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tomwaits48

darragh0000 wrote: »

"would it put you off investing in a company if the main director has consumer judgements registered againts them?"

Do you pay to get this extra information on directors or is it available free?

I use a work subscription to vision net.ie to check the history of the directors. There's been a few times I've not invested as a result of finding out info not provided by LF.

sceach16

cash and equivalents €525,735 at 31.12.15. Where has all the money gone? sceach (placed 0 bids for €0.00 on this loan) • Waiting for moderation.

Borrowing 50 k for working capital?

at9qu5vp0wcix7

How many days are withdrawals taking to process for you guys?

ChrisDub7

sceach16, I thought the same when I looked at the numbers : the situation was very healthy 9-10 months ago and I am surprised they need 50k for working capital

FinanceDublin

What's going on with Timepoint? First their loan gets extended by €5k within 8% of it reaching its total and closing, thus drawing out the bidding time and now the loan hasn't been activated almost a week later?

I thought fixed rate loans was suppose to eliminate these lag times given the borrower knows the rate in advance...?

FinanceDublin

Also curious that €7,000 in bids of €1,000 or above seemed to go in as autobids: a huge amount in individual bids for people to be leaving to autobids I would've thought. Is it because it's grade A?

sceach16

Mila Calm Ax wrote: »

How many days are withdrawals taking to process for you guys?

My one was slow due to need for paper trail. When provided, it came in a few days. In general terms, I would expect payment within a week. Paying in by debit card is much faster but a creditors run which withdrawals are will take longer.

Strettie11

See FixMyI has disappeared off the successful loan section of website. Did they not take the funding or did LF not want a part funded loan there?

sceach16

Financial Data

Losses 25 k each of last two years on turnover under 200K ! Balance Sheet shareholders funds/net assets negative 74k......This is only a grade C. I am surprised it isn't an A+. :rolleyes: .....

Strettie11

sceach16 wrote: »

Financial Data

Losses 25 k each of last two years on turnover under 200K ! Balance Sheet shareholders funds/net assets negative 74k......This is only a grade C. I am surprised it isn't an A+. :rolleyes: .....

:D

To give Shane Curran his due he has tried to answer every question that may be posed in the business profile section. Unlike other borrowers who do not want to answer anything

sceach16

sceach16 wrote: »

cash and equivalents €525,735 at 31.12.15. Where has all the money gone? sceach (placed 0 bids for €0.00 on this loan) • Waiting for moderation.

Borrowing 50 k for working capital?

Response

From phone call with borrower: €525K 'cash and equivalents' relates mainly to the balance in the company's current account at the time. Due to the nature of the business this fluctuates during the year and is generally higher toward year-end. We always like to maintain a healthy buffer but it is more typically around €200K. The purpose of this loan is to maintain that level of liquidity in preparation for an upcoming project.

They had 500k and now aim for 200k and want to borrow . . Incidentally from another question , they have a liability of an intercompany guarantee of 350k to a parent company.

Consolidated Accounts????

sceach16

Strettie11 wrote: »

:D

To give Shane Curran his due he has tried to answer every question that may be posed in the business profile section. Unlike other borrowers who do not want to answer anything

Yes but the credit rating should not be based on enthusiasm! I would lend him a few bob at 15%

ChrisDub7

sceach16 I am looking forward too seeing a D or an E graded business!

Dream123

Mila Calm Ax wrote: »

How many days are withdrawals taking to process for you guys?

Made a withdrawal about a month ago. Requested on Monday morning. On the Tuesday I was contacted by email to request confirmation of bank account detail (IBAN etc). Later that day i got an email that my withdrawal was approved. Received money in account on Friday.

This week I requested a withdrawal Monday morning. Email Wednesday that it was approved. Expecting cash in account Friday /Monday.

I would like that my withdrawal requests were actioned immediately but not a big deal. As long as I know that request to receipt of funds takes about a week I can plan on that basis.

FinanceDublin

Another day passes without Timepoint loan being drawn down. A full week now. Given they knew interest rate in advance, why the delay? I note they don't list them in successful loans either 🙄. All seems a bit ridiculous and completely off putting given lack of replies and transparency.

darragh0000

I don't think that loan finished 1 week ago. I checked the date/time of my bid and its 18/Sept/2016 23:45 and the loan wasn't 100% funded at that time, so probably fully funded sometime on the 19th.

Edit:
using the time of my autobid and the loan length (5 days and 20 hours) the start/end times were
13/09/2016 4.30pm
19/09/2016 12.30pm

so still just 4 days passed

FinanceDublin

darragh0000 wrote: »

I don't think that loan finished 1 week ago. I checked the date/time of my bid and its 18/Sept/2016 23:45 and the loan wasn't 100% funded at that time, so probably fully funded sometime on the 19th.

And given LF don't operate at weekends and don't allow drawdowns, I think it'll be safe enough to assume we're running into next week. Delighted to be proven wrong though.

tomwaits48

Re JC Products, do LF provide a garunatee that the loan application will 100% go to the Ltd. listed? Reason I ask is that I see the director for JC Products has recently registered a new LTD co under a similar name - what checks are made to ensure the loan goes to the advertised company and not a newly formed company which may not have the same level of healthy assets? I am not implying anything is untoward here and it may be a naive question but thought I'd throw it out there.

scheister

tomwaits48 wrote: »

Re JC Products, do LF provide a garunatee that the loan application will 100% go to the Ltd. listed? Reason I ask is that I see the director for JC Products has recently registered a new LTD co under a similar name - what checks are made to ensure the loan goes to the advertised company and not a newly formed company which may not have the same level of healthy assets? I am not implying anything is untoward here and it may be a naive question but thought I'd throw it out there.

dont think its an issue. Could be a case the loan is given to the holding company and passed onto a subsidiary. The loan is with the holding company so even if the subsidiary goes belly up. you can chase the holding company for the loan

Strettie11

Just looking for confirmation from anyone here that the following loans have not been funded this month

Gleesons Bar, Louth
Tara Diaries and Calendars, Dublin
Tadgh Kearney Jewellers , Limerick

sceach16

Strettie11 wrote: »

Just looking for confirmation from anyone here that the following loans have not been funded this month

Gleesons Bar, Louth
Tara Diaries and Calendars, Dublin
Tadgh Kearney Jewellers , Limerick

Tadgh Kearney is shown as a successful loan at 98.3% funded (30k,11.2%). The others do not show as of 15.00 23/09.

darragh0000

I have lent to these, these are the links:

linkedfinance.com/loan/3663 - Gleesons - 92.4% (50k)
linkedfinance.com/loan/3690 - Tara Diaries - 91.2% (40k)
linkedfinance.com/loan/3696 - Tadgh Kearney Jewellers - 98.3% (30k)
linkedfinance.com/loan/3587 - Fix my I - 96.2% (30k)

I dont seem to be able to quote other posts or post links..

Strettie11

Thanks sceach16 and darragh0000 for that

Strettie11

Sorry one other question any idea with date/ time Gleesons funding closed

darragh0000

Strettie11,

I had a few small bids on Gleesons:

first: 25/08 11am autobid
last: 09/09 early morning

So probably ended on 9th or after that

FinanceDublin

Sure enough, no sign of it being drawn down. Getting kind of wearying now given the bidding period was dragged out for another 3 days because they lobbed on another €5k to the ask...

Dream123

Dream123 wrote: »

Made a withdrawal about a month ago. Requested on Monday morning. On the Tuesday I was contacted by email to request confirmation of bank account detail (IBAN etc). Later that day i got an email that my withdrawal was approved. Received money in account on Friday.

This week I requested a withdrawal Monday morning. Email Wednesday that it was approved. Expecting cash in account Friday /Monday.

I would like that my withdrawal requests were actioned immediately but not a big deal. As long as I know that request to receipt of funds takes about a week I can plan on that basis.

Funds in my account this morning. So start to finish took 4 days. OK in my opinion.

Strettie11

A few stats on LF loans since 1st Septenber
CLICK HERE

FinanceDublin

darragh0000 wrote: »

I don't think that loan finished 1 week ago. I checked the date/time of my bid and its 18/Sept/2016 23:45 and the loan wasn't 100% funded at that time, so probably fully funded sometime on the 19th.

Edit:
using the time of my autobid and the loan length (5 days and 20 hours) the start/end times were
13/09/2016 4.30pm
19/09/2016 12.30pm

so still just 4 days passed

Now 7 days. Not including when they extended the financial terms from 25k to 30k, also adding time. What's going on here?

darragh0000

"Now 7 days. Not including when they extended the financial terms from 25k to 30k, also adding time. What's going on here?"

I see this in the terms, maybe its 5 working days, that could mean they have until close of business today, but I agree with what you said

linkedfinance.com/terms:

"Once the bidding process ends and the Loan Request is funded to at least 90% of the requested value by Active Bids, you will have 5 days in which to irrevocably accept those Bids and agree the Loan Contract by following the electronic signature instructions on Linked Finance. You are under no obligation to enter into a Loan Contract. No interest will begin to accrue on the Loan unless and until you have signed the Loan Contract. If you fail to sign the Loan Contract within the five day signing period, your Loan Contract will be cancelled, and any Bids that funded that Loan Contract will be void."