LinkedFinance - new website

iguot

Me 3

sceach16

bobw wrote: »

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)

Any update from Linked?

losttheplot74

Payment from Aardvark Bus Hire arrived today.

Wheety

Email today

Linked Finance secures full approval from UK regulator

I'm delighted to announce that we recently gained full authorisation from the Financial Conduct Authority in the UK. This approval is the culmination of a rigorous 2-year application process and a lot of hard work.

In the absence of any regulatory framework in Ireland, we originally began this process as a way to demonstrate our commitment to operating Linked Finance in line with best practice from the much more developed UK market.

This UK approval also opens several exciting avenues to us in terms of our plans for future expansion. It gives us the opportunity to attract lenders form the UK to support Irish SMEs. It would also allow us to start supporting SMEs north of the border, as well as paving the way for a full UK roll-out.

The P2P industry in the UK is the largest in the world on a per capita basis and platforms there are originating more than €1 billion in lending each quarter. It would be a logical next step in our evolution.

That said, our primary focus remains on Ireland and helping to grow the sector here as market leaders.

This authorisation in the UK won't have any major impact on how you use Linked Finance but you may see some slight changes and modifications on the site, as we look to implement some of the various requirements, such as warnings and disclaimers, that would be required when operating in the UK.

The fact that we have gained full authorisation from the FCA should simply serve to underline that Linked Finance has developed the type of management processes and controls that are in line with industry best practice.

The timing couldn't be better too.

This announcement comes as the Irish government have launched a public consultation in relation to regulating the sector here.

It's a move that we wholeheartedly welcome. We believe that all platforms who want to operate in Ireland should be required to operate to the same high standards as Linked Finance.

Obviously, this approval from the FCA demonstrates that we are well ahead of the curve in the Irish market and we are encouraged that the Department of Finance is now considering a similar set of rules here.

We recognise that the development of P2P lending in the UK owes a lot to the introduction of government initiatives that promote the industry, including tax-free Innovative Finance ISAs and direct government lending to SMEs, via the British Business Bank, on platforms such as Funding Circle and RateSetter.

We would love to see the same type of support here and we will be using the current public consultation as an opportunity to promote similar initiatives in Ireland.

For our Irish lenders, this approval from the FCA in the UK should serve as further evidence of our commitment to developing a strong and stable platform that will continue to deliver healthy returns while providing much need credit to great local businesses.

sceach16

Danmar Foods Loan 3154

payment due 23/05 (17/36) has not arrived. Linked advised at 9.06 on 23 May that they had not received payment due.Nothing since.

sceach16

Weddings Online

Just posted this in Q/A. Awaiting moderation...........

"You have provided the same financial data for the y/e 31.12.2015 for this loan and for a previous loan nearly 7 months ago. Do you have any more up to date figures ? This is your FOURTH recent loan. A cash flow statement would be very helpul. Finally, The last loan was Grade C. With the same data provided, This loan is a"B". Why? "

Wheety

sceach16 wrote: »

Weddings Online

Just posted this in Q/A. Awaiting moderation...........

"You have provided the same financial data for the y/e 31.12.2015 for this loan and for a previous loan nearly 7 months ago. Do you have any more up to date figures ? This is your FOURTH recent loan. A cash flow statement would be very helpul. Finally, The last loan was Grade C. With the same data provided, This loan is a"B". Why? "

Fair play sceach16, you certainly keep them all on their toes. Do you keep a spreadsheet to keep on top of all this?

sceach16

Weddings Online

Wheety wrote: »

Fair play sceach16, you certainly keep them all on their toes. Do you keep a spreadsheet to keep on top of all this?

No, I'm too old and grumpy and lazy for things like that ! I just checked if I had lent previously and compared the loans....its a pity Linked don't do the same!

More seriously, a rating could change but an explanation would help. Puffing about being regulated is not a substitute for basic work. I have personally made the point to Linked including many of their staff that as a basic requirement for borrowers returning that previous information provided be checked against current "data".

fflynn

I agree, there was a loan to a dentist a few days ago (2nd loan):

1st Loan:
Management Accounts
31/12/2014
Turnover 315,548
Net Profit 136,769

2nd Loan:
Financial Statement
31/12/2014
Turnover 214,003
Net Profit 14,747

No explanation was given as to why the management accounts for the 1st loan were so inaccurate

scheister

sceach16 wrote: »

Weddings Online




No, I'm too old and grumpy and lazy for things like that ! I just checked if I had lent previously and compared the loans....its a pity Linked don't do the same!

More seriously, a rating could change but an explanation would help. Puffing about being regulated is not a substitute for basic work. I have personally made the point to Linked including many of their staff that as a basic requirement for borrowers returning that previous information provided be checked against current "data".

Its also worth noting that as its their fourth loan the figures for current liabilities and Long term liabilities as well as loan interest are no longer valid. These would be very handy when considering the new loan

Strettie11

In terms of the regulation statement that was issued. The authorisation received is for a UK company called Linkedfinance P2P Limited, Company number 09654940, I may be mistaken but this company has not issued a load yet.

We on the other hand are transacting with an Irish company called Linked P2P Limited, Company number 491763

sceach16

sceach16 wrote: »

Weddings Online

Just posted this in Q/A. Awaiting moderation...........

"You have provided the same financial data for the y/e 31.12.2015 for this loan and for a previous loan nearly 7 months ago. Do you have any more up to date figures ? This is your FOURTH recent loan. A cash flow statement would be very helpul. Finally, The last loan was Grade C. With the same data provided, This loan is a"B". Why? "

This was posted by Linked finance

"The move from a C to a B is due to our stronger recent performance as evidenced in the last 6 months bank statements provided to Linked Finance. We used the same figures as they are the most recent audited ones. The 2016 set of (unaudited) figures has higher turnover and similar profit to 2015; reflective of some recent growth as the business has added some sales and other staff over the period. "


Note my bold edit and the absence of data requested.

Squall Leonhart

Payment due today from Enfield Coaches hasn't arrived.

We have not received the most recent repayment for this loan. We have contacted the borrower to make them aware of the situation. We will notify when we have further information.

sceach16

Farm Food Emporium (3009)

Payment due 27/05 has not arrived. Late also in March but arrived a couple of days later.

tomwaits48

Squall Leonhart wrote: »

Payment due today from Enfield Coaches hasn't arrived.

surprised with that one, in business for 27 years

benjamin d

I have two loans due today and one due since yesterday that haven't arrived. So maybe it's a holdup on LF's side this time?

Weddings online completely dodged the question up there; poor form from them.

sceach16

benjamin d wrote: »

I have two loans due today and one due since yesterday that haven't arrived. So maybe it's a holdup on LF's side this time?

Weddings online completely dodged the question up there; poor form from them.

None have arrived yet so I reckon its linked. the ones referred to earlier have been advised as late by Linked.

IMO Weddings online is absorbing a lot of cash. They need to explain why!

Payments arrived just after 11am!

Wheety

Farm Foods Emporium late again.

Edit: I see it's been mentioned.

Really considering withdrawing money from Linked. I've only a couple which have been late but it's harder to find a good loan to invest in. Unless you want to go blindly with the auto invest.

jaredGalen

Cox's Cash & Carry.
€200,000 12 month loan at 8.5%.
Grade A apparently.

As an aside, is it just me or would people be interested in an option to withdraw bids? It's probably something they don't want to implement I'd reckon.

NellyJelly

jaredGalen wrote: »

Cox's Cash & Carry.
€200,000 12 month loan at 8.5%.
Grade A apparently.

As an aside, is it just me or would people be interested in an option to withdraw bids? It's probably something they don't want to implement I'd reckon.

Yeah, seen this. Must be the biggest loan so far. Business looks good. 104 years in operation and €20M in turnover. Nice to see questions getting answered too.

Wheety

Payment from Farm Food Emporium arrived today.

spudwould

Hi All,
I have not logged into LF in a few months( I am not investing anymore and just letting funds build up for withdrawal purposes) and when I signed in I was gave a contract page to complete. They want my mobile ph no and DOB .. may not have an issue with DOB but I am not giving my mobile no especially as I am pulling out! (I remember this scenario with an EX lol )
Well the heal of the hunt is I can not see my account ie funds or loans .. I get the below info .. has this happened anyone else?


Getting Started

John, thanks for choosing Linked Finance.

Your registration is almost complete. You're just one step away from lending to great Irish SMEs and making attractive returns.

Simply, give us the required contact information and we'll have your account ready to go in no time...

sceach16

spudwould wrote: »

Hi All,
I have not logged into LF in a few months( I am not investing anymore and just letting funds build up for withdrawal purposes) and when I signed in I was gave a contract page to complete. They want my mobile ph no and DOB .. may not have an issue with DOB but I am not giving my mobile no especially as I am pulling out! (I remember this scenario with an EX lol )
Well the heal of the hunt is I can not see my account ie funds or loans .. I get the below info .. has this happened anyone else?


Getting Started

John, thanks for choosing Linked Finance.

Your registration is almost complete. You're just one step away from lending to great Irish SMEs and making attractive returns.

Simply, give us the required contact information and we'll have your account ready to go in no time...

I have been active but withdrawing. linked have my details including mobile.....indeed I have discussed lots of loans with them. I'm not bothered about it.They never liked me anyway!

sceach16

Ratoga Safety 2804

Linked

"We have shared a new status update for this loan. The update is as follows:
We have not received the most recent repayment for this loan. We have been notified that this borrower has gone into liquidation since the last payment was received. We are awaiting the appointed liquidator's final report to asses if payment is possible before deciding on the best course of action to take. We will update as new information is available."


The payment was due on 3/06. Linked did not show it as a missed payment on that date. Transparency? How did their IT system fail to show the payment had not arrived? :mad:

losttheplot74

Was the 3/06 a Saturday - maybe delays with bank holiday weekend too.

I have Modern Man Barber shop - showing next payment due 27-5-17, there's no status update to say it's late.

Anyone else have this loan?

sceach16

Ratoga;Modern Man

losttheplot74 wrote: »

Was the 3/06 a Saturday - maybe delays with bank holiday weekend too.

I have Modern Man Barber shop - showing next payment due 27-5-17, there's no status update to say it's late.

Anyone else have this loan?

Bank holiday was not a factor. Others due Sat were paid normally. it should have shown automatically as still due on 3/06. There is something strange about Linked's handling of this.

Fortunately, I don't have Modern Man but certainly there should be a status update by now.

fflynn

Feighculen Farm - missed payment at weekend, update was that they're in contact with borrower

Modern Man Barber shop - no update yet

Ratoga Safety - this was added to my account balance at the weekend, account balance reduced today. What I don't like is that in my account transactions theres no record of it. I would have preferred it they left the +7.64 from Saturday, then added a new transaction for -7.64 today to correct the error.

sceach16

fflynn wrote: »

Feighculen Farm - missed payment at weekend, update was that they're in contact with borrower

Modern Man Barber shop - no update yet

Ratoga Safety - this was added to my account balance at the weekend, account balance reduced today. What I don't like is that in my account transactions theres no record of it. I would have preferred it they left the +7.64 from Saturday, then added a new transaction for -7.64 today to correct the error.

Oh dear. Did Linked credit funds then remove funds from your account (and mine) without a proper audit trail? TRANSPARENCY?

Tar.Aldarion

Stung by Ratoga Safety Limited too, they repaid 21/36 + interest, so fortunately not much of a loss. That's the first one that has stopped repaying for me in my two years of use.

sceach16

Boarders may have seen an announcement by the CentralBank about the new Central Credit Register. Does anyone know if lending on linked will be covered? It is not regulated by the CB.

This could have major implications for lenders.