oldgrumpy
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Post by oldgrumpy on May 2, 2014 15:15:34 GMT
I just found out I have some 5030!! I had decided to give it a small go as it was an A, rather than a B (which is why I didn't spot it earlier). Put all three parts up on the SM at +1.3% so anyone buying could have a good look at bloodhound's interrogation ..... all sold in 10 minutes!!
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jm72
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Post by jm72 on May 2, 2014 15:16:08 GMT
Well - it seems to be back as Loan 6043, same business profile
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oldgrumpy
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Post by oldgrumpy on May 2, 2014 15:19:38 GMT
I'll give adrian the blood first crack in the Q and A!! I think a direct question to FC regarding the £300K personal guarantees from one director with no asset security, something which the borrower and FC are concealing by the current anonymous decision.
Edit: I notice most of the bloodhound's question has been deleted in the Q & A from 6034. No doubt he will reappear in the next few hours.
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Post by davee39 on May 2, 2014 15:22:16 GMT
The two pitches are virtually identical and no mention of the earlier loan. Pity the cat got out of the bag  |
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blender
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Post by blender on May 2, 2014 16:57:07 GMT
This is disgraceful. FC is allowing the borrower to conceal the connexion with the other loan, and not only that, the Filed accounts have been removed and people cannot see that the healthy balance sheet has on the credit side about £2m of intangible assets.
Following 4907 this is probably the last straw for me. Quasi-integrity is not good enough.
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jm72
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Post by jm72 on May 2, 2014 17:35:38 GMT
This is disgraceful. FC is allowing the borrower to concel the connexion with the other loan, and not only that, the Filed accounts have been removed and people cannot see that the healthy balance sheet has on the credit side about £2m of intangible assets. Following 4907 this is probably the last straw for me. Quasi-integrity is not good enough. Following this email stream, I was glad the first loan got pulled as I had bid and was thus refunded. Second loan I haven't bid on and busy selling down 5030. I agree that it's disgraceful - I didn't even see a note to say 'the same director as loan xxx', which has previously been used even when the loans aren't linked. Maybe the director in question is not a director of loan 5030? Maybe some pertinent questions to FC are in order - but will probably be moderated on the other forum (if it shouldn't be here - but I'll leave that one for the moderators to consider) for going against the Anonymity (hope I've spelt that right - especially given the amount of time FC used to have 'annoymous' on their loans) of the company.
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wysiati
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Post by wysiati on May 2, 2014 17:55:54 GMT
This is disgraceful. FC is allowing the borrower to concel the connexion with the other loan, and not only that, the Filed accounts have been removed and people cannot see that the healthy balance sheet has on the credit side about £2m of intangible assets. Following 4907 this is probably the last straw for me. Quasi-integrity is not good enough. Following this email stream, I was glad the first loan got pulled as I had bid and was thus refunded. Second loan I haven't bid on and busy selling down 5030. I agree that it's disgraceful - I didn't even see a note to say 'the same director as loan xxx', which has previously been used even when the loans aren't linked. Maybe the director in question is not a director of loan 5030? Maybe some pertinent questions to FC are in order - but will probably be moderated on the other forum (if it shouldn't be here - but I'll leave that one for the moderators to consider) for going against the Anonymity (hope I've spelt that right - especially given the amount of time FC used to have 'annoymous' on their loans) of the company. Same Directors for both borrowers. FC staff now aware (even if they did not know before) that there are Directors in common.
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mikeb
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Post by mikeb on May 2, 2014 17:55:56 GMT
I also have a part in 5030, and do not appreciate FC assisting the borrower hiding a possible connection to an existing loan, or overlapping director's guarantees.
FC have flags to show "you are exposed to this loan already" and "you are exposed to this business already on another loan". So they rightly think it important to warn lenders of this. Yet here we have the opposite.
I haven't yet bid in 6043, but given the shenanigans, have marked it to avoid. Oh, it's anonymous ... well no problem, I now avoid those anyway.
As you were ...
I foresee a ruddy great headlong collision with the FCA at some point as these sort of things start to stack up.
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jm72
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Post by jm72 on May 2, 2014 18:10:20 GMT
I also have a part in 5030, and do not appreciate FC assisting the borrower hiding a possible connection to an existing loan, or overlapping director's guarantees. FC have flags to show "you are exposed to this loan already" and "you are exposed to this business already on another loan". So they rightly think it important to warn lenders of this. Yet here we have the opposite. I haven't yet bid in 6043, but given the shenanigans, have marked it to avoid. Oh, it's anonymous ... well no problem, I now avoid those anyway. As you were ... I foresee a ruddy great headlong collision with the FCA at some point as these sort of things start to stack up. Just taken another look at the loan - I'm wondering how long it is before all questions are moderated or the loan is pulled again!
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oldgrumpy
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Post by oldgrumpy on May 2, 2014 18:17:18 GMT
Yes. The bloodhound is lurking. He will have to rephrase his initial tirade on 6034 so that anonymity is preserved. (Edit: oops, he's dropped a b*****k and slipped a name in. That won't last. Hey,Adrian - are you on this forum too?  ) |
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Post by aloanatlast on May 2, 2014 18:48:47 GMT
The connection is stated explicitly on the company's website - "*** is a *** Company". It's also made on the director's Wikipedia selfie-page.
And he doesn't seem like the kind of guy you'd forget having dealt with before.
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baz657
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Post by baz657 on May 2, 2014 18:56:32 GMT
Added 6034 6043 to the watchlist. As it's the weekend and FC don't seem to do much this could prove to be the entertainment until Tuesday. I for one am saving all these *ahem* questions before they get deleted . |
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baz657
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Post by baz657 on May 2, 2014 19:26:46 GMT
As I log off until tomorrow (probably but I might sneak a look in later for the newer questions) I can't help noticing that this loan is still 69% 70% funded. with almost over (that changed in seconds!) 15% of that at MBR!
I'll put a request in to that 15% of investors - I need funding for my heating bill next winter. Please send me all manner of flammable material you can spare. Please remember that you get better calorific value per pound by burning £10 notes so these would be ideal. I promise to send you your notes back as soon as we have used them.
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fasty
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Post by fasty on May 2, 2014 19:32:16 GMT
As I log off until tomorrow (probably but I might sneak a look in later for the newer questions) I can't help noticing that this loan is still 69% 70% funded. with almost over (that changed in seconds!) 15% of that at MBR! I'll put a request in to that 15% of investors - I need funding for my heating bill next winter. Please send me all manner of flammable material you can spare. Please remember that you get better calorific value per pound by burning £10 notes so these would be ideal. I promise to send you your notes back as soon as we have used them. Ooh, could this be my chance to grab my first token loan part at 15%, (and promptly sell it immediately)?
Presumably the stuff at MBR is all from the autobidder?
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Post by aloanatlast on May 2, 2014 21:12:56 GMT
Almost all the bids below 13% are from the autobidder.
But the T&C still say you have to do your own due diligence. Even if the borrower is anonymous.
Frankly I wouldn't want to be lending to this sort of outfit even if it were financially sound. And the financials stink. Quite apart from the business about the other loan.
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