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Post by slopsjon on Oct 26, 2017 7:37:34 GMT
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Post by dan1 on Oct 26, 2017 8:07:08 GMT
Hi, I have quite a lot of loans with FS and I *might* need to get my hands back on that money. I know it depends on a few factors, but how long does it usually take to sell a loan part? 1 week? 3 months? Thanks If it were me I'd sell now, you never know when your loans will be pulled from trading or the whole SM will be locked (as ABL did yesterday for 48hrs possibly longer to resolve a technical issue). It depends on the implications of not being able to access the money.
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r00lish67
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Post by r00lish67 on Oct 26, 2017 8:55:41 GMT
Just in case you're not aware, you also can't sell any loans with <30 days remaining, bit of a gotcha for anyone who hasn't been through the process.
In my view, you'll always have to place your offers at the very top of the queue to sell within a few days (and keep an eye on it), as the discounts offered tend to go only in one direction as the end of the loan approaches. If you want simple/fast, then plonk them on with 1% discount in a slow and steady fashion and it should be much faster.
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fp
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Post by fp on Oct 26, 2017 9:02:13 GMT
Hi, I have quite a lot of loans with FS and I *might* need to get my hands back on that money. I know it depends on a few factors, but how long does it usually take to sell a loan part? 1 week? 3 months? Thanks or the whole SM will be locked (as ABL did yesterday for 48hrs possibly longer to resolve a technical issue). It depends on the implications of not being able to access the money. I've never known a loan be pulled from trading on FS, how often has this happened, other than in the final 30 days which is a given anyway?
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bg
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Post by bg on Oct 26, 2017 9:30:23 GMT
If it were me I'd sell now, you never know when your loans will be pulled from trading or the whole SM will be locked (as ABL did yesterday for 48hrs possibly longer to resolve a technical issue). It depends on the implications of not being able to access the money. I've never known a loan be pulled from trading on FS, how often has this happened, other than in the final 30 days which is a given anyway? It has happened. I was in Hampshire Land - Renewal (6696063822) and the second charge holders called in the administrators 3 months into the loan so it was suspended with full repayment of capital and interest 6 months later. I'm typically invested in 90-100 loans on FS and that is the only time it has happened to me so it is a rare event.
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fp
Posts: 1,008
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Post by fp on Oct 26, 2017 9:59:20 GMT
I've never known a loan be pulled from trading on FS, how often has this happened, other than in the final 30 days which is a given anyway? It has happened. I was in Hampshire Land - Renewal (6696063822) and the second charge holders called in the administrators 3 months into the loan so it was suspended with full repayment of capital and interest 6 months later. I'm typically invested in 90-100 loans on FS and that is the only time it has happened to me so it is a rare event. Thanks bg, thinking about this then its only really likely to be the second charge loans where this is a higher risk, knaresbrough also springs to mind as this is also defaulted due to the first charge holder calling in their security, possibly wimbledon too?
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bg
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Post by bg on Oct 26, 2017 10:04:09 GMT
It has happened. I was in Hampshire Land - Renewal (6696063822) and the second charge holders called in the administrators 3 months into the loan so it was suspended with full repayment of capital and interest 6 months later. I'm typically invested in 90-100 loans on FS and that is the only time it has happened to me so it is a rare event. Thanks bg, thinking about this then its only really likely to be the second charge loans where this is a higher risk, knaresbrough also springs to mind as this is also defaulted due to the first charge holder calling in their security, possibly wimbledon too? Well FS was the first charge holder on this loan so it was the guys ranking behind them that called in the administrators. It's not necessarily an issue unless you need the cash quickly. On a well diversified portfolio having the odd loan suspended shouldn't matter.
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chunkie
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Post by chunkie on Oct 26, 2017 12:28:16 GMT
I sold around 30 lots of smallish holdings last month at the max -1% discount and they all went in a few hours. I'm left with a dozen or so small ones that can't be sold as they are either overdue or due this month. After that I'm done with P2P until I've seen the resolution of the larger foul ups on both FS and LY née SS!
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mikes1531
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Post by mikes1531 on Oct 27, 2017 1:25:14 GMT
It has happened. I was in Hampshire Land - Renewal (6696063822) and the second charge holders called in the administrators 3 months into the loan so it was suspended with full repayment of capital and interest 6 months later. Thanks bg, thinking about this then its only really likely to be the second charge loans where this is a higher risk, knaresbrough also springs to mind as this is also defaulted due to the first charge holder calling in their security, possibly wimbledon too? Well FS was the first charge holder on this loan so it was the guys ranking behind them that called in the administrators. It's not necessarily an issue unless you need the cash quickly. On a well diversified portfolio having the odd loan suspended shouldn't matter. : Aside from the situation described by bg, if the borrower became bankrupt during the term of the loan I think I expect a SM suspension. Another situation that could cause a loan to be suspended before maturity might be a loan that's in multiple tranches. If one of the older tranches is put into recovery I'd expect them all to be affected.
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