mikeymike
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Post by mikeymike on Feb 28, 2018 12:29:41 GMT
Does this always happen or just on some loans? How is it decided? The learning curves are getting the better of me. FCA rules prevent approved P2P platforms from funding their own loans these days so, by definition, any renewal loan that's still "filling" after the previous loan has been repaid must have been covered by underwriter funds. Quite who FS use for their underwriting, and how much they get paid for taking on the risk, I don't know. Thanks for that info, SteveT; ISTM the curves keep getting steeper and the ground gets further away.
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Mousey
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Post by Mousey on Feb 28, 2018 22:26:47 GMT
FCA rules prevent approved P2P platforms from funding their own loans these days so, by definition, any renewal loan that's still "filling" after the previous loan has been repaid must have been covered by underwriter funds. Quite who FS use for their underwriting, and how much they get paid for taking on the risk, I don't know. Thanks for that info, SteveT; ISTM the curves keep getting steeper and the ground gets further away. Are we sure that actually happens though... have FS confirmed in writing anywhere?
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mikes1531
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Post by mikes1531 on Mar 3, 2018 21:57:05 GMT
It’s already filled, by one or more underwriters. That’s how the previous loan was repaid. The availability you see is simply underwriter holdings offered for sale to retail lenders. It makes little odds how long it takes to sell through. : It may not make any difference to investors directly, but if FS are paying their underwriters more than the 'normal' interest rate on this loan then the incremental cost has to be coming out FS's pocket -- and that can't help their viability as a platform. It does, of course, make their investors happy, and that's a positive thing for the platform, so it could well be a cost worth paying. Are we sure that actually happens though... have FS confirmed in writing anywhere? : I'm not aware of any clear statement from FS, but that's our understanding of the FCA 'rules' and AFAIK we have no reason to suspect FS aren't abiding by them. Besides, I'd be somewhat surprised if FS had such a big chunk of money lying about that they could put to this task for an indeterminate period. (It started out as about £1M back in mid-February, but it's down to about £600k now.)
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rogerthat
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Post by rogerthat on Mar 9, 2018 12:57:50 GMT
Surprisingly, considering how many tranches there have been already there doesn't seem to be a thread on the OF  Current £1.5m loan 2802**7737 is finding it hard work to fill..ive had my dollop in this for 23days already. Easy to say in hindsight but personally I think it would have been better to have split this loan in two. I suspect that its no coincidence that lots of piccies and a written update summary have appeared this morning in an effort to encourage further lending. I like this project in general and for the fact that its saving another fine building from the demolition gangs. Apart from a few teething problems the development (as mentioned in the report) seems to have overcome the worst and is now progressing well. Ive lobbed in probably far too much in all the loans to date but now have more confidence that Phase 1 will complete. Other prior loans are now well advanced (4 in particular are 204/171/136/134 days in)..will this particular loan fill before much longer? "Cumulative lending including this loan is £2,405k. The current value is estimated at £4,000k, giving a current LTV of 60% (£2,405/£4,000). We have reviewed the costs to complete and are comfortable that the final LTV target of 61% remains on target." |
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aj
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Post by aj on Mar 9, 2018 13:17:22 GMT
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rogerthat
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Post by rogerthat on Mar 9, 2018 13:22:41 GMT
Dratski..I think there were so many asterisks in the title that whatever I searched for in erm...search couldn't find owt..oh well..mines better anyway  ..if a MOD wants to merge..so be it..still at least it got the country right 
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rogerthat
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Post by rogerthat on Apr 11, 2018 17:02:44 GMT
Geezuz H  am I losing the plot or :- Can someone confirm FS's latest renewal email is incorrect please ?...the email states that the new loan 2159944489 is a renewal of 2838940238 but if you view the new link loan number (2159944489) in GI it says it is a renewal of 3038150496 (which as it happens is a 3rd tranche) |
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Post by fundingsecure on Apr 11, 2018 17:09:52 GMT
Apologies - email link is incorrect - the link in the loan preview is the correct one - being the 3rd tranche.
FuindingSecure
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rogerthat
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Post by rogerthat on Apr 11, 2018 17:18:54 GMT
Apologies - email link is incorrect - the link in the loan preview is the correct one - being the 3rd tranche. FuindingSecure Thanks 
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rogerthat
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Post by rogerthat on Apr 11, 2018 17:24:20 GMT
Message to Mods..due to my over enthusiasm it is apparent that there are two threads for this development (the link to the original being posted earlier on this later one) if its not too much trouble can you merge this into the old one please..thanks
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Post by badboyyardy on Apr 24, 2018 13:31:16 GMT
Looky looky a ninth tranche - no progress since last tranche I assume
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rogerthat
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Post by rogerthat on Apr 24, 2018 13:43:43 GMT
Looky looky a ninth tranche - no progress since last tranche I assume Recent..ish update and new photos...so..yes
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trium
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Post by trium on Apr 25, 2018 4:22:27 GMT
Looky looky a ninth tranche - no progress since last tranche I assume Tranche 4 (£136,500) due to repay/renew on Friday - nearly £9K interest probably to come out of this one. Lots of earlier tranches on the SM at discounts up to -0.8% so seems little point in queuing here.
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adrian77
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Post by adrian77 on Apr 25, 2018 6:52:00 GMT
yet again this development seems overvalued to me - especially the project in its current state
Believe me between now and final completion this developer is going to burn money like it is going out of fashion. £3.2m at 30% is a fair few quid. As mentioned above why buy the latest loan at 13% when you can buy a discounted loan on the SM paying up to 18.1% AND I guess the earlier loans are more likely to be repaid on time? Am I being thick and missing something,
For tranche 9 we have
and the fact tranche 4 is due for renewal on the 27th of this month and tranche 5 next month is pure coincidence?
If this developer hits any major snags then I can see this one running out of cash, coming back for more money and going into meltdown - just my opinion
Hope this chap has got the fire safety measures organised!
give me "Stick" , give me "Smutty" - what have you got .....
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rogerthat
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Post by rogerthat on Oct 1, 2018 10:55:58 GMT
I note the final (14th) tranche of the 1st facility 1508756053 is due to be listed at high noon (NB 28mins prior notice by email ! ) but it hasn't escaped my notice that the 1st tranche on this facility 2802737737 is now at 229 days..whilst I realise the continuation of finance has to proceed, it might encourage further lending if overdue tranches were dealt with in a timely manner first..just saying.
Edit "25 mins ago (though its only just appeared )
A new tranche has just bene (sic) listed which will fund the interest on this loan,(2802737737 ) thus enabling it to be renewed"
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..if a MOD wants to merge..so be it..still at least it got the country right 
am I losing the plot or :-
