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new 1,000,000 S$ loan fact sheet screwed up big time !

Please post any Funding Societies topics that you want to discuss with the local p2p community.
Posts: 18
Joined: Sun Apr 23, 2017 12:09 pm

new 1,000,000 S$ loan fact sheet screwed up big time !

Postby Gaudente » Tue Jun 06, 2017 10:14 pm

Guys it's full of mistakes and contradictions , first considering most of repayment (80%) is at loan's end , you can't apply the usual formula you use for monthly repayments , 12% nominal rate in this case equals to 14% at most (and surely not the 20% you declare).
Second, you state the company has a paid up capital of 53 million , yet in the financial section you declare an equity below 8 million ! :o How can that be ? Please be more careful , mistakes like these throw a shadow of suspicion on all the fact sheets you publish :?
to be clear , I'm speaking about loan 17060002.

Posts: 8
Joined: Mon May 02, 2016 4:29 pm

Re: new 1,000,000 S$ loan fact sheet screwed up big time !

Postby FundingSocieties » Wed Jun 07, 2017 3:46 pm

Hi Gaudente,

Thanks for your question. You’re right that it’s important to be extremely careful with factsheet and financial information. We usually have a maker-checker approach for fact sheet to ensure accuracy. If I may clarify:
1. Nominal interest rate (“NIR”) 12% is accurate, because the calculation convention does not consider timing of repayment. It’s calculated by the total repayment divided by loan amount. For loans below 12 months, the nominal interest rates are usually annualized to enable comparison.

2. Effective interest rates (“EIR”) in this case is tricky, as you’ve rightly pointed out. This is because EIR typically requires equal repayment to be made at regular intervals. In this case, while the borrower wanted a bullet loan, we prefer to be conservative and have some principal repayment earlier, hence the slightly odd repayment schedule. We had to choose between stating “N.A.” for EIR or use our usual calculation approach, which investors are used to. On hindsight, we should have highlighted the difference in repayment schedule for this loan and explained accordingly.

3. For your last question, paid-up capital does not always equate to equity due to various factors. The most common reasons are dividend declaration and retained profits (losses). In this case, there have been large swings in the P&L over the last 14 years, given the nature of construction industry, resulting in the lower equity. However, we feel confident about the deal due to numerous reasons, especially its performance in the last 9 months and the corporate guarantees.

Understand you’ve LiveChat with us on other occasions. Feel free to reach out if you’ve more questions. Thanks Gaudente. Cheers!

Warmest regards,
Co-Founder and Director
Funding Societies - Modalku

Posts: 18
Joined: Sun Apr 23, 2017 12:09 pm

Re: new 1,000,000 S$ loan fact sheet screwed up big time !

Postby Gaudente » Thu Jun 08, 2017 9:32 pm

well, I've seen also this one has been swallowed whole in no time , I guess other investors are definitely less picky than me ;)

Posts: 17617
Joined: Wed Feb 06, 2019 12:51 pm

Re: new 1,000,000 S$ loan fact sheet screwed up big time !

Postby velithdra » Tue Feb 12, 2019 6:37 pm

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