LinkedFinance - new website

Cute Hoor

LF have now done their 1,000th loan.

at9qu5vp0wcix7

What does everybody make of the LF Pension Account set-up?

benjamin d

Some of these borrowers are taking the piss with accepting their loan. Cowley Haulage took fully two weeks to draw down their loan after it was funded. Two weeks of no one earning interest. I wish they'd tighten that up. Your loan is funded, the clock should start ticking from the end date of the funding round. I've had a few sit on theirs for a while now.

sceach16

The Ugly Duckling Deli 2648

This crowd last made a payment on 11/12/2016. It is in default.

Linked say

Active Recovery

Active Recovery - Case being handled by third party collections agency. Legal letters issued. (7 March).

Last Friday it was open and trading ! It looks like a very active recovery!

sceach16

Excel Drain Cleaning 3195

Payment due 12/09 has not arrived (20/36). Other payments due have.

sceach16

Mila Calm Ax wrote: »

What does everybody make of the LF Pension Account set-up?

I know zilch of it and am past pension age. Unless lenders are very savvy, get professional advice.

at9qu5vp0wcix7

sceach16 wrote: »

I know zilch of it and am past pension age. Unless lenders are very savvy, get professional advice.

I have another 45 years to wait for the state pension It would appear that it is aimed exclusively at extremely high earners - such are the fees involved with self-directed pensions and the minimum investment criteria LF have established.

sceach16

sceach16 wrote: »

Excel Drain Cleaning 3195

Payment due 12/09 has not arrived (20/36). Other payments due have.

Payment arrived today 13/09.:)

Brian_N

sceach16 wrote: »

The Ugly Duckling Deli 2648

This crowd last made a payment on 11/12/2016. It is in default.

Linked say

Active Recovery

Active Recovery - Case being handled by third party collections agency. Legal letters issued. (7 March).

Last Friday it was open and trading ! It looks like a very active recovery!

Would you (or anyone else) have any idea how long these proceedings usually take? I was a bit silly with this loan and have some money tied up in it.

sceach16

Brian_N wrote: »

Would you (or anyone else) have any idea how long these proceedings usually take? I was a bit silly with this loan and have some money tied up in it.

I have no experience of recoveries. This what Linked said last March....

"Active Recovery - Case being handled by third party collections agency. Legal letters issued. Last payment received: 01/12/2016"

Don't hold your breath!

Cute Hoor

This has to be the weakest, most inane reason for looking for a loan:

'We would like your support as we look to raise a 1-year, €30,000 loan that we will use for a number of small jobs around our premises.'

Full amount raised within 1 second

scheister

getting the questions answered on linked in getting worse. Put a question to Stocktaking services Dublin. Took 24 hours for LF to approve and clock just passing 24 hours on stocktaking to answer. you think when the loan is 64% funded they would be proactive in trying to get the rest

benjamin d

I feel like the new loan terms and rates have improved the options fairly significantly, there are definitely more attractive loans on there now.

The loans are obviously still filling way too fast to do anything but autobid though. Linked Finance is essentially the decider of loans itself now and we're all just putting the cash in the pot.

manafana

Yeah compare it to mintos where loans have extra layer of review managed by another party with skin in the game.

sceach16

Q3 Loan Report

Not on blog as of now 1pm on 10/10. Slower than last time.

sceach16

Just posted this question re Eu rentals. The business profile is worth reading. Last balance sheet has 260 k cash. The loan is not for the business but to allow individuals fund purchases of shares in the company.



"This €206,000 loan will allow us to part fund the purchase of our fathers shareholdings. Who is this loan to? Is it to a company? OR is it to two individuals buying shares in the company?"

scheister

sceach16 wrote: »

Just posted this question re Eu rentals. The business profile is worth reading. Last balance sheet has 260 k cash. The loan is not for the business but to allow individuals fund purchases of shares in the company.



"This €206,000 loan will allow us to part fund the purchase of our fathers shareholdings. Who is this loan to? Is it to a company? OR is it to two individuals buying shares in the company?"

Id have two questions on that loan. First is why they using management accounts. The CT was due last month so accounts should be signed off.

As for the loan of 206k. Could the company be doing a share buyback of the fathers shares and the loan is to cover some of that

sceach16

sceach16 wrote: »

Just posted this question re Eu rentals. The business profile is worth reading. Last balance sheet has 260 k cash. The loan is not for the business but to allow individuals fund purchases of shares in the company.



"This €206,000 loan will allow us to part fund the purchase of our fathers shareholdings. Who is this loan to? Is it to a company? OR is it to two individuals buying shares in the company?"

This is the response
"
The Borrower will be EU Rentals Limited, who are wholly owned by a holding company (no operations, structural ownership only), who they will make an inter-company loan to purchase the shareholding.
Hope that helps clarify."


Huh?

scheister

sceach16 wrote: »

This is the response
"
The Borrower will be EU Rentals Limited, who are wholly owned by a holding company (no operations, structural ownership only), who they will make an inter-company loan to purchase the shareholding.
Hope that helps clarify."


Huh?

So there is a company above EU rentals (call them HoldCo). Holdco do nothing but hold the shares in EU rentals so have no income so no way to pay back loan.
EU rentals will get the loan from LF and give the money to Holdco to purchase the shares. EU Rentals will then pay the money back to the borrowers from its own profits

Smiler1955

scheister wrote: »

So there is a company above EU rentals (call them HoldCo). Holdco do nothing but hold the shares in EU rentals so have no income so no way to pay back loan.
EU rentals will get the loan from LF and give the money to Holdco to purchase the shares. EU Rentals will then pay the money back to the borrowers from its own profits

You might have to use Crayon :rolleyes:

sceach16

sceach16 wrote: »

Q3 Loan Report

Not on blog as of now 1pm on 10/10. Slower than last time.

Posted today 12/10. No email advice.

Default rate on 2015 loans 2.47%. If applied to current loans with current rates , return after tax and linked fee would not leave much to cover losses.

SeanPammer

Shev Services

Status update on loan 4400

Hi Sean.

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 are in contact with the borrower and will inform you of any updates.

You can now view the most recent status for non-performing loans, at any time, in your account. Click on any late loan in the 'Lent' section to view the latest update.

When we have new information to share, we will add an update and you will receive an automatic notification like this.

https://www.linkedfinance.com/loan/4400

Grade C
12 months
€30,000
Funded in one second


Paid one instalment out of twelve
Second instalment missed.

SeanPammer

SeanPammer wrote: »

Shev Services

https://www.linkedfinance.com/loan/4400

Grade C
12 months
€30,000
Funded in one second


Paid one instalment out of twelve
Second instalment missed.

Why are you safe to lend to?

This 1-year, €30,000 loan will allow us to ***complete work*** a number of jobs which will more than cover the costs associated with this loan.
How will this loan make a difference to your business?
We’re looking to purchase a large quantity of materials that we will use to prepare for a number of contracts that we’re about to ***start work*** on.

Strettie11

sceach16 wrote: »

Posted today 12/10. No email advice.

Default rate on 2015 loans 2.47%. If applied to current loans with current rates , return after tax and linked fee would not leave much to cover losses.

2015 is no surprise to this forum for LF's poor performance, it is interesting to look at the posts here during 2015 , many by you Sceach16, and the questioning of credit checking of loan applications .

Some of the responses from LF on how thorough their credit checking was are now shown up for what they are.

2016 I feel may be better but since Q2 of this year I have felt we have some very poor loans going through the system again.

sceach16

Tanning Salon Loan 175,000?

Launched on 5 October

"Lenders of Linked Finance will be familiar with Tanning Salon, as this is its fifth loan on the platform.
This €175,000, 24-month facility, will allow Reetont to open up another salon in Tallaght, and extend this impressive chains presence in the Irish market."


It has now morphed into a loan of 100,000. The puffing on the loan now says


"To extend its chain of tanning salons, Reetont would like to open up another store in Tallaght. So a complete refurb can be completed, Reetont would appreciate your support once again as its looks to raise a 2-year, €175,000 loan. Initially they are looking to raise a first tranche of €100,000."

manafana

SeanPammer wrote: »

Shev Services

Status update on loan 4400

Hi Sean.

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 are in contact with the borrower and will inform you of any updates.

You can now view the most recent status for non-performing loans, at any time, in your account. Click on any late loan in the 'Lent' section to view the latest update.

When we have new information to share, we will add an update and you will receive an automatic notification like this.

https://www.linkedfinance.com/loan/4400

Grade C
12 months
€30,000
Funded in one second


Paid one instalment out of twelve
Second instalment missed.

tbf lots of these recently give it few days as it may just be a delay

tuden

sceach16 wrote: »

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.

I was surprised that a grade A loan had problems after just 2 months, see details below, I've excluded other borrowers who are making partial payments


Wayne Elliott Engineering Limited 10 payments received out of 12 - Last payment received 6+ months ago
Last Update: 21 August 2017 - In Arrears - Still working directly with Linked Finance. The borrower has failed to make multiple catch up payments as promised to try and clear the outstanding payments on this loan.

Heatec Plumbing Contractors, Grade A - repayment 2 of 12 was received 9/Sept/17, nothing since then
"We have not received the most recent repayment for this loan. We are in contact with the borrower and notify you of any updates."

Fresh Flower Imports, Grade B - repayment 10 of 12 was received 10/Sept/17, nothing since then.
"We have not received the most recent repayment for this loan. We are in contact with the borrower and will inform you of any updates."

benjamin d

So the first (AFAIK) grade D at the new 14.5% over 36 months has appeared - Subway in Limerick. Looks shaky enough having only just turned a profit last year of 4k, and made a loss of 10k the year before. Anyone tempted by that juicy interest rate? John_B has already piled in with €8000 I see...

Wheety

Nope. I'll be making my second lump sum withdrawal soon. Will slowly get there. Far too many loans seem to be struggling at the moment. Hoping I can get another year or two out of Mintos with the buy back and then see what else is available. Only averaging around 9% now and some will still fail but at least you get your money back.

Or might just buy shares on Degiro and leave them for the long haul.

scheister

Gaffney Mechanical 2 days left and only 49.4% funded. wonder will they try again or will the loan become a 125k rather then 250k loan. Can not see them reaching the target at this stage