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Post by captainconfident on Feb 19, 2015 20:44:07 GMT
Farewell then to SAS Ltd, the loan which persuaded me to register with newly fledged FK. All paid off on time.
The reason for investing was that the business owner popped up in the section reserved for businesses with FC loans on the old forum. He had been turned down by FC for failing some risk test or something, and wanted advice. He seemed genuinely to need the money to develop a viable business and seemed open and honest.
Come to think of it, my biggest holding on FC is a C- storage company (Att**), another business owner who built confidence by posting on the old forum. Aah, the old forum.
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Post by mrclondon on Feb 19, 2015 20:51:35 GMT
Indeed, I wish all borrowers were like this one.
The issue was he had filed his accounts at the beginning of the 9th month after year end (i.e. after the credit rating agencies have slashed the credit rating, and if I recall correctly he had had an overdue filing the previous year). He then applied for a FC loan and was rejected straight away ... best guess due to a credit score just above zero, which is so similiar to the traditional banks "the computer says no" as to be laughable. By mid month his newly filed accounts had been assesed by the credit rating agencies, and a new healthy credit score established allowing the FK loan to sail through.
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Post by captainconfident on Feb 19, 2015 23:18:49 GMT
MRC you amaze me with your memory power. Or do you make notes? Anyway, hats off. Shame we dont have borrowers posting here.
For an idiot investor like me there was nothing more reassuring than an exchange of views with the borrowers. Especially as FC have introduced their stripped down, no detail supplied auctions. The ones where the lenders have to beg for scraps of information like the mangy dogs we are. I must say I feel almost insulted that I am asked to bid on auctions with such scant descriptions of who and why.
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jimbo
Posts: 234 
Likes: 42
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Post by jimbo on Feb 20, 2015 6:35:56 GMT
A lot of FC Lenders have kicked off about that, including me. I think some changes for the better may be coming...
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Post by captainconfident on Feb 20, 2015 10:39:22 GMT
I missed the rationale for changing it for the worst in the first place.
In order to keep thread FK relevant, I should comment that FK is exemplary in this respect.
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shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
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Post by shimself on Feb 20, 2015 11:57:47 GMT
I missed the rationale for changing it for the worst in the first place. In order to keep thread FK relevant, I should comment that FK is exemplary in this respect. Hmm, I find 2 and a bit years accounts rather too short (esp for 5 year loans), and the accounts are over simplified for my taste. I'd like to see the last 5 years accounts in some form, and I'd like to see the last audited (or equivalent) accounts as a pdf. I'd also like to see a statement that the director declares there are no material matters missing (thus I think laying themself personally open to fraud charges if they don't actually mention the cancelled order/court case/...)
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