LendingCROWD NZ P2P

[Saamee]

It's late Monday evening and still have not sighted any transfer of funds from LC this week....

This is the 2nd time this year that they have NOT paid out on a Monday as per their stated mandate to us Investors.

Are my wife and I the only ones??

[beacon]

It's late Monday evening and still have not sighted any transfer of funds from LC this week....

This is the 2nd time this year that they have NOT paid out on a Monday as per their stated mandate to us Investors.

Are my wife and I the only ones??

No, we and others we know - didn't receive funds either.

[beacon]

Also, they just recently sold a property as collateral on a defaulted loan. The Investors lost the lot.
Whatever minimal funds were recovered on property sale, were claimed by LC as collection costs.
How do you sell a property and get nothing back?
Did they have any checks and balances when they approved this loan on property as collateral?

[Tony Two Gloves]

So much for their conservative lending, wonder if they checked how much was owed to the first mortgage holder? Thankfully when someone said take it behind the barn and shoot it they listened - poorly run company from top to bottom.

[Saamee]

The FULL LC Tax details are already uploaded at "MY IR" for the full Tax Year 2023 > 2024

This move almost makes the days of waiting for the RWT Certificate redundant!!!

Just No Write off & Fee info up at IRD....

[Saamee]

LC have sent out their RWT Certificates already....

[beacon]

FY24 numbers on 6 figure portfolio:

Gross Interest `21,000
RWT `4500
Fees `4500
Collection costs `250
Bad Debt writeoff `4000

This is on a good portfolio whose 12%+ NAR dropped to 10.84% this FY. And we have a ways to go yet before all (`200) loans are paid off...

What did the investor make?

How to avoid public scrutiny, public discussion on performance, loan quality, loan management?
Shut shop!
Shut public discussion!
Go scot free...!

Well done Lending Crowd!!

[beacon]

Meanwhile the fee gouging continues...

[kiwical]

How to avoid public scrutiny, public discussion on performance, loan quality, loan management?
Shut shop!
Shut public discussion!
Go scot free...!

Well done Lending Crowd!!

Welllllll you could argue that shutting shop for that reason was the sensible and morally correct thing to do. If the alternative was to drag more investors in to an investment that they knew was struggling or likely to struggle in the near future? At least this way investors got an out and most are hopefully reasonably happy with the returns. Not like many other financial company failures where the punters are left with nothing but a sour taste and puckered butt cheeks.

[Tony Two Gloves]

Don't know if they are scot free - was thinking about investing some $$ in Finance Direct but after reviewing there accounts they have provisioned $250K for overcharging of loan fees in regards to origination of loans. This combined with the fact they have lost$386K last quarter, $207K the quarter before and $236K the one before that means I won't be going there as there equity is eroding so quickly. I wonder if the orgination fees relate to Lending Crowd? Looks like the customers haven't been told yet either but Anyway glad I have nothing in either now and feel like we may have all dodged a bullet.