Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson (‘the Administrators’) of CG & Co (‘CG’) were appointed Administrators of the Company on 23rd October 2019. The administrators are working closely with the FCA who consented to their appointment over the Companies.
The Company was placed into administration on 23rd October 2019 by a resolution of the board of directors of the Company. As a result of the administration no legal proceedings may be commenced or continued with against the Company without the consent of the Administrators or leave of the Court. The Company is now protected from any third party actions by virtue of a statutory moratorium.
The administrators have set up a dedicated email address for creditors to contact the administration team.
We will only be able to respond to urgent queries. However, key updates on loans will be ongoing and accessable on the investor platform.
Due to the early stages of the administrations, the information we have is limited, we therefore request that creditors continue to consult the website and historic investor updates in the first instance. We will continue to update investors and creditors as additional information becomes available so please watch this website for updates.
The business and affairs of the Company are now controlled by the Administrators who act as agents of the Company and act without personal liability.
Jonathan Avery-Gee, Edward Avery-Gee and Daniel Richardson are licensed as insolvency practitioners in the United Kingdom by the Institute of Chartered Accountants In England and Wales and the Insolvency Practitioners Association.
The administrators have received a claim from a creditor relating to monies paid into the Company’s client account prior to the administration, including an assertion that the said monies are subject to what is termed a “Quistclose Trust”. The administrators are currently investigating this claim and also taking legal advice on the same. However, pending proper investigation of the claim and its resolution, the administrators have no alternative but to suspend further payments to the investors by way of distribution from the client account/platform until further notice.
Last updated: 17/05/2021
FundingSecure is a Peer to Peer lending platform managed by a team of highly experienced Business Professionals with extensive knowledge of Finance and Alternative Investments especially Property Development. Please note, your capital is at risk.
We connect Investors (Lenders) who are looking for higher returns in this low interest environment and Borrowers with assets who face bank’s lending restrictions with slow decision processes.
We specialise in providing asset backed finance through our Peer to Peer lending platform.
FundingSecure allows Investors (Lenders) to pool together their funds in assets and projects such as property development or property purchase.
We provide a quick, simple and secure solution which can provide up to 16% pa gross return before tax, with all investments fully assessed by our experienced team before being made available for investment.
Our Loan to Value (the amount loaned versus the value of the property) will never exceed 75% therefore giving the Investor a 25% cushion in the event of a downturn in the market. All valuations are assessed by our experienced team and an Independent Chartered Surveyor.
The investments (property loans or pledged asset pawn loans) that you make through our platform are not protected by the FSCS.
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All loans are posted on our platform for funding with details of the security. Interest rates vary, depending on the risk of each loan. Most offer 12-13% per annum. However, those with a low risk may pay as little as 10% whereas we may go up to 16% for riskier or more complex loans. Bonus rates are often available for larger single investments in a loan (usually in excess of £10,000).
The loan period is always 6 months. However, the borrower may repay early - in which case investors are paid up to the date of repayment. Once the loan is repaid, interest and capital are returned to the investor’s account, and can then be withdrawn or reinvested. If the borrower decides to renew by paying interest, investors can choose to rollover their investment into the renewal.
No investment is without risk. However, FundingSecure manages this by restricting the loan to value (LTV) to typically 70%. We do not use the borrowers' credit scores as part of our lending criteria, as we rely on the underlying asset as security. We do, however, perform background checks on our borrowers and rigorous due diligence on ownership and title. In the event of a default, for pawn loans we sell the asset at auction, and for bridging loans we appoint a receiver. Interest continues to accrue until the asset is sold.
Despite these measures, your capital does remain at risk. Also please note that your investment is not protected by the Financial Services Compensation Scheme. Investors should always review each loan carefully and decide on whether the risk vs reward proposition is acceptable to them.
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If FundingSecure enters into financial difficulties, it will initiate a wind-down plan whereby no new loans or investors would be taken on and the loan book would be run-down. We have worked with the FCA to develop this plan, as well as the financial indicators that would cause us to initiate the plan. This is all designed to ensure a smooth and timely wind-down of the business if required.
In the unlikely event that FundingSecure enters administration as a result of extreme financial circumstances, capital and accrued interest on all loans would be “ring-fenced” and, therefore, cannot be used by the administrators to settle any debts due by FundingSecure. The administrators would have to rely on the administration fees coming at the end of the loan period to settle all debts, continuing to repay capital and interest to investors in accordance with the terms and conditions.
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Company Number: 8120200 / Authorised and Regulated by the Financial Conduct Authority
(Reference number 698305) - (In Administration)
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Please note: No investment is without risk. FundingSecure manages the risk by ensuring all assets are professionally valued and restricting the amount lent to a typical maximum of 70% of the value (LTV). Despite these measures, your capital remains at risk.