LinkedFinance - new website

Cute Hoor · 16-01-2016 6:54pm

spudwould wrote: »

How long was this loan live before defaulting?

Taken out on 12th March, 8 repayments made, one late and last 2 defaulted

strettie · 18-01-2016 12:38pm

And what was the name of business that has defaulted ?

sceach16 · 21-01-2016 5:43pm

Anyone else get an email that

"Gerard Cloherty t/a CFIX Property Services has decided to withdraw their loan application and as a result we have returned your bids for total ". This loan was some time ago.

I emailed linked finance asking when the loan was drawn down, where was my cash held and was any interest paid. No response yet. I will keep ye posted.

manafana · 21-01-2016 6:21pm

sceach16 wrote: »

Anyone else get an email that

"Gerard Cloherty t/a CFIX Property Services has decided to withdraw their loan application and as a result we have returned your bids for total ". This loan was some time ago.

I emailed linked finance asking when the loan was drawn down, where was my cash held and was any interest paid. No response yet. I will keep ye posted.

the loan was never taken, "withdraw their loan application"

sceach16 · 21-01-2016 10:28pm

manafana wrote: »

the loan was never taken, "withdraw their loan application"

Linked Finance had this loan included in my loans. If a loan is not taken, it is (normally) withdrawn before being included in loans but removed from bids outstanding. This case is different. Why?

sceach16 · 21-01-2016 10:49pm

On another topic. Linked Finance have a reply (on the new Trimwell loan) to a query I raised. Under the P/l account for 30 Nov 2015, A balance sheet is shown. The Balance sheet is for 31 December 2014 ! Linked Finance say they only publish CRO Balance sheets. I have no problem with this but why do they not say it?

We need a forum on Linked Finance to cover topics like this and other topics. I will email linked on this and , please, will all readers do the same.

m320325 · 26-01-2016 10:57am

sceach16 wrote: »

Anyone else get an email that

"Gerard Cloherty t/a CFIX Property Services has decided to withdraw their loan application and as a result we have returned your bids for total ". This loan was some time ago.

I emailed linked finance asking when the loan was drawn down, where was my cash held and was any interest paid. No response yet. I will keep ye posted.

Did you get any reply to this?

sceach16 · 26-01-2016 9:41pm

m320325 wrote: »

Did you get any reply to this?

No rsponse yet. I sent a second email today

sceach16 · 27-01-2016 3:41pm

Another loan "withdrawn" after drawdown. This time it is Harte Electrical. Another response awaited from Lnked Finance.

This loan closed 18 days ago!

Frynge · 27-01-2016 6:45pm

Leo Burdocks in dundrum appears to be closed permanently now. Not sure if it is the whole company or just dundrum but has anyone been affected by this? I think i remember them having a €50k loan just before i joined.

sceach16 · 27-01-2016 8:21pm

Long and helpful conversation with Linked Finance this evening (Thanks James!). Loans were withdrawn because documentation was not completed after loan accepted. I suggested they should give a reason for loans withdrawn after acceptance. Loans withdrawn before acceptance are usually because of unhappiness about the rate.

Touched on a few other things....8% rate default, availability of information after loan is accepted and the importance of a users forum.

LF are reviewing the new site prior to going final with it. Its up to Ye to make comments here or direct to LF.

manafana · 31-01-2016 6:13pm

sceach16 wrote: »

Long and helpful conversation with Linked Finance this evening (Thanks James!). Loans were withdrawn because documentation was not completed after loan accepted. I suggested they should give a reason for loans withdrawn after acceptance. Loans withdrawn before acceptance are usually because of unhappiness about the rate.

Touched on a few other things....8% rate default, availability of information after loan is accepted and the importance of a users forum.

LF are reviewing the new site prior to going final with it. Its up to Ye to make comments here or direct to LF.

Yeah certainly needs be better place to access updates on bad loans, did anyone get the one on friday, where it seems but its not clear only 50% will be paid back?

sceach16 · 02-02-2016 10:32pm

Another repeat borrower tonight (Gers Covers). No problem with this but I would like to see the financial info posted last time.....useful for comparative purposes.

cduggan999 · 05-02-2016 2:35pm

manonboard wrote: »

How do you think the return is only 3-4%?
I could be grossly miscalculating my returns, but im under the impression im getting 10-12% net?

I usually get a 14% loan rate, minus fee = about 10-12% net return?

You can get but if you are trying to calculate reward/risk then you shouldn't base it on the 10-12% return, i.e you won't break even if 1 in goes 10 goes titts up, you can probably only afford around 1 in 25 loans not paying you back and still breaking even.

sceach16 · 11-02-2016 1:55pm

Copy of email to linked finance today.

Transparency

12:53
To:
I see I have repayments coming on a loan from "Paul" due on 13 Feb.

I can get no further information by clicking on the loan or from anywhere else on the site. This is ridiculous. I have no idea who this guy is. I lent cash on the basis of much more than a four letter name. Please ensure that details of this and every other loan I made are available to me on an ongoing basis.

badzae · 11-02-2016 8:26pm

I was looking at loan list now, I see one borrower called 'Crodaun1', no other information given. I'll email later about it.

Some opinions on this, theres a loan ending in 4 days, they sell 'soft furnishings and household products'.

Its just 30% funded, but net assets are 1.78million. many other businesses have negative net assets but reach 100% funding very quickly.

To me I would have thought it would be considered very very safe eg if it went into liquidation, they would have over 1 million euro leftover after paying all outstanding debt, like property alone is worth 800,000.

I presume I'm missing something here, any opinion on this?

sceach16 wrote: »

Copy of email to linked finance today.

Transparency

12:53
To:
I see I have repayments coming on a loan from "Paul" due on 13 Feb.

I can get no further information by clicking on the loan or from anywhere else on the site. This is ridiculous. I have no idea who this guy is. I lent cash on the basis of much more than a four letter name. Please ensure that details of this and every other loan I made are available to me on an ongoing basis.

sceach16 · 11-02-2016 8:38pm

badzae wrote: »

I was looking at loan list now, I see one borrower called 'Crodaun1', no other information given. I'll email later about it.

Some opinions on this, theres a loan ending in 4 days, they sell 'soft furnishings and household products'.

Its just 30% funded, but net assets are 1.78million. many other businesses have negative net assets but reach 100% funding very quickly.

To me I would have thought it would be considered very very safe eg if it went into liquidation, they would have over 1 million euro leftover after paying all outstanding debt, like property alone is worth 800,000.

I presume I'm missing something here, any opinion on this?

If U are, so am I. I agree fully, I have and will bid but generally, I no longer go more than 200 per loan....essentially spreading risk widely.

badzae · 11-02-2016 8:39pm

I noticed on the new website they no longer display the date/time that a lender asks a question, so the feature was removed in the new website.

On the loan ending at 9pm tonight I see 3 questions with no answer, but I can't tell if those 3 questions were asked this evening or remained unanswered for a number of weeks.

If the questions are a few hours old then I can't hold this against the borrower and place a bid but if there was no response from the borrower from loan going live until ending I usually think about it a bit more, but now I can't tell the difference...

Do others agree, it was better when the date/time was displayed?

sceach16 · 11-02-2016 8:49pm

sceach16 wrote: »

Copy of email to linked finance today.

Transparency

12:53
To:
I see I have repayments coming on a loan from "Paul" due on 13 Feb.

I can get no further information by clicking on the loan or from anywhere else on the site. This is ridiculous. I have no idea who this guy is. I lent cash on the basis of much more than a four letter name. Please ensure that details of this and every other loan I made are available to me on an ongoing basis.

I got a response from Linked offering to send me details. They also identified the loan to me. But I responded as follows

Thanks BUT I want to be able to access the info on all my loans, please.

What you need is a link where borrowers can click on their "loans list" for each loan and bring up the original data which Linked Finance has on record.

sceach16 · 11-02-2016 8:57pm

badzae wrote: »

I noticed on the new website they no longer display the date/time that a lender asks a question, so the feature was removed in the new website.

On the loan ending at 9pm tonight I see 3 questions with no answer, but I can't tell if those 3 questions were asked this evening or remained unanswered for a number of weeks.

If the questions are a few hours old then I can't hold this against the borrower and place a bid but if there was no response from the borrower from loan going live until ending I usually think about it a bit more, but now I can't tell the difference...

Do others agree, it was better when the date/time was displayed?

Yes...it was better and should still be displayed. If I remember, I will put a date and time in as part of the questions I ask but I should not have to!

tadcan · 11-02-2016 9:10pm

I have been unlucky as I loaned to the Gym, Manor farm and the roofing company who went into liqidation, out of 150 plus loans. I put in a request for the new site that the loans section show the total of defaulted loans. Still made 10% of my initial captial back in interest last year. so overall I'm happy with the investment. Fingers crossed no more will go insolvant and I'll earn interest from my remaining accumulated capital.

One thing people haven't mentioned is that companies can repay the loan early, four companies in my portfolio have done this. You loose a months interest repayment becuase the money has to be reloaned out and then wait a month for the first payment. In 2014 there were less loans and more competition so many loans average rate was 12% or lower. I like when the big investers put in the €1000 bids as they can slow the rate of interest drop. When your loan is head of the queue it gets chipped away when people bit with lower amounts, which the new site shows happening.

sceach16 · 12-02-2016 1:28pm

sceach16 wrote: »

I got a response from Linked offering to send me details. They also identified the loan to me. But I responded as follows

Thanks BUT I want to be able to access the info on all my loans, please.

What you need is a link where borrowers can click on their "loans list" for each loan and bring up the original data which Linked Finance has on record.

I got a response from Linked Finance (James) which I show below

"Yeah I definitely take the point re being able to automatically bring up the details for loans you have lent to. It makes sense so I'll have a chat with the developers and log a request for it.

I am keeping an eye on the forum, nice to see a bit of conservation there last night too. Some good points being made that we are paying attention to!"

manafana · 15-02-2016 12:20pm

Certainly has improved of late anyway but there are ways to go, new site has been huge step forward in improvement.

Early repayments are fair and if business has too much cash that the loan is not needed im happy for them to repay, but i'd like to a calculation behind it that shows the actual gained off it or what terms are.

One thing i'd like see is a bad debts section where status is updated of the bad loans aside from emails you get no where to check status.

manonboard · 15-02-2016 2:35pm

Got my first loan repaid in full earlier. Seems they Paid up a couple of years early, BTS fitness

scheister · 17-02-2016 2:22pm

just looking into peer to peer finance. had my 1st loan accepted this morning with grid finance as a tester. But assuming it works out would be looking at doing more loans as no real point leaving money in the bank as interest rate is dire.
Only thing with linked finance is the minimum of €50. can see the sense in it but may scare off people who want to drip their feet in the water

Cute Hoor · 17-02-2016 2:37pm

manonboard wrote: »

Got my first loan repaid in full earlier. Seems they Paid up a couple of years early, BTS fitness

How did this manifest itself mob, did LF advise you that the loan was being repaid early and credit the balance back into your account, presumably you just got your capital back on the outstanding payments.

tadcan · 17-02-2016 6:41pm

I've had four loans repaid early. An email was sent for the first one, but now it just turns up as a refund in your account. Under the new Lent section it tells you how many have been refunded.

hgfj · 17-02-2016 6:56pm

test

strettie · 18-02-2016 3:30pm

Fifty savers a day joining peer-to-peer lending site
POOR returns for savers who put money on deposit in banks has prompted an upsurge in what is known as crowd lending.
Article Here

lcwill · 18-02-2016 6:00pm

scheister wrote: »

just looking into peer to peer finance. had my 1st loan accepted this morning with grid finance as a tester. But assuming it works out would be looking at doing more loans as no real point leaving money in the bank as interest rate is dire.
Only thing with linked finance is the minimum of €50. can see the sense in it but may scare off people who want to drip their feet in the water

I don't know much about Grid Finance but yes the minimum of E50 on LinkedFinance is a bit high - to get proper diversification you would want to be investing a minimum of several thousand euro in 50 euro pieces

Another option would be to look at some of the Eastern European sites like Bondora or Mintos that are open to anyone living in the EU - they have lower minimums (E5-10) and secondary markets so it is easier to get diversified and to sell your investments if you want out. Some loans on Mintos even have a buy-back guarantee if they default so your money is much safer.

scheister · 19-02-2016 10:05am

lcwill wrote: »

I don't know much about Grid Finance but yes the minimum of E50 on LinkedFinance is a bit high - to get proper diversification you would want to be investing a minimum of several thousand euro in 50 euro pieces

Another option would be to look at some of the Eastern European sites like Bondora or Mintos that are open to anyone living in the EU - they have lower minimums (E5-10) and secondary markets so it is easier to get diversified and to sell your investments if you want out. Some loans on Mintos even have a buy-back guarantee if they default so your money is much safer.

Grid finance has a lower minimum of €5 but at the moment a lot less borrowers think maybe 3/4 is the most I have seen at one time. My idea would be putting a little away each week from wages and switching between both sites depending on the offers that are being made. Just also wondering as I cant find a concrete answer online. What is the story taxwise if the loans become bad debts?

manonboard · 19-02-2016 6:06pm

Cute Hoor wrote: »

How did this manifest itself mob, did LF advise you that the loan was being repaid early and credit the balance back into your account, presumably you just got your capital back on the outstanding payments.

I just happened to have a look at my repayment schedule, and instead of the usual 6.49 or 3.45 type-ish of amounts, there was a 160 payment made.

It said "Settled" on the right column instead of whatever it usually says next to a payment.

Didnt see any mail, but i filter LF stuff because there are far too many mails sent out. I wouldnt of noticed unless i checked the payment amounts

sceach16 · 24-02-2016 12:53pm

Funny, I thought I had bid on a loan finishing today....24 Feb....but now I do not see any loan closing. I note that closings can be extended but is there some reason why this is done without any notification to persons who have bid based on earlier information.

sceach16 · 24-02-2016 7:07pm

sceach16 wrote: »

Funny, I thought I had bid on a loan finishing today....24 Feb....but now I do not see any loan closing. I note that closings can be extended but is there some reason why this is done without any notification to persons who have bid based on earlier information.

LOAN WITHDRAWN!!!!

Level 5 Vegan · 24-02-2016 9:29pm

Yeah couple of loans pushed back and one withdrawn today.

spudwould · 26-02-2016 11:50am

Yet another defaulter:
On March the 6th you are scheduled to receive a monthly repayment to your account from Borrower Streamhall Ltd (formerly Pure Green Juice Ltd). Unfortunately, we have been informed that this payment will not be made as the company has entered liquidation.

It would be interesting to see the number defaulters there have been over the past 3 years.

manafana · 26-02-2016 12:19pm

spudwould wrote: »

Yet another defaulter:
On March the 6th you are scheduled to receive a monthly repayment to your account from Borrower Streamhall Ltd (formerly Pure Green Juice Ltd). Unfortunately, we have been informed that this payment will not be made as the company has entered liquidation.

It would be interesting to see the number defaulters there have been over the past 3 years.

How long till they defaulted?

spudwould · 27-02-2016 1:20am

manafana wrote: »

How long till they defaulted?

14 months ... not a new loan ... but no where near paying back the principle.

cronos · 27-02-2016 2:37am

spudwould wrote: »

Yet another defaulter:
On March the 6th you are scheduled to receive a monthly repayment to your account from Borrower Streamhall Ltd (formerly Pure Green Juice Ltd). Unfortunately, we have been informed that this payment will not be made as the company has entered liquidation.

It would be interesting to see the number defaulters there have been over the past 3 years.

Should Linked Finance not get you some money from the liquidation?

manafana · 27-02-2016 5:07pm

cronos wrote: »

Should Linked Finance not get you some money from the liquidation?

liquidations are nightmare, the accountants and banks take most if not all the money. They seem to struggle to even chase up personal guarentees.

spudwould · 28-02-2016 2:11am

cronos wrote: »

Should Linked Finance not get you some money from the liquidation?

They say they will chase it up but this is the 3rd loan and not a cent collected.
One loan is in default a year now.

cronos · 28-02-2016 5:52pm

spudwould wrote: »

They say they will chase it up but this is the 3rd loan and not a cent collected.
One loan is in default a year now.

Have you gotten any update over the year?

strettie · 29-02-2016 8:29pm

I cannot get into auction for Kieran Burns butchers tonight

Just going through all the open loans tonight and I notice 1 lender has offered 13k across all 13 open loans :eek:

I hope they are doing proper due dilligence on all the loans

sceach16 · 29-02-2016 8:35pm

strettie wrote: »

I cannot get into auction for Kieran Burns butchers tonight

Just going through all the open loans tonight and I notice 1 lender has offered 13k across all 13 open loans :eek:

I hope they are doing proper due dilligence on all the loans

I just put a bid on, no problem. Yes, someone putting 13 @1000 is a lot but depends, they may have more to place than most mortals!

sceach16 · 01-03-2016 1:25am

106 % funded on 40k at 13.07 average. No response to a number of questions. Not good enough.

Cute Hoor · 01-03-2016 1:42pm

strettie wrote: »

Just going through all the open loans tonight and I notice 1 lender has offered 13k across all 13 open loans :eek:

I hope they are doing proper due dilligence on all the loans

The amount of 'due diligence' any individual can do is limited, you really have to trust what they are telling you on the site, and take a view on how long they have been in business, how they present their case, their financials and how they answer questions. I'd do a google search as well, call around (if it's reasonably local) and after that it's a gut feeling for me.

The person who is investing the significant sum in most loans is probably doing no more due diligence than any of the rest of the lenders. He/She is doing the same as most of the rest of us, investing a reasonably flat amount across a significant number of loans, on the basis that if one (or more) go belly-up the return from the other loans will make up for the loss. That investor in in for well over €100k in well over 100 loans.

strettie · 01-03-2016 5:55pm

Cute Hoor wrote: »

The amount of 'due diligence' any individual can do is limited, you really have to trust what they are telling you on the site, and take a view on how long they have been in business, how they present their case, their financials and how they answer questions. I'd do a google search as well, call around (if it's reasonably local) and after that it's a gut feeling for me.

The person who is investing the significant sum in most loans is probably doing no more due diligence than any of the rest of the lenders. He/She is doing the same as most of the rest of us, investing a reasonably flat amount across a significant number of loans, on the basis that if one (or more) go belly-up the return from the other loans will make up for the loss. That investor in in for well over €100k in well over 100 loans.

Absolutely agree with you and your first paragraph is very much what I have been doing with a alot smaller amount of money than that investor but trying to limit my exposure to default.

I just found it strange that they were willing to invest in every open loan last night as I felt there were a number of businesses on that list that I had crossed off my list simply from review of accounts, answers to questions and internet search .
But like everything everyone has a different approach.:)

cronos · 01-03-2016 11:17pm

strettie wrote: »

Absolutely agree with you and your first paragraph is very much what I have been doing with a alot smaller amount of money than that investor but trying to limit my exposure to default.

I just found it strange that they were willing to invest in every open loan last night as I felt there were a number of businesses on that list that I had crossed off my list simply from review of accounts, answers to questions and internet search .
But like everything everyone has a different approach.:)

I think we should share our analysis summaries on there for each business. Would be interesting to get each other's view.

sceach16 · 02-03-2016 2:37pm

This loan (closing today) was originally set at 45000 euro. Even today , at 12.45, Linked sent an email promoting the loan of 45000. By about 13.20, it had morphed into a loan of 39000!

I am sure it is within the rules but TRANSPARENCY has been dumped again. All Linked and the lender need to do is show the reduction.

This was the biggest loan I have seen and was possibly too big a mouthful but it does not help to change the goalposts when the ball is in play.A short explanation would help.

Incidentally, I think it is a good loan and am happy to maintain my bids IN THIS CASE. linked may hit flak if terms of other loans are changed .

sceach16 · 02-03-2016 3:39pm

sceach16 wrote: »

This loan (closing today) was originally set at 45000 euro. Even today , at 12.45, Linked sent an email promoting the loan of 45000. By about 13.20, it had morphed into a loan of 39000!

I am sure it is within the rules but TRANSPARENCY has been dumped again. All Linked and the lender need to do is show the reduction.

This was the biggest loan I have seen and was possibly too big a mouthful but it does not help to change the goalposts when the ball is in play.A short explanation would help.

Incidentally, I think it is a good loan and am happy to maintain my bids IN THIS CASE. linked may hit flak if terms of other loans are changed .

I put this on the Q/A section of the loan. Linked emailed me a response and then deleted my question. I have reposted it.

LinkedFinance - new website

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