blender
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Post by blender on Dec 2, 2014 13:07:18 GMT
Or maybe FCSL kept hitting a bad gateway or internal server error and could not get their bids in. At present 13:08 it is unusable.
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blender
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Post by blender on Dec 2, 2014 13:35:43 GMT
Interestingly, 8995 ended up funded to the tune of £435,660 and was still only showing as 97%. Hopefully, FC can just untangle the last bids from FCS ltd, or take the £5660 off the next tranche! FCS ltd were bidding in £100 parts, maybe they listened to the criticism of bidding in £20 bids or perhaps there was a lot to fund and they couldn't be bothered with all that clicking. FCSL bought £54k of 8995 in £100 parts.
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oldgrumpy
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Post by oldgrumpy on Dec 2, 2014 13:48:26 GMT
Did I see an A at 9.5% + 2% cashback 14 months a couple of days ago? It disappeared. I was going to invest nearer to end of auction day.
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blender
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Post by blender on Dec 2, 2014 15:12:00 GMT
Did I see an A at 9.5% + 2% cashback 14 months a couple of days ago? It disappeared. I was going to invest nearer to end of auction day. If you did it was one of those very few listing errors, and soon gone. 9% yes and you have plenty of time left. Maybe we are both seeing things, high on potassium or fermented slops.
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Post by spanner on Dec 2, 2014 16:00:27 GMT
Pardon my ignorance, but can someone enlighten me as to what FCSL is? Funding Circle's own fund? How can I find out more about it? How much do has it lent? When did it start lending? Whose money is it? Thanks!
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blender
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Post by blender on Dec 2, 2014 16:38:11 GMT
Funding Circle Solutions Limited - it buys up loan parts at the end of unfilled auctions where FC has made a commitment to the borrower to underwrite the loan. It has bought parts of a few property loans, now totalling around £100k. Usually these have been subsequent tranches after the first one has been funded. It would not be reasonable to expect a borrower to have uncertainty about having the full funding. FCSL is presumably a wholly owned subsidiary, using FC money and presumably staff fingers for pressing the mouse key. Some of these parts have been listed on the secondary market at par. There is a thread which talks about underwriting policy and the need to limit this. It is not something FC wish to do too much of - their capital is for developing the business, not lending money.
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Post by spanner on Dec 2, 2014 17:36:11 GMT
Thanks Blender, most informative.
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baldpate
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Post by baldpate on Dec 3, 2014 9:39:23 GMT
It will be interesting to see how 9271 fares. It is the third big tranche of a large (£3M+) development project, and is just about the last of the 2%ers. At the moment, with 9 days to go, it is only 18% filled. Particularly with the now-reduced cashback, I can see this loan-series, & other biggies like it, putting quite a dent in the FCSL underwriting fund.
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baldpate
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Post by baldpate on Dec 15, 2014 15:30:33 GMT
Well, 9271 (for £420K with 2% CB) got pulled, because it was clearly not going to fill. It was replaced by two successive smaller loan (each £200K) at 1.5% CB. The first one just about filled. The second, 9471, has just been pulled with less than 2 days to go and under 50% filled - FC realized it had no chance. Interesting to see how they are going to manage the funding of this development project, going forward, since there are still several £million to find in this and future tranches.
I wonder if they will be forced back to 2% CB for this one?
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Post by GSV3MIaC on Dec 15, 2014 16:04:02 GMT
Well, 9271 (for £420K with 2% CB) got pulled, because it was clearly not going to fill. It was replaced by two successive smaller loan (each £200K) at 1.5% CB. The first one just about filled. The second, 9471, has just been pulled with less than 2 days to go and under 50% filled - FC realized it had no chance. Interesting to see how they are going to manage the funding of this development project, going forward, since there are still several £million to find in this and future tranches. I wonder if they will be forced back to 2% CB for this one? I think you mean 9478 .. 9471 doesn't exist (except maybe as a whole loan). Yes, they are going to have to do something .. other than salami slicing. I'm surprised they haven't upped the autobid allowance for this sort of loan, but I guess that would just dent liquidity elsewhere. Maybe their commercial lender would like to punt a few quid on these .. or maybe not.
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Post by pepperpot on Dec 15, 2014 16:11:14 GMT
Pulling it is not a positive (or professional) move from my perspective, surely it's not a surprise to find these large loans not filling.
Where's the promised underwriting gone?
What's the borrower doing for funds whilst Festive Chubbiness frantically works on plan C, or is it D now?
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baldpate
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Post by baldpate on Dec 15, 2014 16:22:45 GMT
Yes, you're right GSV3MIaC - I mean't 9478.
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mikeb
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Post by mikeb on Dec 15, 2014 19:25:54 GMT
Property cashback now fallen to 1% .... (9632)
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blender
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Post by blender on Dec 15, 2014 19:32:30 GMT
Property cashback now fallen to 1% .... (9632) It is going to be tricky to fill £400k of that at 1% - especially without many autobidders and as the bidding period goes through Xmas. An unfilled stocking I fear. Property has a running down feeling about it - but perhaps it is the Xmas break in the industry.
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blender
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Post by blender on Dec 16, 2014 10:45:14 GMT
This morning 9333 has stopped short of its £200k and FC Solutions's eagles have rescued it from certain death. It is tricky to fill even a smaller third tranche commercial mortgage at 1.5%, when the previous tranche had 2% and parts are on sale at 1.3% discount. Strictly for longer-term keepers. Very close though.
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