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FinanceDublin

sceach16 wrote: »

Just bid 100 on a craft brewer ....established 4 years and classified as Y....less than 1 year trading. 15% on a 36 month loan.

Ha yeah it tempted me even but I'm fairly committed to winding t down now even with a few hundred now sitting there. Didn't realise they were less than one year trading and are so new. 36 months is a long time.

Strettie11

Lender Linked Finance agrees funding deal with Eiffel
Liquidity boost helps Irish firm’s plans to be biggest non-bank lender to SMEs
Irish peer-to-peer lender Linked Finance has agreed a deal with Paris-based Eiffel Investment Group that will boost its access to funding as it seeks to become the biggest non-bank lender to SMEs here.
Eiffel has agreed to contribute up to 20 per cent of funding for new loans listed on Linked Finance’s platform.
The French company’s online lending team has been involved in the space since 2011 and currently manages close to €200 million for several multibillion institutional investors across a range of leading peer-to-peer platforms, including Lendix in France and Funding Circle in the UK.
The deal will run for an initial two years but is expected to become a longer-term arrangement.
This will boost liquidity on Linked Finance’s platform, which has provided loans to more than 700 Irish SMEs since its launch in 2013.
The company lent €10 million in 2016, up 94 per cent on a year earlier. It posted strong growth in the final quarter, with lending up 158 per cent following the introduction of a new fixed-rate loan.

Linked Finance has doubled in size each year for the past three years. Its plan is to have lent more than €350 million by 2020, thereby becoming the country’s biggest source of non-bank SME finance.
Niall Dorrian, Linked Finance’s chief executive, said the deal was a “vote of confidence” in its business model. “Eiffel monitors over 100 lending platforms worldwide. They know the industry well and what it takes to succeed,” he said.
“A diverse funding mix is important for our long-term development. Eiffel’s support will complement our existing lenders, ordinary members of the Irish public, who will still continue to play a crucial role in helping us to fulfil our mission of providing fast and affordable finance for Ireland’s SME sector.”
Commenting on the agreement, Etienne Boillot, chief executive and co-founder of Eiffel eCapital, said: “In Linked Finance, we have identified a leading player in the Irish market and a business that we are confident will deliver on its ambitious expansion plans. As institutional investors, we not only bring more liquidity to the market, but also more confidence in this method of fundraising, which should help attract more SMEs to borrow and more retail investors to lend, a win-win for all involved.”
Linked Finance recently completed Ireland’s biggest peer-to-peer loan, raising €250,000 in two tranches for serviced office and flexible workspace provider Iconic Offices. The loan was funded by Eiffel eCapital alongside more than 400 individual lenders.
Linked Finance connects local businesses who need loans with an online lending community, comprising members of the public, institutions and other investors who are willing to lend to Irish SMEs at attractive interest rates.
Eiffel was set up in of 2008 as the asset management division of the Louis Dreyfus Group and spun-off in mid-2011. It has assets under management of more than €700 million.
Eiffel eCapital, led by Mr Boillot, is its alternative lending arm. Eiffel’s online lending activity is backed by several large insurance companies including Aviva France, and AG2R La Mondiale.

Duckett

http://www.altfi.com/article/2594_irish_peer_to_peer_platform_inks_investment_deal_with_eiffel

manafana

guys for mintos on your tax return are you declaring it as foreign income?

Neon_Lights

manafana wrote: »

guys for mintos on your tax return are you declaring it as foreign income?

On a related note, Say I were to move to Australia, what do you reckon are the tax implications there for microlenders such as linked and mintos?

scheister

manafana wrote: »

guys for mintos on your tax return are you declaring it as foreign income?

I would be declaring it the same as linkedin and Grid case III unearned income arising in the state. But with the amount i earned cant see Revenue checking up on it

Strettie11

scheister wrote: »

I would be declaring it the same as linkedin and Grid case III unearned income arising in the state. But with the amount i earned cant see Revenue checking up on it

Manafana,

I would disagree with Scheister :P, interest from Mintos in not interest arising within the state as Mintos is based in Latvia.

Instead interest should be entered under Foreign Income - "EU 'Other' Interest ( excluding UK Interest) heading

On the Form 11 for 2016 this is section 306 (a)

losttheplot74

Value Tech - no personal guarantee from the borrower, is this unusual?

Strettie11

losttheplot74 wrote: »

Value Tech - no personal guarantee from the borrower, is this unusual?

No there have been other loans that also have had no directors quarantee

Strettie11

Central Bank publish an excellent report on SME lending every 6 months.

Good info on default rates, rejections rates by banks , credit issued by sector etc

http://www.centralbank.ie/stability/Documents/SME%20Market%20Report%202016H2.pdf

benjamin d

Anyone notice that the Khanya Craft Coffee loan was a Grade Y yet was at 11.6% rather than 15%? Autobid settings still list grade Ys at 15%. Don't tell me they're at that messing now?
The loan was fully funded by the time I saw it so I can't see any details, which is another irritating feature of LF.

sceach16

benjamin d wrote: »

Anyone notice that the Khanya Craft Coffee loan was a Grade Y yet was at 11.6% rather than 15%? Autobid settings still list grade Ys at 15%. Don't tell me they're at that messing now?
The loan was fully funded by the time I saw it so I can't see any details, which is another irritating feature of LF.

19.20 now showing at 15%!

benjamin d

sceach16 wrote: »

19.20 now showing at 15%!

We'll isn't that interesting? Looks very like some shady goings on with that. 11.6 isn't even a rate offered for any grade of loan.
I sense shenanigans, and shenanigans is not a word I want to associate with the people who have my money!

sceach16

benjamin d wrote: »

We'll isn't that interesting? Looks very like some shady goings on with that. 11.6 isn't even a rate offered for any grade of loan.
I sense shenanigans, and shenanigans is not a word I want to associate with the people who have my money!

Tog bog E ! I reckon it was a presentation cock up ! autobids for Y loans would be at 15%. (Can any bidder confirm this happened?). Their IT systems operate on fixed parameters based on rating. They did not get finance at 11.6 and then change it to 15!

benjamin d

sceach16 wrote: »

Tog bog E ! I reckon it was a presentation cock up ! autobids for Y loans would be at 15%. (Can any bidder confirm this happened?). Their IT systems operate on fixed parameters based on rating. They did not get finance at 11.6 and then change it to 15!

If it was mistakenly a rate from a different grade I'd understand but 11.6 is not offered anywhere. I suspect there's a rate change in the works and someone jumped the gun.

sceach16

Todays payment has not arrived. All other payments due have.

Email from Linked 4 pm-extracts
"I am writing to you in relation to the above loan. The borrower was not in a position to make the loan repayment for February.
We have made contact with the borrower and she hopes to make the full repayment by the end of the week.
We will contact you again with an update about the status of this repayment by close of business on Friday 17th February."

This loan is has 32 of 36 repayments still due.....

tomwaits48

new investing opportunities to be very slow at the moment...

sceach16

tomwaits48 wrote: »

new investing opportunities to be very slow at the moment...

I disagree. One fairy door company opportunity closed but another one opened

SeanPammer

Mooch requested €60k
Rate is 11.2%

'Local credit union' first bid is €25,000 at 8.2%

Anyone seen this before?

sceach16

SeanPammer wrote: »

Mooch requested €60k
Rate is 11.2%

'Local credit union' first bid is €25,000 at 8.2%

Anyone seen this before?

Loan closed so can't see offers but it may be a co fund. If the credit union involved could lend at 11.2 and did not (ie. it invested via Link rather than lend under its own evaluation) there may be a question as to why it bid at 3 points less. If it lent at 8.2 itself while linked is 11.2, thats a matter for it. Many credit unions lend at rates below Linked. The main question I have is why the borrower only got 25k from credit union?

benjamin d

My post a while back about Khanya Coffee being listed at 11.6 on a Grade Y 15% loan was for the same reason, a lender reducing the overall rate. I can't remember if it was a credit union or not though.

mickmac76

I've stopped lending on LF, It's just a pain with the new rules and not setting your own rates. Did my first withdrawal last week and it was fine. Only one bad debt from 39 loans isn't too bad to be fair.

SeanPammer

mickmac76 wrote: »

I've stopped lending on LF, It's just a pain with the new rules and not setting your own rates. Did my first withdrawal last week and it was fine. Only one bad debt from 39 loans isn't too bad to be fair.

How did you fair out overall ?

I have the standard anything is better than the bank rate attidute!

Did your 1 of 39 clear out most of your interest?

I only have 8 loans so I'm curious! (Low amounts but even 1 defaulting would take all the interest I would make on the rest!)

LF seemed to be a lot better when they started, I seem to have started when many are jumping ship/sick of the new t&cs/setup.

mickmac76

SeanPammer wrote: »

How did you fair out overall ?

I have the standard anything is better than the bank rate attidute!

Did your 1 of 39 clear out most of your interest?

I only have 8 loans so I'm curious! (Low amounts but even 1 defaulting would take all the interest I would make on the rest!)

LF seemed to be a lot better when they started, I seem to have started when many are jumping ship/sick of the new t&cs/setup.

I still have nine or ten loans outstanding with small amounts to be repaid. The one in default, pure green juice ltd I think they made about 10 or 12 repayments before going bust. Lost about €100 on them out of the €3500 I put into LF. Most of my loans had an interest rate of about 12% -13% so I made a bit of money even if my remaining loans stopped paying back now. Best advise I can give is to spread your loans out as much as possible and don't lend much to any one company no matter how attractive.

sceach16

Looking to borrow 30k to put ina mezzanine floor in their premises. Premises and other fixed assets in balance sheet at 753 euro!

Just posted a question
"Do you own the premises? Your balance sheet shows fixed assets at 753 euro. You are borrowing 30,000 to put a mezzanine floor where?"

SeanPammer

sceach16 wrote: »

Looking to borrow 30k to put ina mezzanine floor in their premises. Premises and other fixed assets in balance sheet at 753 euro!

Just posted a question
"Do you own the premises? Your balance sheet shows fixed assets at 753 euro. You are borrowing 30,000 to put a mezzanine floor where?"

For sister company, EW Technologies?

That's the issue with autobid, it's at 60% funded on first day, it could be funded before you ever get an answer!

sceach16

sceach16 wrote: »

Looking to borrow 30k to put ina mezzanin
at 753 euro!

Just posted a question
"Do you own the premises? Your balance sheet shows fixed assets at 753 euro. You are borrowing 30,000 to put a mezzanine floor where?"

This is the raimeis I got back........

Thanks for your question. The borrower has provided us with the following response:
The loan is for a new mezzanine floor within the premises we lease. The premises is not owned by the business, as per the balance sheet, but this investment will give us vital new space to grow the business within the existing facility over the next few years.
The Linked Finance Team

I have no idea who will benefit from this loan!

NellyJelly

sceach16 wrote: »

This is the raimeis I got back........

Thanks for your question. The borrower has provided us with the following response:
The loan is for a new mezzanine floor within the premises we lease. The premises is not owned by the business, as per the balance sheet, but this investment will give us vital new space to grow the business within the existing facility over the next few years.
The Linked Finance Team

I have no idea who will benefit from this loan!

In fairness, I've worked for companies who leased premises and invested in modifying the space to suit the business. One place I was in, spent this much putting in a staff canteen, in a warehouse unit. If the business is making money, looking to grow and able to repay the loan, I don't see the problem.

mickmac76

I just got an email from LF concerning my only defaulting loan, Pure green juice ltd. The original loan to them was for €20000 and the company went out of business still owing €12500 of the principal to LF backers.

Apparently there were two owners of the business and both gave personal guarantees that they would repay the loan. One of the owners has now repaid half the money owned and 90% of this has been paid to LF backers. The other 10% was used for third party collection fees. For me this means I originally loaned the company €200 and they paid back €75 before going bust. I then got another €60 today and am owed €65 (all figures are rounded).

This is very good news for anyone involved in LF, it shows they will pursue defaulters when possible to do so. I think when you invest in something like LF you have to expect and prepare for some losses. LF has come in for a lot of criticism on this thread (justified I think) but this is a good result for them. Expecting full repayments every time would be unrealistic.

NellyJelly

mickmac76 wrote: »

I just got an email from LF concerning my only defaulting loan, Pure green juice ltd. The original loan to them was for €20000 and the company went out of business still owing €12500 of the principal to LF backers.

Apparently there were two owners of the business and both gave personal guarantees that they would repay the loan. One of the owners has now repaid half the money owned and 90% of this has been paid to LF backers. The other 10% was used for third party collection fees. For me this means I originally loaned the company €200 and they paid back €75 before going bust. I then got another €60 today and am owed €65 (all figures are rounded).

This is very good news for anyone involved in LF, it shows they will pursue defaulters when possible to do so. I think when you invest in something like LF you have to expect and prepare for some losses. LF has come in for a lot of criticism on this thread (justified I think) but this is a good result for them. Expecting full repayments every time would be unrealistic.

Nice. If only that one was one of my 3 defaulters.