V******a S****t & C*******d S****t WV1 (KUF)

 I sent this to Kuflink on the 9th Feb - no response except that I should "rest assured......" i don't have enough money in it that it keeps me awake, but in total for all loans that are in this state I am concerned. Please let me know how they respond to you. 

"I purchased Tranche 14 of this loan on 29/09/22. At that date there were no loan updates to view. The loan end date given was 08/01/23.
The Lending Case makes no mention of any over runs or that the actual original end date was 09/10/22 ie.10 days after I invested. There was no re-term in place at this time.

Interim Monitoring Report No. 13 Dated 21/09/22
As detailed in the Statement from the Borrower received on 11 July 2022 included in Appendix 6, the works are anticipated to be completed by Q3 2023 subject to the outcome of the tender process. Further commentary will be included in future monitoring reports.
At the time you advertised Tranche 14 to investors the loan was going into default and you were aware of it and failed to make would be investors aware. Do you think this was within FCA Guidelines?
KK Loan comments
Nov 1, 2022 15:01:00
We continue to gather information from our clients which includes a full revaluation. Once we have received this information we can then consider the best way forward.
So you waited until Tranche 14 was fulfilled and then updated investors. Do you think this was within FCA Guidelines?
Dec 2, 2022 16:17:46
We are now in receipt of the updated valuation and have offered our client an 8-month extension to allow them to complete the project and exit the loan. .... we anticipate the loan end date will be 07/06/2022 (Assume 2023!)
You were made aware in July 22 and it was reiterated in September 22, that the time scale for completion was Q3 2023.
Kuflink never made that valuation available to investors, nor do investors have visibility of Tranches 15, 16, 17 or 18 and any associated valuation reports. Do you think this was within FCA Guidelines?
Jun 1, 2023 15:06:53
Our borrower has made us aware that they will be unable to repay this loan by the current loan end date of 08/06/2023. They have asked us to consider a final 6 month loan extension and have agreed to reduce their loan by paying back £392,764,67 before the end of June 2023. ....The current loan end date is 08/06/2023 and we anticipate the new loan end date will be 08/12/2023.
Investors can see Tranche 19 Valuation report dated 25/01/23, but are blocked from seeing any further monitoring of this project. Do you think this was within FCA Guidelines?
Ability to be able to see these details would have enabled me to make decisions about selling on the Secondary Market or make better decisions about investing further funds in other loans.
Dec 19, 2023 15:11:28
Our client has made us aware that they will be unable to repay this loan by the current loan end date of 29/12/2023. We are continuing to chase for updates along with a confirmed repayment date and will update you no later than 29/01/2024.

Investors don't know:
if the loan was completely drawn down
if the project is complete
why the borrower can't pay back this loan at this time
When I started looking at these loans in great detail I was interested in having more information than the current Loan updates provided, which across most loans in default consist of the same generic, month after month comment of "refinance taking longer than expected".

I feel strongly that the Loan Case on this loan did not meet the requirements to:
give clear and / or accurate information. You are required to ensure communications are fair, clear and not misleading.
You changed the end date by 3 months.
You did not refer to the original end date.
You did not refer to project delays or that you knew the project would not be finished by the new end date.
You still referred to a 15 month loan term.
You had not given any loan updates regarding information you were aware of.
My ability to manage my investments both with Kuflink and elsewhere, depends on the accuracy and completeness of the information platforms provide.
You did not give me enough information in the loan case to make an informed investment decision.
You should have prominently made new investors in Tranche14 aware of the true investment risk they were exposed to.
You should have balanced positives of the investment with appropriate explanation of the risks you knew about in the Loan Case.
There has been a lack of adequate ongoing disclosures preventing me from understanding the risk I am exposed to,.
Infact, Kuflink are actively blocking me from seeing updated material.
The marketing, subsequent lack of disclosures and blocking current investors from seeing or even knowing about new Tranches and Valuation reports regarding this loan does not, in my opinion, meet the requirements of the FCA."