dave4
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Post by dave4 on Apr 25, 2021 7:01:22 GMT
How this issue is dealt/being dealt with is important for Platform confidence. I await further details and an update from kuflink.
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Post by uksoul on Apr 25, 2021 7:46:14 GMT
How this issue is dealt/being dealt with is important for Platform confidence. I await further details and an update from kuflink . True, the drop in confidence in the platform needs to be regained. They have won several prestigous awards in recent years for their business along with excellent reviews by reputable bodies. That could be all undermined by this audit. This audit relates to 2019 and they have addressed some of the issues with the appointment last year of a new head of finance control. Gary joined Kuflink as Head of Financial Control in spring 2020, to help ensure all financial reporting aspects of the business are met, he previously worked for TSB Bank for 7 as an Accounting & Control Manager in their head office Treasury Department. He qualified in 1996 (ACCA) and brought extensive experience in Financial Services and Banking to the business '. from Kuflink's website
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Post by uksoul on Apr 26, 2021 8:57:20 GMT
Received an email this morning from the CEO confirming this audit is from 2019 and controls are in place in response to it. New auditors are on board, 2020 accounts filed soon and the firm is in a much more solid financial position.
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dave4
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Post by dave4 on Apr 26, 2021 9:07:31 GMT
Received an email this morning from the CEO confirming this audit is from 2019 and controls are in place in response to it. New auditors are on board, 2020 accounts filed soon and the firm is in a much more solid financial position. Ditto, and an offer of further communication via phone to discuss if required. Thank you kuflink
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Post by uksoul on Apr 26, 2021 10:27:21 GMT
Received an email this morning from the CEO confirming this audit is from 2019 and controls are in place in response to it. New auditors are on board, 2020 accounts filed soon and the firm is in a much more solid financial position. Ditto, and an offer of further communication via phone to discuss if required. Thank you kuflink Yeah he has been very responsive, have exchanged a couple of emails with him this morning and has put my mind at ease.
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Post by uksoul on Apr 26, 2021 12:00:17 GMT
The next monthly update will give details of changes since the audit.
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Post by kuflink on Apr 26, 2021 13:27:58 GMT
We wanted to come onto the forum to give you all an update.
The comments from the audit actually reflect the 2019 audited accounts - two years ago. The business has already successfully worked through many of these areas with some still being addressed in collaboration with our new auditors (MHA Macintyre Hudson).
In 2021, the business is in very good shape. Losses have narrowed to a point where we are confident that we are likely to announce breakeven or a profit very soon.
In respect of VAT, we have been in contact with HMRC since September last year, as the pandemic created delays in earlier contact. The VAT amount has already been set aside by the business and we are working with our new auditors to settle by the June 2021 deadline required by HMRC.
Kuflink is in good health and looking forward to strong inward investment during the rest of this year and beyond.
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dave4
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Post by dave4 on May 13, 2021 9:35:07 GMT
No loans (new or sm) day 3.... Filling loans is excellent, but.....looking ahead kuflink hows the pipeline looking ?? Will there be "something for the weekend"as per the usual Friday evening offerings?. Had to use the withdraw funds from platform process today (a first for me) as repayments had built up.
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jcb208
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Post by jcb208 on May 14, 2021 16:30:59 GMT
2 deals for today already filled.Will bring back memories of Fastest Finger First soon
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nyneil
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Post by nyneil on May 14, 2021 20:21:46 GMT
2 deals for today already filled.Will bring back memories of Fastest Finger First soon Let's hope neither investors or Kuflink lose focus on quality & risk - we've been there with other platforms.
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jcb208
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Post by jcb208 on May 15, 2021 10:48:51 GMT
2 deals for today already filled.Will bring back memories of Fastest Finger First soon Let's hope neither investors or Kuflink lose focus on quality & risk - we've been there with other platforms. I Agree completely ,I choose my investments carefully now and am staying away from most of the development loans
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dave4
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Post by dave4 on May 18, 2021 14:22:02 GMT
loans available. 4 , 1 is 3x tier with (tier tcs link)
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dave4
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Post by dave4 on May 18, 2021 20:21:07 GMT
Going fast.
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jcb208
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Post by jcb208 on May 31, 2021 9:47:02 GMT
Any one else think the quality of the loans are decreasing, I wont invest in any of Fridays offerings, one is an old loans refinanced and the others just look poor security,
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p2pfan
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Post by p2pfan on May 31, 2021 12:45:21 GMT
Any one else think the quality of the loans are decreasing, I wont invest in any of Fridays offerings, one is an old loans refinanced and the others just look poor security, There is one good one, but I agree the other ones are trite and I wouldn't touch them with a barge pole. For instance the St Th**** H*** one is a former failed project which physically looks like a wreck. That will have to be knocked down and then rebuilt. There's complications such as a utility service running under the plot of land. The land is based in a third-tier fairly rural location. There is a significant probability that the refinancing with a six month deadline will not come about and the repayment of our money to us will have to be extended etc. The borrower has a "Satisfactory credit score" i.e. not good or great. The astounding point is that Kuflink are only paying 6.7% as a maximum, for the payment on maturity option. There are loans on other P2P platforms and outside P2P with similar risk-reward profiles that pay c. 9%+. In general, the sub-7% returns to lenders are not commensurate with the quality of these relatively high-risk development loans. The reason they are coming to Kuflink is because reputable lenders like banks wouldn't go anywhere near these loans. Kuflink take a much higher ratio for themselves than most other P2P platforms I am aware of e.g. on one recent loan on which the borrower is paying 12% p.a., Kuflink is taking a very chunky 5% for themselves and leaving lenders with only 7%, and I believe a fairer division of the income would be c. 8% for lenders and 4% for Kuflink. By comparison, on loans paying 10% total via CrowdProperty, the platform would take 2% and lenders received 8% (though the amounts paid to lenders have declined to 7.xx% in recent months).
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