I am considering investing and would welcome opinions from current investors. I have had a look at the site and immediately note an anomaly. On one page it says: We charge a 1% fee to investors selling all or part of their investment on the Loan Exchange. On another page it says: As with all investing, it is free to purchase loan parts on the Loan Exchange, however we charge a 0.5% fee to sell loan parts on the Loan Exchange. This does [edit: not] fill me with confidence.
I am considering investing and would welcome opinions from current investors. I have had a look at the site and immediately note an anomaly. On one page it says: We charge a 1% fee to investors selling all or part of their investment on the Loan Exchange. On another page it says: As with all investing, it is free to purchase loan parts on the Loan Exchange, however we charge a 0.5% fee to sell loan parts on the Loan Exchange. This does [not?] fill me with confidence.
They dropped the fee a fortnight ago. Looks like theyve missed changing an entry.
Been lending modestly on FK for a few years. Biggest issue is loan flow which is quite limited, one maybe two a week, nearly all unsecured SME, with a few turbines and a couple of property plus the recent JCF stuff. Auctions similiar length to FC. Loan management is better than FC certainly in terms of communication and they dont immediately remove loans from trading on SM if there are issues. Have had few significant defaults with limited recovery. SM loans tend to have significant premiums attached I find, partly to cover the fee, though I havent looked recently since cut. Transfers in and out within 24hrs.
While overall I like the site, the limited loan flow and the lack of asset backed loans means I am winding down my holdings as I think there are better opportunities elsewhere.
Minor shareholder in AC, Brickowner, FO, CP, WA, Propifi, Orca, Ccube, AE, ABL. AC beta tester.
PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so posts should not be considered financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
I dabbled briefly but decided It was offering little that I wasn't accessing already via FC, ReBS and AC. Unless you're daft and bid below the threshold rate FK have agreed with the borrower, it seems pretty much everyone gets that rate (or within 0.01% of it). After a while I decided to sell the few loans I'd bought into on the SM, which took a fair while but I got out eventually without any defaults. I'd struggle to come up with a reason why FK is better than the others mentioned but then I wasn't involved for long.
Post by captainconfident on Aug 23, 2015 10:29:55 GMT
I'm invested in 117 loans, up to £100 in each bar a few large punts on asset backed loans, 8.8% after predicted defaults. It's a simp!e site, lovely interface and takes little time to manage. FK appears to be a vehicle for large investment companies, allowing small investors to piggy back. My feeling is that I am able to take advantage of their better research.
Post by kayfundingknight on Aug 24, 2015 11:25:35 GMT
Apologies to all that our website contained an error regarding the change in our fees. We will be updating shortly. Thank you for pointing this out.
In order to make our secondary market more competitive we dropped our fee to sell to 0.5% from 1%. There is still no fee to invest.
The fee reduction, coupled with our Autobuy option which allows lenders to make buy offers, we think, will make our secondary market, the Loan Exchange more competitive. Early indications are that there are more transactions being made and at more attractive pricing.
Generally, our defaults and problem loans fall way below our estimated figures. Our loan statistics are published on both our website and our platform for all to view.
If any lenders have any issues or queries they wish to raise, I am always happy to answer queries or discuss concerns.
Kay Everett, Head of Lender Support and Development Email: [email protected] Tel: 02392 985267
Post by kayfundingknight on Oct 12, 2015 9:24:13 GMT
Kaya - so sorry to learn that you are struggling with our new look website and platform.
When making the changes we did consider lenders who may suffer colour blindness and/or have impaired vision to ensure our changes would not cause issues. Please may I ask you to contact me to discuss any specific pages or areas that cause you a problem. Thank you. ( [email protected] )
I'm no longer active on FK but logged back in to see the "new look". I agree that white text on pale colour shades (especially the pale green but also the pale orange) is very hard to decipher. It's OK if I'm absolutely perpendicular to my laptop screen but even the slightest angle or reflection affects clarity. Either the colours need to be darker or the text needs to be black, not white.
I'm a potential investor with FK but find it difficult to find out what sort of loans they are in. One cannot find out anything without registering first and going through a whole load of AML checks, all of which might be a waste of time if I don't like their type of loans. Also, the complete lack of activity on this forum suggests there is not much going on there anyway, and it might all be a waste of time. Anyone care to summarise their recent loan book for me (loan size, loan type, interest rates - just the modal values) and liquidity levels via the secondary market?
Post by kayfundingknight on Nov 6, 2015 14:30:20 GMT
Thank you for your interest in FundingKnight. Please let me tell you more about us and try to answer some of the questions you raise.
I am sorry that you could not find all the information you wanted by visiting our website. The website does state how much we have lent, £26,836,500 and how this has been spread across our three product types; Renewable energy loans 30%, Property Bridging Loans 14% and to British businesses 56%. Under the Statistic tab you will find all our numbers, including our default rates. Year on year growth for FundingKnight, as published by AltFi, is 242%.
We have an active secondary market. To improve liquidity, we allow sellers to place sell offers and we have recently built the facility for buyers to make buy offers. Buy offers can be on a one off basis or to maximise investment or ensure they retain exposure to desired borrowers. There are approximately 2,500 sell offers currently on our platform and in excess of 200 buy offers, with 132 borrowers and 149 loans.
At FundingKnight we like to think we have a very personal approach and when you first register on our platform, we reach out to make sure everything is ok and to answer any queries or questions. If lenders have questions, they are encouraged to ask us direct, many choose this route rather than the Forum. Please feel free to ping me an email with any specific queries you may have [email protected]or call me 02392 985267.
We provide potential investors with a lot of information, about our borrowers to help them make an informed decision as to whether to invest or not, some of this is quite sensitive. To protect our borrowers, we only make this available to our registered investor community. I would recommend that you register on our site to take a more, in-depth look at what is on offer through FundingKnight. We, in line with our regulatory obligations will look to carry out a check to verify your identity and your address, but I trust that this will not prove as onerous as you may have been led to believe.
I hope that I will be able to welcome you as an investor shortly.
I´ve been there for 18mnths ish. The q&a and info supplied are laughable in comparison to TC AC. I autoinvest a small sum into everything and occasionally a bigger sum into the rare loan that I think is adequately described. The dashboard is saying I´m at 10.5% before any defaults I had one default which I thought was well handled with maybe 100% recovery (assisted because it was a borrower with a conscience and the wherewithal) Deal flow isnt great, but the SM is busy
Interests declared: I have shares in Assetz, Syndicate Room, The Housecrowd. They are as nothing compared to my investments on and reliance on the good health of many other platforms here.