locutus
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Post by locutus on Jul 29, 2016 12:46:13 GMT
Can anyone share their experiences and opinions with FE please? I have some cash looking for a home. What kind of loans and how frequent are they? Is there an SM or do you hold until term? Is interest paid monthly or at the end? Any other comments are welcome too.
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jfm
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Post by jfm on Jul 29, 2016 20:24:40 GMT
I quite like those HP loans. You need to read the FAQs carefully, but the more you understand the better you like it. Loans are to what should be a profitable primary lender but with recourse to security in event of disaster. No advice intended, of course. Could do with more volume.
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hendragon
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Post by hendragon on Jul 30, 2016 8:45:17 GMT
I have been investing on FE for some time.
Good points.
The site works well
Parag is very quick to respond to requests for help with problems.
They have paid on time.
Loans are fully amortising. LTV for the security should decrease throughout the life of the loan even when you allow for depreciation.
10% is a good return.
As yet AFAIK there have been no defaults.
Bad points.
Limited flow of loans.
Too much reliance on one loan provider (BLX).
SM can be a little slow.
In short the good points keep me invested at my current level and the bad points stop me from increasing my investment level.
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Steerpike
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Post by Steerpike on Aug 13, 2016 8:22:38 GMT
As a new FE lender, I like it so far, but it has gone very very quiet which is disappointing.
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ben
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Post by ben on Aug 13, 2016 10:53:27 GMT
Does seem to have gone quiet but then I would rahter they did decent loans then just release poor loans for the sake of it.
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baldpate
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Post by baldpate on Aug 13, 2016 11:07:13 GMT
Regarding the 'going quiet', much the same happened last year in August - there was a 41-day gap between the draw-down of two successive loans. It was explained that July/August was always a slow period - and I think this can be seen on other platforms. So I'm hoping this year is for the same reason - although, I was a tad concerned at the announcement that Parag would no longer sit on the board of the main borrower.
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jonno
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nil satis nisi optimum
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Post by jonno on Sept 19, 2016 18:48:18 GMT
parag; has FE gone into suspended animation? I know the summer's quiet but this is becoming a little worrying. I've had no option but to start pulling money out, more than ever before. Any chance of an update?
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madpierre
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Post by madpierre on Sept 21, 2016 11:01:56 GMT
parag ; has FE gone into suspended animation? I know the summer's quiet but this is becoming a little worrying. I've had no option but to start pulling money out, more than ever before. Any chance of an update? Same here. My funds have been building and I got fed up with them sitting there so have put them to use elsewhere and conrinue to withdraw as they accumulate. This is sad because I have always been happy with FE. I find it difficult and worrying to envisage how FE is surviving on such little activity. A confidence booster would help please parag
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Post by wickedxuk on Sept 21, 2016 18:10:43 GMT
Something is a miss with this platform I have sent numerous support requests for information before I start investing. Not a single reply in over 3 weeks. Not a good start! I don't think I will be investing with FE anytime soon.
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jonno
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Post by jonno on Sept 21, 2016 18:31:25 GMT
I agree; something is strange.To be fair, until recently(ish) parag has been very responsive and helpful. But now the silence is deafening and seems to have started when he "left" the board of BLX. Just a coincidence? |
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shimself
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Post by shimself on Sept 21, 2016 19:06:47 GMT
I asked BLX and they say that the mortgage company that now owns FE have decided not to do any more BLX loans. (He also said BLX are fine and are meeting all their payments)
So unless Parag finds new borrowers erm..
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Post by parag on Sept 22, 2016 9:29:56 GMT
Something is a miss with this platform I have sent numerous support requests for information before I start investing. Not a single reply in over 3 weeks. Not a good start! I don't think I will be investing with FE anytime soon. I believe I have found the support tickets (emails) that you are referring to and have replied to them this morning. The reason for the delay in responding was due to the fact they went into the 'Spam' folder (as I suspected when I first read your post) which is not monitored regularly. I will monitor this folder regularly moving forward. Once received successfully, we aim to reply to emails within 24 - 48 hours.
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Post by parag on Sept 22, 2016 9:34:42 GMT
jonno madpierre As part of the internal strategic review currently underway, we took the decision to suspend new loan listings. In the absence of a concrete outcome from the strategic review, I am not in a position to offer any further clarity. We will of course email our lenders when we have anything to report. For those lenders wishing to invest with us, there are currently a number of loan parts on our secondary marketplace which are available to purchase. Regards, Parag
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jonno
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Post by jonno on Sept 22, 2016 19:01:02 GMT
jonno madpierre As part of the internal strategic review currently underway, we took the decision to suspend new loan listings. In the absence of a concrete outcome from the strategic review, I am not in a position to offer any further clarity. We will of course email our lenders when we have anything to report. For those lenders wishing to invest with us, there are currently a number of loan parts on our secondary marketplace which are available to purchase. Regards, Parag parag; I have to say that you could hardly have produced a more disappointing/arrogant response if you had really tried. Would it not have shown some level of respect to your long-standing investors if you had communicated this quantum change in direction?For instance, why didn't you inform us about your decision to "suspend new loan listings"? And to add insult to injury you point us in the direction of the secondary market  Like, honestly, I hadn't thought of that.
Simply not good enough; my withdrawal will move apace.
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ben
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Post by ben on Sept 22, 2016 19:16:23 GMT
jonno madpierre As part of the internal strategic review currently underway, we took the decision to suspend new loan listings. In the absence of a concrete outcome from the strategic review, I am not in a position to offer any further clarity. We will of course email our lenders when we have anything to report. For those lenders wishing to invest with us, there are currently a number of loan parts on our secondary marketplace which are available to purchase. Regards, Parag parag ; I have to say that you could hardly have produced a more disappointing/arrogant response if you had really tried. Would it not have shown some level of respect to your long-standing investors if you had communicated this quantum change in direction?For instance, why didn't you inform us about your decision to "suspend new loan listings"? And to add insult to injury you point us in the direction of the secondary market Like, honestly, I hadn't thought of that.
Simply not good enough; my withdrawal will move apace.
To be fair parag had previously stated that thay had no new loans coming and were looking at other options.
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Like, honestly, I hadn't thought of that.