bloodycat
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Post by bloodycat on Mar 6, 2015 14:57:12 GMT
Are Feigning Competence taking the p***.
Obviously the current offers are so dire that they have managed to get 100% takeup (albeit at currently quite a high rate) for a 5 year interest onl C- loan.
I can only assume it has been filled by autobidders and flippers planing to offload fairly quickly to autobidders if successful. Personally I thinkl you would do better spending the money down the pub.
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bloodycat
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Post by bloodycat on Mar 6, 2015 15:01:43 GMT
Obviously the were since it now seems to have disappeared, either that or the borrower has accepted really early.
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coop
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Post by coop on Mar 6, 2015 15:08:29 GMT
I was bidding on it and it seems to have disappeared.
Two of the bigger flippers had there bots on it; hence it filling so quickly.
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bloodycat
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Post by bloodycat on Mar 6, 2015 16:01:57 GMT
Think Farting Clangers must all gone down the pub and left a trainee in charge, another loan (which I did bid on as it wasn't so ludicrous) was up and then dissappeared again.
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fasty
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Post by fasty on Mar 6, 2015 16:06:06 GMT
Think Farting Clangers must all gone down the pub and left a trainee in charge, another loan (which I did bid on as it wasn't so ludicrous) was up and then dissappeared again. Were you referring to the commercial mortgage / A-rated / 10% fixed?
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bloodycat
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Post by bloodycat on Mar 6, 2015 16:11:22 GMT
Yes that's the one.
Not sure I'd want to hold it to term but it's near where my parents live which is what drew my attention.
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Post by GSV3MIaC on Mar 6, 2015 16:15:44 GMT
It'd help a lot to have a loan number - there have been several C-s at 60 months of late (though I don't remember any being interest only?). 11338 was cancelled, I forget why. 11296 was cancelled because the borrower wants to ask for a different amount. It's require a miracle to flip a C- at a decent profit, although I guess a 60 month one is your best bet.
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coop
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Post by coop on Mar 6, 2015 16:35:13 GMT
It was interest only; perhaps that's why it got taken down - you bid on it!
Was about £30k for a cafe.
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Post by GSV3MIaC on Mar 6, 2015 16:44:19 GMT
The 10% A is back, with no mention of what was wrong with the first listing ... try 11387 for the new one.
Yes, 11338 was the cafe, the comment (I bid so I can still reach it) says:
"FC Comment: Please note that this loan will be re-listed as this was incorrectly put up as an interest only loan. Thanks FC Fri 6th March 14:50"
The checking regime at FC just sux, and nobody seems to be willing or able to fix it. Must be 5-10% of loans get pulled for listing errors of one sort or another. I mean we KNOW that interest only loans are property / secured, and C- doesn't count, so why doesn't the FC computer know that?
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fasty
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Post by fasty on Mar 6, 2015 16:55:31 GMT
The 10% A is back, with no mention of what was wrong with the first listing ... try 11387 for the new one. Yes, 11338 was the cafe, the comment (I bid so I can still reach it) says: "FC Comment: Please note that this loan will be re-listed as this was incorrectly put up as an interest only loan. Thanks FC Fri 6th March 14:50" The checking regime at FC just sux, and nobody seems to be willing or able to fix it. Must be 5-10% of loans get pulled for listing errors of one sort or another. I mean we KNOW that interest only loans are property / secured, and C- doesn't count, so why doesn't the FC computer know that? Thanks GSV3MIaC. Apparently the 10% A had been listed for the wrong term.
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agent69
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Post by agent69 on Mar 6, 2015 17:14:32 GMT
The 10% A is back, with no mention of what was wrong with the first listing ... try 11387 for the new one. Fixed rate, but not interest only? Don't think I've seen seen one of these before
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Post by GSV3MIaC on Mar 6, 2015 17:55:47 GMT
Yes, the commercial mortgages usually are not interest only. Note the amortization is 20 years, so after 5 years you've only been repaid 1/4 of the capital you loaned them .. this is a bit non standard since many of the others I've seen were 15 year amortization, but again, it's not unusual .. basically they can't afford to pay off ALL the capital in 5 years (consider it as a mortgage) but FC won't write a fixed rate 20 year loan (with good reason .. no sucker would buy it, except maybe autobid) .. however the value of the property at the end of 5 years doesn't perhaps support interest only (anyway, they pay less interest if they reduce the outstanding capital as much as they think they can afford to).
Assumed to be a bit riskier than a short term development loan where the property is worth 2x what you lend them, and you get it all back in 6-24 months, hence the 10% (but no cashback on this one - on some of the earlier ones there was).
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