Post by scooter on Feb 15, 2024 16:45:53 GMT
As you are aware a firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.
It is quite clear from this loan that the comments made by Kuflink are not timely, not accurate and they do not include pertinent information provided in the site visit reports. Additionally much of the information I should be able to see is hidden and investors are not even made aware of it's existence.
Tranche 1 valuations are "access denied". Start date 10/06/21 end date 27/11/22. 18 month contract.
I invested in Tranche 10 (02/08/22).
- No mention in the Loan Case that the loan end date had been extended.
- Nothing in the loan updates informing investors or would be investors.
July 22 - INTERIM REPORT 9
IMS Predicted PC: February / March 2023
....An email received from the funder on the 26th May 2022 confirms the facility has been extended to February 2023.
- Kuflink sold Tranches to investors with prominently incorrect contract end dates.
- Kuflink knew at this time that the date they were advertising for capital payback and compound intertest payment was incorrect.
- Kuflink actually agreed the 3 months extension in May 22 and didn't tell investors until the end of Jan 23.
- There was no update to the contract available and no increase in interest for the investor.
INTERIM REPORT 13 24/11/23
...we do not believe a January completion to be possible and believe completion will now fall into March 2023.
Jan 26, 2023 15:46:24
Following a discussion with our client we have finalised a 3 month extension at their request. The original loan end date was 27/11/2022 and will now be 27/02/2023.
- Even before telling investors about the 3 months extension, Kuflink had advice that this would not be long enough but Kuflink did not inform investors.
- I'm sure there was a lot of valuable information in the details of tranches 5,6,9,12,15,1617&18, but they are not available for me to view.
- Similarly, I find in Auto lend that there are at least 24 Tranches! So I also have no sight of valuation reports for Tranches 21-24
Loan Updates Mar 3, 2023 13:12:24
We have completed a full review of this case and have agreed to allow a further 6-month term extension to allow the client to complete the build and exit the loan. The current loan end date is 27/02/2023 and we anticipate the new loan end date will be 27/08/2023.
- There is additional interest included with this extension, however.....
- According to the contract Kuflink provided a 6 month extension starting on the 28/03/23.
- So investors only get 5 months extra interest if the loan paid back. However.....
- INTERIM REPORT 18 5. ACTUAL PROGRESS –V- PROGRAMME IMS Predicted PC: June 2023 states the re-term is from February 23! And that is when I would like my uplifted Interest from.
INTERIM REPORT 18 (21/04/23)
....we visited site on the 14th April 2023
5. ACTUAL PROGRESS –V- PROGRAMME
IMS Predicted PC: June 2023 – (Subject to Water utility connections)
....we have delayed our forecast completion to June 2023.
Due to the further delays, we would recommend that Kuflink confirm the facility end date is sufficient for the project and sales period.
17. OTHER MATTERS
It is understood that marketing of the properties is now active, and the Developer is in communication with potential buyers for the flats. (April 23)
Oct 30, 2023 16:39:44
Since our last update, our client has provided completion certificates and is now progressing with the refinance. We have given the borrower until 01/12/2023 to redeem our loan.
- This is the last worthwhile update including actual information.
- The repetitive use of "refinance taking longer than expected " is not helpful especially 3 months after they gave them a deadline to repay.
- And especially as the Exit route is "sale" and the properties are on the market.
It is quite clear from this loan that the comments made by Kuflink are not timely, not accurate and they do not include pertinent information provided in the site visit reports. Additionally much of the information I should be able to see is hidden and investors are not even made aware of it's existence.
Tranche 1 valuations are "access denied". Start date 10/06/21 end date 27/11/22. 18 month contract.
I invested in Tranche 10 (02/08/22).
- No mention in the Loan Case that the loan end date had been extended.
- Nothing in the loan updates informing investors or would be investors.
July 22 - INTERIM REPORT 9
IMS Predicted PC: February / March 2023
....An email received from the funder on the 26th May 2022 confirms the facility has been extended to February 2023.
- Kuflink sold Tranches to investors with prominently incorrect contract end dates.
- Kuflink knew at this time that the date they were advertising for capital payback and compound intertest payment was incorrect.
- Kuflink actually agreed the 3 months extension in May 22 and didn't tell investors until the end of Jan 23.
- There was no update to the contract available and no increase in interest for the investor.
INTERIM REPORT 13 24/11/23
...we do not believe a January completion to be possible and believe completion will now fall into March 2023.
Jan 26, 2023 15:46:24
Following a discussion with our client we have finalised a 3 month extension at their request. The original loan end date was 27/11/2022 and will now be 27/02/2023.
- Even before telling investors about the 3 months extension, Kuflink had advice that this would not be long enough but Kuflink did not inform investors.
- I'm sure there was a lot of valuable information in the details of tranches 5,6,9,12,15,1617&18, but they are not available for me to view.
- Similarly, I find in Auto lend that there are at least 24 Tranches! So I also have no sight of valuation reports for Tranches 21-24
Loan Updates Mar 3, 2023 13:12:24
We have completed a full review of this case and have agreed to allow a further 6-month term extension to allow the client to complete the build and exit the loan. The current loan end date is 27/02/2023 and we anticipate the new loan end date will be 27/08/2023.
- There is additional interest included with this extension, however.....
- According to the contract Kuflink provided a 6 month extension starting on the 28/03/23.
- So investors only get 5 months extra interest if the loan paid back. However.....
- INTERIM REPORT 18 5. ACTUAL PROGRESS –V- PROGRAMME IMS Predicted PC: June 2023 states the re-term is from February 23! And that is when I would like my uplifted Interest from.
INTERIM REPORT 18 (21/04/23)
....we visited site on the 14th April 2023
5. ACTUAL PROGRESS –V- PROGRAMME
IMS Predicted PC: June 2023 – (Subject to Water utility connections)
....we have delayed our forecast completion to June 2023.
Due to the further delays, we would recommend that Kuflink confirm the facility end date is sufficient for the project and sales period.
17. OTHER MATTERS
It is understood that marketing of the properties is now active, and the Developer is in communication with potential buyers for the flats. (April 23)
Oct 30, 2023 16:39:44
Since our last update, our client has provided completion certificates and is now progressing with the refinance. We have given the borrower until 01/12/2023 to redeem our loan.
- This is the last worthwhile update including actual information.
- The repetitive use of "refinance taking longer than expected " is not helpful especially 3 months after they gave them a deadline to repay.
- And especially as the Exit route is "sale" and the properties are on the market.
