metoo
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Post by metoo on Jan 26, 2016 19:55:24 GMT
19:07, Bristol 1 (19464) to be relisted tomorrow according to Q&A due to incorrect LTV. 19:34, FC still accepting Bristol 1 bids :<. It's being kept open for anyone who missed out on the earlier opportunities for trapped bids. [Really, outside the office they only have access to Q&A, hence regular promises to sort things out on the morrow].
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metoo
Member of DD Central
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Post by metoo on Jan 26, 2016 17:11:29 GMT
We have been assured that the 10% plums will not be cherry picked. The probability of all three being chosen as whole is not that low - say about 0.3 - but that had better not happen too often. There is no declared rate of allocation to the Fund. However, until recently it was taking roughly 1 in 4 property tranches. 1/4 x 1/4 x 1/4 = 1/64 or 1.5% chance. The rate of allocation could change and random chance could deal this allocation, but it will be interesting to watch how lucky the Fund is.
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metoo
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Post by metoo on Jan 26, 2016 16:49:58 GMT
For anyone that cares looks like Tewkesbury has repaid early To make it on topic, it's being propped up by a bridging loan at 10%. £1,500,000 has been snaffled by FC IT. Has the FC IT (FC SME Income Fund) raised extra funds then? Is there an easy way to find out? The Prospectus says "the total exposure to a single borrower (legal entity) shall not exceed 0.75 per cent. of NAV at the time such investment is made." B*****hall (which borrows on behalf of the Fund) took 3 tranches from this borrower totalling £1.5m. On 31 Dec 2015, the declared NAV was £147.0m. £1.5m/£150m would be 1%. No new anouncements have been made on the fcsmeif.com site. Shouldn't such a capital raising be declared? Can B*****hall lend in any other capacity than on behalf of the Fund? Details are in the Prospectus and this does not appear to be the case.
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metoo
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Post by metoo on Jan 25, 2016 18:39:13 GMT
Par sales stopped again Sun/Mon .. I repeat my assertion that they are somehow directly tied to PM activity .. nothing on the PM for autobid to play with, then it buys nothing on the SM either (maybe there is some cap, or some manual override, since at Xmas it did, eventually, start into the SM again). Unless of course everyone else is selling like hotcakes .. ? Easier to control. The black box does not need to have any actual designed mechanism inside. Just a lever. But either way it seems to do roughly what you have observed. I would guess it's manual because it seems to be a bit erratic.
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metoo
Member of DD Central
Posts: 540
Likes: 410
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Funding Circle (FC)
FC IFISA
Jan 22, 2016 13:54:17 GMT
Post by metoo on Jan 22, 2016 13:54:17 GMT
Someone (I thought on this forum, but a quick search didn't find it) recommended spamgourmet. Yes, that was me, or at least one of the times it was. I've been using it for fourteen years so far and it's operated by a lawyer who's done things like being on his state bar's technology committee. I don't hesitate to use it for financial accounts. Just find out where the emails you want are normally sent from and add that site to the trusted senders list and the email accounts won't expire because the emails will no longer be counted against the total. At present my stats there are 15,600 forwarded, 223,400 eaten (never seen by me) with 640 email addresses, almost all created just by me typing the email address like thecompanyname.to.myspamgourmetaccount theatsign spamgourmet.com in the form where I'm asked what my email address is on the destination site. It's fast, easy, reliable and has never acted improperly in any way in the time I've been using it. It just does the job, smoothly and well. Nothing is certain but it's got a good record. I wondered what happens when an organisation you do business with sends you an important message from a different sender address or domain? I find this happens often. Do you receive those emails? Would it depend on still being below your limit for that address? Would you have to spot that eg your bank is sending emails from a new address/domain in time to add it before they get blocked or the address expires?
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metoo
Member of DD Central
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Post by metoo on Jan 21, 2016 23:03:51 GMT
Two new property loans at 8%. OK it is a new year and property loans take time to get going. We are unlikely to see the volume require propping for a while - just higher interest rates where the loan requires it (which is as it should be). The major change is the inclusion of property in whole loans. Given that the majority of loans go as whole loans, and given that the FC trust will purchase all property loans which are chosen as whole loans, without any propping up, then it is difficult to see circumstances in which a property loan would need to start with cash back. A better approach would be to list all property loans without cash back and rely on most of the large late-tranche loans to being randomly chosen as whole loans. Only if they get listed as partial loans might there be a need to intervene, either by purchase by FCPF (undesirable) or by tactical cash back offered later in the listing period. Slim pickings for us vultures. I think I have to declare Game Over and move on. Is it time already? Total volume of property lending in the last month was down by about 60% compared with recent months ignoring the pre-Christmas surge. That easily explains absence of CB. They must want to get back up to speed as soon as they can. Whereas whole loans dominate the SME loans, taking around 75% of new lending now, they only account for about 25% of new property lending. So far it's just the Income Fund.
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metoo
Member of DD Central
Posts: 540
Likes: 410
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Funding Circle (FC)
FC IFISA
Jan 20, 2016 0:03:14 GMT
Post by metoo on Jan 20, 2016 0:03:14 GMT
Is that really how you take your financial decisions? I don't think you'd actually have to look at the emails ongoing. They'd be duplicates of the ones you already get. But on the other hand, looking at other options is no bad thing, spreading your risks. Yeah, I think knowing that you will receive and see all relevant communications about your investments is one of the more important considerations. Not the only one ofc, but kinda a building block upon which some of the other important considerations rely. Genuinely. I am a bit of a dinosaur, admittedly, but I doubt I can be alone in wanting (needing) to stick to the email address(es) I have. Its like if a company doesn't want to deliver to my home I probably won't pay them to provide something I want delivered. It's a fair point. Maybe they'll listen if enough people feel that way. Probably it's why they're asking now.
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metoo
Member of DD Central
Posts: 540
Likes: 410
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Funding Circle (FC)
FC IFISA
Jan 19, 2016 23:43:42 GMT
Post by metoo on Jan 19, 2016 23:43:42 GMT
A new email account won't be happening for me, I have enough trouble following the 2 I have. SO if that is a requirement, it will be a good time for me to look at the other options. Is that really how you take your financial decisions? I don't think you'd actually have to look at the emails ongoing. They'd be duplicates of the ones you already get. But on the other hand, looking at other options is no bad thing, spreading your risks.
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metoo
Member of DD Central
Posts: 540
Likes: 410
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Funding Circle (FC)
FC IFISA
Jan 19, 2016 21:08:23 GMT
Post by metoo on Jan 19, 2016 21:08:23 GMT
Good deal on transfers in, but if I'm putting serious money into an IFISA it wouldn't be the FC one. 8>. Which would you go for, given the trickle of deals on many sites and the potential flood of new cash?
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metoo
Member of DD Central
Posts: 540
Likes: 410
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Funding Circle (FC)
FC IFISA
Jan 19, 2016 21:06:38 GMT
Post by metoo on Jan 19, 2016 21:06:38 GMT
Is there any proper info or is it just dripped out in the survey? As I didn't have answers for all the questions, perhaps I didn't see all the snippets. Thanks. Read the survey; it seems to be all the info available, AFAIK. Edit: one question was: "How much of your previous ISA subscriptions are you likely to transfer to your Funding Circle IFISA Account?" Thanks. I made up some answers to get through to the information. Didn't submit as I needed "don't know" answers.
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metoo
Member of DD Central
Posts: 540
Likes: 410
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Funding Circle (FC)
FC IFISA
Jan 19, 2016 20:56:20 GMT
Post by metoo on Jan 19, 2016 20:56:20 GMT
So from an emailed lending review sent today we now know something about the IFISA. We will need to set up a new account for the IFISA with a new email address. And we will not be able to transfer in loan parts - we have to deposit cash and buy them. But at least it seems we will be able to manage the accounts - buy and sell. It seems to be simply a second account within the wrapper. There will be interesting times on the secondary market. The email is riddled with confusing links, some out of date and some going to nowhere useful. I thought I'd tried them all but I can't track down the details. Can you provide the web link to the info page if it's open access? Is there any proper info or is it just dripped out in the survey? As I didn't have answers for all the questions, perhaps I didn't see all the snippets. Thanks.
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metoo
Member of DD Central
Posts: 540
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Post by metoo on Jan 19, 2016 14:54:31 GMT
It's a Vanilla forum. They were hacked in 2013 via the poor implementation of reCaptcha when setting up an account here www.fixedincomeinvestor.co.uk/x/forum.htmlThat wasted a previously good email address that got spammed to death. I vowed never to join a Vanilla forum again. John That's a shame. So many companies have lax security though - hopefully not financial firms, but many others. I now use use a disposal email address for anything with low security like a forum. Yahoo have disposable email addresses offered in the settings and let you have as many addresses as you like all in one account, funnelled into the same inbox. You can append a note to remind you what the address is for. If an address goes bad, you can just delete it. And for non-official sites, false date of birth, etc is a good idea to protect against id fraud. If you use the same false details every time you know what they are if you ever need them.
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metoo
Member of DD Central
Posts: 540
Likes: 410
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Post by metoo on Jan 16, 2016 23:28:45 GMT
Looking back at this post, and all I feel is disappointment. With perhaps a smidgeon of embarrassed naivety . I don't want to be cynical. But we are asked to take a lot on trust. Ultimately, only sound management will be good for the business, so let's hope it's all good and no daft decisions. Aspirations are high, and there must be pressure too. Is there an equivalent to caveat emptor for investing?
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metoo
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Post by metoo on Jan 16, 2016 23:11:00 GMT
Here’s a chart of % of accepted SME loans in each risk band since Funky Chimps began to play. Secured property loans and WLs are left out. A+ has risen for about 2 years. Overall for 1 Sep 2010 - 31 Dec 2015, A+ | A | B | C | D | E | 15% | 30% | 26% | 21% | 8% | 1% |
A co-incidence of course that the loss-free A+ property loans have also been increasing for about two years. Fortunate, though, that the property loans will be offsetting any increased loss in the A+ SME's and helping to keep the band overall below 0.6% pa. Good for business, too. Just pure coincidence. And fortunate, so long as...
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metoo
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Posts: 540
Likes: 410
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Post by metoo on Jan 16, 2016 22:30:45 GMT
Here’s a chart of % of accepted SME loans in each risk band since Funky Chimps began to play. Secured property loans and WLs are left out. A+ has risen for about 2 years. Overall for 1 Sep 2010 - 31 Dec 2015, A+ | A | B | C | D | E | 15% | 30% | 26% | 21% | 8% | 1% |
Edit: with apologies to blender for borrowing the Funky Chimps' band.
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