LinkedFinance - new website

benjamin d

My non-payers are really stacking up now. In a few short months I've gone from hardly ever having a missed payment to having 5 at the moment.

Leech Paper have only actually been on time I think twice in 11 months.
Premier Irish Golf Tours are dead and gone after 1 payment.
Shadowman Sports haven't been heard from in a month.
Tilehaven are regularly late and currently behind again.
And now Ainscaff Scaffolding as well.

Clearly companies know they can get away with screwing LF. I'm up at 8% nonperforming loans now and rising rapidly.

sceach16

I had 2 more today. One due 17/11 and the other 18/11. Linked either didn't notice or didn't bother their posterior reporting. This puts me at 10% non payers.

meijin

benjamin d wrote: »

Premier Irish Golf Tours are dead and gone after 1 payment.

https://www.radiokerry.ie/gardai-continue-investigate-closure-tralee-golf-travel-company/

www.radiokerry.ie wrote:

Estimates of the amount of money taken from customers, both home and abroad and from lending sources, now runs to several hundred thousands of euro.

hmw593

Recent updates:

20 November 2018
Active Recovery
Following the most recent update the borrower pertaining to this agreement has failed to provide Linked Finance with all documentation previously requested . We have instructed our legal partners to appoint a sheriff on this case to enforce the judgement obtained. Any material updates on this case will be communicated to lenders accordingly.

5 November 2018
Active Recovery - Linked Finance have secured judgement against the borrower for the balance owing on this loan agreement. We have discussed options of enforcement with our legal partners and this judgement will be published in the next 10 days. The borrower has since reached out to Linked Finance to negotiate a payment arrangement in order to resolve the debt . We have requested some financial information from the borrowers accountant which we expect to receive within 10 business days, the information will be reviewed and a proposal will be made to the borrower . This judgement will remain unsatisfied until the total balance of same is repaid , should the borrower default on any arrangement agreed to resolve the debt, Linked Finance intend to enforce this judgement through appointment of the sherrif. A further update will be communicated to lenders before the end of November.

23 August 2018
Active Recovery - An Affidavit Of Debt has been sworn on this case and returned to our solicitors who will now pursue judgement against the guarantors pertaining to this loan agreement

protosByte wrote: »

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 ........

Peter File

meijin wrote: »

benjamin d wrote: »

Premier Irish Golf Tours are dead and gone after 1 payment.

https://www.radiokerry.ie/gardai-continue-investigate-closure-tralee-golf-travel-company/

www.radiokerry.ie wrote:

Estimates of the amount of money taken from customers, both home and abroad and from lending sources, now runs to several hundred thousands of euro.

This looks like a clear case of fraud and should have been reported to the Gardai.

scheister

Peter File wrote: »

This looks like a clear case of fraud and should have been reported to the Gardai.

The more i heard about premier Golfing tours the worse it gets.
They were looking for funds on at least 3 different platforms and not mentioning the others which is not a good sign. Luckily the one loan i had with them got paid off. But appears they were either using P2P to turnover loans and for working capital and it ended up not being enough or your man had a figure in his head and when he could leg it with that amount he did.

LF_myloans

I started lending about 4 years ago but when autobid started I reduced by bids to the minimum and later when the number of late payments started to increase I also started withdrawing, as the majority of late loans were autobid so I had no way to review them before lending.

I read a previous post about the LF default rate being less than 1%, I think this is misleading as the amount lent by LF is quickly increasing each year, therefore keeping this rate lower. More important figures are the default rate for each year.

eg 2015 currently has a 3.75% default rate (used to be 4.12%)

blog dot linkedfinance dot com/loan-book-report-q3-2018


Total = 1210 loans I've lent to
Finished/repaid = 400
Of the 810 outstanding, 3 are bad debts and 57 defaults/late
theres also others which are problem loans but get up to date again within a few days so not included here

In the 57 defaults/late - 12 loans are now late by over 1 year

Number of monthly 'Repayment Missed' emails received over the past year:
Dec17 9
Jan18 8
Feb18 4
Mar18 11
Apr18 11
May18 11
Jun18 8
Jul18 11
Aug18 13
Sept18 21
Oct18 10
Nov18 9

NellyJelly

LF_myloans wrote: »

I started lending about 4 years ago but when autobid started I reduced by bids to the minimum and later when the number of late payments started to increase I also started withdrawing, as the majority of late loans were autobid so I had no way to review them before lending.

I read a previous post about the LF default rate being less than 1%, I think this is misleading as the amount lent by LF is quickly increasing each year, therefore keeping this rate lower. More important figures are the default rate for each year.

eg 2015 currently has a 3.75% default rate (used to be 4.12%)

blog dot linkedfinance dot com/loan-book-report-q3-2018


Total = 1210 loans I've lent to
Finished/repaid = 400
Of the 810 outstanding, 3 are bad debts and 57 defaults/late
theres also others which are problem loans but get up to date again within a few days so not included here

In the 57 defaults/late - 12 loans are now late by over 1 year

Number of monthly 'Repayment Missed' emails received over the past year:
Dec17 9
Jan18 8
Feb18 4
Mar18 11
Apr18 11
May18 11
Jun18 8
Jul18 11
Aug18 13
Sept18 21
Oct18 10
Nov18 9

Agree here. The default rates for years that have finished is much more telling. The 1.42% and 2.14% in 2013 and 2014 are locked in now. Unlikely to recover anything on these loans at this stage, I’d say.

If they keep growing at the rates they have been, the overall default rate will always look lower.

Thankfully, even at those rates I’m still OK with it: my average rate is high enough to take it. But if it keeps rising every year that won’t be for long.

On a more positive note, good to see some loans that didn’t fill in one second today. One still up there for 155k at 10.5%.

Peter File

new property loans coming to linkedin

We are currently considering the introduction of property-secured loans to the platform. These loans will be part of an innovative rent-to-buy option that helps people to achieve their property ambitions.

All loans will be made to the same company that operates the rent-to-buy platform and they will be secured against the individual properties in question.

Features

These loans would be different to normal SME loans that you typically see on the marketplace:

LTV < 75%
First Lien Security on Property
Fixed 'Interest Only' Coupon
Rates of 4% to 6%
Repayment Terms of 3 Years to 5 Years
Full Repayment at End of Term

whampiri

Im really dubious about these. Sure property is currently on the up and up but be warned, a balanced portfolio will be needed or you will lose everything in the next downturn....whenever it happens.

scheister

Peter File wrote: »

new property loans coming to linkedin

We are currently considering the introduction of property-secured loans to the platform. These loans will be part of an innovative rent-to-buy option that helps people to achieve their property ambitions.

All loans will be made to the same company that operates the rent-to-buy platform and they will be secured against the individual properties in question.

Features

These loans would be different to normal SME loans that you typically see on the marketplace:

LTV < 75%
First Lien Security on Property
Fixed 'Interest Only' Coupon
Rates of 4% to 6%
Repayment Terms of 3 Years to 5 Years
Full Repayment at End of Term

have you got a link the above only company i can see that do this is the Roache group and mostly based in Limerick.

sceach16

scheister wrote: »

have you got a link the above only company i can see that do this is the Roache group and mostly based in Limerick.

Todays Indo


www.independent.ie/business/irish/new-company-aims-to-front-peertopeer-building-loans-37631932.html

Cute Hoor

I would be somewhat concerned about the proliferation of these P2P businesses.

Intravia seem to be going after pretty much the same market as Property Bridges, with a bigger minimum investment (€2,500 v €500) and offering lower interest rates in general (5%/7.5%/11% v 8.5%), Intravia haven't defined what they would consider high risk (11%) but I would imagine that a lot of investors would be reluctant to get involved in a high risk construction project for an 11% return.

Property Bridges has been up and running for about 2 months and so far only 2 developments have been funded, more is not necessarily better but a reasonable turnover would probably be needed to maintain investor interest. Both investments to date have been good investments imo, but you would expect that at the beginning.

My main worry with the proliferation of these businesses would be that there aren't enough projects to go round, putting pressure on the quality of projects being funded and on the interest rates being offered. The principals involved in these businesses will need to be getting a return on their investment, getting more loans out the door is the only thing that can give them that return, what happens to these businesses if there are no good borrowers out there willing to borrow at reasonable rates.

Peter File

scheister wrote: »

Peter File wrote: »

new property loans coming to linkedin

We are currently considering the introduction of property-secured loans to the platform. These loans will be part of an innovative rent-to-buy option that helps people to achieve their property ambitions.

All loans will be made to the same company that operates the rent-to-buy platform and they will be secured against the individual properties in question.

Features

These loans would be different to normal SME loans that you typically see on the marketplace:

LTV < 75%
First Lien Security on Property
Fixed 'Interest Only' Coupon
Rates of 4% to 6%
Repayment Terms of 3 Years to 5 Years
Full Repayment at End of Term

have you got a link the above only company i can see that do this is the Roache group and mostly based in Limerick.

Linked finance don't name them in their email, they are just looking for expressions of interest at the moment. It looks like far to much risk for a low return.

NellyJelly

Delighted to see that one of my loans was brought fully up to date.

Tullyard cleared off 9 payments that were outstanding and looks like there will be a full settlement in the new year.

I know we give out a lot on here but credit where it is due. I'd kind of given up on this one. Great news as far as I'm concerned.

Hopefully LF start making the same sort of progress with my other default and some of the ones that get mentioned on here a lot.

sceach16

NellyJelly wrote: »

Delighted to see that one of my loans was brought fully up to date.

Tullyard cleared off 9 payments that were outstanding and looks like there will be a full settlement in the new year.

I know we give out a lot on here but credit where it is due. I'd kind of given up on this one. Great news as far as I'm concerned.

Hopefully LF start making the same sort of progress with my other default and some of the ones that get mentioned on here a lot.

Yep. Will give the borrower (or linked) that one. only 10% of my loans to Go!!!

Tar.Aldarion

Is there a way to see defaults for each grade? I stopped investing when they brought that stuff in, much preferred just setting my own percent on the loans. All of mine are essentially paid off now so was just checking out the site again.

Cute Hoor

Fluff piece in today's SBP on Linked Finance.

€80m lent to 1,800 businesses
20k users (lenders)
Lenders were expected to double in 2018 and again in 2019
One third of the money being lent is coming from international investors
€6m interest paid to lenders
Backing of large financial institutions. including BNI (Portugese Bank), making an additional €50m available.

Very disappointing that the SBP didn't publish (and presumably didn't ask for) any details on defaulters and late payers

at9qu5vp0wcix7

Dawn paper loan is at bid for a month now. I should be able to make money from my investment, not have it lie in escrow doing nothing.

ct5amr2ig1nfhp

20k users, is that accounts or active users? I cannot imagine they have 20k active accounts.

Edit: I can answer my own question. "More than 20,000 people are now registered with the platform". :rolleyes:

Cute Hoor wrote: »

Fluff piece in today's SBP on Linked Finance.

€80m lent to 1,800 businesses
20k users (lenders)
Lenders were expected to double in 2018 and again in 2019
One third of the money being lent is coming from international investors
€6m interest paid to lenders
Backing of large financial institutions. including BNI (Portugese Bank), making an additional €50m available.

Very disappointing that the SBP didn't publish (and presumably didn't ask for) any details on defaulters and late payers

Shelflife

Heaven Happy Shower wrote: »

20k users, is that accounts or active users? I cannot imagine they have 20k active accounts.

Edit: I can answer my own question. "More than 20,000 people are now registered with the platform". :rolleyes:

I wouldn’t be too sceptical, very few loans make it past the auto invest mechanism. Those that do are usually pretty large and fill up within a day.

Wheety

Article on IrishTimes about Premier Golf.

https://www.irishtimes.com/business/financial-services/garda%C3%AD-investigate-loans-raised-on-irish-crowdfunding-websites-1.3760443

TripAdvisor has loads of people saying they booked with them and it was cancelled with no refund. Running into the thousands for a lot of people.

sceach16

Published on website on 24 January.

chris2000

Anyone find a large cash drag on LinkedFinance currently?
for H2 2018 there was lots of loans but really seems to have dried up and hard to get any good diversification....very annoying!

Currently having some sort of trouble with 10% of my loans - although most the majority have gotten back on track quickly...about 1.8% in default and really doubt i'll get anything back on these...

sceach16

chris2000 wrote: »

Anyone find a large cash drag on LinkedFinance currently?
for H2 2018 there was lots of loans but really seems to have dried up and hard to get any good diversification....very annoying!

Currently having some sort of trouble with 10% of my loans - although most the majority have gotten back on track quickly...about 1.8% in default and really doubt i'll get anything back on these...

As you can judge from the response, most on this thread have given up on Linked. You are doing well on 1.8% default.

Shelflife

I find it steady , it’s geared to business loans so it’s not going to be as liquid as the personal loans sites.

I’m slowly building up my investment in LF , I like what I see so far. Only started in Oct but so far so good.

benjamin d

I have 30 loans left, 2 of which are in default, and 4 are very late (with 2 of those hurtling towards default status). That's 20%.
As said above, a lot of the people who have been on this thread a while are pulling out of LF - I know I am. I have half of my money out now and just waiting for half of what's left to be there in cash to make my next withdrawal.
I can't say I'd recommend anyone starting out to bother their behind with it to be quite honest.

bohsman

I've invested in 36 loans, 8 are fully repaid, 28 still repaying, have been lucky to avoid any late/defaults but am slowly getting out too, lack of a secondary market my main reason along with 50 being too high a min investment considering my overall investments.

Aglomerado

Slowly pulling out too. Have one in default <€100 with loads of updates regarding collection/ contacting guarantor etc/ no longer trading.... the last one made me laugh, I was in supervalu last week and saw their product on the shelf (perishable/ chilled product!)!

Cute Hoor

The reporting on default/ late repaying loans by Linked Finance is now appalling, most of mine haven't been updated for 2 months (some 3 months), there may be little to report but they should be providing at least monthly updates to keep their lenders up to date. They promised regular updates before and it was OK for a little while but it is now pretty much gone completely. Presumably the institutional investors they have got on board are OK with this or maybe they are doing separate reporting to them. With all their loans being filled pretty much instantly maybe they feel they can be a bit blase about it but it's a long road that has no turning.