leotyndall
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in reply to: insured?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
2 years, 10 months ago Replyin reply to: KISSleotyndall #13038The 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.
4 years, 11 months ago Replyin reply to: Charges and fees.leotyndall #13035The 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 .
4 years, 11 months ago Replyin reply to: Charges and fees.leotyndall #13034The 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 .
4 years, 11 months ago Replyin reply to: Uninsured risk with SolarDin reply to: 30 June 2018in reply to: Is my capital permenantly lost?leotyndall #11149Dear 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.
6 years, 9 months ago Replyleotyndall #10809Dear 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
6 years, 10 months ago Replyin reply to: Why is this not getting up?leotyndall #10265We 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
7 years ago Replyin reply to: Payout/Collectionleotyndall #10061Dear 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
7 years, 1 month ago Replyin reply to: Payout/Collectionleotyndall #10059Dear 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
7 years, 1 month ago Replyleotyndall #10023Dear 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
7 years, 1 month ago Reply
CeOin reply to: Max bid ratein reply to: Marketlend contributionin reply to: Insurancein reply to: Insurancein reply to: Insurancein reply to: Two Loan Requests for the same company ?in reply to: BANKleotyndall #9070Dear 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.
in reply to: BANKleotyndall #9069Dear 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.
in reply to: Investor Discussionleotyndall #8881Simon,
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
7 years, 4 months ago Replyin reply to: what about the existing loanleotyndall #8517Dear 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
7 years, 5 months ago Replyin reply to: Max bid rate?in reply to: Bid rateleotyndall #8430Mr 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
7 years, 6 months ago Replyin reply to: Bid rateleotyndall #8429Mr 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
7 years, 6 months ago Replyin reply to: Bid rateleotyndall #8414Waz,
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
7 years, 6 months ago Reply
PS. no funny business just meeting the expectations of all parties.in reply to: March 2017 late payment updatein reply to: Updated Financial Statementsleotyndall #8110This 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.
7 years, 6 months ago Reply
If anything, Speedymoney risk profile has improved as a result of improved provisions, and perfect repayment history.in reply to: what does supply chain insured mean exactly?leotyndall #8041Dear 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 TyndallCEO
7 years, 7 months ago Replyin reply to: Key information and balance sheet data and bid ratesin reply to: DSCRin reply to: Ratein reply to: Director’s Guarantees and Enforceabilityleotyndall #7475Dear 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
7 years, 9 months ago Reply
*past returns are not a guide to future returns, and investors are recommended to obtain independent legal and financial advice prior to investing.in reply to: Maximum bid ratein reply to: Insurance limitleotyndall #7315Dear 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 50000You 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
7 years, 9 months ago Replyin reply to: Director guarantee?in reply to: Maximum bid rateleotyndall #6944Waz,
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
7 years, 11 months ago Reply
CEOin reply to: Maximum bid ratein reply to: Why has maximum bid changedleotyndall #6830We 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
7 years, 11 months ago Replyin reply to: Bonus?in reply to: repayment scheduleleotyndall #6534Dear 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
8 years ago Reply
CEOin reply to: Credit Limit Endorsementleotyndall #6397John,
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
8 years ago Reply
Marketlendin reply to: Can't enter text. Why can't I bid 18%?in reply to: Speedymoney – number and total of loansin reply to: Rates jump 12% to 14%in reply to: Extensions of Loan Offersin reply to: Extensions of Loan Offersleotyndall #6203An 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
8 years, 1 month ago Replyin reply to: Info on Payment Default's and Court Writin reply to: Info on Payment Default's and Court Writleotyndall #6173The 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
8 years, 1 month ago Replyin reply to: Secured Equipment Financingin reply to: What happened with this loan – Funds Returned?leotyndall #6119Sam,
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
8 years, 1 month ago Replyin reply to: Loan detailsin reply to: Loan detailsleotyndall #6051Dear 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
8 years, 1 month ago Replyin reply to: Current Financialsin reply to: Current Financialsin reply to: Financialsleotyndall #4938HEMS 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.
8 years, 7 months ago Replyin reply to: Audio quality of meeting is inaudible and noisyin reply to: 2015 Financialsin reply to: Questionin reply to: Rating AAleotyndall #4343We 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
8 years, 11 months ago Replyin reply to: Not currently listed in Marketplacein reply to: A risk?in reply to: % Return + Paying on Invoices?leotyndall #3843They 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
9 years, 2 months ago Replyin reply to: How does funding against invoices work?leotyndall #3836Marketlend 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
9 years, 3 months ago Reply
guarantor.in reply to: Repair Guaranteeleotyndall #3699Dear 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
9 years, 4 months ago Reply
Sorry for the delay -
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