ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Mar 6, 2015 11:10:16 GMT
It's as if FS have put a minimum £100 bid in place rather than a maximum! Not quick enough off the mark taca - already discussed and fixed before you posted 
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 6, 2015 11:13:42 GMT
Ha. After all that umming & rring we all piled in anyway.  |
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coop
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Post by coop on Mar 6, 2015 11:19:55 GMT
I wish I'd waited and done £50
I can see that big train not selling so easy if he doesn't repay.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on Mar 6, 2015 11:22:26 GMT
I wish I'd waited and done £50 I can see that big train not selling so easy if he doesn't repay. Try contacting them on the live chat and asking them to reduce for you - as it's a live loan they might be prepared to do it - especially as you only put the larger amount in due to them having accidentally prevented you from bidding less.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,337
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Post by ilmoro on Mar 6, 2015 11:30:33 GMT
I wish I'd waited and done £50 I can see that big train not selling so easy if he doesn't repay. Not sure on those sign valuations either - seem to be a very wide range on auction sites. Would have been nice if there was some indication of rarity/uniqueness for them
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mikes1531
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Post by mikes1531 on Mar 6, 2015 12:06:27 GMT
It's as if FS have put a minimum £100 bid in place rather than a maximum! I think taca has hit the nail on the head. It looks like the £100 was entered into the wrong place in the system, and set the bid increment rather than the bid maximum.
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mikes1531
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Post by mikes1531 on Mar 6, 2015 12:13:09 GMT
Ha. After all that umming & rring we all piled in anyway. Yes, but... The opportunity has been available for over an hour and the loan is only 58% funded. Is that because people are not enthusiastic about the security, in part because of the shortage of supporting data? Or did a number of people log in at the opening time intending to bid less than £100, found they didn't have that option, and gave up and logged out before the correction was made?
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bugs4me
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Post by bugs4me on Mar 6, 2015 12:25:58 GMT
Ha. After all that umming & rring we all piled in anyway. Is that because people are not enthusiastic about the security, in part because of the shortage of supporting data? Or did a number of people log in at the opening time intending to bid less than £100, found they didn't have that option, and gave up and logged out before the correction was made? I jumped in even though I wasn't going to. My concern is the lack of supporting data which seems to have now become commonplace at FS. Relatively low value investments aren't too bad but it will be interesting to see how the bidding goes with higher value items unless there is independent supporting documentation.
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mikes1531
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Post by mikes1531 on Mar 6, 2015 16:43:49 GMT
Is that because people are not enthusiastic about the security, in part because of the shortage of supporting data? Or did a number of people log in at the opening time intending to bid less than £100, found they didn't have that option, and gave up and logged out before the correction was made? I jumped in even though I wasn't going to. My concern is the lack of supporting data which seems to have now become commonplace at FS. Relatively low value investments aren't too bad but it will be interesting to see how the bidding goes with higher value items unless there is independent supporting documentation. One tiny bit of additional info that has been revealed today is the valuations of the individual items in today's lot. That might allow a bit more DD, but I'd still feel better if we were shown an independent valuation as opposed to FS just telling us what things are worth without any supporting info. Meanwhile, offers continue to trickle in for both today's offering and yesterday's, and as long as that continues FS will be under no pressure to give out any more info regarding valuations.
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coop
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Post by coop on Mar 10, 2015 11:56:44 GMT
The property in Bristol they were previously accepting shadow bids on has gone live: A 6 month loan for £270,000 secured on a pub/bar in Bristol valued at £360,000. The borrower, a seasoned landlord in the hotel and restaurant business with a portfolio of £30m, intends to make improvements and re-let the property thereby increasing the rental yield. He owns the adjoining properties. The project is expected to last between 6 and 12 months so it is highly likely that the loan will be renewed after 6 months. The property will be refinanced with a mainstream lender once the property has been relet. The loan is offering interest to savers at 13% p.a. As the borrower has requested the drawdown date to be brought forward to 23 March 2015, we have been authorised to provide a bonus interest rates as follows: For investments of £10,000 or more 1% For investments of £25,000 or more 3% Shadow bids of £10,000 previously submitted will be rewarded with the above bonus rates. Once activated the interest will track at the base rate of 13%. The bonus interest will be added upon completion of the loan. NOTE: We are no longer accepting shadow bids. Expected drawdown is 23 March 2015. I'm in for £50 for what it's worth. |
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jonbvn
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Post by jonbvn on Mar 10, 2015 12:15:03 GMT
Those bonus interest rates seem a bit desperate to me. I wonder if anyone will be tempted?
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jonbvn
Member of DD Central
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Post by jonbvn on Mar 10, 2015 12:55:45 GMT
After a little bit of googling I have found out some more information about this club/property.
Mods/FS am I at liberty to reveal the details?
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Post by mrclondon on Mar 10, 2015 13:17:27 GMT
After a little bit of googling I have found out some more information about this club/property. Mods/FS am I at liberty to reveal the details? Best not to ... it is VERY difficult to prevent identification of the borrower from trivial searches based on info copied here. Simply indicating it's worthwhile spending time with google is sufficeintly helpful, so thank-you.
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jonbvn
Member of DD Central
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Post by jonbvn on Mar 10, 2015 13:34:39 GMT
After a little bit of googling I have found out some more information about this club/property. Mods/FS am I at liberty to reveal the details? Best not to ... it is VERY difficult to prevent identification of the borrower from trivial searches based on info copied here. Simply indicating it's worthwhile spending time with google is sufficeintly helpful, so thank-you. Thanks for that. One doesn't need to be Sherlock Holmes.....
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mikes1531
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Post by mikes1531 on Mar 10, 2015 17:43:39 GMT
Those bonus interest rates seem a bit desperate to me. I wonder if anyone will be tempted? FS probably would be giving most, if not 100% or more, of their margin away to any £25+k lenders. And they presumably felt the need to offer those incentives because their earlier willingness to take shadow bids didn't seem to produce a lot of commitments. And if the borrower wants to draw the loan down in less than two weeks FS have to do something to encourage investment. Organising a loan and making no profit on it probably is better for the long-term business plan than having a loan opportunity that fails to be funded fully. So far, there's no sign of any new £10+k bids, and the loan is 53% funded now. Of that 53%, about a third is from shadow bids made earlier so I'd call that a pretty good response so far. Since they've stopped taking shadow bids, all bids now have to be supported by funds in FS accounts, so that could delay some bids while lenders organise deposits. My guess is that it will be fully funded before the end of the week. If I had £25k lying around idle I'd be very tempted by the opportunity to accrue 16% interest, though the 75% LTV is a bit of a concern. PS. I need to remove the comment about no new large bids, since I seem to have missed a new £15k bid.
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