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Post by p2pinfo on Nov 4, 2015 11:49:37 GMT
Been wanting to purchase some loans on the secondary market - often I look at the newest ones to see if anyone is offloading.
It's quite alarming that all of the loans I looked at today have precisely zero comments on them despite there being some very obvious questions about the business, for example 16880.
So have Funding Circle been clearing the questions?
Obviously this would benefit them as the saleability would be improved. One of the most irksome things about the site is the absolute disdain many borrowers have for questions, only equalled by the absolute disdain Funding Circle have for dealing with the issue - it could be vastly improved, for example, by educating borrowers through the process and encouraging interaction.
With lots of resources and fewer deals the Q&A section should be monitored and open even after loan closure.
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ablender
Member of DD Central
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Post by ablender on Nov 4, 2015 11:59:20 GMT
I do not think that the new loans are staying long enough to have any questions answered in the first place.
Edit: this applies to some of them at least.
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oldgrumpy
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Post by oldgrumpy on Nov 4, 2015 12:04:05 GMT
I don't think they are. I have looked at 16880 and that was a small loan at fixed rate that probably filled within two minutes before anyone had the chance to ask a question, let alone the company consider its answers. This is another way Filtered Creamcakes has managed to facilitate the non-answering of questions by borrowers. This, together with the non-requirement to give more than a cursory summary of the business means lenders are barred from proper DD (though lenders are told not to complain if they haven't done it!!). Contrast this attitude with that of Funding Knight where very full details of the businesses are given, and there is usually a week during which questions are asked and usually answered. (And FK do not charge a 1% lender fee, though "auctions" are in effect fixed rate; just bid the reserve rate if you fancy the loan, then forget it. FK tell you if you are outbid. They also keep you up to date with all "struggling" loans or probems) cross-posted with ablender |
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min
Member of DD Central
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Post by min on Nov 4, 2015 20:51:40 GMT
I don't think they are. I have looked at 16880 and that was a small loan at fixed rate that probably filled within two minutes before anyone had the chance to ask a question, let alone the company consider its answers. This is another way Filtered Creamcakes has managed to facilitate the non-answering of questions by borrowers. This, together with the non-requirement to give more than a cursory summary of the business means lenders are barred from proper DD (though lenders are told not to complain if they haven't done it!!). Contrast this attitude with that of Funding Knight where very full details of the businesses are given, and there is usually a week during which questions are asked and usually answered. (And FK do not charge a 1% lender fee, though "auctions" are in effect fixed rate; just bid the reserve rate if you fancy the loan, then forget it. FK tell you if you are outbid. They also keep you up to date with all "struggling" loans or probems) cross-posted with ablenderFK are my favourites in terms of communication. Just wish they had more loans. Fixed rate (reserve) only seems to be the norm because of underwriting. Suspect if loan flow was better then wouldn't always be reached. One other good thing is there seems to be pre agreement if reserve met so no waiting for drawdown.
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Steerpike
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Post by Steerpike on Nov 4, 2015 21:11:33 GMT
FK have been known to leave a failing loan (W******* P****) in "debt recovery" with no update for 6 months.
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