leotyndall #13764

Dear Tran,

This is insured and it is insured against a loss of the litigation funds if the claim is denied. As to your question, the funds are not used for Marketlend themselves, they are used to pay for litigation costs, and also servicing costs of Marketlend to the extent it is performing the work.

Feel free to listen to the presentations and also email us on assistance@marketlend.com.au

Reply

leotyndall #13038

The company is valued based on a projected EBITA, we will get some new cashflow numbers to give a better idea of the valuation today.

As to the payment by share, it is a convertible and the convert into shares occurs after the pre valuation, but the convert does not dilute the noteholder but the existing shareholders.

Reply

leotyndall #13035

The average fees per transaction that is charged per order – 0.49% ( there is more detail in an uploaded table we have attached on the credit info)

The fees charged on any given credit is 1.5% per month, and Spott obtains 30% of that amount as a revenue item.

The number of transactions required to break even 1.082M, this would involve deployment in 6 markets .

Reply

leotyndall #13034

The average fees per transaction that is charged per order – 0.49% ( there is more detail in an uploaded table we have attached on the credit info)

The fees charged on any given credit is 1.5% per month, and Spott obtains 30% of that amount as a revenue item.

The number of transactions required to break even 1.082M, this would involve deployment in 6 markets .

Reply

leotyndall #12214

Dear Mark,

At present the indication we advance 90% less GST to the client. In this case it will be less A$40,000 which is the final cost of manufacturer.

Kind regards,

Leo Tyndall
CEO

Reply

leotyndall #11611

You will note that the numbers are the financial year of 2018 up to December 2017, and it is not the case they are projecting the profit for the rest of the year.

Thank you for your feedback, and we hope that answers your question.

Reply

leotyndall #11149

Dear Lukelee,

No that is not the case, firstly if the director is bankrupt the trustee will assess the assets of the bankrupt and disperse them to all the creditors including ourselves.

However if there are no assets, we will review our provision policies and if there is sufficient funds for the cover of the loss, firstly by us and then by the fund we will then pay out the principal, but interest will wait until the final resolution of the bankruptcy trustee.

It is a slow process but rest assured we do our most to collect our entitlements for you.

Reply

leotyndall #10809

Dear Dr Offig,

The risk is not on the seller of the invoices but the obligor of the invoices, that is the debtor. The debtor is insured and has a risk profile that meets the >97% whilst the seller is as you have pointed out a higher risk.

Other than delivery of services, the risk should be low on the seller because after he delivers the goods, it is the purely the obligation of the debtor that will be enforced and accepted.

If there is a shortfall on a claim against the debtor we will claim against the insurance and also the seller.

Kind regards,

Marketlend

Reply

leotyndall #10265

We note the frustration and you do have the right to cancel your bid at anytime after the first extension.

peer to peer lending is vulnerable to the participation of investors and if there is insufficient bids we do extend at the end of the auction but grant all bidders the option to cancel.

Please email assistance@marketlend.com.au or call our office on 0280065798 to request cancellation.

Kind regards

 

Leo Tyndall

Reply

leotyndall #10061

Dear Chadwick,
We ensure that those seeking principal repayment get paid back in time as much as we can.

Whilst this is a matter that is in the discussion  to assist with transparency,  Lewis explained the process:

a)  prior to the expiration of the loan (90 days) we advise the account holder that  the loan is due for expiration and he needs to elect as to what he wants to do next in regard to the repayment.  He can pay out the loan or elect to renew the loan.

b)  if he elects to renew, we advise him that some investors may choose not to and we arrange to send out an alert to all investors to give them the option to either remain as an investor or opt out of this investment.  This alert is sent by MailChimp and we endeavour that everyone receives the message.

c)  We will admit there has been occasions that some clients have complained that they haven’t been paid back principal when it turns out that we never received any response from them on the alert and that is why they were not paid back the principal and the loan continued as that the assumption is without being notified we assume that they wish to continue as an investor. This is clearly disclosed in our terms of service.

d) It is most likely what occurred here is that we did send you a message but for some particular reason you haven’t sent us a reply so therefore you have remained as an investor on the loan even those you are stating in your message you do not wish to continue.

e) We will check the status and find out why you didn’t get paid back.  If it is a case that I didn’t get your message we will arrange a payout from marketing funds so that you can be made whole for your investment.

Kind regards,

Marketlend

Reply

leotyndall #10059

Dear Chadwick,
We ensure that those seeking principal repayment get paid back in time as much as we can.

Whilst this is a matter that is in the discussion  to assist with transparency,  Lewis explained the process:

a)  prior to the expiration of the loan (90 days) we advise the account holder that  the loan is due for expiration and he needs to elect as to what he wants to do next in regard to the repayment.  He can pay out the loan or elect to renew the loan.

b)  if he elects to renew, we advise him that some investors may choose not to and we arrange to send out an alert to all investors to give them the option to either remain as an investor or opt out of this investment.  This alert is sent by MailChimp and we endeavour that everyone receives the message.

c)  We will admit there has been occasions that some clients have complained that they haven’t been paid back principal when it turns out that we never received any response from them on the alert and that is why they were not paid back the principal and the loan continued as that the assumption is without being notified we assume that they wish to continue as an investor. This is clearly disclosed in our terms of service.

d) It is most likely what occurred here is that we did send you a message but for some particular reason you haven’t sent us a reply so therefore you have remained as an investor on the loan even those you are stating in your message you do not wish to continue.

e) We will check the status and find out why you didn’t get paid back.  If it is a case that I didn’t get your message we will arrange a payout from marketing funds so that you can be made whole for your investment.

Kind regards,

Marketlend

Reply

leotyndall #10023

Dear London Lad,

1) let me apologise for the missing commentary, this was an oversight and we do attempt to update monthly the commentary on arrears file. As of Monday we are employing a person whose task amongst others is to handle this aspect. You will be able to email him at assistance@marketlend.com.au and ask for Anthony Canceri.

2) we have now updated the commentary, and this file had its capital returned to investors from our provision as that it has been resolved it is not likely to be gained from the underlying obligor.

3) please see the commentary for more details.

Again we apologise and if we did not respond to the email please advise and I will reprimand the appropriate persons.

We do our utmost to meet the demands of the communication to all parties on the platform and we take your feedback as a good way to learn how to improve.

Kind regards,

Leo Tyndall
CeO

Reply

leotyndall #9883

Waz,

we apologise it is now fixed.

Marketlend

Reply

leotyndall #9555

Lukelee

no reason was given and we have now sued them

 

Reply

leotyndall #9342

Marketlend has contributed 5 percent under administrator user id

Thank you for the feedback

Reply

leotyndall #9279

Otag,

The facility can only be used for supply chain purchases, clearly by providing credit for the 90 days it improves the cashflow of the borrower’s business.

Thank you

Marketlend

Reply

leotyndall #9278

Otag,

The facility can only be used for supply chain purchases, clearly by providing credit for the 90 days it improves the cashflow of the borrower’s business.

Thank you

Marketlend

Reply

leotyndall #9277

Otag,

The facility can only be used for supply chain purchases, clearly by providing credit for the 90 days it improves the cashflow of the borrower’s business.

Thank you

Marketlend

Reply

leotyndall #9193

Dear SDO,
The investments sought relate to two different products, one is for a line of credit secured by supplies whereas the other relates to line of credit secured by invoices from the account’s debtors.

Thank you for your enquiry.

Marketlend

Reply

leotyndall #9070

Dear Simon,

The reasons for a client to actually obtain a facility from our platform are numerous and the price is not always the decider also it is not a fact without property collateral the client would obtain finance or a cheaper price.

 

A bank would

a) most likely require property collateral which we don’t require,

b)  not provide the mechanism for processing the invoices to enable a supply chain payment to occur within a 90 day cycle,

The bank’s  approval and the funding would not occur within seven days as it has here, and typically for facilities like it may not be  cheaper.

 

It’s good that you try to make an assumption that a bank would provide a cheaper loan but you must consider there are many other factors to be thought of when a client actually makes an application for finance and our business is successfully able to take business from banks because we offer a product and access to investors to the client.

 

Reply

leotyndall #9069

Dear Simon,

The reasons for a client to actually obtain a facility from our platform are numerous and the price is not always the decider also it is not a fact without property collateral the client would obtain finance or a cheaper price.

 

A bank would

a) most likely require property collateral which we don’t require,

b)  not provide the mechanism for processing the invoices to enable a supply chain payment to occur within a 90 day cycle,

The bank’s  approval and the funding would not occur within seven days as it has here, and typically for facilities like it may not be  cheaper.

 

It’s good that you try to make an assumption that a bank would provide a cheaper loan but you must consider there are many other factors to be thought of when a client actually makes an application for finance and our business is successfully able to take business from banks because we offer a product and access to investors to the client.

 

Reply

leotyndall #8881

Simon,

Thank you for your feedback, this investment is not within the categories of insurable risk for the insurers as it is considered refinancing.

Consequently they are forbidden to offer insurance on refinancing unless they are credit wrap insurers.

Again thank you for the feedback

Reply

leotyndall #8517

Dear Otag,

It is not correct that VDS has requested not to pay back the capital when it’s due. VDS has made an offer to its investors to continue the loan for another 12 months. Some investors have elected not to do so and with the funds raised here those monies will be used to repay back those investors.

In addition to that there is more funds that will be used for the business. These funds are in advance on the invoices that are issued by either Telstra or Cambridge International.

We thank you for your enquiry and feel free to contact us on our chatlines or at assistance@marketlend.com.au.

Kind regards

Leo Tyndall CEO

Reply

leotyndall #8441

Dear Waz,

Sorry this was typo. It is now fixed, thank you for your diligence.

Kind regards,

Leo Tyndall
CEO

Reply

leotyndall #8430

Mr Offig, this is not the forum to speak specifically about your settings, can you email us at assistance@marketlend.com.au and we will resolve it

Reply

leotyndall #8429

Mr Offig, this is not the forum to speak specifically about your settings, can you email us at assistance@marketlend.com.au and we will resolve it

Reply

leotyndall #8414

Waz,

The client informed us that they were not interested in funding the loan at this rate, so we adjusted it, to meet the clients needs. Technically the investors on Marketlend were given the opportunity to get 14% for the time until it was fully funded, and we apologise it was set for settlement and should not have been relisted.

Marketlend
PS. no funny business just meeting the expectations of all parties.

Reply

leotyndall #8399

We are presently processing invoices issued to us from the client and his payment for this month. We expect payment within a few days

Reply

leotyndall #8110

This is not a change in the financial status, and it is a fine tuning of our risk model that may have resulted in an adjustment of the risk assessment result.
If anything, Speedymoney risk profile has improved as a result of improved provisions, and perfect repayment history.

Reply

leotyndall #8041

Dear Moneybags,

We apologise if Loopy and you do not think there is a good enough explanation, I must admit with the public disclosure statement available to you, and then portal support channel where we explain it in detail as well asthe blog, we did consider there were a number of explanations.

In addition if you watch the video on the home page I explain in detail how it works.

Here is the link: https://deskportal.zoho.com/portal/marketlend/kb/articles/inventory-finance-supply-chain-finance-how-does-it-work

Let me explain it again, 

Supply Chain Insured is the following:

a line of credit or overdraft is granted to the trade account.
Marketlend pays the supplier or the trade account for supplies pursuant to an insurance policy, that has specific conditions on age and types of invoices to pay.
In 90 days, Marketlend seeks payment from the trade account.
If payment is not made, then it becomes a collection matter, and the insurer is advised.
If after 7 days it continues to be outstanding, a stop event is called, no more supplies are purchased, the matter is then managed by the collection division and usual collection procedure as set out on our site occurs.

See https://app.marketlend.com.au/collections-systems/

Obviously if it eventuates that there is no payment we make a claim on the insurer and repay the proceeds we receive from the insurer and the provisions to the investors to seek to make them whole.

I hope that helps.

Kind regards,
Leo Tyndall

CEO

Reply

leotyndall #7926

Dear Waz,

Sincere apologies inadvertently we did place the cap 1% higher than the client’s request. As a result we will cancel our bid and rebid at the cap.

Kind regards,

Marketlend

Reply

leotyndall #7869

Dear Loopy,
Clearly an entry mistake, we will investigate and respond. Figures has not changed since the last listing.

 

Apologies for any confusion.

 

Marketlend

Reply

leotyndall #7668

Dear Marketlend 1997

We apologise for the error in publication, it is now rectified.

Marketlend

Reply

leotyndall #7475

Dear Marketlend1997,

It is always a complicated legal solution when there is a situation that the account holder is a trustee for a trust.

Marketlend obtains not only the obligation from the trustee of the trust but also the individuals to pay the loan. We obtain a personal guarantee and indemnity from the individuals.

That being said, it is a negative factor to the risk assessment a trust structure and we take this into consideration when completing the risk assessment model and encourage you to do as well.

Marketlend Risk
*past returns are not a guide to future returns, and investors are recommended to obtain independent legal and financial advice prior to investing.

Reply

leotyndall #7474

We apologise the maximum bid rate was incorrectly stated, it is 15%.

It is now rectified.

Marketlend Support

Reply

leotyndall #7315

Dear Loopy,

Thank you for the comment, we run stringent policies and procedures on the limits of the insurance and ensuring the amounts are within the limits.

It is the case, that this listing is part of the insured portion of the offerings by this client. There is another listing that is not insured and there are debtor finance listing where account holder is not the underlying obligor risk, that is why this can be offered.

The total offerings to date by this account is:

12 months – Line of Credit Uninsured 20000
12 months – Supply Chain Financing INSURED 49600
12 months – Debtor Finance INSURED 21600
36 months – Equipment Financing 25000
12 months – Debtor Financing INSURED 20000
12 months – Line of Credit Uninsured 20000
12 months – Debtor Finance INSURED 44500
12 months – Line of Credit Uninsured 20000
12 months – Supply Chain Financing INSURED 50000

You will see that the supply chain which is the only insured exposure to the account holder totals 99600 which is clearly below the limit A$120,000

Kind regards,

Marketlend

Reply

leotyndall #7258

Yes we have, we have apologised for now following up earlier

Reply

leotyndall #6944

Waz,

Sorry it was initially going to be a supply chain insured but the client advised that his turnover of stock is longer than 90 days so we had to change to uninsured but our team failed to update the rate.

This is an error and will be fixed now.

Kind regards,

Leo Tyndall
CEO

Reply

leotyndall #6903

Waz,

This was an inadventent error by the autobid system that was subsequently fixed. Sincere apologies for the confusion.

Kind regards,

Leo Tyndall
CEO

Reply

leotyndall #6830

We are sorry that we accidentally put the incorrect maximum bid level.

Out office can reissue your bids at that rate. Please email assistance@marketlend.com.au to confirm or call us on 0280066798

Leo Tyndall CEO

Reply

leotyndall #6535

Dear Loopy,

I do confirm that A$200, per 10,000 per investment

Kind regards,

Leo Tyndall

Reply

leotyndall #6534

Dear All,
I appreciate the feedback and I advise that we will be implementing some significant changes over the next weeks that will deal with the issues above.

Whilst I appreciate from a wholistic view it might seem quiet simple to implement such changes it is very complex to protect the way the data is displayed and secure when doing such changes and we need to go through a significant assessment of risk process to implement the change.

Feel free to send such comments directly to assistance@marketlend.com.au to get a support ticket and follow up.

Kind regards,

Leo Tyndall
CEO

Reply

leotyndall #6397

John,

The endorsement means that the insurer will insure Marketlend against any loss up to 90% of the debt in the event of a default by the company, and also reasonable legal costs.

The maximum amount is $350,000 and Marketlend will only make available for listing A$350,000

Thanking You
Marketlend

Reply

leotyndall #6351

Dear Waz,
The maximum bid permissable is 17%.

 

Kind regards,

Marketlend

Reply

leotyndall #6256

Bruno, please check out our statistics it shows how many loans funded and how many have been repaid by Speedy Money

Statistics

Reply

leotyndall #6241

Please be aware you can contact our office and we will cancel the bids so you can rebid. This is explained in support portal and faq

Reply

leotyndall #6214

I am sorry you are upset, as we have said we will not censor, feel free to contact us to cancel your bid if you are not satisfied. You can always use our customer support portal to have your views listened to, as well as this portal

Reply

leotyndall #6204

We will contact you Monday to arrange for cancellation of your bids

Reply

leotyndall #6203

An extension is granted only 2 times on the third time they must accept the bids you can cancel your bid after the extension at any time contact our office at assistance@marketlend.com.au

Please note the above is set out on the website on faq

Reply

leotyndall #6175

You will see they are mentioned in the credit report, 2012

Reply

leotyndall #6173

The borrower suffered a period of illhealth and all of the defaults occurred at the same time. He made a claim on his insurance and they are still finalising his payment which caused his financial difficulty.

As mentioned he is in a much stronger position health and business wise.

Thanks Marketlend

Reply

leotyndall #6172

Yes it does Sam

Reply

leotyndall #6122

Sam,

If we did delete I am unaware of that, and I apologise for that. We do try not to censor and encourage you to use the support.

Kind regards,

Leo Tyndall
CEO

Reply

leotyndall #6119

Sam,

There is no prepayment penalties and borrowers can repay at any time. In the case of this loan, it is the case the borrower has been approved for a much higher limit by the insurer and they are seeking to use that facility in the near future but choose to pay out this facility in the meantime.

We will keep you updated.

Marketlend

Reply

leotyndall #6108

Please note that personal information on your investments must not be disclosed on the discussion tabs.

Reply

leotyndall #6055

The loan is paid with a principal and interest for 60,000, but to keep the payments affordable the principal deduction is only 42,000 during the loan and the remaining at the end

Reply

leotyndall #6051

Dear Loopy,

30% residual means that at the end of the loan, the borrower is required to pay the 30% of the amount lent to own the asset, otherwise we will resell the asset or refinance it to continue.

As an investor the loan will end at that time, and if there is a refinance you will have the option to continue but you do not need to accept.

A payment schedule will be issued on settlement and held on the listing for reference and your perusal.

We have also responded to your support ticket.

Marketlend

Reply

leotyndall #5060

We are still waiting for accountant the numbers however we’ve been informed that there is an 18% increase in the gross income. As stated before we will do our best to get these numbers to you this is received.

Jack

Reply

leotyndall #5051

Dear Loopy,

We are pressing the accountant for that currently, will revert back as soon as we get it through

Jake, Director

Reply

leotyndall #4938

HEMS Global is the Hydrogen Business, the Globo Hydro is the company that runs the bus company. R&D expenses are in the HEMS Global accounts, and a lot of the answers will be dealt with by seeing these accounts.

However, we haven’t supplied these accounts yet because external auditors are completing the accounts for HEMS Global, we will be providing them in very near future to Marketlend.

Reply

leotyndall #4866

Thank you for your feedback, we have arranged another webinar with the borrower and expect it uploaded on 27th January.

Our apologies for the inconvenience.

Marketlend

Reply

leotyndall #4743

Dear Loopy,

We have spoken with the Borrower who was on leave for the last week so we hope to have an answer this week.

Kind regards,

Marketlend

Reply

leotyndall #4346

Dear Cics,

It turns out that SJ builder did settle but it was not sufficient funds.

Kind regards,

Leo Tyndall
CEO of Marketlend

Reply

leotyndall #4343

We take into account 65 different factors in our risk assessment, and the credit score of veda is only one of the 65.

With the benefit of insurance, 10% loss protection by the borrower, and the payment history of the
borrower, these factors weighed more heavily on the risk assessment resulting in a stronger grading.

Feel free to contact us if you want to know more about the process.

Marketlend

Reply

leotyndall #4342

This loan is now fully funded and settled. Therefore it is no longer on offer.

Reply

leotyndall #4038

The increase in loss protection has reduced the risk, and improved the profile

Reply

leotyndall #3843

They are consider at least 1.5% per month equating to 18% per annum. However they are due to come
back to us today with more details.

As to invoices, we did relist, but the advance on invoices was not conditional and we are in discussions with the borrower to arrange this.

Marketlend

Reply

leotyndall #3836

Marketlend owns the supplies until the final payment is made, and places a
security interest on the collateral of the company.

Marketlend has a security interest to the value of the outstanding loan over all stock owned by the
pharmacy, including but not limited the supplies they purchased with our stock.

The security is a personal property security interest over all present and future collateral of the
pharmacy.

In a default scenario, we would then go to the administrator and make a claim for any stock that
was purchased with our funds, as well as we would call upon the guarantees to claim for any
monies we cannot collect. We can call on the guarantee at anytime when a default occurs, we don’t
need to wait to get the proceeds of stock. We would set off any further proceeds to them.

We have to accept that some supplies we cannot claw-back, e.g. if they had sold items and did not
reduce our loan but we would then trace the monies and claim the monies.

Reality is we are more likely to get money from the guarantees or the windup of the company as we have rights on all assets to the value of the loan, and then any other monies are a set off for the
guarantor.

Reply

leotyndall #3699

Dear Brendan,

There is actually a quote saved in the investor folder. Annexure B. In the quote it states the warranty is the manufacturer’s warranty and that labor is for the same term.

We will ask the borrower what is the term of the manufacturer’s warranty however I do think it might
depend on each item.

Kind regards,

Marketlend
Sorry for the delay

Reply

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