Who is happy around here?

Etc? Who else offers 12+ secure lending?
What is current loss rate on FS and L? FC recovers about 40%, what is their recovery rate? Do you know what loss and recovery rate is going to be on MT? Do you think that doing all lending relying on a property is the right thing ? operating 6 platforms is more time consuming than operating 3, how practical would it be?

I invest across a diverse range of six platforms giving them a risk rating of low, medium to high. I'm not chasing high returns of 13% but look for steady boring growth of 7% plus. Ironically, I haven't taken a hit from my highest paying platforms & have made some decent returns. Every platform can have a place in a balanced portfolio but would I advise platform DD as well as loan DD.

LLI has up to 19%! Admittedly default rates not yet known. 

Other older platforms - PropLend (some tranches), Property Crowd, Assetz Capital (older loans only, newer ones lower %), Mintos (if buyback can be considered secured) 

Anyway, you get my point!

I would take that bet, and I would surely win as I have the expected number of defaults and the recovery rates, for loans that defaulted over 2 years ago, is well over 40%. Most are still making recovery payments, and it would be unfair to expect FC to work instant miracles, so shall we allow a reasonable recovery period of, say, 5 years? Rather than wait 5 years, shall we just use FC's own published figure of 45% and I'll win now?

How about a double-or-nothing bet that my current "secured" defaults on Funding Secure won't recover 40% after 5 years. Heads up, a lot of it is secured on a Welsh hotel being marketed for less than half the loan amount and a pile of rubble in a Northern seaside town that is probably worth less than the traffic cone that's been dumped on it.

Oh, and since I'm not a betting man, the five figure sum I'm prepared to wager is 5 least significant digits of an Assetz Capital figure.

I would take both bets as well.

FC clearly publish their recovery figures, do you have evidence to support that they are maing these numbers up as you seem to be suggesting?  You can't take one persons recovery rate and say that that proves the rule (clearly some people will do better and some worse than the 45%).  Also that 21% will gradually improve over time as recoveries roll in.

Your second bet, i can already win.  I had a loan through FC that stopped paying in Dec 2014.  Then out of the blue in March this year it repaid in full with interest from a personal guarantee (they sold the guys house).   Loan 8122 if you do not believe this.  So that's a full recovery from a personal guarantee, albeit it took a couple of years to come through.  I have however had 50% losses from secured loans with first charges

I do find it amusing so many people think that having security automatically makes a loan way better than an unsecured business loan.  Commercial property valuations in particular can be highly subjective and can often be out by multiples (as can remote country houses).  Add in mounting interest costs and professional fees you can be looking at losing the majority of your money.  Development loans can be even worse as GDV can be meanigless if the development fails and the money has been wasted.  It's no surprise to see some of the platforms mentioned in this thread going through big difficulties at the moment while just a few months ago they could do no wrong in many peoples eyes.

I finally pulled out of FC a few months ago, but in about 4.5 years I averaged 12.12% XIRR, at the end recoveries were over 50% of bad debt, and there have been further recoveries over the last few months so now up to 55%.

It was never my biggest platform but my main reason for moving away was that I found FC investing too time consuming.