LinkedFinance - new website

sceach16 · 15-02-2019 3:26pm

Cute Hoor wrote: »

The reporting on default/ late repaying loans by Linked Finance is now appalling, most of mine haven't been updated for 2 months (some 3 months), there may be little to report but they should be providing at least monthly updates to keep their lenders up to date. They promised regular updates before and it was OK for a little while but it is now pretty much gone completely. Presumably the institutional investors they have got on board are OK with this or maybe they are doing separate reporting to them. With all their loans being filled pretty much instantly maybe they feel they can be a bit blase about it but it's a long road that has no turning.

Craftwork Signs missed a payment on 10 Feb but Linked haven't noticed yet or else they didn't bother their posterior about it. Airpower Engineering missed a payment on 27 Jan .....still reaching out. Incidentally payments missed on 23 Oct (craftworks brewery) and 26 Oct (SK Electrical services) are are not yet in default although 4 months have passed.

benjamin d · 15-02-2019 5:50pm

sceach16 wrote: »

Craftwork Signs missed a payment on 10 Feb but Linked haven't noticed yet or else they didn't bother their posterior about it. Airpower Engineering missed a payment on 27 Jan .....still reaching out. Incidentally payments missed on 23 Oct (craftworks brewery) and 26 Oct (SK Electrical services) are are not yet in default although 4 months have passed.

I have a couple gone over 3 months without being categorised as in default. I can't remember the companies off hand but they're neither of the two you named. Ditto with the person above having missed payments with no info update or change in status.

lcwill · 15-02-2019 11:32pm

benjamin d wrote: »

I have 30 loans left, 2 of which are in default, and 4 are very late (with 2 of those hurtling towards default status). That's 20%.
As said above, a lot of the people who have been on this thread a while are pulling out of LF - I know I am. I have half of my money out now and just waiting for half of what's left to be there in cash to make my next withdrawal.
I can't say I'd recommend anyone starting out to bother their behind with it to be quite honest.

I started this thread 3 years ago and I'm mostly out now too. Just waiting for the rest of my loans to pay back. Expecting to make money overall, but not worth the hassle - and I would never risk enough money on LF to make it worth the hassle.

Also sold everything on Bondora about a year ago at huge loss so not too positive about online lending anymore!

I sold all my loans on Mintos too - that actually went very well. I managed to sell quick and with very limited discount. The only one I am considered going back into is Mintos.

Low Energy Eng · 16-02-2019 5:48am

I noticed my default rate increasing a year ago so I've been letting them mature and withdrawing. Overall it's been ok. Not as lucrative as I first hoped, but thats part of the game I suppose.

Wheety · 18-02-2019 12:07pm

Low Energy Eng wrote: »

I noticed my default rate increasing a year ago so I've been letting them mature and withdrawing. Overall it's been ok. Not as lucrative as I first hoped, but thats part of the game I suppose.

I've been withdrawing too. Few more months and I'll be finished.

To give some figures on this, without giving the financials.

First deposit and loan was in January 2015.

So far, I have taken out all the money I put in plus 7.2%.

There is another 15.9% (of my total deposits) outstanding.

2 loans default and 1 currently late out of 36 loans in total. I haven't done too bad this way.

To try and figure out the APR.

I'm basing this on their summary page and have taken the 'Lender Fee' and default amounts from 'Interest Earned'. Divided this by my total deposits.

Total Interest: 18%

Pay the higher rate of tax so taking 40% from this gives 7.2%

Started in January 2015 so 4 years. Dividing 7.2% by 4 gives 1.8%.

I'm probably missing something obvious but would imagine that's fairly close. Summary tells me my average interest rate is 11.2%. That sounds much better than them giving you your APR.

Kiezpn · 18-02-2019 7:03pm

Cute Hoor wrote: »

Farm have 2 very popular restaurants in Dublin, in Dawson Street and Upper Leeson Street, both trading very well as far as I can see.

They have been casual at best with their payments to LF since last March. In August LF advised that they had been continually trying to contact Farm Foods receiving just one email in response with no reason or explanation for missed repayments, is this the way for a responsible business to deal with it's lender. Since then they have made one casual payment, without explanation it would appear. Since then the Luas works have been completed, thousands per day are being ferried down their street, they have just come through what is in Dublin city centre a goldmine Christmas period and they are presumably continuing to refuse to engage with LF. IMO LF need to go after them, and be seen publicly to go after them. I see nothing wrong with LF lenders going into their restaurants and having a free meal in compensation for their wait for/loss of their money, and doing it publicly.

I have absolutely no problem whatsoever with any business that I have lent to failing and thereby losing me money, none whatsoever, and that was the risk I knew I was taking when I lent that money in the first place. Indeed I have a lot of sympathy for them, they gave it a lash and it didn't work out, they opened up to LF, and good luck to them with whatever business venture they may undertake in the future. At the end of the day they are losing their business, maybe close enough to losing everything, I am losing a few bob that I knew I could afford to lose in the first place.

Latest Update on this loan:

"The company pertaining to this loan facility recently had a liquidator appointed,we have reached out to the liquidator for an up to date on current situation regarding dividends. We have been made aware all stores have now ceased to trade. Our solicitors are continuing to enforce the personal judgement granted against the guarantor pertaining to this contract and all further movement on this case will be communicated to lenders accordingly"

Cute Hoor · 18-02-2019 10:19pm

LF shouldn't have lent to him in the first place, tbf to them neither should I if I had carried out a bit of basic research, but one would expect more of LF.

They (and I through the autobid) have lent to another guy that I wouldn't lend the time of day to, multiple late payments so far but I'd be surprised if the loan ever makes it to the finish line.

LF doing themselves no favours

manonboard · 19-02-2019 12:34am

I've done well with Linked finance over the last few years.

Loans
170
On Time
130
Late Repaying
2
In Default
2
Finished
36
Average Interest Rate
11.4%

I stick to A+, A, B C loans.
The 2 late paying loans both made payments in December too after LF chased them. Ever since they hired that employee who chases the loans, i found it far more reliable. Happy to keep my current money in it at these rates.

benjamin d · 20-02-2019 2:38pm

34 loans outstanding: 3 in default, 1 "Late", and 4 with payments missed varying from a few days to 3 weeks. That's coming up towards 25% non-paying now. As well as those, my account table is fast becoming a solid wall of status updates.

Has anyone any experience of borrowing from LF? Is it that they're a complete pushover?

manonboard · 20-02-2019 2:40pm

benjamin d wrote: »

34 loans outstanding: 3 in default, 1 "Late", and 4 with payments missed varying from a few days to 3 weeks. That's coming up towards 25% non-paying now. As well as those, my account table is fast becoming a solid wall of status updates.

Has anyone any experience of borrowing from LF? Is it that they're a complete pushover?

May i ask what grades you are lending to? I'd love to have more of an idea of risk/reward for the other grades, but dont want to actually lend to test!

Scottie99 · 20-02-2019 7:28pm

Loans
354
On Time
240
Late Repaying
4
In Default
4
Finished
106
Average Interest Rate
10.8%

I stick to B and C and 12/36months

Wheety · 20-02-2019 10:46pm

The average interest rate is not a great indicator if you actually work out how much interest you earned. I think it's clever wording.

Merowig · 21-02-2019 3:46pm

Zaytoon has put up a loan now

2 years though and C Grading
https://www.linkedfinance.com/loan/2019/02/lorien-enterprises-limited
If I wouldn't be married and looking to buy a house I would have put in more than I did now

irish_goat · 21-02-2019 4:15pm

Only one I have in default is The Galleon.

15th Feb 2019 wrote:

We have recently been made aware this business has ceased to trade , A meeting of creditors has been called, Linked Finance will attend same and update lenders following same .

Their Facebook page is active however it does seem to suggest it has "reopened" possibly under new ownership. Will wait and see what comes of the above meeting.

Pussyhands · 21-02-2019 9:42pm

Is it possible to cancel a bid??

Strettie11 · 12-04-2019 9:59am

If any LF lenders on here lent to Shadowman Sports who based on latest information the loan is in default and they have not communicated with LF in 7 months may be interested in following tweet

https://twitter.com/NexusUL/status/1116335280162844673

Advise making your feelings known by direct message or tweet to @nexusUL

garrettod · 15-04-2019 6:21pm

Hello,

It's long past time that Linked Finance made some further modifications to their platform, to allow potential Lenders avoid some potential risks.

For example:

The option to exclude repeat borrowers from autobids (for say a 12 month period, following their last loan)
The option to select / exclude certain business sectors (we read that there's a restaurant closing down every week in a newspaper, but LF appear more than happy to lash out loans to restaurants at highly competitive lending rates)

Their website continues to heavily favor borrowers over lenders with pricing well below what should be paid to reflect the related risks, probably in part because there's no regulation there to help protect those of us who are lending.

.

Merowig · 18-04-2019 12:51pm

Merowig wrote: »

Zaytoon has put up a loan now
2 years though and C Grading
https://www.linkedfinance.com/loan/2019/02/lorien-enterprises-limited
If I wouldn't be married and looking to buy a house I would have put in more than I did now

Zaytoon repaid yesterday their loan prematurely completely. I guess 12% was too expensive for them and they found cheaper finance somewhere else.

Cute Hoor · 18-05-2019 1:58pm

Almost 35% of my outstanding loans are now in Default or Late Repaying, hardly a day goes by without another one going late repaying. I'm not overly surprised by this now tbh as their (LF) follow up procedures are so appalling and appallingly slow that I wouldn't blame any borrower chancing their arm with not bothering repaying, there appears to be no penalty and as far as I can see nothing has ever been recovered from defaulters in the history of LF despite defaulting businesses continuing to trade away merrily in many cases.

One would have to seriously question their level of due diligence when you see some of the individuals (?) they have lent to - I guess I have to accept some of the blame myself for not doing my own due diligence on time but I would have expected LF to be doing that on my behalf and of course the autobid thingy precludes the lender carrying out any due diligence.

Their updating of lenders is also appalling, it improved a bit when that new lady was recruited but has deteriorated beyond belief of late, ringing/emailing them is as useful as gathering 2 balls of roasted snow. These are a couple of examples of LF's respect for their lenders.

Ian Kelly Electrical Update 13/12/2018
We are pleased to confirm the borrower has advised the total arrears position on this loan facility will be resolved by Mid January . We expect the first payment next week, upon receipt and distribution of same a further update will be communicated .
No update in over 5 months

Leech Paper Update 15/1/2019
The borrower has apologised this account has not been brought up to date as expected . The borrower explained a large payment from a UK client has been delayed which is causing pressure on cash-flow . The borrower is expecting this payment in the next 5 business days and has assured Linked Finance once funds reach their account this balance will be resolved . We have made the borrower aware any further delay in resolution of arrears will result in the commencement of legal action. We expect a further update to be communicated to lenders next week .
No update in over 4 months

Enfield Coaches Active Recovery 13/12/2018
Active Recovery - Despite our efforts the borrower pertaining to this agreement has failed to co-operate with Linked Finance regarding the remaining balance on this loan . We have instructed our legal partners to begin proceedings against both the guarantor and company pertaining to this facility . Once these proceedings have been drafted and served a further update will be communicated to lenders .
No update in over 5 months - how long does it take to 'draft proceedings'

I've got my money back out of these, imo it was a good concept if properly managed, but right now I wouldn't go near them. Every so often they get lovely fluff pieces published in the mainstream media, particularly the Sunday Business Post, but there is never a question/challenge regarding their level of bad debts or their debt management procedures

Jim2007 · 20-05-2019 12:48pm

Cute Hoor wrote: »

I've got my money back out of these, imo it was a good concept if properly managed, but right now I wouldn't go near them.

You are an amateur lending to people the professionals will not lend to. This was never going to be a success story, no matter who the intermediary was. You can do proper due diligence because they are too small and too numerous. They also have SFA in assets behind them so it is pointless to talk about follow up and debt collection.

The borrower gets the money, the intermediary gets the commission and you get to be the patsy. Wake up it is not a good concept unless of course you are one of the two winners and it never will be.

Cute Hoor · 20-05-2019 1:18pm

I'm awake

sceach16 · 20-05-2019 3:23pm

Jim2007 wrote: »

You are an amateur lending to people the professionals will not lend to. This was never going to be a success story, no matter who the intermediary was. You can do proper due diligence because they are too small and too numerous. They also have SFA in assets behind them so it is pointless to talk about follow up and debt collection.

The borrower gets the money, the intermediary gets the commission and you get to be the patsy. Wake up it is not a good concept unless of course you are one of the two winners and it never will be.

Amazing.....Great to have this erudite contribution after 3 years and a couple of thousand posts. Why didn't you share it earlier?

garrettod · 24-05-2019 12:14am

Hello,

People who are lending money through Linked Finance and are not happy with service levels, need to put direct pressure on them.

Pick up the telephone and insist on speaking with Niall Doran (the founder of Linked Finance), or if you leave a message and he doesn't return your call, go call to their offices - they are based at 43-45 Middle Abbey Street, Dublin 1, D01X8R2, Ireland.

There is a picture of Niall and some of his colleagues on this page, just in case you want to know who you are looking to speak to when you call to their offices: https://www.linkedfinance.com/about-us

Sure, we each took the risk when we decide to lend so could lose the full amount of the money we lent, but we are equally entitled to challenge Linked Finance when they are not providing the service that they are supposed to be offering, be it in terms of how they assess the loans, or the credit grade applied, or their collections policy, providing regular information to those who lent etc.

Poor service will continue, or even become worse, if people permit it to. Linked Finance could have a long term place in the lending market, and could be a good long term operation for both people wanting to lend, and commercial borrowers, but they need to get their act together and keep to their commitments. It's very annoying to see what stared off as such a great concept, not being run properly.

.

sceach16 · 24-05-2019 8:34am

garrettod wrote: »

Hello,

People who are lending money through Linked Finance and are not happy with service levels, need to put direct pressure on them.

Pick up the telephone and insist on speaking with Niall Doran (the founder of Linked Finance), or if you leave a message and he doesn't return your call, go call to their offices - they are based at 43-45 Middle Abbey Street, Dublin 1, D01X8R2, Ireland.

There is a picture of Niall and some of his colleagues on this page, just in case you want to know who you are looking to speak to when you call to their offices: https://www.linkedfinance.com/about-us

Sure, we each took the risk when we decide to lend so could lose the full amount of the money we lent, but we are equally entitled to challenge Linked Finance when they are not providing the service that they are supposed to be offering, be it in terms of how they assess the loans, or the credit grade applied, or their collections policy, providing regular information to those who lent etc.

Poor service will continue, or even become worse, if people permit it to. Linked Finance could have a long term place in the lending market, and could be a good long term operation for both people wanting to lend, and commercial borrowers, but they need to get their act together and keep to their commitments. It's very annoying to see what stared off as such a great concept, not being run properly.

.

I have voted with my feet and , to judge by this thread, most contributors have done the same.

scheister · 27-05-2019 4:48pm

sceach16 wrote: »

I have voted with my feet and , to judge by this thread, most contributors have done the same.

Indeed LF was a good idea but over time they have gone away from the core idea and people have walked as a result.

I liked LF at the start but I have an issue with the autobid so dont use it as a result my money is going else where. Come July 1st i will have 1 loan outstanding and i am simply waiting for that loan to clear b4 i close down my account.

Shelflife · 27-05-2019 5:03pm

Theres a lot that could be improved with the site.

Im not gone on the 1.25% lending fee, the autobid while efficient doesnt allow any chance to vet where your money is going.

That said Ive invested some money in it and now Im trying to reduce my average loan size, any repayments are reinvested in €50 loans now.

Overall Im on a 8.5% rate on average after costs with only one loan in arrears, they have kept the communication pretty up to date and overall have answered any questions that Ive asked .

People may well have walked but they are still oversubscribed with lenders having to wait their turn to invest in loans.

liamoreilly · 27-05-2019 6:35pm

...One think I've noticed the last while is how few loans are becoming available to bid on...I have 8 autobids set up, but have only had one €50 bid placed in the last 12 days, and considering I've 157 current loans this is not enough...I've €1200 available but no sign of it being used, so I'll be pulling all my money out as it comes back I reckon...

annelimerick · 03-06-2019 2:01pm

I just removed all my available cash, there's another 200 or so to collect later on, and then I'll be finished with them. Like others here, I don't like the way they're operating now. the reason I joined was because I liked picking out businesses I wanted to support - and for me those were organic farms, an Eco-tourism business, etc - I like to support a 'green economy'. Picked some 'neutral' ones too, but I always 'researched' them a little just to make sure they fitted in with what I deemed ok. Ofcourse the whole autobid system put an end to that. I'm no economic wizard at all but I thought I was being reasonably careful by only investing small amounts I could miss, and by not putting all eggs in one basket. But yes I've had various defaults and late payments too and not happy with the laid back attitude that Linked Finance, whom I trusted to do their work properly and professionally, seemed to take to those. Well of course, they're not loosing anything so they're probably not too stressed about the defaults/lates. I wish there was an ethical, professional alternative for investing in Ireland though - something like Triodosbank in UK. Won't get much profit but at least the money won't go down the drain either, and will be put to good use. Anyone any ideas for ethical investments in Ireland, please reply thanks:)

hgfj · 03-06-2019 3:46pm

A question I had to ask myself was do I trust a company (LF) whose employees post on sites posing as lenders? My answer is no. Two posters early on in this thread, Smiler1955 and badzae, (may be the same poster) in my opinion were/are employees of Linked Finance. When I pointed out on the thread that badzae was a fraud he/she never posted again. Then along comes Smiler1955. Take a look at his post history. A "lender" who complained that loan rates were too high and accused others of being anti linked finance if they mentioned Mintos. I mentioned this to somebody in LF a few years ago. I had just put in a request to withdraw a large sum of money and then got a call from someone in LF asking if I was unhappy with the service. I can't remember his name but he had just been taken on in the position of cfo or chief marketer or something, basically he was new to his position, and his response was that since he was new to the company and this was something that happened before he was around he didn't know anything about that. He didn't seem to want to know. Anyway I finished lending through LF soon after they brought in the fixed rates. Just waiting for the last of my loans to end. All four of which are in default. Principal outstanding over 1,600 euro.

TheSheriff · 03-06-2019 5:34pm

Also have less than 10 loans left repaying at this stage. I stopped investing when they introduced the autobid system - since then, the thought of investing more with LF has not even crossed my mind.

LF really need to look at the competition - mintos etc and at what they are offering if they want investors to come back.

I suspect that many, like me, who stopped investing at the entrance of the auto-bid system should be free of LF in the coming months.

Looking forward to be being fully withdrawn from the platform, even logging in once per quarter to withdraw funds is a pain!

LinkedFinance - new website

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