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Post by GSV3MIaC on Feb 26, 2015 11:26:53 GMT
This is the long running one which stuggled to get funded several times, so FC are now offering a more generous cashback to get it over the line. Fill yer boots. 8>.
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coop
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Post by coop on Feb 26, 2015 12:15:29 GMT
Will do!
Thanks for the heads up, much appreciated!
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coop
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Post by coop on Feb 26, 2015 13:14:54 GMT
The illiquidity is a slight concern but I will start offering a small discount if/when they haven't sold and I'm fully invested and need more money for 12-13% loans.
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sl75
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Post by sl75 on Feb 26, 2015 13:25:02 GMT
I've not shifted the last lot yet! Still, looks to be a good borrower and the reasonable LTV means I don't mind holding to maturity. With about £2m of this floating around already, and probably half of that available on the SM, will be the most illiquid of them all tho'. There are no parts of the previous loans offered for sale at a discount larger than 0.5%, which suggests to me that parts offered at a larger discount are selling quickly, and that there's plenty of liquidity when priced correctly for the market. In particular, there's plenty of scope for selling at discounts larger than 0.5% but smaller than 2.0% in order to make "sell loan parts" and "invest in new 2% cashback-enabled loan" a profitable strategy (whichever way round the two transactions are done!). For myself, I've got plenty enough liquid cash to max out my desired exposure (which is higher given the short-term 2% cashback opportunity) without selling anything at a discount, but other investors' mileage may vary.
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blender
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Post by blender on Feb 26, 2015 13:38:37 GMT
Fortunately I have no holding in this project and spare cash looking for a home. I'm feeling charitable today (or maybe tomorrow).
But this is desperate stuff from FC and they need to find a sustainable way forward. What happens if this does not find £350k in a week? FCSL I suppose, but that would be a further error signal for FC.
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oldgrumpy
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Post by oldgrumpy on Feb 26, 2015 13:47:08 GMT
It has probably scuppered progress in 11111 with its 7.5% + 0.5% over the same time period.
We all know certain other platforms have problems with projects not repaying at the end of the term due to various delays. Does anyone know what Flaking Cretaceous's policy is for paying lenders default interest after the due date?
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wysiati
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Post by wysiati on Feb 26, 2015 14:00:13 GMT
Fortunately I have no holding in this project and spare cash looking for a home. I'm feeling charitable today (or maybe tomorrow). But this is desperate stuff from FC and they need to find a sustainable way forward. What happens if this does not find £350k in a week? FCSL I suppose, but that would be a further error signal for FC. Going forward there is presumably the option of starting to offer property loans in the whole loans market as well rather than relying on a pure foie gras retail strategy?
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blender
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Post by blender on Feb 26, 2015 14:44:26 GMT
Fortunately I have no holding in this project and spare cash looking for a home. I'm feeling charitable today (or maybe tomorrow). But this is desperate stuff from FC and they need to find a sustainable way forward. What happens if this does not find £350k in a week? FCSL I suppose, but that would be a further error signal for FC. Going forward there is presumably the option of starting to offer property loans in the whole loans market as well rather than relying on a pure foie gras retail strategy? Worth asking of course, but I think they will have tried that. No track record of results yet.
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oldgrumpy
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Post by oldgrumpy on Feb 26, 2015 15:03:52 GMT
It has probably scuppered progress in 11111 with its 7.5% + 0.5% over the same time period. We all know certain other platforms have problems with projects not repaying at the end of the term due to various delays. Does anyone know what Flaking Cretaceous's policy is for paying lenders default interest after the due date? Default interest?? I'm not aware of any being paid to date, and haven't ever seen reference to it. There are a couple in RBR status that I know of (don't have any myself) - Harrogate 7419/6762. It might plush out the Christmas buffet (would Sir care for an extra banana vol-au-vent). I have sent them a question to clarify their policy. The auto acknowlegement appeared in my inbox after about 0.04628 seconds!!  PS banana vol-u-vent? Huh! I'm aleady accused of being too vol-au something (and it isn't as polite as vent!) 
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Post by davee39 on Feb 26, 2015 15:24:26 GMT
But this is desperate stuff from FC and they need to find a sustainable way forward. The FC property offer is not competitive where Assetz can offer around 10%, together with considerable management expertise on the platform and an active secondary market. Then there are the offers at 12% from Saving Stream which do not tempt me but are very popular with others. Yes my boots are modestly stuffed at 2% Cashback & I have slowly started playing at Assetz. It seems I am going to have to take some property from somewhere while normal rates on FC are low & I have maxed out at Ratesetter. Interestingly Lenders are voting with their feet and I expect to see either an improvement in rates, an improvement in cashback or more throttling of the normal auction loans.
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Post by goldservice on Feb 26, 2015 16:29:30 GMT
Will Autobid buy 11166 parts on the SM at par?
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adrianc
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Post by adrianc on Feb 26, 2015 16:36:58 GMT
Will Autobid buy 11166 parts on the SM at par? There's no reason why it wouldn't... Whether that actually translates to a "yes" is another question. If it did, regularly, then all the splashyflippers would be punting out that way rather than giving a goodly chunk of their margin away in discount.
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am
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Post by am on Feb 26, 2015 16:44:40 GMT
Will Autobid buy 11166 parts on the SM at par? I managed to sell two parts (of ten) of an earlier tranche of this at par. Correction: I sold them at a 0.9% discount.I've only managed to sell four parts (of five) of a commercial mortgage at par over in excess of 6 months.
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coop
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Post by coop on Feb 26, 2015 16:52:40 GMT
Delisting/relisting loan parts may/may not help.
I listed a large amount of property loans at no markup a week or so ago and about 10 went within the hour (although there must have been loans on the SM at the same rate with no markup on the same/similar loans); and I've just a had a slow trickle of sales since.
Might delist/relist tonight and see if I sell any more...
EDIT:
Aditionally another property loan for 300k has gone up at 0.5% cashback; so this loan is clearly the exception rather than FC going back to 2% as standard
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Post by GSV3MIaC on Feb 26, 2015 17:42:43 GMT
I have some of just about all the property loans on the SM at par, and they are selling with a mean time to sell of about 5 months (!) .. so a slow trickle. I've asked FC the question about how 'identical' SM parts are being listed since they definitely seem to sell in clumps. Yes, you can shift most anything at 1.5% discount (to people who hope/expect to resell it at 1% discount .. etc etc.).
Delist/relist doesn't (shouldn't at least) help, since they (supposedly) fixed the LIFO bug .. if the sales are actually FIFO it'd make sales slower (if they are random, nobody can guess what effect it might have).
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