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Post by angrykittens on Aug 9, 2018 10:13:43 GMT
I think this one has been on the market a long time and is only 48% filled more than 2 months later? I think this is mainly due to an expert in this field posting what they are really worth and I am glad he did! As a matter of interest can somebody tell me what happens if this loan does not fill. I thank you If a loan doesn't fill then FS will either get an underwriter to cover the remaining balance, which essentially just means the loan is filled as normal to investors. Or the loan is cancelled, everyone gets their investment back + interest for the time it was committed to the loan.
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adrian77
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Post by adrian77 on Aug 9, 2018 10:18:23 GMT
thanks a lot
Wonder how much an underwriter would charge to cover this one!
If cancelled then I guess more expense for FS although good news for the investors!
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Post by eascogo on Aug 9, 2018 11:27:18 GMT
I think this one has been on the market a long time and is only 48% filled more than 2 months later? I think this is mainly due to an expert in this field posting what they are really worth and I am glad he did! As a matter of interest can somebody tell me what happens if this loan does not fill. I thank you If a loan doesn't fill then FS will either get an underwriter to cover the remaining balance, which essentially just means the loan is filled as normal to investors. Or the loan is cancelled, everyone gets their investment back + interest for the time it was committed to the loan. The 22 loans on offer total 7.5mm. The time lag to fill or cancel loans represent a sizeable drain on FS cash flow because interest is paid from the time of initial deposits. The bad vibes, fully deserved imo, are unlikely to ease FS predicament. I have a sizeable sum locked in for nearly two years with no sign of a resolution.
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adrian77
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Post by adrian77 on Aug 9, 2018 16:03:14 GMT
interesting. Also would I be correct that for general P2P lending there would be an underwriter's fee as well although I have no idea if this would be a significant cost?
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mjc
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Post by mjc on Aug 10, 2018 4:54:58 GMT
Can anyone point me to where I can understand the role of the underwriters, where they make their money for what seems a high risk? Do they have a get-out that could in fact reduce the stability by suddenly withdrawing just when most needed?
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adrian77
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Post by adrian77 on Aug 10, 2018 7:44:38 GMT
to retun to the original thread title
this one is filling extremely slowly and it still only at 49%.
I note this chap is due to repay his loan of £378K plus interest i.e. well over £400K by end of next month so what happens if this loan does not fill ?
Am I the only person to be extremely worried about this one?
I thank you.
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technik
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Post by technik on Aug 16, 2018 17:36:40 GMT
These days I'm keeping an eye on the 'all active and past loans' sorted by last updated as an indicator of overall FS attitude and performance.
Curious as to why (aside from the rate being 12% on the loan being filled vs. 13% of the one mentioned) the borrower might be redeeming £15k worth of one loan, whilst simultaneously getting one for £135k being filled as an available investment. And realise every pound counts, but redeeming these small chunks (there was one £100k redemption however) of a total £1.3m borrowing is an interesting approach.
One additional other thought generated from this. If redeeming small parts each time, does that likely mean these items are being sold on an ongoing basis, not just the owner deciding they want ownership back for their love of the pieces or some other reason? And if so, how does holding viewing and making sales work if we assume the pieces are in secure, 3rd party storage unless stated otherwise?
Possibly just a lot of speculation and don't want to get into that side of things, but all stems from seemingly not having more information on the loan descriptions and updates about what the arrangements are.
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Post by df on Aug 16, 2018 18:38:34 GMT
These days I'm keeping an eye on the 'all active and past loans' sorted by last updated as an indicator of overall FS attitude and performance. Curious as to why (aside from the rate being 12% on the loan being filled vs. 13% of the one mentioned) the borrower might be redeeming £15k worth of one loan, whilst simultaneously getting one for £135k being filled as an available investment. And realise every pound counts, but redeeming these small chunks (there was one £100k redemption however) of a total £1.3m borrowing is an interesting approach. One additional other thought generated from this. If redeeming small parts each time, does that likely mean these items are being sold on an ongoing basis, not just the owner deciding they want ownership back for their love of the pieces or some other reason? And if so, how does holding viewing and making sales work if we assume the pieces are in secure, 3rd party storage unless stated otherwise? Possibly just a lot of speculation and don't want to get into that side of things, but all stems from seemingly not having more information on the loan descriptions and updates about what the arrangements are. Just a guess. The last one was sitting there for ages and currently only 55% filled. Perhaps the borrower realised that selling the items is a better way to raise cash than borrowing at ridiculous rate??? Whatever drives their financial decisions, every partial repayment is good news for me.
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adrian77
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Post by adrian77 on Aug 18, 2018 16:11:43 GMT
interesting one this one - as of today 18.08.18 it is still only 57% filled with the next repayment of over £362K (plus interest at what 3% pcm ? ) due on 27th of next month.
Also this one can be bought on the SM with interest of 21.25%.
As I see it FS can either let the underwriters fund this one - they will love that or cancel the loan - the lenders will love that as they will get interest. If cancelled then I can't see any other option apart from defaulting - if so I just hope they recover more than the 44% than they did for the Peter H painting but I am not convinced.
As I said interesting one this one as is the cinema which is due to complete tomorrow....
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arby
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Post by arby on Aug 24, 2018 10:51:29 GMT
A chunky £25k thrown in from a single investor has certainly helped this one out substantially so it looks like it will be out of the way before the other renewals kick in!
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greenslime
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Post by greenslime on Aug 24, 2018 18:38:58 GMT
A chunky £25k thrown in from a single investor has certainly helped this one out substantially so it looks like it will be out of the way before the other renewals kick in! Yeah - I noticed that. But not that much since. And I think the sad little triangle of land near a Scottish airport has had a single large transfusion as well. Not putting anything in, they're just two loans I've been watching as bellwethers of 'confidence' in the platform - see discussions elsewhere
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arby
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Post by arby on Aug 24, 2018 19:11:39 GMT
A chunky £25k thrown in from a single investor has certainly helped this one out substantially so it looks like it will be out of the way before the other renewals kick in! Yeah - I noticed that. But not that much since. And I think the sad little triangle of land near a Scottish airport has had a single large transfusion as well. Not putting anything in, they're just two loans I've been watching as bellwethers of 'confidence' in the platform - see discussions elsewhere Yeah, I know what you mean, I have my eye on a few like that too. I think the issue with the military items is mostly that most people have already had their appetite for it filled, particularly as it's likely it's all going to the same borrower... When a decent looking loan crops up that doesn't have glaring problems (or isn't tranche 97) then they still seem to fill reasonably well. Edit: wow, you're right, didn't realise someone put £50k into the airport! Really emphasises the different appetites/abilities when you see that sat next a bunch of £25s!
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rs
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Post by rs on Oct 16, 2018 12:09:36 GMT
New loan (Antique collection) on FS opportunities to come soon. It's always nice to know how this borrower will pay off all these loans especially since that these antiques, swords, clocks value could have been completely overpriced.
This is a six month loan secured against a collection of 19 antiques including silverware, paintings, clocks, swords, porcelain and statues.
Note that the same borrower has the following loans with FundingSecure:
1013434811
1410173723
9114684713
2240243169
The proceeds of this loan are being withheld by FundingSecure to pay interest on loan ref 1410173723
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mjc
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Post by mjc on Oct 16, 2018 15:00:36 GMT
Well I think it’s reassuring the borrower has assets left to pawn. I look forward to getting something back soon on *3723.
As this does not happen very often (offering something tangible to pay the interest on another loan/s, rather than platitudes or being elusive to FSs heavies (softies really)), methinks many borrowers are maxed out on their cards, and all assets mortgage to the hilt.
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blender
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Post by blender on Oct 16, 2018 15:09:40 GMT
Hmmm. Collecting money from new investors to pay the interest due to existing investors. Sounds like a plan, but with obvious risks. It all depends on all the security taken being rock solid for the total amount lent plus interest owed (and ownership being undisputed).
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