FundingSecure Opiniones 174

I have been a member of a number of years and all I have left are loans which are years out of date and no prospect of ever being repaid. The belief that investments are secured is nonsense as the valuations of the assets are regularly 10 times or more what is realised. There does not appear to have been any regulation of this company. A number of people have got rich, none of whom would appear to be investors.

Peer to Peer lending is the next PPI scandal. No FCA regulatory controls and you are placing funds with a company which has 2 different routes to market. 1. Place your investment in specific projects and hope they pay you back. 2. Place your investment on the platform and let others place the funding without any knowledge of what you're risking.
Seriously, why would you??

Any fool can lend money, getting it back is the real art

The Company was placed into administration on 23rd October 2019 by a resolution of the board of directors of the Company

They are a fraudulent company. I am angry with FCA. The only reason I invested there for FCA approval and also allow invest ISA. I will complain to FCA. At least they should have acted earlier and closed this company.

Average returns of c.12%, but expect some losses, and avoid supplementary/additional loans that are lower ranking.
FS has new directors, and they are successful property developers (I'm told no failures to date). Given that FS has several legacy loans to borrowers with development projects, this looks to be the perfect match. Some of the current development loans have either stalled, have current planning permission but haven't started, or have previous planning permission. Borrowers that delay their projects any longer face default and the new directors can pick up these at prices below valuation but above loan values, thereby minimising receiver costs and getting lender money recirculated into new loans. So far they have identified a rogue valuer and are taking action.The latest loans are typically for longer term which means less time chasing borrowers and more time to concentrate on recoveries.
I've been a lender with FS for over five years and been fairly successful with crystallised losses of c.2%. Hopefully, the new directors can reduce my losses to zero.

Having read a recent review about Funding Secure this particular reviewer had already placed seventèen reviews about different companies on Trustpilot. However 99% of these reviews are really negative with only 1% . being posìtive. I think this says it all. Funding Secure has had a really poor twelve months or so however with this new team in place the situation is improving slowly. I am an investor with FS I do have patience and confidence however this may well take some time.

Made a formal complaint about 2 loans in May2019. The complaints procedure says you WILL receive a final response within 8 weeks.
It's now September and still waiting for my final response.

If FS assign equal priority to all their other T&Cs you can obviously have no confidence in this company.

My advice to anyone considering investing is don't. You will lose money and, as demonstrated above, their T%Cs aren't worth the paper they are written on.

Been with them for almost one year now, with 7 investments, out of which 3 defaulted and 2 are overdue. You do the math. Basically do not trust their due diligence. You are gambling your capital for 11-13% gain.

21 loan investments with these jokers all 500 days at least over due all now listed as unredeemed total loss on 21 investments ,,do not invest worst company on the net. original founders have sold company off thats how bad it is,if you have money invested get it out it is going same way as lendy..bankrupt along with a lot of its investers.

How I wish I had read the reviews on Trustpilot before I invested. I have six property loans with FS - of these five are way overdue and I fear of ever getting my money back. Add to this a loan to Lendy, which will now probably be valueless, and you will understand why my experience of peer to peer lending is not a happy one. Fortunately, I have investments with other (apparently) more stable P2P's but they are not going to make up for my anticipated losses with FS and Lendy.
Moral - do your research before investing.

Beware of positive reviews it's done by FS themselves to further trap us into believing that they are in control. They been running this business like a ponzy. Its definitely a scam cant believe they value property that does not even reach 20% when sold and waiting over 3 years or more when it's only supposed to be 6 months loan. I advise anyone to flush their money in toilet and take a video than investing here at least that way you have social media assets which properly worth more than investing with these clowns

So some people here think that things are improving. I’d have to disagree. I currently have investments in 15 loans with FS, 3 are unredeemed, the remaining 12 are all ‘active’ but well past the 6 month due date, ranging from being due last December 2018 to due in May 2019. Of course I knew there were risks, which is why I diversified my investments, but their performance across all of these 15 loans is shocking. Updates are very infrequent and usually meaningless or nonsensical, see below for an example, there are many more.
I am not a ‘get rich quick Charlie’ as someone has so arrogantly suggested below, I am someone who has worked hard for what I have and hoped to invest in something that would give me a decent return. I am sickened at the mess FS has made of investing my money and hold out very little hope of getting back anywhere near what I’ve put in. If you’re reading this, I’m not here to tell you what to do with your money, you can make your own minds up, the facts speak for themselves!

Example of an update on a loan of £350,000.

05/06/2019
Following FS’s decision to cease funding this Development, the Borrower has since submitted a Planning Application which has experienced some delay. A decision is expected soon and once the approval is obtained will provide an uplift to the value of the Security. This will put the Borrower in the best position to either seek refinance to redeem the loan or sell the security. We will provide a further update once we have been advised of the outcome of the Planning Application.

26/02/2019
The borrower has requested - and we have provided, a full redemption statement. They have indicated they have obtained refinance - we are now waiting for proof of the refinance and a timeframe to complete.

22/11/2018
We have been in contact with the borrower today to gain an update on how the development is progressing. They are going to send pictures and information over by email this week.

12/07/2018
We consulted our lawyers on the question of the planning permission requirements for this project and they confirmed that due to the change of use, planning permission would not be required

Service was brilliant and it was so easy to talk to Tony anytime on the phone. Also transfer was there and then. No hassle I would recommend to anyone. Couldn’t be easier than this. Great help. Thanks to Tony.
I must include the girls in the office was very helpful and quick.
Thank you

Invested £125 as a start across 5 loans. not a single one has been repaid. they are all over 5 months late and there as not been a single update on any. When I contact funding secure they just say they are working on it. But still constantly send me new loan offers. AVOID LIKE THE PLAUGE, this business will be bust in less than a year

So, as an investor with Funding Secure for approximately 3 years, I feel now is a good time to share my own experience. I have tried my best to post as objectively as possible for everyone's benefit.

In short, FS was a 4* platform for the first 18 months and a 2* platform over the past 18 months - so a 3* review from me currently. The efforts of the new management team in tightening up lending practices and addressing the backlog of late loans hasn't gone unnoticed and, personally speaking, I don't feel FS are worthy of the torrent of poor reviews posted relatively recently. I will, of course, update this review and my rating pending the outcome of the management team delivering on clearing the backlog of late loans.

The detail:
In 2016 and early 2017 FS were a great platform and returned decent profits on a regular basis. I left other P2P lenders to focus on FS - who's platform and secondary market I found the most intuitive for managing my loans and risk exposure.

However, towards the end of 2017 and early 2018 there must have been a serious influx of investor capital into FS. Consequently, it seemed FS simply couldn't post loans fast enough. Often loans of £100k+ that were 2nd and 3rd charges or 70%+ LTV were filled in minutes. It was during this time, I feel, that the due diligence on both FS' and some investors' parts took a fairly significant downturn. There have been some rather shocking misses on valuations and completion dates and I can understand how these have resulted in some of the recent negative reviews.

2019 has brought, for my portfolio at least, a reasonable reduction to my late loans (I still have one 6 month loan over 1000 days old) and, as I write, my actual capital lost across all my loans (circa £20K) has been just over £5. Now, I do expect this figure to increase as the outcome of some of my late loans is realised. However, I certainly do not expect to lose more than I have earnt in interest over the past 3 years.

So, for those of you thinking of investing in FS, my advice is to make sure you carry out your own due dilegence and diversify your investments thouroughly. Plan to earn over the long term. FS have certainly tightened up their practices and risk appetite, however, it's still up to the individual investor to calculate their own risk exposure levels before investing.

I hope this was useful.

Fraud on a big scale.For the last 6 months I am receiving the same answer : we are short of stuff and hiring now. Nothing has changed and all my 7 investments are in default mode. If anyone is willing to jointly pursue them in court please contact me .Peter Young in Facebook. London.

Wow. What an awful shambles!! Lost 98% of my 'investment'. Im contacting the FCA tomorrow. How these clowns ever got FCA approval is beyond me. Some would say theres fraudulent activity going on. Looking at their loan book. Karma is coming for you FundingSecure.

Loans duration says six months, however, barely any of them actually repays interest after sixth months. Mismanagement of security that supposed to be held secured under the platform supervision, But it's not. Lack of communication.

Please use a more protected stream of income for your hard earned money.

Very bad company since 2017. Like most I invested when peer to peer was new and got great returns. Due to what I can only amount to greed is FD tried to take on too many loans and did not do enough checks Against the borrows. Fail to provide credible updates and many loans in default past a year.

When would any financial company allow you to keep the assets you borrowed against for over a year if you defaulted on payments.

Currently taking legal advice over possible legal case against FD.

Your money, Your choice but I would recommend else where.