LinkedFinance - new website

lusk29

sceach16 wrote: »

Balance sheet 1.6 million, net assets c 250k or more than 15% of BS total. Profitable business. I will put my usual 100/200 in. (Declaration... I went to school with Noel Wall 45 years ago, think I met him last year at a reunion)

I see one lender has bid a total of 5,000 @ 13.9% on this loan, see like a lot to risk on one business

at9qu5vp0wcix7

lusk29 wrote: »

I see one lender has bid a total of 5,000 @ 13.9% on this loan, see like a lot to risk on one business

Good news for anybody on 13.8!

tomwaits48

Mila Calm Ax wrote: »

Is anybody else sceptical about putting money into businesses which have significant liabilities? The Timemark loan, which is currently live, for example.

not so much significant liabilities, but I've shied away from sole traders. Admittedly there's little chance of recouping money from a LTD liquidation but the sole traders I've looked at have been rather sparse in their info.

for coppinger row - anyone put off by the fact the finance sought is part of a wider 350k fundraising? seems like quite a risk.

Squall Leonhart

Complete novice question here;

I read that tax is paid at marginal rate on interest accrued. Since each individual lender is responsible for sorting out their own tax affairs, what is the best way to go about this? I.e., how do I give Revenue their money? I am a PAYE worker, so is it a declaration form I fill in and they do a credit adjustment with a P21?

strettie

Squall Leonhart

The best way to do as a PAYE worker is to submit after the calender year in which you earn interest through Linked finance a form 12. This can be done online. ideally wait until around March ( so for 2016 do it from March 2017 onwards) as the revenue will have prepopulated the eform 12 with all your PAYE income and credits they have on record for you. ON the eform 12 enter yout interest under the heading Non PAYE Income - Untaxed Income arising in the State

To access the above First you have to register for a myAccount with revenue.

To do this go to www.revenue.ie
on the left hand side a third of the way down you will see a box labelled myAccount
click on register for myAccount and follow the instructions to obtain a password

When you obtain the password go to www.revenue.ie
click on myAccount Signin and follow the instructions to access your revenue account

Squall Leonhart

Thanks Strettie, much appreciated.

I am already registered for myAccount but haven't really used it for anything yet.

at9qu5vp0wcix7

tomwaits48 wrote: »

not so much significant liabilities, but I've shied away from sole traders. Admittedly there's little chance of recouping money from a LTD liquidation but the sole traders I've looked at have been rather sparse in their info.

for coppinger row - anyone put off by the fact the finance sought is part of a wider 350k fundraising? seems like quite a risk.

From the Q&A it appears that the money is going into a completely new company with no trading history. I'm not going to pretend I understand what's going on - so I will stay away from it until I learn more.

strettie

OTSSTO

I took a slightly different interpretation from the Q& A below. Although the new restaurant will be run by a new company 100% owned by Lion Hunt, the loan from LinkedFinance will be with the parent company Lion Hunt which I thought gives us more protection. Maybe I have got it wrong ?


Q&A
We are setting up another company that will be owned 100% by Lion Hunt Ltd. Linked Finance have done their due diligence on Lion Hunt as the newco has no trade history yet. For this reason the loan will be with our current trading company, Lion Hunt Ltd. Hope this answers your question

scheister

Mila Calm Ax wrote: »

From the Q&A it appears that the money is going into a completely new company with no trading history. I'm not going to pretend I understand what's going on - so I will stay away from it until I learn more.

The normal way i have seen this done is that each restaurant is its own company. The loan is given to a holding company and they pass the loan down to the new company.
It quite common and doing it this way would give more protection and if restaurant b gets into trouble their is still profits from Restaurant A to pay of the loan

strettie

Coppinger Row Loan

Does anyone know was Lion Hunt or the Bereens running the Damson Diner when it shut down ?

ShoulderChip

Coppinger Row

I figure it will end up at 13%, and have 250 to spend
therefore my choice is

1) Do the offer loan 250 @ 7%
Receive back 278 in total after three years
Receive a brunch worth 40 euro based on this menu's prices:
http://coppingerrow.com/menus/brunch-menu.pdf

2) Loan 250 @ 13%
Receieve back 303 After three years

therefore the opportunity cost of the offer is 25 euro , plus the compounding of part of that 25 euro, but the reward is a brunch which to the customer who goes there anyway is 40 euro.

Can anyone fault this logic?
To be honest I always wanted to try it so may as well go for it.

lusk29

ShoulderChip wrote: »

Coppinger Row

I figure it will end up at 13%, and have 250 to spend
therefore my choice is

1) Do the offer loan 250 @ 7%
Receive back 278 in total after three years
Receive a brunch worth 40 euro based on this menu's prices:

2) Loan 250 @ 13%
Receieve back 303 After three years

therefore the opportunity cost of the offer is 25 euro , plus the compounding of part of that 25 euro, but the reward is a brunch which to the customer who goes there anyway is 40 euro.

Can anyone fault this logic?
To be honest I always wanted to try it so may as well go for it.

should you also take account that you might be paying up to 50% income tax on the 25euro? so if you're paying tax at the higher rate, opportunity cost is around 12.50

ShoulderChip

lusk29 wrote: »

should you also take account that you might be paying up to 50% income tax on the 25euro? so if you're paying tax at the higher rate, opportunity cost is around 12.50

nice spot!
I think it doesn't affect me however, as a Uk tax payer my returns from outside the UK are below the minimum needed to pay tax.

sceach16

ShoulderChip wrote: »

nice spot!
I think it doesn't affect me however, as a Uk tax payer my returns from outside the UK are below the minimum needed to pay tax.

Happy person ! You should go for the lunch to celebrate!

lusk29

I see on my account today "Refunded €50.00 from your bid on C Fish", did others here also get refunded or just some lenders bids were rejected because the interest rate was too high?

at9qu5vp0wcix7

lusk29 wrote: »

I see on my account today "Refunded €50.00 from your bid on C Fish", did others here also get refunded or just some lenders bids were rejected because the interest rate was too high?

I also got refunded today, @13.0%. At this rate I am struggling to invest my money in Linked Finance. Mintos is really starting to look like the best option for me.

tomwaits48

Mila Calm Ax wrote: »

I also got refunded today, @13.0%. At this rate I am struggling to invest my money in Linked Finance. Mintos is really starting to look like the best option for me.

I haven't looked into other P2P platforms yet. How is Mintos better for you, do you mind me asking? I'm looking at them and Grid Finance next to spread my "platform" risk.

Cute Hoor

lusk29 wrote: »

I see on my account today "Refunded €50.00 from your bid on C Fish", did others here also get refunded or just some lenders bids were rejected because the interest rate was too high?

The final average loan rate for C Fish was 11.9%, so I assume your bid was unsuccessful because it was too high - I suspect anything over 13% (maybe even less) was rejected

sceach16

Cute Hoor wrote: »

The final average loan rate for C Fish was 11.9%, so I assume your bid was unsuccessful because it was too high - I suspect anything over 13% (maybe even less) was rejected

I had bids at 13.6 standing when the loan closed. live bid til today then 100 (13.6) returned today. No email notification as of 4.45. Looks like a cock up/ITprobs but also likely loan rejected. linked finance IT not great recently. I emailed Linked asking for info to lenders.

Smiler1955

Had my C Fish bids returned no problem, rang in to support to find out the circumstances and the girl confirmed C-Fish rejected due to high interest rate. Glad I got my bids in to Coppinger Row now!

at9qu5vp0wcix7

tomwaits48 wrote: »

I haven't looked into other P2P platforms yet. How is Mintos better for you, do you mind me asking? I'm looking at them and Grid Finance next to spread my "platform" risk.

It's been discussed earlier in the thread. Minimum investment per loan is €10. Greater range of terms, 7 days to 10 years. Secured loans/buy back guarantees along with €10 investments make it easy to diversify and reduce risk.

They currently charge no fees. But best of all you can get rid of your cash very quickly, such is the size of the market. The €10 minimum investment means repayments can be very quickly reinvested.

spudwould

tomwaits48 wrote: »

I haven't looked into other P2P platforms yet. How is Mintos better for you, do you mind me asking? I'm looking at them and Grid Finance next to spread my "platform" risk.

Mintos you can put your money into GUARANTEED loads so if they default you get your investment back in full after 60 days.
Saying that I had 2 loans defaults and after the 60 days I got my principle and interest.
So for me it is a no brainer and a win win situation.

I will also keep my investments going with Linked Finance as I have invested enough that I do not have to invest anymore funds to keep my account going(Have been a member since day 1) and it also helps Irish companies. BUT there is a risk and so far I have had 4 defaults.

Hope this helps.

at9qu5vp0wcix7

Is there a technical issue, or are Solar Craft almost a week behind already? Payment was due 30/03/16.

sceach16

Mila Calm Ax wrote: »

Is there a technical issue, or are Solar Craft almost a week behind already? Payment was due 30/03/16.

I think the loan repayment is not due yet. The loan only started at end March. Looks to me an IT/classification problem. Abbeyset print and design is the same. Checking with Linked.

sceach16

sceach16 wrote: »

I think the loan repayment is not due yet. The loan only started at end March. Looks to me an IT/classification problem. Abbeyset print and design is the same. Checking with Linked.

Response from Linked to my email.

"We are looking to have this fixed very shortly. As you say, for those two loans it is showing the first repayment date as a month too early. This is just a display issue and we will have it fixed up very soon."

Smiler1955

The Bronwyn and Conroy loan have a very extensive special offer up, its good to see borrowers offer incentives like this to entice lenders. Win/Win.

sceach16

Timemark pulled this afternoon. Starting to look like the best way to get a good rate is to be a craft brewer,small baker, organic food producer, yoga or something healthy or beautiful and give a special offer! A lot of good looking unglamorous businnesses struggling for funding at a reasonable rate! Take a look at the successful loans and rates!

manafana

sceach16 wrote: »

Timemark pulled this afternoon. Starting to look like the best way to get a good rate is to be a craft brewer,small baker, organic food producer, yoga or something healthy or beautiful and give a special offer! A lot of good looking unglamorous businnesses struggling for funding at a reasonable rate! Take a look at the successful loans and rates!

I blame linked finance a bit for that, but also simple investors will invest in what they use not the broader market

hgfj

Smiler1955 wrote: »

They'll have some way to go to catch up to Linked Finance, their only other rival Grid Finance is dire, their marketplace features businesses Linked deem too risky.

How do you know that?

at9qu5vp0wcix7

Smiler1955 wrote: »

The Bronwyn and Conroy loan have a very extensive special offer up, its good to see borrowers offer incentives like this to entice lenders. Win/Win.

20% of their loan is offered at 6% interest, which is incredible.