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Post by mrclondon on Nov 9, 2013 14:09:06 GMT
Thread recovered from offline copy - appologies if one or more posts have gone AWOL.
Holders of 3034 which was accepted early by the borrower (I got 11.7% on a C) may wish to consider the borrower's behaviour this week. The 11.7% leaves me indecisve at present as to whether to ditch or hold.
They have listed two requests this week £30k over 36 months at Funding Knight, then a day later £50k over 60 months at FC. The latter was accepted earlier today and is currently pre-agreement. The borrower didn't answer questions including 1 from me on this dual listing. The FK request is now below the reserve rate so the borrower is committed to accept it. On that listing the borrower answered my first question regarding having sought FC permission as per the covenant on loan 3034 wrt additional borrowing, but has ignored my later questions re the dual listing.
I have flagged the issue to both FC & FK and on recent past experience of similiar situations, the FK one may well be pulled.
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Post by mrclondon on Nov 9, 2013 14:15:01 GMT
Thread recovered from offline copy - appologies if one or more posts have gone AWOL.
"All seems a bit hap-hazard to me (in at 11.4% - 3034) but with fresh funds at least the next payment should be fairly safe (17Nov), beyond that the risk/reward ratio starts to swing towards the wrong side for me. Without access to FK listings (still cautiously reading relevant threads about FK), does the fist FC loan appear in the particulars on the listing? Even if it does, I read it as a lack of judgment on behalf of FK, at the very least a lack of respect for a peer site with similar caveats on seeking funding elsewhere." oldgrumpy said:
"There was a case recently where a prospective borrower (who trades near me!) didn't abide by FK rules and his application was cancelled with immediate effect following the information appeared in a probing question on the Q & A. I am wondering whether the same might happen here. (o-grumpy ... just popped over from that Indie FC closed forum - I've changed my "name"; why should FC know who I am? They've "moderated" plenty of my questions on listing Q & A and sent me a "yellow card" email about it) edit: "3034 which was accepted early by the borrower (I got 11.7% on a C)" I've always thought any company that grabs money as soon as it is available, at a far higher rate than necessary must be in sh..... street. That's one reason why I rarely bid early on FC. I was lucky enough to not even see this one, but have a bit waiting in FK, hoping I will be outbid! This one looks suspicious to me .... another Fresh of Breath Hair in the making?" bracknellboy said:
"That is a bl****Y good point. Silly me: I hadn't thought about that. They now have the user information from that forum including email address which they can also now relate to my FC account and name. Not that I'm paranoid, I've just always operated a policy of treating everything as a silo, partly for increased security/decreased 'internet footprint'. "
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Post by mrclondon on Nov 10, 2013 1:32:59 GMT
After a careful study of FC's borrower T&C's I think I now see where the £30k loan size has come from on FK.
FC T&C 9.2 We may end your membership of Funding Circle at any time and for any reason, including but not limited to if:
(c) you enter into any other new unsecured borrowing arrangement (or any arrangement having the effect of a borrowing) with any third party where the total amount of external finance raised from third parties would as a result exceed 30% of the total amount lent to you through the Funding Circle lending platform, without the prior written consent of Funding Circle. (Such consent shall not be unreasonably withheld and this clause shall not restrict you from entering into asset-specific financing or invoice purchasing arrangements);
So loan 3034 was £100k, and hence the maximum additional unsecured borrowing that can be obtained without Funding Circle's written consent is currently £30k ... which makes the answer the borrower gave to my first question on FK slightly disingenuous, and the lack of such a simple clarification to one of my followup questions all the more concerning.
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pikestaff
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Post by pikestaff on Nov 11, 2013 9:54:36 GMT
3948 is no longer listed on FC - probably pulled.
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oldgrumpy
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Post by oldgrumpy on Nov 11, 2013 10:24:58 GMT
3498 pulled by the borrower? I don't know whether I am allowed (by my FK T&C) to copy info direct from FK, but there is an explanation by the borrower now in the FK Q&A ....it appears FC were actively trying to poach the loan from FK*. The FK will be drawn down shortly after the auction ends. * edit: I bet FC wouldn't let me say that on their forum  |
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spyrogyra
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Post by spyrogyra on Nov 13, 2013 9:23:00 GMT
3034 shows no outstanding loans. In the financial summary it shows no interest had been paid in 2012 & 2013. Quite a few loans though in FK loan .I am expecting the worst.
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oldgrumpy
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Post by oldgrumpy on Nov 25, 2013 14:54:15 GMT
More loan juggling? Now they want another £120K from F-Knight - partly to pay off the FC loan. I wonder whether they will do any better than their current 10.4% though. Still forgotten why I didn't put a bid in at 11+% - probably hanging back, seeing as it was grabbed early. Think I'll steer clear again.
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