criston
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Post by criston on Aug 20, 2019 11:46:11 GMT
We need to keep an eye out to make sure the 'wind down' of FC investment trust does not jump the queue.
The shareholders vote to approve the motion was on 11/6/19, so the fund could not have initiated a sale till then at the earliest.
The fund is now called SME Credit Realisation Fund (SCRF)
On 30/6/19 it had 303.46 million shares in issue with a NAV of 93.67p. So a total of £284.25 million worth of loans with FC.
Apart from the normal capital repayments, like the rest of us, if they have not jumped the queue the NAV would only be slightly lower.
They did say it would be an orderly 'wind down', so hopefully they did not put the lot up for sale on 11/6/19.
If they did put the lot up for sale on 11/6/19 it will be a substantial delay for others, even if sales reach £1 million per day (based on my own sale at £700 per minute)
I wonder if they are aware of the 240 day relisting condition, that needs to be removed from the T & Cs, due to revised selling conditions.
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Post by mike88 on Aug 21, 2019 7:47:22 GMT
My sale has completed. Earlier then expected based on the current trend
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p2pete
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Post by p2pete on Aug 21, 2019 11:34:06 GMT
My sale has completed. Earlier then expected based on the current trend It could be because the previous one was put for sale on a Friday whereas yours was a Monday. Yours was quicker in total elapsed time but yours was 66 working days compared to 65 working days for the previous one, so yours was slower in that sense.
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Post by dazp70 on Aug 21, 2019 11:43:15 GMT
92 days quoted average on the FC site today, last week's value was 88, the week before was 82 days. I looks like the rate of increase on the queue length is slowing slightly.
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Post by jaycee on Aug 22, 2019 7:16:16 GMT
Doesn't help as I can't recall the exact date but was 20/22 May. My father got his money out on Tuesday. Mine is in the process of selling now, though so much for £700 a minute - that's an average, it's been stalled for an hour now at 60% sold (I have to assume there's more to come, the selling page still says there is a fair chunk, and my father got ~90% of non-defaulted loans out).
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Post by jilla9 on Aug 22, 2019 7:18:54 GMT
Received my completion email at 04:48 this morning that my funds had sold. That’s 100% of the funds I requested to sell.
Have a few hundred left that I would like to sell but vast majority of them are now unsellable only allowing me to sell £54.00. So pretty pointless even putting it up.
Thanks again for creating this thread Criston it’s been really helpful.
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criston
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Post by criston on Aug 22, 2019 7:25:46 GMT
Doesn't help as I can't recall the exact date but was 20/22 May. My father got his money out on Tuesday. Mine is in the process of selling now, though so much for £700 a minute - that's an average, it's been stalled for an hour now at 60% sold (I have to assume there's more to come, the selling page still says there is a fair chunk, and my father got ~90% of non-defaulted loans out). It's stuck for some reason. A while back on this thread, a posters sales were stuck for several days, who eventually cancelled the small remaining amount left. I have had the same thing happen near the end of my sales once. As there was not much left I cancelled the remaining sale, but I could not set up the next sale as it was still stuck. Technical sorted it in the end. Best to ring FC & they will get technical to look at it. You have too much left to cancel.
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Post by jaycee on Aug 22, 2019 10:19:24 GMT
Thanks. It got moving again and has now completed. Including capital repayments during the for sale period I got about 92.5% of my non-defaulted funds out. Good enough for a small net profit before tax over my several years with FC, and potential of a bit more to trickle in. Good luck to those still waiting!
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Post by pauliebits on Aug 22, 2019 10:47:55 GMT
Just had this response from Funding Circle regarding the 120 day sale request cap:-
"Thank you for your email regarding this term and condition.
With regards to the 120 day mark, although this is in our terms and conditions, this internal policy is not currently active on the platform; however it might become active in the future.
Please be assured that with the current time frames for selling, we would not want to cancel all investors sale requests."
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Post by pauliebits on Aug 22, 2019 10:53:31 GMT
Hi Criston, I requested a sale on 18/06/2019 if you want to add me. Thanks!
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trevor
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Post by trevor on Aug 22, 2019 11:06:25 GMT
FC have told me that although the 120 days to sell is in the T+C's the policy is not currently being implemented but they reserve the right to implement it in the future.
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Post by mike88 on Aug 22, 2019 12:58:59 GMT
Thanks for confirming re the 120 day issue, that's a relief
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sl75
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Post by sl75 on Aug 22, 2019 14:07:47 GMT
I'm not familiar with the "new platform", having sold out everything I could before April 2016 for unrelated reasons, but it seems to me that the selling times are entirely within FC's control, as they ultimately determine the relative priorities for new or re-invested monies between buying up second-hand loan parts or participating in new loans.
... so if there are queues of 3 months long, that's because FC chose to let the queues get that long.
Or have I missed some fundamental reason why FC couldn't just say to themselves "We'll have fewer new loans going onto the retail site for a bit so that we can clear the backlog of unsold loan parts".
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trevor
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Post by trevor on Aug 22, 2019 14:42:01 GMT
Given that the v poor share price is due to lack of loans there is no way they will hold back on issuing loans to ease the secondary market queue. Currently they don't give 2 hoots about retail lenders. We get what we are given or go away. Hence I'm leaving.
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Post by jaycee on Aug 22, 2019 14:51:09 GMT
fundamental reason why FC couldn't just say to themselves "We'll have fewer new loans going onto the retail site for a bit so that we can clear the backlog of unsold loan parts". Their argument is that newer loans have better diligence and giving new investors a bundle made up of second hand old loans would therefore be unfair on them.
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