Commercial mortgage with 2% cashback fails to fill

That was the one, using a 15 year amortisation profile. They'll have to add another 0.5% on top of everything else as the cashback has dropped now.

Cannot see 9446. Do you mean 9448? That is a property development loan and not a commercial mortgage. It does seem they are trying to up the rate by 0.5% and decrease the cash back by the same, which would improve Festive Cheer's net fee to 3.5%. Trying this on a small loan. 1.5% cash back over 18m is like 1% over a year. Not so good, but the SM has been shifting in strange ways this week so maybe.
On 9333, a third tranche of a 35m commercial mortgage, they have continued the 8.5% of previous tranches but reduced the cash back to 1.5%. That will be a real test - reduced Autobidders and manual bidders already holding with the 2%.

Agreed, fasty. The cash back is important to me because of the tax implications. My assessment spreads the cash back over the term, because it is quite possible that the cash back can not be retained if the loan parts are sold and I think one should be prepared to hold to term. These long commercial mortgages are also more risky because the business itself can fail during the term and we are presumably in it for repayments, not recoveries.
Note that 9371, only £200k, has got stuck now that better options are available. These subsequent tranches, where the interest rate is already fixed and FC just reduce the cash back, may well test FC's underwriting fund.

The cash back is just a matter of how FC distributes the 5% fee it receives from the borrower. It is an arrangement outside of the loan agreement. The interest rate is what the borrower pays under the loan contract, and so for the subsequent tranche to have a higher interest rate would affect the deal the borrower gets and the amount paid. If I were a borrower and had negotiated an £x million loan through FC, drawn down in parts, then I would wish to have an up front agreement to guarantee the whole amount at an agreed rate. Financial Contingency will try very hard to get these loans funded at the interest rate agreed, and probably expect the reduction in cash back to increase the amount they carry on the balance sheet for capital lent to borrowers with current multi-tranche programmes uncompleted. They once seemed proud of having some 'skin in the game' - lets hope it does not take an arm and a leg.
Agreed Finely Chopped are probably looking for a way out of the diversity rules for Autobidders on property. But many of them probably do not have a clue that they are in property - they were signed up automatically under the general rules rather than being asked. To change they will have to be asked and informed of the risks etc. I am not sure that this platform format is the final property solution for Fixing Creatively. And would you risk an IT development which added much more complex diversity rules for consenting Autobidders?