I've just had another strange communication from FK. I see FKs comms to lenders are no longer signed by anyone. What has happened to the lovely Kay?
The content alarms me more - as if we haven't been spooked enough in last few months by lack of loans and closure of secondary market. FK is bringing back the secondary market - hooray, about time, it should never have been closed in the first place - but the market will not be open to large investors. Does this mean that FK knows there are large investors wanting to sell all their loans and they don't want to give them access to the market? Are there things we should know that large investors may know? Is this a fair system - allowing some lenders to participate, but stopping others from doing so?
What are GLI's plans for FK? The FK website continues to advertise for green energy, property and business loans, but the only new loans we've seen since they took over is two or three small loans to businesses. Does that mean FK is actually out of the market for property and green energy? Is the lack of deal flow down to an inability to find loans or because GLI is not providing funding to the platform? Does the platform still want private investors, or is it intentionally driving them away so it can simply be a vehicle for GLI? The new CEO owes us an explanation.
Post by kayfundingknight on Sept 19, 2016 9:24:32 GMT
Thank you for your comments, the "lovely" Kay is still here and doing her best to respond to your queries, concerns and pleas for help.
Please accept my apologies if our latest update to investors caused either confusion or concern.
As we explained before in our earlier communications, in order to be fair to our whole investor community, we felt we had no choice but to withdraw the secondary market to ensure that borrowers made the correct payments to FundingKnight and investors received the correct distributions.
The reinstatement of the secondary market is something I am very pleased about, and to ensure fairness to all we are adopting a staged approach - in line with best practice IT guidelines. The transactions of our larger investors are often more complex with a variety of different offers being made daily, some being taken up, some being partially taken up, some expiring and some loan parts returning to their portfolios. It is anticipated our institutional investors will be joining the crowd shortly.
All investors are advised of issues or problems with borrowers and take part in auctions at the same time, none are favoured. I hope you will be reassured that we have all our investors best interests at the heart of what we do.
Again, as per our earlier updates, we are working hard to bring new opportunities to auction across all of our product ranges, provided that they are of sufficient quality. We have not changed our philosophy - we will not sacrifice quality for quantity.
Please bear with us as we return to business as usual with an active secondary market and many more opportunities launching soon.