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SeanPammer

tomwaits48 wrote: »

anyone else hesitant about loaning to a farm who are looking for a loan equivalent to 25% of their prior year turnover?

"Farming is a tough aulde game and it's no longer good enough to merely have a hape of land and a few cattle"

Loved this

golfman

SeanPammer wrote: »

"Farming is a tough aulde game and it's no longer good enough to merely have a hape of land and a few cattle"

Loved this

I had a good aulde chuckle at this as well! Legend!

mickmac76

According to a report in the Irish Times LF lost €1.2 million last year. The report can be found here.

I don't understand how they can be losing so much money or why the staffing costs are so high. Does anyone think the losses are a cause for concern for us investors, could our money be at risk perhaps. I don't think so myself but would be interested in other viewpoints especially from people with an understanding of companies accounts.

manafana

mickmac76 wrote: »

According to a report in the Irish Times LF lost €1.2 million last year. The report can be found here.

I don't understand how they can be losing so much money or why the staffing costs are so high. Does anyone think the losses are a cause for concern for us investors, could our money be at risk perhaps. I don't think so myself but would be interested in other viewpoints especially from people with an understanding of companies accounts.

not unusual for these type of companies to lose cash, i assume their headcount is high and costs high as result of having pay well. If they continue grow no issue, but if loans stagnated that would be an issue.

Strettie11

mickmac76 wrote: »

According to a report in the Irish Times LF lost €1.2 million last year. The report can be found here.

I don't understand how they can be losing so much money or why the staffing costs are so high. Does anyone think the losses are a cause for concern for us investors, could our money be at risk perhaps. I don't think so myself but would be interested in other viewpoints especially from people with an understanding of companies accounts.

Your money should not be at risk in terms of cash in your account as client funds are held in a segregated account and do not form part of Linked Finances assets. (Sec 2.2 & 2.3 of Linkedfinance Terms of Service)

But if LF were to cease operations an independent third party would administer the outstanding loans. You would no longer have access to the online platform and the 3rd party would only make a repayment once the total amount due to each Lender exceeds €100, or otherwise on a quarterly basis. In the UK the FCA require that the independent 3rd party name should be made available to publicly.

Also the 3rd party may charge a fee in addition to the current 1.2% fee that would not exceed 2%of the outstanding principal under each Loan Contract outstanding(Sec 14 of Linkedfinance Terms of Service)

As Manafana has said this loss would be expected for an early stage crowd lending platform . They now need to issue loans in volume to leverage off their current structure

Strettie11

sceach16 wrote: »

Nov15,Dec15,Dec 15,Oct15,Sept 16,Dec 15,Sept15 are my best estimates.

Thanks for this

Interesting that these loans mostly originate in the end of 2015 period when you look back at messages on this forum many had concerns in relation to the quality of vetting of loans offerred on the platform in this period.

ABC101

I've been keeping a eye on this thread for a while, like yourselves I'm in LF, however I have been very careful with regard to choosing which company to lend to.   I only loaned to companies which had proven track records and had survived the 2008 recession etc.   So far I have had no defaults out of 33 loans.
In my opinion there was a lot of loans going to flaky companies, high risk, young immature start ups, subject to high rental rates and uncertain customer demand.   The entrepreneurs may have had the best of intentions, but best intentions do not guarantee success.
I would not be worried about the small loss in LF accounts, that is just normal for starting up, as long as the loss is smaller next year and then a small profit the next (trend is your friend and all that).
I think LF is a great idea, which hopefully will continue to get stronger, but the paperwork / energy required in chasing up defaults must be overwhelming at times.   I hope that this does not spoil it for everybody in the end.

benjamin d

No defaults in 26 for me. The Galway Roast was my first and only late payment so far and they paid up after a few days. I wouldn't attribute it to any great analysis on my part though.

Squall Leonhart

No defaults in 27 for me, and 1 of those has finished payments.

tomwaits48

Squall Leonhart wrote: »

No defaults in 27 for me, and 1 of those has finished payments.

52/52 paying for me. I am very cautious, any hint of something in the accounts that I don't like, and I'm out.

sceach16

BGRSB Limited (Just Desserts) Loan #3174

Wheety wrote: »

Weren't they late last month too? They're also on a reduced monthly payment.

They made a payment later in April but the payment due today (4 May) has not arrived....this was payment 15 of 40......4 months shy already. Still repaying as per Linked... :rolleyes::eek:

Wheety

sceach16 wrote: »

BGRSB Limited (Just Desserts) Loan #3174




They made a payment later in April but the payment due today (4 May) has not arrived....this was payment 15 of 40......4 months shy already. Still repaying as per Linked... :rolleyes::eek:

Just logged in and seen this. Late again, on a reduced payment too. Are Linked going to do anything about it?

NellyJelly

sceach16 wrote: »

BGRSB Limited (Just Desserts) Loan #3174




They made a payment later in April but the payment due today (4 May) has not arrived....this was payment 15 of 40......4 months shy already. Still repaying as per Linked... :rolleyes::eek:

Looks like I got my repayment in today on this one. Panic over. The €3.17 is safely in my account

It's gonna be one helluva weekend!

sceach16

JK Engineering Supplies Limited



Payment 11/36 due 7/05 has not arrived. Others due on 7 and 8 May have.

Wheety

I'm trying to stick to 12 month loans now. I feel there's more chance of them paying back the full amount as I would hope their financial situation hasn't deteriorated that quickly. It also means getting bigger lump sums back each month to 'reinvest'. Although they are few and far.

sceach16

Wheety wrote: »

I'm trying to stick to 12 month loans now. I feel there's more chance of them paying back the full amount as I would hope their financial situation hasn't deteriorated that quickly. It also means getting bigger lump sums back each month to 'reinvest'. Although they are few and far.

If I was investing, I would do the same. The premium for longer loans (24/36 month) does not go near compensating for the additional risk involved in longer loans.

That said, I would be very cautious about many of the 12 month loans. Liquidity problems can arise particularly with businesses expanding fast.

At present , I am withdrawing funs from Linked.

Wheety

Are you going somewhere else with it? I also have an account with Mintos and recently started buying shares through Degiro.

sceach16

Wheety wrote: »

Are you going somewhere else with it? I also have an account with Mintos and recently started buying shares through Degiro.

PM sent

Squall Leonhart

sceach16 wrote: »

PM sent

Hi Sceach,

Would be interested in hearing what you're thinking of doing myself if you're up for sending me a PM too?

paulers06

Wheety wrote: »

Are you going somewhere else with it? I also have an account with Mintos and recently started buying shares through Degiro.

How is Mintos working out? Was thing of dabbling in it myself.

SeanPammer

sceach16 wrote: »

PM sent

Hi Sceach, please PM me too!

sceach16

sceach16 wrote: »

JK Engineering Supplies Limited



Payment 11/36 due 7/05 has not arrived. Others due on 7 and 8 May have.

Arrived today 10/05. :P

sceach16

EQ community festivals

from Linked 7 March
In Arrears - Still working directly with Linked Finance. Despite business being liquidated, borrower has resumed making full monthly repayments. Last payment received: 28/02/2017

Showing today as in default on my loans list.

Wheety

Just went on today to see if there were any new loans. I see that it says Insight Consultants were fully funded in 32 minutes. I'm sure they were on the site for ages accepting bids.

Anyone know what's going on here or am I wrong?

https://www.linkedfinance.com/loan/4247

nsa0bupkd3948x

Wheety wrote: »

Just went on today to see if there were any new loans. I see that it says Insight Consultants were fully funded in 32 minutes. I'm sure they were on the site for ages accepting bids.

Anyone know what's going on here or am I wrong?

https://www.linkedfinance.com/loan/4247

They had a €100,000 which took 13 days to fill up.

https://www.linkedfinance.com/loan/4217

Leedsfan123

Yeah saw that, I'm in the first loan. They had it in the profile that they would be back:

"Linked Finance have approved us for a facility of €175,000 over two tranches, this loan being the first of those, a 2-year, €100,000 loan."

Wheety

Thanks. That makes sense. Just surprised they were back so quickly.

paulers06 wrote: »

How is Mintos working out? Was thing of dabbling in it myself.

It's going well. You can pick loans with a buy back guarantee which I've been doing for the last few months exclusively after one of my other loans went to 'default' stage. Only one gone to default stage. €12.35 owed on it.

Might not sound too bad but total profit so far is only €101.29.

wordofwarning

paulers06 wrote: »

How is Mintos working out? Was thing of dabbling in it myself.

Im on Mintos for about a year. I have had defaults, but the secondary market is so liquid, that you can generally sell on a defaulted loan for a haircut of around 2-5%. You can invest in mortgages with a LTV of 50% and get an interest rate of 14.5%.

There are some decent secondary market loans ie you can get a car loan with a buyback guarantee of around 13.5%. The only problem is a fair amount of medium loans rarely make it to the full term. Which is not always a bad thing

You have unlimited withdrawals and they are super fast at processing them. I wanted cash today, so I submitted a withdrawal. It was processed within hours and I had money in my Irish bank account by lunch.

I have an average return of 12.25% including taking into account I have sold bad loans on for a haircut to get rid of them. Mintos are pretty transparent on what is defaulting, levels of bad debts etc.

bobw

3 missed payments today:
Absolute Fishing Limited (21 of 40)
The Sausage Experience (12 of 36)
Wayne Elliott Engineering Limited (payment 11 of 12)

April:
City Cycles (23 of 36)
Celbridge Glass & Glazing Co (18 of 36)
Aardvark Bus Hire (26 of 36)
Neil Fox T/A Neil's Fruit and Veg (23 of 36)

golfman

Squall Leonhart wrote: »

Hi Sceach,

Would be interested in hearing what you're thinking of doing myself if you're up for sending me a PM too?

Hi Sceach, I'd also be really interested to hear more if you'd oblige me? Many thanks