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Post by captainconfident on Aug 12, 2021 17:36:38 GMT
Funding Knight website is still up, but the last of their loans have matured.
Funding Knight was not much valued during its heyday, seen as a sort of small Funding Circle but the user interface of FK was always much better.
What people failed to see was that although lenders appeared only to fund about 20% of each loan, the rest was being picked up by the company running Funding Knight. So unlike at FC where crooks were stepping out of prison waving loan applications, the owners of FK had a large interest in making sure the loans they offered were viable. Hence my overall return from involvement of most loans on the platform averaged 9.4% p.a while over the same period on FC it was 7%, trending down to 3%pa.
So thanks very much Funding Knight. Sorry to see you go.
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Post by overthehill on Aug 12, 2021 18:06:45 GMT
Funding Knight website is still up, but the last of their loans have matured. Funding Knight was not much valued during its heyday, seen as a sort of small Funding Circle but the user interface of FK was always much better. What people failed to see was that although lenders appeared only to fund about 20% of each loan, the rest was being picked up by the company running Funding Knight. So unlike at FC where crooks were stepping out of prison waving loan applications, the owners of FK had a large interest in making sure the loans they offered were viable. Hence my overall return from involvement of most loans on the platform averaged 9.4% p.a while over the same period on FC it was 7%, trending down to 3%pa. So thanks very much Funding Knight. Sorry to see you go.
Would I be right in assuming the secondary market is now empty? From their website, there is a possibility the phoenix might rise again, I don't know what happened.
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Thank you for your interest in investing through FundingKnight.
Funding Knight Limited has changed its name and is now Sancus Funding Limited. The move comes as part of a strategic review of operations by FundingKnight’s ultimate owners, GLI Finance Limited (GLIF). This review includes the transfer of GLIF’s holding to its wholly owned subsidiary Sancus BMS Group Limited. FundingKnight is a trading name of Sancus Funding Limited.
We are in the process of reviewing all aspects of the service that we offer with the aim of providing better options to both investors and borrowers. This process includes looking at both the funding solutions on the current FundingKnight platform and those offered by our sister company, Sancus Finance, another member of the GLIF family of companies.
For the time being the only investment opportunities available to new investors at FundingKnight will be those available through our secondary market, The Marketplace. We will be updating our users as our plans develop and would be delighted to keep you informed as to our progress in delivering these improvements to you.
If you are happy to receive update communications about FundingKnight and other companies in the Sancus Group then please click the button below and provide us with your contact details
click here
If you still wish to register on the site, then please click the button below
click here
Knight pointing right, towards the start investing registration form
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bababill
Member of DD Central
Posts: 525 
Likes: 243
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Post by bababill on Aug 13, 2021 22:31:03 GMT
Would I be right in assuming the secondary market is now empty? From their website, there is a possibility the phoenix might rise again, I don't know what happened.
This article from 2016 will explain what happened www.ft.com/content/4252a629-2815-3eeb-b8e4-5264b886b660" But the problems at Funding Knight weren’t caused by shoddy underwriting. Instead it was pushed to the edge by a dispute that shows the risks associated with businesses that rely on a small number of outside investors to fund their lending. This is a story of a startup going up against its most important investor and losing the fight. Each side has their version of events and the narrative is complicated by the various claims and counter-claims, but it’s a cautionary tale of how personal rivalries can almost ruin a business" Worth reading the full article.. Keep in mind GLI used to invest in Proplend also.
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