registerme
Member of DD Central
Posts: 6,182 
Likes: 5,988
|
Post by registerme on Oct 9, 2015 10:44:59 GMT
Hi lendingcrowd, Can I ask who is responsible for the provision of the financial data prepared for each loan offering? It's unclear to me whether prospective borrowers fill this in, or whether Lending Crowd do so on their behalf. The reason I ask is that two recent offerings, the podiatry clinic and the wedding venue, have got numbers that either haven't (ie have subsequently changed) or don't stack up eg zero cost of goods sold, GP / CGS / OC / PBT figures that don't reconcile, and balance sheet discrepencies. Thanks, RM |
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Oct 9, 2015 10:50:18 GMT
Yes, this is a concern for me too. It appears from the wedding venue that the borrower thinks they've provided all the relevant detail and the problem is down to how LC is presenting it. I'm sure the risk assessment is done on the raw data provided, but given the relatively sedate deal flow, hopefully there's time for someone to sanity check the way that (presumably) good data is presented to we lenders?
|
|
registerme
Member of DD Central
Posts: 6,182
Likes: 5,988
|
Post by registerme on Oct 9, 2015 10:51:51 GMT
Yeah, and the podiatry clinic numbers were all over the place. I'm actually surprised that the loans are being filled in spite of the fact that the numbers are / were so obviously wrong.
|
|
registerme
Member of DD Central
Posts: 6,182
Likes: 5,988
|
Post by registerme on Oct 9, 2015 12:51:27 GMT
Is it realistic that a company with £1.7m of assets, £770k of shareholder funds, and a turnover of £220k / annum operates as a sole trader?
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Oct 9, 2015 13:04:08 GMT
The Beaconside financials ... the outstanding £934k of total liability and £960k of outstanding principle don't add up.
Also the balance sheet and profit and loss don't reconcile. A profit of 47.7k yet a change in equity of only 19.4k. If the shareholder(s?) have been paid 28.3k dividend then thats fine (They have to eat !) but we should know.
I'll ask for a statement of change in equity on the board.
|
|
|
|
Post by lendingcrowd on Oct 9, 2015 14:36:29 GMT
Hi all,
The LendingCrowd Credit Team publishes the financial data for each loan, taking the information from the financial information provided by the Borrower when they apply.
Please be assured that prior to assigning a credit band for each loan placed on the platform the financials of the respective business are scrutinised rigorously and are processed through our credit models.
The Financial/Management Information provided is accurate as of the date it was filed. We are dealing with dynamic entities and the next day the information will change as trading goes on.
In the case of Sole Traders/Partnerships, elements of the financial information provided will be different from the evidence for limited companies.
That said for the two recent postings we acknowledge that we incorrectly uploaded some of the financial information. For this we apologise to both the borrower and the lenders. As you will appreciate we have changed our internal procedures to ensure this does not happen again.
Many thanks,
LendingCrowd
|
|
registerme
Member of DD Central
Posts: 6,182
Likes: 5,988
|
Post by registerme on Oct 9, 2015 14:45:18 GMT
|
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Oct 9, 2015 14:50:54 GMT
Hi all, The LendingCrowd Credit Team publishes the financial data for each loan, taking the information from the financial information provided by the Borrower when they apply. Please be assured that prior to assigning a credit band for each loan placed on the platform the financials of the respective business are scrutinised rigorously and are processed through our credit models. The Financial/Management Information provided is accurate as of the date it was filed. We are dealing with dynamic entities and the next day the information will change as trading goes on. In the case of Sole Traders/Partnerships, elements of the financial information provided will be different from the evidence for limited companies. That said for the two recent postings we acknowledge that we incorrectly uploaded some of the financial information. For this we apologise to both the borrower and the lenders. As you will appreciate we have changed our internal procedures to ensure this does not happen again. Many thanks, LendingCrowd Thanks for this. I assume the corrected accounts will be published to help both borrower and lender on the Beaaconsfield loan ?
|
|
|
|
Post by lendingcrowd on Oct 9, 2015 16:02:00 GMT
Hi jimbob, The accounts were corrected this morning. Hope you have a good weekend. LendingCrowd |
|
jimbob
Member of DD Central
Posts: 317
Likes: 74
|
Post by jimbob on Oct 9, 2015 16:35:40 GMT
Hi jimbob, The accounts were corrected this morning. Hope you have a good weekend. LendingCrowd The secured principle of £960k against the assets and the overall liabilities still don't add up though ^^; Are you sure the outstanding principal on the mortgage is still £960,000, or do you mean ORIGINAL 
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Oct 9, 2015 17:23:44 GMT
*principal
|
|
