chrisf
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Post by chrisf on Jul 7, 2014 8:06:32 GMT
Well if new loan listings were held back at the end of last week in order to help the big property loan fill up, as some have suspected, surely it is time to give up on that now? So possibly the floodgates will open this morning?It is amazing how quickly things turn around: from last Thursday being the best FC day for 3 months, to the dire state-of-affairs we have presently.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jul 7, 2014 8:53:53 GMT
Well if new loan listings were held back at the end of last week in order to help the big property loan fill up, as some have suspected, surely it is time to give up on that now? So possibly the floodgates will open this morning?It is amazing how quickly things turn around: from last Thursday being the best FC day for 3 months, to the dire state-of-affairs we have presently. You never know your luck. They could launch a couple more big property loans this morning at even lower rates than previously. One thing is for certain it is very difficult to out guess FC.
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blender
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Post by blender on Jul 7, 2014 9:17:34 GMT
I doubt that they will have missed the issue with 6705, which sits there requiring £146k by Thursday evening and put on less than £3k yesterday. A task too great for the mightly Autobid, even with all other loans full. It would be quite a problem to have a failure to fund a property loan, but the deal is poor 7% over 36m with 2% cashback - not one to be stuck with for that long. 6622 is discounting to a poor 1.3% and that was better, 7% over 12m with 2% cashback. The problem with offering cashback is that its value reduces as the term increases, and this loan looks poor compared with other platforms, and other loans on FC, such as 6762.
I guess that the Monday morning meeting (if they have one) will conclude that 6705 requires targetted action and the number of general loans should be above 50. I have some money in 'available funds' but it will not go on 6705 as currently advertised. No comment on the quality of the company of course, an A+ is an A+.
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Post by GSV3MIaC on Jul 7, 2014 9:38:07 GMT
Well if new loan listings were held back at the end of last week in order to help the big property loan fill up, as some have suspected, surely it is time to give up on that now? So possibly the floodgates will open this morning?It is amazing how quickly things turn around: from last Thursday being the best FC day for 3 months, to the dire state-of-affairs we have presently. You never know your luck. They could launch a couple more big property loans this morning at even lower rates than previously. One thing is for certain it is very difficult to out guess FC. Yep, but luckily it is fairly easy to flee with your surplus funds to some other platform. 8>.
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Post by davee39 on Jul 7, 2014 12:35:44 GMT
If I was FC, stuck with an unwanted property loan I would buy up the unallocated portion and
- dump at 2% discount OR
- dump at par, having modified autobid to give certain parts preferential treatment.
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blender
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Post by blender on Jul 7, 2014 12:57:08 GMT
On another platform the operator might offer additional cashback to those willing to make up the difference, disadvantaging those who had already bid and ensuring that they would not bid early in future. FC will probably just let it run and if it does not make it might give the borrower the chance to offer a higher rate. Of course we hope it does fill.
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Post by GSV3MIaC on Jul 7, 2014 13:08:23 GMT
If I was FC, stuck with an unwanted property loan I would buy up the unallocated portion and - dump at 2% discount OR - dump at par, having modified autobid to give certain parts preferential treatment. Autobid has probably (99% certainly!) already dumped the maximum quota on everyone currently eligible, so only future sales would be to newbies. I suspect FC may underwrite it, as they did with the Ramsg**e one, and either hold it or sell it off over time .. but maybe there is no embarrassment in having it fail to fill (happens over on Rebuildingsociety on a regular basis, despite the best efforts of one or two HNW individuals). Brings us back closer to the concept of an auction, rather than XYZ-banking 'buggins turn'. It's priced wrongly, clearly, compared to FCs other property loan offerings, never mind other platforms... autobidders neither notice or care, but the liveware bidders were not sucked in in sufficient numbers, and,to be fair(ish) this is FCs biggest loan attempt to date (so perhaps a fatter cashback or higher rate would have been wise!).
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blender
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Post by blender on Jul 7, 2014 14:10:40 GMT
Agree with you GSV except that I would be shocked if FC decided to underwrite it just to fill it. They have never (to my knowledge) changed the game in mid play - they would always start again. And FC is not the lender and should not interfere with the lenders' aggregate judgement. We should decide (plus Autobid) what gets filled and what does not, or FC becomes a lender as well as an intermediary.There will be some lenders who got into 6705 early and wish it to complete after 14 days of waiting. There will be others who will have reconsidered and will wish to get their funds back.
The one they 'underwrote' was a three stage loan where you could not expect a borrower to take the first if the second and third tranches were not certain. Mucky, but at least the borrowers judged the first freely, and knew the position at the start of the other tranches. We do not know what form the 'underwriting' would have taken. Perhaps the guarantee was given by another party for a fee. Maybe FC are looking at some proper underwriting facilities for staged loans, and possible other cases - not 6705 surely.
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Post by GSV3MIaC on Jul 7, 2014 16:00:29 GMT
You're probably right, although I'm sure they're doing all they can to avoid yet another funding failure (be the second this year?! Last time resulted in the 'cashback on large loans' offer)..
As for 'the floodgates opening' .. I wish!! .. today has been a decidedly pedestrian trickle, half of which have (seemingly) already been bounced around the whole loan crowd and rejected. Still, there is yet time, I've seen listing anywhere between about 8:45AM and 8PM (on rare occasions) and 6-7PM is often quite fertile..
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jm72
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Post by jm72 on Jul 7, 2014 20:33:49 GMT
You're probably right, although I'm sure they're doing all they can to avoid yet another funding failure (be the second this year?! Last time resulted in the 'cashback on large loans' offer).. As for 'the floodgates opening' .. I wish!! .. today has been a decidedly pedestrian trickle, half of which have (seemingly) already been bounced around the whole loan crowd and rejected. Still, there is yet time, I've seen listing anywhere between about 8:45AM and 8PM (on rare occasions) and 6-7PM is often quite fertile.. As far as I can tell - today, 8 whole loans, 12 new loans and 3 loans which had previously been listed as whole loans on Friday. This compares to 9 whole loans out of 19 loans in total on Friday. So currently about 50% of all loans are first going to the Whole Loan market - seems high to me, but maybe indicative of high(ish) rates in the auctions
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Post by davee39 on Jul 9, 2014 17:38:52 GMT
A bit of oil and they managed to get the floodgates opened today, fortunate, since I would rather withdraw funds than invest at this weeks close to MBR rates.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jul 10, 2014 14:37:15 GMT
Well if new loan listings were held back at the end of last week in order to help the big property loan fill up, as some have suspected, surely it is time to give up on that now? So possibly the floodgates will open this morning?It is amazing how quickly things turn around: from last Thursday being the best FC day for 3 months, to the dire state-of-affairs we have presently. You never know your luck. They could launch a couple more big property loans this morning at even lower rates than previously. One thing is for certain it is very difficult to out guess FC. Oh well. They didn't do what I thought they would do instead they popped out a medium sized property deal at 8% and no cash back! I wonder how long this one will take to fill?
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min
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Post by min on Jul 10, 2014 14:50:24 GMT
You never know your luck. They could launch a couple more big property loans this morning at even lower rates than previously. One thing is for certain it is very difficult to out guess FC. Oh well. They didn't do what I thought they would do instead they popped out a medium sized property deal at 8% and no cash back! I wonder how long this one will take to fill? If you mean 6879 then showing as 2% cash back now!
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blender
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Post by blender on Jul 10, 2014 14:53:25 GMT
Do you mean 6879 merlin? It's 2% cashback! After reading your post I nearly needed fresh underwear - but then remembered that I just wear a woolly jumper. Sorcerers are not what they used to be.
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Post by GSV3MIaC on Jul 10, 2014 15:20:54 GMT
And the floodgates are well and truly open. Yep, looks like they did take heed of the 6705 issues, since 8% for 12 months (with cash back) looks like a much better idea. I might even buy some. 8>.
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