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Post by Duane Dibley on Feb 10, 2014 17:26:47 GMT
As per email and website - "The loan is currently on live loans for viewing and will be opened for
investment tomorrow morning."
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 10, 2014 18:30:41 GMT
The Ts and Cs relating to renewals state that interest to date must be paid. Here are the relevant clauses relating to renewals:
7.6 A Loan Agreement may be renewed at the end of the Loan Term by the Borrower. In such circumstances, FundingSecure will revalue the Assets and provide the Borrower with a new Market Value of the Asset (and, consequently, a maximum loan amount) determined at the time of renewal.
7.7 A loan will only be eligible for renewal if all interest and charges due under the Loan Agreement and/or these terms and conditions have been repaid in full. If interest and charges have not been repaid within seven days after the end of the Loan Term, the default procedures set out in clause 7.3 shall apply.
7.8 A loan renewal will appear on Live Loans and will be available for Savers to Invest in. Savers who Invested in the original loan may, at their discretion, choose to re-invest in the renewed loan. In the event of insufficient Savers Investing, such that the threshold for the fulfilment stage as set out in clause 5.10 is not achieved, the Borrower will have the option to either renew the loan for a lesser amount or reactivate the loan on Live Loans in which case the provisions of clause 5.9 shall apply.
7.9 Once the renewed loan has been sufficiently funded and the interest and charges under the original loan have been repaid, a new Loan Agreement will be entered into in accordance with the provisions of clauses 4 to 6 (inclusive).
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 10, 2014 19:08:05 GMT
 My pleasure. I know it's rather tedious of me, but I ALWAYS read the Ts and Cs before putting money anywhere - I feel an old-fashioned need to know what I'm getting into.
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Post by fundingsecure on Feb 11, 2014 11:43:05 GMT
Hello
In response to the above questions:
1. We only renew the loan once interest and charges have been repaid. We initiate discussion with the borrower 2-3 weeks before the loan is due to see whether want to renew. If they say yes, we then ask the existing savers if they wish to re-invest. However, we do not put the renewal up (and we do not return the interest) until the interest and our charges have been repaid.
2. We placed the loans on live loans yesterday with a message saying you cannot invest until today. As you know, we normally email the savers the day before and then put the loan up the next morning. In the case of a renewal we had to put the loan on live so that the original savers could be loaded. So we played with the restrictions so that no one could invest until everyone had received sufficient notice. It's not a particularly elegant solution and we should have this resolved for the next renewal.
Hopefully you're all finding the website performance better when investing in a loan!
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mikes1531
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Post by mikes1531 on Feb 11, 2014 14:19:42 GMT
So we played with the restrictions so that no one could invest until everyone had received sufficient notice. It's not a particularly elegant solution and we should have this resolved for the next renewal. Actually, it's a pretty effective solution, and has an advantage over the email notices of upcoming loans in that it allows lenders a chance to see the photos and the valuations before the loan goes live. In that respect, I like it. The only thing I'd improve is to eliminate the box that give the impression that one could invest before it's actually gone live. Hopefully you're all finding the website performance better when investing in a loan! Yes, it seemed to work well. The only problem I had was that it allowed me to place more bids than the stated £50 maximum. Rather than being told at the outset that another bid couldn't be placed because of the set maximum, it seemed to accept the extra bid as normal. Then a few minutes later the extra bids disappeared. It would be better if the bids weren't allowed in the first place.
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mikes1531
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Post by mikes1531 on Sept 4, 2014 1:56:20 GMT
Did anyone notice when Wednesday's new loan was put on the website, and how long it took to fill?
I was away from my PC this afternoon and missed out completely -- despite the maximum investment amount being relatively low.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 4, 2014 9:05:41 GMT
I was out too yesterday afternoon, so I don't know either. Win some, lose some  . Hopefully, with some of us old-timers out of the running, more of the newbies got the opportunity to invest - there is a steady stream of newbies signing up it seems (421 registered as I write) so finding between 40 and 50 lenders for a particular loan isn't going to be difficult, especially when the LTV is at the much healthier 57% rather than 70%. Edit: At least the deal flow seems to have picked up a little recently, so there should be less angst at missing out on any particular loan. |
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mikes1531
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Post by mikes1531 on Sept 4, 2014 9:35:13 GMT
Doubly upset as Loan 1147632469 Fine Art, was repaid after only 7 days. The good news is that the 30-day minimum interest charge means we had a very nice return on that short investment.
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mikes1531
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Post by mikes1531 on Sept 4, 2014 9:51:02 GMT
At least the deal flow seems to have picked up a little recently, so there should be less angst at missing out on any particular loan. I agree that the recent deal flow is an improvement. Having said that, though, the number of paid-off loans I've had recently, coupled with the relatively low maximum investments allowed for recent opportunities because of the increased number of eager investors, has resulted in my inability to redeploy my money. The available cash in my account had risen high enough that earlier this week I made a withdrawal despite a desire to increase my FS investment instead. And that was before I found out about yesterday's early repayment of the art loan, so I may have to make another withdrawal very soon. 
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Post by elljay on Sept 21, 2014 10:54:31 GMT
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 22, 2014 9:31:47 GMT
The comic book was meant to have had an outing by now. I wonder if there's a problem with it?
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bugs4me
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Post by bugs4me on Sept 22, 2014 9:47:25 GMT
The comic book was meant to have had an outing by now. I wonder if there's a problem with it? Last communication from FS regarding this was for it to be live first week of September. So little doubt in my mind that this could now be dead.
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Post by fundingsecure on Sept 22, 2014 9:49:50 GMT
At the moment we are indeed light in the smaller loan area (<£2k) but this could change at any time. We have a few in hand, but it is always difficult to predict when these will appear - as they typically take between 24-48 hours from initial enquiry to posting, but are still subject to agreement from the borrower. In the mid-range (£5-£10k) we are working on several enquiries that we hope will be posted shortly.
In addition to the above we have a number of much larger loans in preparation. It is even more difficult to predict when they will be confirmed - partly due to the need to carry out more extensive due dilligence and partly simply waiting until the borrower accepts and signs the agreement.
As per the recent newsletters we have also initiated several new programs which are already starting to bring in enquiries - further adding to the loans in the pipeline. Rest assured that we are working hard to bring these loans to the platform as quickly as possible - In all cases we will, as usual, be sending out emails in advance of posting.
Regards
FundingSecure
PS- No problem with Comic Book loan - only delayed by borrower. We are meeting with borrower tomorrow with the intention of collecting the comic book - hopefully the loan will be up very shortly.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Sept 22, 2014 10:01:34 GMT
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mikes1531
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Post by mikes1531 on Sept 26, 2014 18:38:13 GMT
Ooh, a loan! Some slik rugs I hope my transfer in gets there in time. Can't remember ever sending funds after 6 on a Fri to (hopefully) land on Sat, fingers crossed. I sent a FP just after 1700, and it's already available in my FS account, so I'm ready for tomorrow. Hopefully everyone who makes transfers will be in a similar position. Then all we have to hope for is that there aren't so many of us trying to do this that there will be a 'fastest finger' competition when the loan goes live tomorrow. IIRC, the £20k loan earlier this week took a few hours to fill, so with any luck this one will be large enough that there won't be a problem. I have my fingers crossed. Actually, fundingsecure should be able to tell by the amount of funds transferred in whether there's going to be a problem or not. And if they can see a potential problem I would hope that they would prevent it by deciding to apply an investing restriction despite having indicated they wouldn't. It might upset someone who has transferred in lots of money, but hopefully the positive reaction from those who would otherwise been shut out would outweigh the negative reaction from those who were hoping to fund a large part of this loan all by themselves. FS need a broad base of investors in order to succeed long term, so they need to encourage as many lenders as they can.
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My pleasure.
. Hopefully, with some of us old-timers out of the running, more of the newbies got the opportunity to invest - there is a steady stream of newbies signing up it seems (421 registered as I write) so finding between 40 and 50 lenders for a particular loan isn't going to be difficult, especially when the LTV is at the much healthier 57% rather than 70%.
