"jh (John)" has helped us to refine our methods in "fore" warning brokers and clients about the "rigours" of our forum. "John" also sets a great example to any aspiring borrowers or brokers in terms of his approach "John's professionalism helps greatly and generally his loans tend to be the quickest funded and have the calmest of threads." This answer is still being completed.”
John Hill brought these loans to the platform. Which is the reason I unfortunately have no faith in ReBS anymore.
J** - Default after just 1 payment. We later find out this company was in trouble before they approached ReBS for more funding.
Les **** 1 payment - This company has PGI which hasn't paid out to the lenders.
Di*** M**** - Defaulted after 10 payments. This company paid out £50k in Dividends in the 3 previous years of trading but now can't pay its monthly repayment
Just 3 reasons why I have decided to not invest anymore.
Good Evening.
Firstly, please revisit your post as I believe the open naming of borrowers is prohibited by the rules of the forum.
Perhaps you don't understand the role of a Commercial Finance Broker. Brokers do not underwrite, nor approve cases for listing. We take instruction from clients and match borrowers with lenders/platforms according to their needs and criteria. I agree there have been some cases that have gone sour, however on each and every occasion that a payment is missed I will always attempt to make contact with the borrower to try and resolve the issues (unless I am instructed by the Platform not to). Sadly, often the borrowers become embarrassed by the situation and refuse to engage with me, or simply choose to buried their head in the sand. On at least three occasions I have withdrawn live listings where I have found out negative information about a company or director. In the case of the 3rd loan on your list, this is a secured loan which looks to be in a good position for recovery of funds.
On a more positive note, there have been a number of improvements in the assessment process which should improve the quality of cases listed.
I Fully understand how a commercial broker works, they present opportunities to the us the community and you take a fee on completion on the loan.
How can 2 loans default after just 1 payment , with a very slim chance of us getting any of our money back. The loan to J** was farcical. This company was going down the pan as the community was bidding on the loan.
I would expect a broker to have a little more respect for the community and do a little bit more research before presenting these wonderful opportunities to us.
The point I am making is : The trust has been completely lost in this platform in my opinion because of the bad debt it has experienced. If commercial brokers (not just yourself JH) are going to keep presenting these applications to ReBS nothing is going to get better.