LinkedFinance - new website

GGBC

Jim2007 wrote: »

Dress it up any way that makes you happy, but in the end you are an amateur lending money to subprime borrowers. You are getting a higher return because you are taking on a much higher risk that other lenders in the market.

And when the next recession hits, the subprime lenders will get hammered like they always do. The agents will fine because they got the fee, the borrower will be fine because he got your cash and the only looser will be you the borrower, because you are the only one in the game taking any real risk.

Subprime is an interesting word to use - Do you think these lenders are only dealing with sub prime businesses? I seen Chopped got large amount of funding on the Linked Finance market place, from what I see they are rapidly expanding business, why Linked and not the banks?
There seems to be a lot of institutional lending and banks involved as well on these platforms, what do you seen coming recession wise that they might be missing?

Darc19

GGBC wrote: »

Subprime is an interesting word to use - Do you think these lenders are only dealing with sub prime businesses? I seen Chopped got large amount of funding on the Linked Finance market place, from what I see they are rapidly expanding business, why Linked and not the banks?
There seems to be a lot of institutional lending and banks involved as well on these platforms, what do you seen coming recession wise that they might be missing?

Chopped would be subprime.

Fast growing company and a lot of potential though getting a little tired now but sustainable.

Banks look at past figures and current figures and whilst they will take something from potential, it can be a big stumbling block.

This is where LF do have an advantage, but such clients are few and far between

GGBC

HSK Limited getting lending on Flender - Did they not default with Linked Finance a while back? Maybe different company

whampiri

Yes they did. They didn't owe much but this is crazy! How can a company be allowed do that? Might send an email to Flender. :mad:

Jim2007

GGBC wrote: »

Subprime is an interesting word to use - Do you think these lenders are only dealing with sub prime businesses? I seen Chopped got large amount of funding on the Linked Finance market place, from what I see they are rapidly expanding business, why Linked and not the banks?
There seems to be a lot of institutional lending and banks involved as well on these platforms, what do you seen coming recession wise that they might be missing?

Subprime is exactly what you are dealing with and Chopped is subprime. And as for banks and other financial institutions, in case you are too young to remember banks got burned badly in the subprime lending business the last time around. For example UBS, one the Swiss pillar banks got hit for $40b!

Like I said, you are the only one it his P2P lending game taking any risk and you are also the lest experienced player.

garrettod

whampiri wrote: »

Yes they did. They didn't owe much but this is crazy! How can a company be allowed do that? Might send an email to Flender. :mad:

I doubt that they'll give a sh1t...

Remember a certain golf tour crowd popping up all over the place, LF couldn't roll out loans for them fast enough, then they were on Grid, then they were gone and we were all out of pocket.

None of the P2P lenders have the competence, or credit skills, to be involved in business lending, from what I've seen to date. There is no due diligence of any substatnce. The just want to roll out loans and get their set up fees etc.

garrettod

Hi,

I see Sinead Ryan wrote a piece for the Indo recently, entirely "Pros and cons of P2P investing", but it was little more than a promo for LF, and a chance for her to get an autograph from Jamie Heaslip, when askiing him about Flender.

Clearly one lady journalist who couldn't be bothered to do much research.... Its a shame she didn't ask Charlie Weston to run the eye over her article before going to print, as he's usually well versed and might have directed her to a couple of websites where she could get some info from real investors etc.

You'd think that the newspapers would be doing more to ensure accurate reporting, after all the problems that their plugging of foreign investment properties helped cause, in times past.

Cute Hoor

There has been an update this morning (pretty incredible, as they appear to have totally given up on chasing defaulters) on Bow Lane Cocktail Bar.

"We have spoken to the borrower regarding this and we expect this account to be back up to date in the first week of March. A further update will be published upon reciep of funds."

There will probably be an update on one of the other defaulters before the end of March

at9qu5vp0wcix7

Another puff piece

https://fora.ie/linked-finance-niall-dorrian-5002031-Feb2020/?fbclid=IwAR2m5brm4XMqcGIzbVuPydORCz0NvtVTrpKGniV9NGm8XItY5FYQCOagF5s

Strettie11

Mila Calm Ax wrote: »

Another puff piece

https://fora.ie/linked-finance-niall-dorrian-5002031-Feb2020/?fbclid=IwAR2m5brm4XMqcGIzbVuPydORCz0NvtVTrpKGniV9NGm8XItY5FYQCOagF5s

You could fertilize your garden with the contents of that article.

How does he get away with it

It s amazing the fanfare they had about the approval in the UK and no information given when they reversed out of the UK. Only for the usual eagle eyed observers on here we would never of heard about it.

at9qu5vp0wcix7

Logged in for the first time in quite a while - didn't make for pleasant viewing

garrettod

Looks like they are giving payment holidays out like candyfloss, to anyone that asks for one...

I was quite surprised by some of the business types that were being granted payment holidays, as not all were in sectors that I would have expected to have run out of cash, at least not yet...

They should be agreeing reduced payments wherever possible, with complete payment holidays only for the borrowers in more extreme difficulty.

Dare I ask, but what additional interest do we get, in return for accepting a delay in the return of funds from each loan ?

Jim2007

garrettod wrote: »

Looks like they are giving payment holidays out like candyfloss, to anyone that asks for one...

I was quite surprised by some of the business types that were being granted payment holidays, as not all were in sectors that I would have expected to have run out of cash, at least not yet...

They should be agreeing reduced payments wherever possible, with complete payment holidays only for the borrowers in more extreme difficulty.

Dare I ask, but what additional interest do we get, in return for accepting a delay in the return of funds from each loan ?

You are dealing with subprime lenders for heavens sake, there are only two choices give them a payment holiday or you go under. In P2P lending there are only two sure winners the loan agent and the borrower. People need to learn the lesson or expect to loose more money.

Amateurs lending money to entities that even the professionals don't want to touch.... if it's just a game to you then go lend it on something like kiva.org, at least there you'll have the satisfaction of doing some good.

Peter File

Jim2007 wrote: »

You are dealing with subprime lenders for heavens sake, there are only two choices give them a payment holiday or you go under. In P2P lending there are only two sure winners the loan agent and the borrower. People need to learn the lesson or expect to loose more money.

Amateurs lending money to entities that even the professionals don't want to touch.... if it's just a game to you then go lend it on something like kiva.org, at least there you'll have the satisfaction of doing some good.

This comment above should be pinned to the start of the thread.
These are unsecured loans and if a business fails you will be at the back of the queue of creditors.
Be very careful with p2p lending.

at9qu5vp0wcix7

Mintos schedule extension system means that the borrower pays interest only for an agreed number of months - I can't find official information from Linked Finance outlining their policy.

Inspector Coptoor

What I found interesting last week was one of my loans was cleared early with around 5 months of repayments left.

Thought it was odd in the current economic climate.

garrettod

Jim2007 wrote: »

You are dealing with subprime lenders for heavens sake, there are only two choices give them a payment holiday or you go under

It's far from that simple.

Its about credit management, amongst other things. Some of the businesses are still trading, some are still collecting trade debt due to them etc. You've no idea about specific cases, so jumping to a general conclusions this quickly seems a little foolish to me.

Put some time into looking at the various Borrowers on the LF platform, and you'll see that there's a mix of all sorts - the good, the bad and the ugly.

Jim2007 wrote: »

In P2P lending there are only two sure winners the loan agent and the borrower. People need to learn the lesson or expect to loose more money

No issue with point about there being two sure winners, but there can be a third winner, if that person puts some time into unstanding the risks that they are putting money into.

What's really important though, is that those who invested stand up for themselves and don't just let the P2P provider take the easy option every time, without giving even a second thought to the investors /lenders.

If a P2P provider knows that it won't be challenged, then it's more likely to do a bad job, or take the lazy approach.

On the other hand, if the P2P provider sees that it will have to deal with thousands of difficult lenders / investors, then its more likely to do all it can, to represent the lenders interests.

Jim2007 wrote: »

Amateurs lending money to entities that even the professionals don't want to touch....

Maybe some are amateurs, maybe others are not. Again, you've no idea, but hey, don't let that stop you from quickly jumping to your own conclusions.

You also don't know that "the professionals" didn't want to do business with some of the Borrowers - the Borrowers may have gone to LF for a faster turnaround, more flexible terms, a cheaper loan rate, a personal relationship with Peter O'Mahony etc. That's not to say that some couldn't get Bank credit, for one reason or another, and are sub prime Borrowers.

Jim2007 wrote: »

if it's just a game to you then go lend it on something like kiva.org, at least there you'll have the satisfaction of doing some good.

I've absolutely no idea where you came up with that last bit from, you think it's a game to me?


I'm far from a fan of how LF assess, secure and price their loans and you'll quickly find evidence of that, of you read some of my previous posts on this thread.

garrettod

Inspector Coptoor wrote: »

What I found interesting last week was one of my loans was cleared early with around 5 months of repayments left.

Thought it was odd in the current economic climate.

I've seen that happen on a number of occasions. Sometimes, it's a professional firm, such as a law firm or accountancy firm, who simply can afford to pay off the debt early, so they do. On other occasions, it's actually part of a strategy, in preparation for getting a new, larger loan.

Jim2007

garrettod wrote: »

Maybe some are amateurs, maybe others are not. Again, you've no idea, but hey, don't let that stop you from quickly jumping to your own conclusions.

My conclusions are based on actual experience of having to close down or restructure businesses back in the 80s while working in corporate finance for one of the big 4.

Then in about 1989/92 a chap called David Solo and some backroom boys we now call ‘financial engineers’ had the bright idea of packing up crappie loans and flogging them to the public for a fee of course and so securitization of subprime lending was born. As I happened to be at SBC at the time I got my fingers into that one as well...

And of course there was dotcom, when corporate valuation finally became detached from reality....

I've absolutely no idea where you came up with that last bit from, you think it's a game to me?

Yes it’s a game, one in which you don’t even seem to know the rules, the borrower has nothing to loose, the agent gets a fee and the lender is the patsy ready to take the fall should it all go wrong.

Now you can dress it up anyway that makes you feel comfortable, but in the end you are the one with the least knowledge of the situation, no control over the situation and the most to loose.

leaveLF

I've no problem with companies getting a payment break or getting an extension on the payment break. I just find what Linkedfinance are doing is very misleading

---

Example Loan

Last repayment 11/Mar/2020

They got a payment break and next repayment was due 11/Jun/2020

"Payment Break" category was removed from this loan in early May (it appears LF removed loans from Payment Break 31 or 32 days before any payment is received)

Now its early June and the payment due date has moved forward to 11/July/

This loan is still NOT in the category of 'Payment Break' and no update given on the loan.


So I have 130+ loans which haven't made a repayment since March 2020.

65 of these are in the category of ''Payment Break"

The other 65+ loans were removed from the "Payment Break" category 31 or 32 days before the payment due date even though no payments were made. Then on the payment due date for some loans, the date is brought forward 1 month but no update on the loan and its still not showing as 'Payment Break', just showing as a normal 'Repaying Loan'

Linkedfinance shoudn't be removing 50% of loans from payment break when no payment has been received. Its very misleading. Also changing the payment due date without adding an update to the loan.

Maybe one of the regular posters here can check their loans and confirm what I've stated is correct?

at9qu5vp0wcix7

I've got Finished or Default, nothing in between!

Jim Root

leaveLF wrote: »

I've no problem with companies getting a payment break or getting an extension on the payment break. I just find what Linkedfinance are doing is very misleading

---

Example Loan

Last repayment 11/Mar/2020

They got a payment break and next repayment was due 11/Jun/2020

"Payment Break" category was removed from this loan in early May (it appears LF removed loans from Payment Break 31 or 32 days before any payment is received)

Now its early June and the payment due date has moved forward to 11/July/

This loan is still NOT in the category of 'Payment Break' and no update given on the loan.


So I have 130+ loans which haven't made a repayment since March 2020.

65 of these are in the category of ''Payment Break"

The other 65+ loans were removed from the "Payment Break" category 31 or 32 days before the payment due date even though no payments were made. Then on the payment due date for some loans, the date is brought forward 1 month but no update on the loan and its still not showing as 'Payment Break', just showing as a normal 'Repaying Loan'

Linkedfinance shoudn't be removing 50% of loans from payment break when no payment has been received. Its very misleading. Also changing the payment due date without adding an update to the loan.

Maybe one of the regular posters here can check their loans and confirm what I've stated is correct?

I stopped using them about a year ago due to their misleading reporting

sceach16

Wow....This means they won't have any defaults for a while. its just a payment break





I only have defaults (10% of my loans) left with them. :mad:

FinanceDublin

sceach16 wrote: »

Wow....This means they won't have any defaults for a while. its just a payment break





I only have defaults (10% of my loans) left with them. :mad:

Think my one final loan has had about 2 payments outstanding for circa 15 months now. Never got a single proper update from LF.

Clear as day LF are, with regard to a great many loans like this, going to blame a lot of this on Covid. It’s a tremendously disingenuous stance.

Wouldn’t touch LF again in truth. Whole thing set off down a dodgy path with the effective requirement of autobids some years back: suddenly the lender couldn’t individually assess loans, meant documentation became effectively irrelevant etc.

ShareShare

Pulling my money out of them for the last 2 years. I had a sizable amount in them but i found the lack of chasing bad loans to be terrible. When they hired that woman who took care of it, I felt like it got alot better.. but overall i still found too many cracks in the system. I think part of it is just Ireland's large structures around it.
Now that covid is happening. I reckon ill see very little of the remaining problematic loans again. Shame. It was a great platform i felt at the start. Felt the quality of the loans got worse as time went on.

louis346789

The autobid system was the beginning of the end. Just a lottery.

sceach16

Having heard nothing from them for years, I have now got three emails which have gone straight to my junk folder.


It might be Linked or it might be a scam !

Wheety

sceach16 wrote: »

Having heard nothing from them for years, I have now got three emails which have gone straight to my junk folder.


It might be Linked or it might be a scam !

I have 2 emails. The sender email is nel.quere@hotmail.fr and has a picture of a woman with a kitten. The name of the account is Dummy User.

Very strange. I'm addressed by first name in the email but that could have been taken from my email address.

Weird. Sounds dodgy

sceach16

Wheety wrote: »

I have 2 emails. The sender email is nel.quere@hotmail.fr and has a picture of a woman with a kitten. The name of the account is Dummy User.

Very strange. I'm addressed by first name in the email but that could have been taken from my email address.

Weird. Sounds dodgy

Delete all...(suggestion!).

Wheety

sceach16 wrote: »

Delete all...(suggestion!).

Aye it's definitely a scam. Have another couple since.