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sceach16

sceach16 wrote: »

Loan 3082 Clark t/a O'Reillys Footwear

Payment 24/36 due 14/11 has not arrived as of 3.30 ish. Hope its just a cockup.

Payment arrived 7 December !:)

sceach16

Three "new " loans today. Two are second tranches....presumably because the overall loan would not have been fully funded...... and another back for a 4 th loan.

Caveat Emptor !

garrettod

sceach16 wrote: »

....Caveat Emptor !

I'd far rather see that the end of their emails, then "let's get these local businesses funded" or whatever their line is.

I find that line of theirs a bit of a play on the heart strings tbh....

sceach16

The Ugli Duckling

This loan is over a year non paying.

This is Linked

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

This was last March. Nothing since. The business was still trading when I was in Roscrea recently.

Absolute nonsense.

sceach16

sceach16 wrote: »

Payment arrived 7 December !:)

That was the November payment. December payment due today has not arrived.

scheister

sceach16 wrote: »

The Ugli Duckling

This loan is over a year non paying.

This is Linked

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

This was last March. Nothing since. The business was still trading when I was in Roscrea recently.

Absolute nonsense.

Think at this stage im pulling away from Linked Finance and gridfinance. P2P finance in Ireland is piss poor. I stick to mintos and REIT's on the stock market for now

garrettod

Why are you pulling away from Grid, have you had problems there ?

Personally, I'm starting to favour Grid more and more, as I much prefer the fact that we can influence the lending rate .... rather than rely on someone else's undisclosed credit rating to price a loan.

Thankfully have had very few payments missed on Grid and when they have occured, they seem to have been brought back up to date fairly quickly. Perhaps I've just been lucky with my loan selections

scheister

garrettod wrote: »

Why are you pulling away from Grid, have you had problems there ?

Personally, I'm starting to favour Grid more and more, as I much prefer the fact that we can influence the lending rate .... rather than rely on someone else's undisclosed credit rating to price a loan.

Thankfully have had very few payments missed on Grid and when they have occured, they seem to have been brought back up to date fairly quickly. Perhaps I've just been lucky with my loan selections

my issue with grid is the lack of loans on the site. 2 Loans open at the moment so i wont put more then pocket money into them. Also lack of accounts when making a decision is not good

Merowig

sceach16 wrote: »

Three "new " loans today. Two are second tranches....presumably because the overall loan would not have been fully funded...... and another back for a 4 th loan.

Caveat Emptor !

Cobb Ireland - the chicken farm - was one of the two with a second tranche.
I put some money in it as the business is very long running and people always are eating.

But yes normally I am avoiding businesses which ask for a second / third / fourth loan.

garrettod

scheister wrote: »

my issue with grid is the lack of loans on the site. 2 Loans open at the moment so i wont put more then pocket money into them. Also lack of accounts when making a decision is not good

Hi,

I think the average number of loans on the platform has increased in the last few months and I would expect it to continue.

They recruited a few new sales people, so I think they have been starting to make an impact on the number of loans.

While you mention two loans being open at the moment, two more closed in the last 24 hours and I'm fairly sure there was 5-6 open loans a few days earlier.

scheister wrote: »

Also lack of accounts when making a decision is not good

The lack of financial accounts is a negative alright.

While I would far rather see historic, coupled with current year or forecast (when there is a particular reason for a significant change to current / historic results) ... we are compelled to rely on their grading system, to get a sense of how good the business may be. Obviously, that's not ideal - but that's why I like the fact that you can set the rate you will lend at, so at least you retain some control over the risk -v- (perceived) return, rather than being told here's the rate take it or leave it.

Also, the loans tend to be available for a fixed period of time (often 1-2 weeks), so if you really wanted to do some independent research on a borrower you could do and then submit a bid, rather than being up against the risk of others bidding before you and the loan being filled - as is the case on Linked Finance for example.

sceach16

Only one missed payment over Christmas ! Loan 3503 Ballyhack Smokehouse.

Scottie99

I've had a couple defaults -

Alan O Reilly and Tony McEvoy T/a Aardvark Bus Hire and Farm Food Emporium Limited.

Thankfully the loans are pretty low.

Peter File

gaphejobep wrote: »

Irish Biofuels
Grade B

Payment 5 of 12 due 29 November has not arrived.

"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"

November payment received today.
December payment due today is now missed.

SeanPammer

These two emails from Linkedfinance compliment each other perfectly!

FinanceDublin

Winding down my account still and put in a withdrawal request today.

I note we’re limited to four withdrawals per year. Then a surcharge of €10 is added. Presume that’s four per calendar year? Anyone sure? FAQs vague.

TheSheriff

FinanceDublin wrote: »

Winding down my account still and put in a withdrawal request today.

I note we’re limited to four withdrawals per year. Then a surcharge of €10 is added. Presume that’s four per calendar year? Anyone sure? FAQs vague.

Its four per calendar year, I checked this previously with them. Was waiting for today to come about to put through my first withdrawal of 2018.

Its a slow process to get out of LF. I stopped supporting loans as soon as it swapped to the current system of needing auto-invest enabled.

FinanceDublin

TheSheriff wrote: »

Its four per calendar year, I checked this previously with them. Was waiting for today to come about to put through my first withdrawal of 2018.

Its a slow process to get out of LF. I stopped supporting loans as soon as it swapped to the current system of needing auto-invest enabled.

Yeah we’re both in exact same boat. It is a slow process to extricate yourself alright. Fortunate that most of my loans are 12 months so by volume most of it is unwound at this stage, though there’s a “long tail” from here now - €450 withdrawn today, bulk of my account withdrawn last year in four chunks and then €800 or so to slowly wind down over 24 months, so a slow drip!

Knew what was coming when they made their classes of loan standardised, was inevitably moving to auto-invest only, which appeals to me 0% as I’d have no interest in certain types of businesses that are prone to failing even in good times (and you can see examples of a fair few here). Pity.

Thanks for clarification by the way. The ambiguity in the wording of the rule only occurred to me after I had submitted withdrawal request.

Wheety

I'm also withdrawing. Will make another withdrawal this week.

Just noticed they have changed the repayment status of Farm Foods loan to 'Default', but last status update was in October. So when did they decide it was in default?

Sickens me that the 2 restaurants are still trading and I'm sure they had a bumper festive period.

garrettod

Wheety wrote: »

....Just noticed they have changed the repayment status of Farm Foods loan to 'Default', but last status update was in October. So when did they decide it was in default?

Sickens me that the 2 restaurants are still trading and I'm sure they had a bumper festive period.

Hi,

In banking terms, a commercial loan would be considered to be in default once it went 3 payments in arrears. I can't say if this is the same measure as used by Linked Finance, but it should be similar.

As for the point about the restaurants having a bumper Christmas, odds are you are quite right -but with a bit of luck their reputation for not paying their debts will reflect appropriately on them and they won't get to enjoy too many more bumper periods !

It might be interesting to email Linked Finance and ask them exactly what they are doing and likely timelines for recovery through the legal process, given the loans are now considered to be in default. I would be expecting them to apply all pressure and in the fastest timelines, to recover the debt in full.

sceach16

JK engineering supplies 3458

Payment due 7/01 has not arrived. Others due that day have. This loan was also late last May but payment arrived 2 days later.

sceach16

BGRSB 3174

A payment received. They are trying!

sammy215

Boston Access (missed 7th repayment of 12) - Grade B (due 7th January)
Davids Marquee Hire (13-24) - Grade C
Six West Bistro (12-36) - Grade C

Scottie99

Wheety wrote: »

I'm also withdrawing. Will make another withdrawal this week.

Just noticed they have changed the repayment status of Farm Foods loan to 'Default', but last status update was in October. So when did they decide it was in default?

Sickens me that the 2 restaurants are still trading and I'm sure they had a bumper festive period.

Maybe we should go for a slap up dinner and walk out. That's pretty much what they've done here

sceach16

sceach16 wrote: »

That was the November payment. December payment due today has not arrived.

What seems to be December payment arrived today

amacca

FinanceDublin wrote: »

Knew what was coming when they made their classes of loan standardised, was inevitably moving to auto-invest only, which appeals to me 0% as I’d have no interest in certain types of businesses that are prone to failing even in good times (and you can see examples of a fair few here).

Hi,

Just curious on the above. What sort/general type of businesses are prone to failure?

or if you'd rather not say would there be any good books/information sources out there with information like that.....something like actuarial tables maybe?

I was thinking of investing in P2P lending but I'm painfully aware of what a novice I am and the potential disasters I could get myself into.

garrettod

amacca wrote: »

Hi,

Just curious on the above. What sort/general type of businesses are prone to failure?

or if you'd rather not say would there be any good books/information sources out there with information like that.....something like actuarial tables maybe?

I was thinking of investing in P2P lending but I'm painfully aware of what a novice I am and the potential disasters I could get myself into.

Hello,

There are no guarantees with any business and lending to relatively small, young businesses or businesses with little or no profits can be extremely risky. For this reason, there must be a good interest rate applied to all loans of this type.

I would strongly advise that you study each and every business on Linked Finance or another P2P website yourself, rather than just rely on the credit grade that Linked Finance or another website might provide for an individual borrower. You won't get a lot of time, or all of the information you may like, but you'll get some and a quick couple of minutes on google may give you more.

From what I've seen restaurants don't seem to be doing very well in terms of meeting their loan obligations, which cannot be ignored given they are cash based businesses so don't give credit to their customers with risk of not being paid. To be clear, not all restaurants have proven unreliable, but there have certainly been a few ....

If you are new to this concept and want to get involved, then I'd strongly recommend that you only lend small amounts to each borrower and try to diversify as much as possible (i.e. lend to different sectors, businesses in different locations, or businesses that don't rely on the same customers for their existence etc.), within an acceptable risk level (i.e. you may only be comfortable lending for 1 year periods or less, or you may only be comfortable lending to businesses that are in existence over 10 years or other criteria that you are comfortable with).



.

Wheety

Just noticed, my first loan is due to end next week. 36 monthly payments without so much as a hiccup. Leo Burdocks :cool:

protosByte

Anyone have money in Heatec Plumbing Contractors? Grade A 12 month loan. I (stupidly) gave them a good bit, and they stopped paying on Oct 9 2017.
I got the following message on Nov 10th:
"In Arrears - Still working directly with Linked Finance. The borrower has advised they have not received a payment due at the beginning of September for a large contract they had completed. They are continuing to work with us and aim to catch up on all outstanding repayments.  Last payment received: 08/09/2017"
But nothing since. I'm about to write a strongly worded email to LF asking for more transparency on their recovery procedures. Anyone in a similar position should do the same. Put some pressure on ........

sceach16

sceach16 wrote: »

Only one missed payment over Christmas ! Loan 3503 Ballyhack Smokehouse.

A payment arrived today 12 January

sceach16

Loan Book Report Q4/2017

No trace yet (12.00 Friday 12/01/2018)