metoo
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Post by metoo on Feb 7, 2016 19:20:38 GMT
Or FCSL will just step in with their £20 bid-bot (just because their IT is eating whole loans doesn't mean they can't also play the summer-student-last-minute-buy-fest card). Should be too much left. I wonder, how much is the highest % they've bought?
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metoo
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Post by metoo on Feb 6, 2016 13:08:58 GMT
Perhaps it depends exactly which loans. I'm not seeing that on property loans, though there are some large value parts being dumped which don't shift easily, hence the higher rates offered on those. Overall, numbers of A+ parts at par/discount are at almost the lowest level this year, just 1% more last night than the night before, but it fluctuates anyway as it has been falling, down 80% in the last 4 weeks alone. Individual sellers will affect the numbers of parts and prices with so few parts on offer.
Edit: a new low in numbers of par/discount A+ parts overall, 6% fewer than 24h ago.
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metoo
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Post by metoo on Feb 5, 2016 19:33:15 GMT
guff I think you're supposed to asterisk the tall one's userid at least in the searchable text - don't ask me why! (you can edit) Surprisingly this is the only post on the forum that contains it in full text. Nice charts. Is there an easy way to grab the bidding data or is it a page-by-page cut & paste chore?
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metoo
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Post by metoo on Feb 4, 2016 12:17:10 GMT
Still only at 18% this morning ... But in only 13% of the time. Whereas Tewkesbury released autobidders and others from earlier linked tranches, and handed back their funds for reinvestment, Byfleet already has £1.8m of linked loans ...
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metoo
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Post by metoo on Feb 3, 2016 14:50:46 GMT
For those who live in hope of cashback, West Byfleet 6 is off to a slow start, and there's likely two more tranches to come. Why wait in hope, when there is A+ property loans on the secondary market offering between 9 and 10 %. Why indeed. No doubt you (and your alter ego) are happy to sell them.
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metoo
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Post by metoo on Feb 2, 2016 17:06:36 GMT
I am really surprised that they got this away so well. I think we can kiss goodbye to any routine cash back. It seems to show that FC demand (people wishing to take lending opportunities) is very strong at present - and we should say that is healthy for business growth and our security. Maybe when the FCIT money is spent? Refinance loans fill easier because of the recycling of repayments from earlier loans. That "random" £1.5m came in handy to prime the process!
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metoo
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Post by metoo on Feb 1, 2016 16:58:10 GMT
Another anomaly - the financial summary for the last of the old loans lists all the new loans, but with amounts outstanding of £550,000 and £440,000, rather than £500,000 and £400,000, which I think are the numbers we saw originally. Tewkesbury 3 is still in a confused state - it's down as £0 outstanding, but the general understanding is that it's on the books as a loan by Funding Circle Finance's. The 550/500 & 440/400 anomaly is an artifact of how the Financial Summary is displayed on the Secondary Market page (Loan Parts) vs the proper loan page which shows the correct figure. This has been discussed in another thread on other loans. It seems to be a bug, possibly something to do with allowing for the British Business Bank which is not involved in property loans. The £0 outstanding on 19404 could misrepresent the borrower's liability. Possibly the £500k loan/liability now on the FC Finance books is not a numbered loan at all, and therefore there is no way of showing it as a linked loan. The original lender of 19404 was repaid in full, but not by the borrower. Probably an unprecedented situation which had to be worked around in a hurry.
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metoo
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Post by metoo on Jan 29, 2016 21:20:32 GMT
I hadnt actually heard of this, and as an occasional investor in equities and funds its interesting. I wonder if the diversification it offers internally is good enough that holding it doesnt de-diversify my existing FC loan book though? If it heavily represents loans that I already hold parts of, that actually increases my exposure slightly The Fund buys Whole Loans, ie ones not offered to retail investors, allocated to it at random. This mean it holds different SME loans from those offered on the FC platform. It will include tranches of property loans where other tranches on the same development go to retail lenders as Partial Loans, so that would overlap the exposure for someone also lending directly. It will have to hold its loans to maturity, default or refinancing. Exposure to any one borrower will be no greater than 0.75% of NAV at time of lending.
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metoo
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Post by metoo on Jan 28, 2016 21:39:25 GMT
There is no cash back on tranche 5 yet. But there may be in a few days time. What we know is that it has to be refinanced and it has to go through the partial board. However, tranche 4 disappeared quickly enough. (It's Bristol 1 that's having trouble.) I'm sure Bristol 1 will go through fine without assistance after the 2-day restriction ends unless they're in a hurry. Tewkesbury has another £618k to find after tranche 5 it seems. It's never completely clear when the funds are needed though, and as old tranches are repaid it frees up cash.
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metoo
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Post by metoo on Jan 28, 2016 16:00:26 GMT
How many parts you can see will depend on the various filters you have set in the Loan Parts page. As pepperpot said you will never see your own loan parts there. This is because you cannot buy from yourself.
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metoo
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Post by metoo on Jan 27, 2016 21:08:27 GMT
Thanks, should be interesting. Can we anticipate a marketing pitch for well-cared-for loan parts? Edit: no surprise to see them already then.
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metoo
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Post by metoo on Jan 27, 2016 18:04:18 GMT
So ... what about 19466, which has not been seen on the partial board and has disappeared without trace. Presumably that as well was randomly made a WL, and should have become a WL reject. Oh what a tangled web! What are the random odds of pulling out 4 tranches in a row from the lucky dip, all for the same borrower? If the single tranche odds are as high as 40%, that makes it 1 in 40. If the rate was the earlier 25%, that would give a 1 in 250 chance. Perhaps the random generator got stuck?
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metoo
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Post by metoo on Jan 27, 2016 16:50:13 GMT
There are three loans in the book totalling £1.5M plus a link to the 4th, 19466, which has not been drawn down. The third, 19404, has now been reversed with the note ' This loan has been bought by mistake by the funds. This loan has been fully repaid by FC today. We will still collect the funds from the borrower once the sale is done'. Technical error or human? So the FCIT amount is at £1M. I am not sure what the note on 19404 means, other than being cancelled, but we shall see. Loans not bought as WL are supposed to go straight to the partial board - that is what FC have said before.'. Total funding requirement is given as '£2,918,340 (incl. interest & fees)'. Do they write cryptic crosswords in their spare time? 19404 is not a WL reject though, it was bought and repaid. It will be interesting to see when tranches appear and how many. £1.9m to go is quite a chunk. It looks like approx £1.135m was used to repay 7248 and 7421. How much of this was unused funds (contingency) I don't know. Perhaps 19380 and 19397 were enough to cover it, or any shortfall was covered from petty cash? But 19380 and 19397 include 12 months interest and fees, so the principal is substantially less than £1m. Perhaps the answer is in the cryptic clue somewhere. Or 19560.
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metoo
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Post by metoo on Jan 27, 2016 15:43:46 GMT
The 3rd tranche of the Tewkesbury refinance appears not to be drawndown, even though FCIF bid for it on the 22nd. How do you tell whether these tranches are drawn down, except that they are in the loan book? Edit: I can now see 19404 has £0 outstanding on the Financial Summaries implying it has been repaid. 7248 and 7421 are repaid. 19466 is shown as a linked loan in the loan book on the existing tranches, though not appeared in its own right anywhere yet. It seems the situation is being rectified, at least in regard to any over-allocation.
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metoo
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Post by metoo on Jan 27, 2016 12:31:08 GMT
I have had a good look at the statistics of whole loan allocation and over the last 900 loan numbers in the loan book 26th Jan, starting with a property development whole loan, the overall allocation to WL has been 62% while the WL allocation to the interest-only property-related loans has been 40% (sample size 47). There is only one (recently arrived) WL lender known to be buying property loans (and SME) whereas there are presumably several (previously existing) that buy only SME loans. Random allocation would have to cope with this. Sounds like possibly we've been spared this time! ... but looking at the proposal (which is detailed in the normal way as if to be examined by the usual lenders) ... Sorry to be dense, but where does one find access to the proposal? IR as usual, navigation via linked loans.
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