LinkedFinance - new website

sceach16

celica00 wrote: »

Hey guys,

just came across this and started off with reading the first 20 pages (and it sounded good!)
now i just finished reading the last 10 pages and seriously dont know if its worth it to get into LF?

Seems like there has been some changes in regards of rates but except for the usual risks etc, would you still recommend LF for a newbie to start or is there better providers out there?
Not sure if that question is okay to ask, but after reading the last 10 pages im not too sure anymore.

Thanks!

Short answer is maybe! More seriously, the risk/return ratio has disimproved (my opinion). I do not have much confidence in the ratings , for which there are no published criteria. There seems to be a remarkable inconsistency in granting ratings.

Additionally, Linked T&C changed recently to now say that they have criteria but loans that do not meet the criteria can be put on the site! There is an overall clause in the T&C which you should read.

IMO the balance has changed in favour of borrowers but if lenders are happy to lend......

For any individual, it is a personal decision dependent on circumstances , The only strong advice , i would give is spread your risk over many loans and only put a small amount of your funds in Linked ( or in any other investment).

Having said that 12 month loans may be attractive....one would hope that the default rate would be very low.

Declaration..... In general, I am withdrawing cash but have bid on a couple in the new system.

celica00

okay, thanks for the advise

sceach16

GRADE B

38 Barbers...10 self operated...turnover 674 k....17 k a shop.....even on 10 shops 67k a shop or or 1288 euro a week or 214 a day ( 6 Days).

Profit 5k on 674 k or 0.7 % margin.

Look at the balance sheet. Liquidity is not abundant for a cash flow business!

Compare With Marquee which is a "C" rating

sceach16

Please explain why this loan is a grade C and Boston bars is a grade "B".

How is this loan a grade B and Marquee a grade C?

2 questions awaiting censoring..sorry ...moderation on Linked as of 2000 Friday...half time in the Ulster/Munster match.:D

newacc2015

celica00 wrote: »

Hey guys,

just came across this and started off with reading the first 20 pages (and it sounded good!)
now i just finished reading the last 10 pages and seriously dont know if its worth it to get into LF?

Seems like there has been some changes in regards of rates but except for the usual risks etc, would you still recommend LF for a newbie to start or is there better providers out there?
Not sure if that question is okay to ask, but after reading the last 10 pages im not too sure anymore.

Thanks!

Try Mintos. They have a lot of asset back loans ie car loans. I got 15% interest rates on car loans that had an LTV of around 25%. The loans are really transparent ie they tell you the borrowers age, car value, year etc. I have only had 1 default in 6 months and the borrower is being sued for the house (it was a mortgage with an LTV of about 30%).

I like Mintos as its transparent. You can webchat the staff and they will tell you whatever you want with no issue. The website is transparent about all loans in default, loan type, wages etc.

Most of the loan providers tell you the person previous borrowing history and the fact they have lent to them in the past. The loan provider have to keep some of their skin in the game to discourage them from lending money to uncreditworthy people.

I dont do personal loans on mintos. The providers I find are ****, which is the only word to describe them. The loans very rarely are paid on time. Where as invoices are generally paid like clock work

Strettie11

http://www.irishtimes.com/business/personal-finance/first-personal-peer-to-peer-lender-set-to-launch-in-ireland-1.2849580

Initiative Ireland aims to offer returns of 7% to investors lending money to other people
An Irish fintech start-up is hoping that people across the State will start lending and borrowing not from a credit union or bank, but from each other.
Initiative Ireland, founded by father-and-son team Padraig and Padraig Rushe, is aiming to bring the first personal peer-to-peer lending platform to Ireland.
With deposits typically offering a return of less than 1 per cent, the founders of Initiative Ireland will be hoping that people will be prepared to “put their money to work” by taking on more risk by lending to their peers and earning between 5-7 per cent on their money.
The risks of lending your money to other people may be substantial. Peer-to-peer lending is not currently regulated, although it is something the Central Bank is looking at.
Initiative Ireland says it will “carefully manage” these risks by performing credit assessments to approve loans and spread the lender’s funds across multiple loans to minimise exposure to any one lender.
Initiative Ireland will also launch a “safeguard trust”, which is designed to offer a limited guarantee to lenders, compensating them for amounts lost on any of their loans.
For borrowers, the company expects to be able to offer loans at a saving of about 20-30 per cent on the cost of a typical loan. Irish borrowers can typically expect to pay interest at a rate of between 6-12 per cent for an unsecured personal loan.
Using risk-based pricing models, Initiative Ireland says it will offer “favourable pricing” to approved borrowers, with the best rates offered to those applicants who secure the best credit-scores.
Income tax relief
The company plans to create 25 new jobs in Wicklow over the next three years. It is currently looking to raise €2 million in equity investment in Ireland through the Employment and Investment Incentive Scheme (EIIS).
Under the terms of the scheme, eligible investors will be able to earn up to 40 per cent in income tax relief on investments in the company of up to €150,000. These funds will be used by the company to fund its 2017 commercial launch in Ireland, ahead of a planned UK expansion.

Mr Rushe snr was director of corporate banking at Bank of Ireland for more than 15 years where he had responsibility for several sectors including financial services/IFSC.
A former member of the Government’s Clearing House Group for the IFSC, he is also chairman of the International Finance Forum at FSI/Ibec. Mr Rushe jnr has previously worked at Ulster Bank and medical devices company Neuromod.
Peer-to-peer (P2P) lending has grown strongly across the world in recent years and accounted for more than €3 billion in lending in the UK last year and some €26 billion globally.
In Ireland, the activity has also gained pace, through platforms such as LinkedFinance and the Grid. Murphy’s Ice Cream in Dingle, Co Kerry, for example, recently raised €75,000 via LinkedFinance, in what is understood to be Ireland’s biggest P2P loan ever.
The funds were raised in just one day and 20 hours and will be used to help finance the fit-out of a new shop and show factory in Dingle.

Strettie11

Anyone know if the following were funded
VinnyByrne.com
Coffee Perfection
Reba Hair & Beauty

Also were they 100% funded and around what date they closed
Thanks
Strettie

hbdpq

vinnybryne.com started 50,000, fully funded at 40,000 16/10/2016
Coffee Perfection started 35,000 fully funded 30,000 27/10/2016
Reba Hair & Beauty started 35,000, reduced to 30,000, 96.5% of 30k funded. 28/10/2016

Total Packaging Solutions started 50,000, fully funded at 30,000 02/11/

mickdms

Did anyone notice that when a loan has no director guarantee they remove the 'Security' line from the summary
eg. Carr Golf Services

Location Dublin, 12
Term 36 months
Grade A
Trading 26 years
<Security> This line was removed instead of displaying 'None' or intercompany guarantee
Industry Leisure and Hospitality
Legal type Limited Company

mickdms

Does anybody here have a list of the companies who defaulted to date?
How many of these were repaid using the directors guarantee?

spudwould

mickdms wrote: »

Does anybody here have a list of the companies who defaulted to date?
How many of these were repaid using the directors guarantee?

My defaults to date:
Evo FItness x2
Pure GReen Juice
Roobell
Dog Eat Dog

losttheplot74

My Defaults:
Pearse Roofing and Cladding Ltd (revised payment schedule)
M.K. Country Fresh Eggs Limited (Last update was owner was selling assets, next update December)
Manor Brands (bi monthly payments)
Dog Eat Dog (listed as Late, rather than default, 17 out of 19 repayments made, not yet in liquidation, next update Nov 15)

This is 4 out of a total of 202 loans.

Despite bad news about Liberties Press, the most recent repayment was made as scheduled.

mickdms

So far I've had 2 out of 73 loans: Pearse Roofing and Cladding Ltd, Manor Brands, both still making reduced payments

Full List:
Evo Fitness-Loan1
Evo Fitness-Loan2
Pure Green Juice
Roobell
Pearse Roofing and Cladding Ltd
M.K. Country Fresh Eggs Limited
Manor Brands
Dog Eat Dog
*unknown* x 4

manafana

evo fitness is big one, didn't the guy do a runner in end and is been chased by several parties

tadcan

Yes he fled to the U.S to avoid creditors. Manor Brands is paying back every two months, M.K Country Fresh Eggs is planning to pay off the loan as a lump sum.

Dream123

mickdms wrote: »

So far I've had 2 out of 73 loans: Pearse Roofing and Cladding Ltd, Manor Brands, both still making reduced payments

Full List:
Evo Fitness-Loan1
Evo Fitness-Loan2
Pure Green Juice
Roobell
Pearse Roofing and Cladding Ltd
M.K. Country Fresh Eggs Limited
Manor Brands
Dog Eat Dog
*unknown* x 4

Plus 'S K Kindling' , 16 payments made, but Dec 15 payment onwards outstanding

scheister

F.M. Byrne & Associates fully funded in 21 seconds €5,000 grade C

tadcan

Autobid for the win!

sceach16

I put in a withdrawal request at 12.38 on 28 October. It is still pending!

Dream123

sceach16 wrote: »

I put in a withdrawal request at 12.38 on 28 October. It is still pending!

That's very poor service!

I was actually reasonably impressed recently when I requested a withdrawal in the morning and got the confirmation email same day and could see the funds in my current account that evening. Just shows its possible.

My previous withdrawals had taken about a week. Happy enough with that if it could be relied on ... But looks like based on our various experiences that the timing can vary a lot. They should be able to say that requests will be completed (funds in bank account) after X days from initial request and have a process to ensure that, at least then people know what to expect and can plan accordingly

sceach16

sceach16 wrote: »

I put in a withdrawal request at 12.38 on 28 October. It is still pending!

7 November 16.30 still outstanding!!

scheister

sceach16 wrote: »

7 November 16.30 still outstanding!!

only time so far i made a withdrawl i had to ring them to get them to process the withdrawal which i was not impressed with

Strettie11

sceach16

I think they are finding it hard to pull together the million euros in used notes you requested

sceach16

Strettie11 wrote: »

sceach16

I think they are finding it hard to pull together the million euros in used notes you requested

"nothing is impossible its just takes longer" (swiped from Scheister) :P Eventually went through on 8 November @12.50.....12 days after request.

ABC101

Sent a email in with various proof of identity documents requesting money transfer to my current account.

Happy to say it was all done and dusted in two days!

Gives me a bit of confidence in LF.

However the biggest threat to Irish SME's is Brexit IMO.

tomwaits48

I have sent an email to LF asking them to consider buyback guarantees on Grade A loans - would encourage me to use the Auto Bid function and surely is of little risk to them if they are indeed deeming these companies as Grade A

sceach16

Strettie11 wrote: »

I received the above email but I cannot find them on my loan list did they have a different name for the loan

Lucky U! it is under that name! My first non payer. :mad:

lcwill

tomwaits48 wrote: »

I have sent an email to LF asking them to consider buyback guarantees on Grade A loans - would encourage me to use the Auto Bid function and surely is of little risk to them if they are indeed deeming these companies as Grade A

Good idea

sceach16

tomwaits48 wrote: »

I have sent an email to LF asking them to consider buyback guarantees on Grade A loans - would encourage me to use the Auto Bid function and surely is of little risk to them if they are indeed deeming these companies as Grade A

Extracts from Linked T&C

"Loan grades are published in conjunction with each new loan request. These grades are based on the results of the Linked Finance credit evaluation process and are provided for informational purposes only. They do not constitute investment advice nor do they represent any form of guarantee from Linked Finance.

1. All lending on Linked Finance is undertaken at the sole discretion of the Lender. It is your responsibility to make use of the technology and tools provided by Linked Finance in such a way that allows you to make informed lending decisions.
2. Linked Finance provides no guarantees that all or any repayments will be made by any borrower. All risk is borne by the Lender."
3. You are bidding on Loan Requests and lending entirely at your own risk, and before lending via Linked Finance, you will form your own opinion regarding the creditworthiness of a Borrower and undertake your own research, analysis and assessment and seek your own independent financial advice.
4. We make no warranty or representation as to the ability of any Borrower to repay any loans or as to the Borrower’s credit risk and we are in no way liable for the debts of any Borrowers.

Their grading system is not made public and , as you can see, they do not accept responsibility for it.

sceach16

Looking at T&C above

"All lending on Linked Finance is undertaken at the sole discretion of the Lender. It is your responsibility to make use of the technology and tools provided by Linked Finance in such a way that allows you to make informed lending decisions."

"... before lending via Linked Finance, you will form your own opinion regarding the creditworthiness of a Borrower and undertake your own research, analysis and assessment and seek your own independent financial advice. "

How is autobid compatable with these?