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Post by kuflinkirlisa on Jan 18, 2023 16:54:10 GMT
Good afternoon all,
Firstly, Happy New Year!
I am pleased to confirm that the group accounts have now been filed and are available to view on Companies House - thank you for your patience.
If you have any questions please reach out to the team.
Best wishes,
Kuflink
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69m
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Post by 69m on Jan 18, 2023 20:01:25 GMT
The Strategic Report within the latest Kuflink Group plc accounts includes the following: "We have also entered into discussions with a number of institutions to introduce a structured funding line to the business to complement the Peer-to-Peer platform."
That's understandable given Kuflink's aspiration to significantly increase its loan book from £135m in 2023 to £320m in 2026.
However, retail lenders might well be wondering if 'complement' actually means 'eventually replace'. Previous experiences with other platforms suggest that it's a distinct possibility.
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rscal
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Post by rscal on Jan 19, 2023 11:03:40 GMT
The Strategic Report within the latest Kuflink Group plc accounts includes the following: "We have also entered into discussions with a number of institutions to introduce a structured funding line to the business to complement the Peer-to-Peer platform."
That's understandable given Kuflink's aspiration to significantly increase its loan book from £135m in 2023 to £320m in 2026.
However, retail lenders might well be wondering if 'complement' actually means 'eventually replace'. Previous experiences with other platforms suggest that it's a distinct possibility.
To which might be added: "Remember, pls to sort out the Isa Transfer/Release process" so that tax advantages can (theoretically) be preserved through any wind-down. i.e. it should all-at-once - implying a clean buy-out and minimal fees.
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scooter
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Post by scooter on Feb 28, 2024 22:51:21 GMT
![]() 2023 accounts. 27 Related party Transactions.
At the year end, an amount totalling £4.8m was outstanding on loans to Directors or related parties of Kuflink Group PLC.
Out of this amount £2.3m of the funding came from the P2P platform, split between Select Invest Product Funding of £151k and Auto Invest product funding £2.6m.
At the year end Directors of the group provided guarantees worth up to £1.6m secured by real property and other assets to cover the group in the event of a loss on certain loans.I have questions if anyone can help. Firstly, I appreciate the directors can take loans, but I was surprised at the level of detail actually surrounding taking them from the P2P platform and split between the two products. They are all the same loans after all and what is that money they can withdrawer? Interest held for the term perhaps? Also, with regard to the guarantees provided by the directors to cover "certain loans". Why would they do that? The phrase "certain loans" bothers me a lot. I mean what loans are getting this extra protection and why? And also, isn't the money borrowed by the directors likely to have paid in some way for the assets, which they put up as guarantees....
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p2pfan
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Post by p2pfan on Feb 29, 2024 12:21:44 GMT
Thank you for bringing this to our attention scooter . It's highly worrying that the Directors have taken nearly £5 million of money from the business. I take your very valid point about the personal guarantees and which loans they are supposed to cover. However, based on what almost always happens whether individual loans or entire P2P platforms default/go into administration, the personal guarantees are completely worthless. Nobody will ever give a penny back. Therefore, the bigger concern is why Directors have taken £4.8m out of the business on top of their other undoubtedly-very-generous remunerations? The business is taking money from us lenders and then millions of pounds have been funnelled to the people behind it. |
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ilmoro
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Post by ilmoro on Feb 29, 2024 12:58:13 GMT
Thank you for bringing this to our attention scooter . It's highly worrying that the Directors have taken nearly £5 million of money from the business. I take your very valid point about the personal guarantees and which loans they are supposed to cover. However, based on what almost always happens whether individual loans or entire P2P platforms default/go into administration, the personal guarantees are completely worthless. Nobody will ever give a penny back. Therefore, the bigger concern is why Directors have taken £4.8m out of the business on top of their other undoubtedly-very-generous remunerations? The business is taking money from us lenders and then millions of pounds have been funnelled to the people behind it. Im not sure this isnt being misinterpreted. These don't appear to be directors loans taking money out of the business but commercial borrowing through the platforms, regulated & unregulated sides, by related parties on normal terms ie same as an unrelated party. Little vague on the non-p2p borrowing
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Post by Ace on Feb 29, 2024 13:14:29 GMT
I'd assumed that the £2.3m coming from the platform was for normal loans to projects in which the borrower's happened to be directors (or related parties). No idea what the other £2.5m might be for.
EDIT crossed with ilmoro.
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scooter
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Post by scooter on Feb 29, 2024 13:18:39 GMT
Thank you for bringing this to our attention scooter . It's highly worrying that the Directors have taken nearly £5 million of money from the business. I take your very valid point about the personal guarantees and which loans they are supposed to cover. However, based on what almost always happens whether individual loans or entire P2P platforms default/go into administration, the personal guarantees are completely worthless. Nobody will ever give a penny back. Therefore, the bigger concern is why Directors have taken £4.8m out of the business on top of their other undoubtedly-very-generous remunerations? The business is taking money from us lenders and then millions of pounds have been funnelled to the people behind it. Im not sure this isnt being misinterpreted. These don't appear to be directors loans taking money out of the business but commercial borrowing through the platforms, regulated & unregulated sides, by related parties on normal terms ie same as an unrelated party. Little vague on the non-p2p borrowing Could you explain a bit more? I am no expert at all..... Whilst i don't trust them and my mind did take me to all sorts of dodgy conclusions, they are genuine questions to gain understanding. The extract from the accounts is only a small part of the section as it wouldn't let me cut and paste. Are you referring to the 5% investments in the platform loans? That is £92k.
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Post by overthehill on Feb 29, 2024 14:43:07 GMT
So lenders are funding loans to 'directors' ? Is this transparent ?
In general or specifically, does 'director' loan account in the annual accounts only refer to one or more directors or can it include family, friends and business associates ?
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