K*r*n R*t**l Ltd.

@magenta14

I don't know what proportion of the 150 or so "new members" (that have registered during the last 2-months) are potential lenders, but with around 200 - 300 lenders currently needed to complete recent cases, and a distinct coyness on the part of the applicants to provide legitimate information - even to one of our heavyweights - I just don't see this one filling.

In general I think that ReBS should provide the trading address of the business and the address of ALL property offered as security. We must have lenders throughout the country, potentially able to highlight firms with a poor local reputation. Too much time is taken seeking out stuff that should be offered up front - secretive applicants only create suspicion.

Confirming an estimated value AFTER completion is of no use to anyone - what happens if the eventual "professional valuation" is LESS than the amount estimated under "why consider investing/security"?

I'm not on ReBS but the thread title caught my eye, along with the phrase "gas station" in one of the earlier posts

There is a FK loan to a business "K*r*n R*t**l Ltd", its for £200k, 12 month interest only maturing 16th December 2016. The FK loan listing has full details including the address of the service station security, and its Dec 2015 valuation of £300k plus the certificate of title are attached.  The most recent update on the loan was on 20th September: "With 3 months until the loan is due for repayment in full we have been in contact with the borrower. They advise us that they are proposing to refinance with a bank and have agreed terms subject to valuation." 

The ten monthly interest payments have always been made on time (but frequently posted late to lenders due to bugs in FK's IO part of the software). An average lender rate of 9.37% was achieved.

It is reasonable to suppose that renewal on FK is not an option as GLI Finance will presumably want to extract their portion of the loan.


EDIT:  The cynics (realists ?) amongst you can have lots of fun speculating why ReBS is allegedly keeping the details on this one secret, when the borrower is fully conversant with p2p, and their introducer provided open and frank commentary on the FK Q&A page.   If the security is the same as the FK loan, I can see no justification in a lender rate in excess of 10%, and would likely be 8% on AC.

Thanks sqh .

Well the security is not the same ... the FK loan security is "Petrol filling service station with flat above shop" not the mixed bag of bits on offer at ReBS, so I've scrubbed the final sentence on my previous post.


Which makes the timing very mysterious ... taking on more debt could jepordise the refinance of the FK loan to a third party .... unless of course this ReBS loan is an unofficial means of redeeming the FK loan ... the £200k amount is quite a co-incidence.

I notice that I am not allowed to sell my £100 on FK - don't know why.

Where a property is used as security we apply the following principles:

• 1st charge: We obtain a full professional valuation after the loan has fully filled but before the loan is drawn down. If the professional valuation is significantly under the valuation stated in the borrowers application, or causes the application to fall below our security standards we would revert to lenders before releasing any funds.

• 2nd charge: We rely on professional valuations obtained by the 1st charge holder. If the professional valuation or the equity position is significantly under the valuation stated in the borrowers application or causes the application to fall below our security standards we would revert to lenders before releasing any funds.

• Property stated to back a PG: We will make all reasonable efforts to use market data to verify the approximate valuation stated by a Director is correct. This is usually done before a loan is listed on the platform for lenders consideration.



Regarding the FK loan, this was listed by the director when he initially made the application and has been listed on the application financials tab. The applicant has not indicated that it is his intention to redeem the FK loan from funds raised on our platform. As a general note, if any loan listed in the financials tab of the listing is to be redeemed this will be made clear to lenders on the application. It will be appropriately indicated on the entry and in the listing blurb. Barring exceptional circumstances, when the purpose of an application is the refinancing of current debt, the redemption of the loans to be redeemed is handled by us after the auction from the funds raised as a condition prior to drawdown and before the release of funds to the borrower.

Thank you all participant in this thread. This is the sort of dialogue including Rebs, hawks and uber - hawks that gives me confidence to make decisions.

mnm

Just because a company is "big" and/or "expanding" doesn't mean it is successful, it may be drowning in debt. Some applicants react as if irritated by the questions, some feel the questions are intrusive, some want their business affairs kept secret, some are downright evasive, whilst others give the answers they think you want to read so they embroider the truth and are therefore dishonest.
You takes your pick then trace whatever you can on google and follow up any tit-bit of information on "credit" and other free information sites. If you find things that you don't like either spend money on accurate current data searches or walk away! It's your call.