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LinkedFinance - new website
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Anyone lent to this borrower?
Yes, I have exposure to Premier GolfYea I have, and got the rescheduling notice yesterday. Not great but hopefully they can get back to repaying their (3) loans.
LF are quite slow in providing updates, it appears that once a loan goes to 'Active Recovery' there will be no further updates. How active is 'Active Recovery'and how long does it take. The Ugly Duckling has been in Active Recovery since the 7th March, yet it seems to be trading away, or at least it was on 17th October when Maria C gave it 100% for customer service, excellent food and value for money having made several visits to dine here. Can the 'Active Recovery' guys not ramble in and take fixtures and fittings to the value of the €20k borrowed.
No fixtures and fittings cannot be seized, the only security held is a personal guarantee for the amount of the loan. That said, I would expect a far more proactive arrears process but as time goes on, I am coming to the conclusion that Linked Finance just focus on pushing the sale of new P2P loans and that ain't good...
I suppose if you wanted to have a bit of fun, you could go to the restaurant some evening and try asking the owner in front of their customers and staff, why their loan on Linked Finance is in arrears
Thanks,
G.
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I suppose if you wanted to have a bit of fun, you could go to the restaurant some evening and try asking the owner in front of their customers and staff, why their loan on Linked Finance is in arrears
Could do the same with The Farm and BGRSB. Both have been late a few times even though they're still trading. Looks like some businesses have realised Linked don't do much to chase up loans in arrears.0 -
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The majority are food related
10 of them are 5 or less years in business
6 of them hadn't got halfway with their payments
The 1 12 month loan has only 1 instalment left
The 12 month loan is a Grade B, the rest were before LF introduced the grading system
Hi,
Thanks for the reply.
Obviously, there is greater risk with longer term loans, hence they tend to be priced at a higher lending rate, but the 12 mth Grade "B" loan surprises me .... unlucky perhaps, or was the grading wrong to begin with ?....I don't have any problem with somebody who has tried and failed, fair play to them and their situation is most likely far worse than mine. Neither do I have a problem with any business that is struggling and is working with LF to try to meet their obligations, and I would be happy for LF to accommodate them as much as possible.
Absolutely, I think we would all agree on the principal of what you are saying here, although I would like to see interest rates increased a little when a loan needs to be restructured, as there is an increased risk being taken on as part of the restructure.....
What really pi33es me off though are businesses who are profitably trading, are refusing to pay their lawful debts, and who are effectively giving the 2 fingers/middle finger to LF. In my opinion LF should be going after the likes of The Ugly Duckling (still trading in Roscrea) and Farm Food Emporium ( 2 restaurants in Dawson Street and Upper Leeson Street), publicly, and making examples of them, it might discourage others from treating LF (and their lenders) with disdain. I certainly wouldn't be supporting any of these businesses (unless possibly to stand outside with a placard reminding them of their responsibilities).
Yup, agree again.
If they won't pay their debts, then it seems to be that we all need to be warned about them - name and shame !
Also, do you know what Linked Finance have done to date, or are now doing, to chase up the unpaid loans ? I don't want to be unfair to them here, but I'd like them to communicate more with the lenders when a loan goes into arrears and demonstrate that a very clear collection strategy is being implemented and on a timely basis etc.
I'd agree 100% that Linked Finance need to go hard and heavy when you've a cash based business (in particular) not making any genuine effort to repay their debts. The borrowers don't have significant trade debt, their doors are open for business and in the case of the restaurants, they are in prime locations coming into the busiest part of the year where everyone sees increased revenue and profits.
Perhaps some of the lenders from Linked Finance who are due money from these restaurants should book a table some evening, go have a nice meal and some bottles of wine, then when the bill comes tell the owner to offset it against what they owe the lenders ?
Thanks,
G.
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