery provider and a national insolvency practitioner.
Considering the actions we have taken, we hope that you have also begun to see the difference regarding the speed and regularity of our loan updates."
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trevor
Member of DD Central
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Post by trevor on Sept 10, 2019 20:39:03 GMT
6 bed house in Co.....y updated today with meaningless comment saying new refinance in progress. Last update in June said refinance approved and update to follow at end June.
FS, you are full of it.
Your September update is an absolute waste of words, just like your updates.
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Post by df on Sept 10, 2019 21:20:29 GMT
"FundingSecure are now offering investment opportunities where our investors can invest in gold" - I like this part of newsletter  Not really a new feature, but yes, bring the bling back! There was 1 gold offering 5 days ago - I hope we'll get to see more of these in near future. "The assets will be held in a secure location controlled by FundingSecure for the whole loan term.... The value has been calculated using the current scrap value of gold." - that gives a reasonable sense of security of invested capital. Also gold is much easier to sell than buildings, boats, microsculptures, toy trains, medieval books, cars etc. |
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trium
Member of DD Central
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Post by trium on Sept 10, 2019 23:49:11 GMT
Are they talking about jewellery or bullion? It isn't clear - how can they "diversify", like it's something new, into what was part of their original core business? But yeah, bring it on!
On another note, it's disheartening to see such negative responses to a fairly positive newsletter. Clearly some will never be appeased. No-one going to mention the (albeit small) bonuses?
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james21
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Post by james21 on Sept 11, 2019 7:09:31 GMT
The fundingsecure they portray in the newsletter is very different than the one I know. They would be better spending time on getting the money in than writing this stuff
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Post by brightspark on Sept 11, 2019 7:29:22 GMT
I think the newsletter said quite a lot about how FS now perceive themselves. In the final analysis actions speak louder than words.
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Post by mrclondon on Sept 11, 2019 7:54:47 GMT
No-one going to mention the (albeit small) bonuses? Problem is they failed to mention the elephant in the room - not a single one of the loans currently listed states interest from the date of investment.
I managed to get FS to pay interest from date of investment on the recent Huntingdon loan by referencing the current T&Cs, but once they change the T&C's to match the July newsletter that won't work. The only loan in recent times that stated interest from date of investment was last week's gold loan.
I also note the description on the P********* Av asset tab still hasn't been corrected to reflect its actually an end terrace. Such a fundamental error which I pointed out weeks ago implies FS haven't changed, and the loan descriptions can not be relied upon.
I have been continuing to invest in new loans on FS, but even I have reached the "What's the point?" stage.
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arby
Member of DD Central
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Post by arby on Sept 11, 2019 7:58:39 GMT
In the last 3 months FS have included extended statistics in their newsletter which clearly state the amount of loans repaid vs the amount of new money lent. In each month the amount repaid was greater.
But sure, let's just all whine about how they should concentrate on getting repayments in. As always, I'm not saying FS are meeting expectations, but it's clear they're at least attempting to do what we are asking of them and are one of the few platforms that allow transparent and in depth analysis of the loan book.
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aj
Member of DD Central
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Post by aj on Sept 11, 2019 8:01:58 GMT
Aside from the usual bumpf, i actually found the below figures useful:
Loans Activated
£3.1 m
Loans Repaid
£3.9 m
Defaults Recovered
£980 K
Returning more cash than is being lent out can only be a positive thing in my book, as the loanbook should hopefully be shrinking to a more manageable size. If only some of those recoveries would apply to my loans!
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arby
Member of DD Central
Posts: 910
Likes: 959
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Post by arby on Sept 11, 2019 8:06:20 GMT
Aside from the usual bumpf, i actually found the below figures useful: Loans Activated £3.1 m Loans Repaid £3.9 m Defaults Recovered £980 K Returning more cash than is being lent out can only be a positive thing in my book, as the loanbook should hopefully be shrinking to a more manageable size. If only some of those recoveries would apply to my loans! Swings and roundabouts! Sometimes I see a chunky repayment of a loan I'm in and get excited, then wonder where my money is and eventually find out I didn't renew it or sold it a year ago.... Either way, as you say, net repayments are not good for 'growth', but it's definitely what is needed right now.
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Post by ron on Sept 11, 2019 9:11:56 GMT
Aside from the usual bumpf, i actually found the below figures useful: Loans Activated £3.1 m Loans Repaid £3.9 m Defaults Recovered £980 K Returning more cash than is being lent out can only be a positive thing in my book, as the loanbook should hopefully be shrinking to a more manageable size. If only some of those recoveries would apply to my loans! I agree those figures are useful. I think it'd be useful to add what % of the notional those defaults recovered represent, and also the outstanding defaulted and late loans amount. It would be good for FS if they can prove that defaulted and late loans decrease significantly over time, and average LGD % is not unreasonably high.
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Post by df on Sept 11, 2019 11:45:06 GMT
Are they talking about jewellery or bullion? It isn't clear - how can they "diversify", like it's something new, into what was part of their original core business? But yeah, bring it on! On another note, it's disheartening to see such negative responses to a fairly positive newsletter. Clearly some will never be appeased. No-one going to mention the (albeit small) bonuses? Jewellery, but valued at scrap value of gold. Bonuses are not a new feature, but anything like this is always welcomed back. Not sure if bonuses will have a significant impact on value of investments though? It will probably be more effective if they brought instant returns back.
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coop
Member of DD Central
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Post by coop on Sept 13, 2019 8:26:46 GMT
... are one of the few platforms that allow transparent and in depth analysis of the loan book. You what!? He's not lying. For all their faults you can view every past/active loan on FS books once you're logged in. Not always clear which loans are linked or previous/new tranches however!
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Not really a new feature, but yes, bring the bling back! There was 1 gold offering 5 days ago - I hope we'll get to see more of these in near future. "The assets will be held in a secure location controlled by FundingSecure for the whole loan term.... The value has been calculated using the current scrap value of gold." - that gives a reasonable sense of security of invested capital. Also gold is much easier to sell than buildings, boats, microsculptures, toy trains, medieval books, cars etc. 
