scooter
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Post by scooter on Feb 19, 2024 22:04:33 GMT
Should have paid back today
Should have paid back 26/10/23
I didn't get an update today as promised so I looked at the website Loan updates and they have have updated the end date, but provided no comment.
Since October 23 investors have been treated to 5 "refinancing taking longer than expected" updates.
But lets just take a moment to remember that Kuflink have to be fair to the needs of the borrower too..... So if you would like to help, you can books this holiday let for about £1k a week, sleeps 13 and Carole from Bedfordshire gave it 5 stars.
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p2pfan
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Post by p2pfan on Feb 19, 2024 23:12:22 GMT
I'm glad that Carole from Bedfordshire enjoyed her stay.
These "refinancing taking longer than expected" excuses are wearing thin.
"Kuflink have to be fair to the needs of the borrower" hmmm... it's a pity they have little desire to be fair to the needs of their lenders.
It's no surprise that new loans on their platform are struggling to get funded and sit around for days on end attracting scant interest while those on other similar platforms get fully funded within seconds of going live.
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scooter
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Post by scooter on Feb 22, 2024 19:51:45 GMT
Incase anyone wants to know what "refinance is taking longer than expected" really means....
"Initially the refinance was taking longer than expected due to the valuation came in lower than anticipated and the borrower challenged this but the lender was refusing to change it.
Typically, refinances can take up to 3-4 months for Mortgage/BTL Mortgage, which is dependent on the lender.
Loan Management are confident at this stage with the next steps now in progress as stated in our latest update that the loan is anticipated to redeem shortly. The expected loan end date has currently been pushed back to the 22nd March 2024."
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Post by scepticalinvestor on Feb 22, 2024 20:00:50 GMT
Incase anyone wants to know what " refinance is taking longer than expected" really means.... "Initially the refinance was taking longer than expected due to the valuation came in lower than anticipated and the borrower challenged this but the lender was refusing to change it.
Typically, refinances can take up to 3-4 months for Mortgage/BTL Mortgage, which is dependent on the lender.
Loan Management are confident at this stage with the next steps now in progress as stated in our latest update that the loan is anticipated to redeem shortly. The expected loan end date has currently been pushed back to the 22nd March 2024."
An overly optimistic valuation? Well, blow me down with a feather.
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rscal
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Post by rscal on Feb 23, 2024 12:36:04 GMT
A toshed up BTL, so vacant possession should be a relative doddle then.
"Taking out a substantial deposit, Sir or would Sir prefer our 'Cashback L8R Solution'?
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