Future loan at 10.5%

Couldn't agree more - I gave that one a wide berth. Thought the LTV was a bit too marginal for me plus the 11%. I've already got 3 in default so waiting to see how they pan out.

One critical bit of info that we don't have is whether or not this loan's security is a first charge on the property.  If it is, then the low LTV could justify the low interest rate.  If it isn't, then the real LTV could be anything.  Hopefully this will be made very clear in the email announcing the start time for the bidding, if it progresses that far.

I fear that lower interest rates could become more commonplace as the lender base increases, but a lot depends on FS's performance with bad debt and recoveries on defaulted loans.  And that's one area where fundingsecure get very low marks from me for transparency.  If security goes to auction, we are told what the result was but there's no way to verify what we are told.  I'd like to see a link to the auctioneer's website so I could verify that the sale actually happened, and/or a sale confirmation from the auctioneer showing the proceeds.  As it is, FS simply tell us that the sale either did or did not produce enough to repay our capital and/or accrued interest and we have to accept that.  There's nothing at all to stop FS from digging into their own pocket to top up the proceeds so that lenders do well and their track record stays good.  I'd certainly be happy if they did that, but I'd like to know it happened as it will tell me something about how well they're doing with their valuations, etc.  And I certainly don't want to feel all comfy because there have been no losses reported if, in fact, recoveries have been poor and we've been subsidised.  That's easily enough to do for small loans, but is likely to end in tears if a big loan goes sour.

Finally, I'll add that there's another interesting entry in the 'Coming Soon' list -- a £10k loan secured by four 'Other' items with an estimated value of £11.15k.  I presume that when a more formal valuation is made either the loan will be smaller or the valuation will be larger.  If there's no change in either, the LTV would be 90%, and I certainly wouldn't want to lend on that basis since by the time the interest and FS fees are added there'd be no realistic chance of a full recovery at auction 8-9 months later.  I do wonder, however, how many investors would look at the 13% interest rate and sign up without considering the possible consequences.

Let's hope it's a data entry error   At least there are a couple of non-property things in the list now, but with one at 11% and the other at 90% LTV, as things stand, it's still not offering me any hope.