blender
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Post by blender on Apr 14, 2015 16:19:15 GMT
That is very true and not in the interest of the buyer. However, Autosale and Autobid working together - both at par - are there to provide liquidity as well.
Imagine if Autobid did take the highest discounted part for the fixed rate property loans, bought with cash back (which Autobid also does not see). Nothing would sell at par.
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registerme
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Post by registerme on Apr 15, 2015 11:30:09 GMT
Also, if autobid was properly optimised, and properly configurable, we'd have no choice but to use it.
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mv
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Post by mv on Apr 16, 2015 14:30:06 GMT
The latest 2% CB offering is filling well
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coop
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Post by coop on Apr 16, 2015 16:34:54 GMT
Just a shame it's 7.5% :/
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coop
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Post by coop on Apr 17, 2015 9:24:37 GMT
I'm gonna wait before throwing any money in; fingers crossed for a 8% (or more!) loan with 2% (or more!) CB
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mv
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Post by mv on Apr 17, 2015 12:18:35 GMT
It was 8% (12273) with 2% CB. Agree that this is probably my trigger point at present.
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coop
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Post by coop on Apr 17, 2015 13:08:01 GMT
Oh, I missed that one! I was talking about 12286
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blender
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Post by blender on Apr 17, 2015 13:11:22 GMT
Than you will not like 12316, which has gone out totally unsupported. £565k first tranche A+ 8%! Wisely listed for 14 days. The water is being tested here.
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coop
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Post by coop on Apr 17, 2015 13:25:22 GMT
I threw up in my mouth a little bit when I saw that one.
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mv
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Post by mv on Apr 17, 2015 13:26:07 GMT
Out of interest, what has been FCs record specifically on the secured, fixed rate, interest only property loans. Have any of them defaulted? Have any of them led to unrecoverable losses?
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registerme
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Post by registerme on Apr 17, 2015 13:30:37 GMT
Than you will not like 12316, which has gone out totally unsupported. £565k first tranche A+ 8%! Wisely listed for 14 days. The water is being tested here. I live about ten minutes walk from there. It's only just "Clapham", and might actually be Brixton (which might not necessarily be a bad thing, Brixton is quite trendy these days). I could wander over and take a look if anybody is interested?
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coop
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Post by coop on Apr 17, 2015 14:21:23 GMT
thing get sticky carrrr especially in bricky carr greedy man wanna put thir hands in your cookie jar!  |
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Post by GSV3MIaC on Apr 17, 2015 15:14:54 GMT
Out of interest, what has been FCs record specifically on the secured, fixed rate, interest only property loans. Have any of them defaulted? Have any of them led to unrecoverable losses? None have run to completion yet, iirc, so the jury is out. There is one, so far, which looks like running 3 months late (and which is supposed to still pay interest, but FC IT technology ain't up to doing so yet .. all interest has to be calculated at the start of the loan, apparently, or it can't be done).
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am
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Post by am on Apr 17, 2015 15:19:21 GMT
Out of interest, what has been FCs record specifically on the secured, fixed rate, interest only property loans. Have any of them defaulted? Have any of them led to unrecoverable losses? I'm not aware that any have matured yet, though some have been repaid early after, for example, off plan sales. One has been extended, it having become clear that the project wouldn't be finished in time to sell the properties to repay the loan. (I have the impression that FC are now building longer overrun/marketing contingencies into loans; that costs the borrower little as they can repay early without penalty*.) FC are having procedural difficulties paying the interest on that loan, which is now past the original completion date. *They need to borrow more to pay more months' interest, which means additional fees and interest on that additional borrowing.
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Post by 4thway on Apr 19, 2015 15:32:42 GMT
I can't remember his precise words, because a lot was discussed, but Luke Jooste (in charge of property at FC) told me and a roomful of other investors on Friday that he thinks the first bad one will occur pretty soon. If I remember correctly I'm pretty sure he was referring to a specific loan rather than just meaning generally that "it's bound to happen sooner rather than later."
Although one bad loan is pretty good out of £45 million of property loans in 12 months, even if most of the loans are still ongoing. By the way, that's all funded by individual investors and no institutional money - even the whole loans. I found that quite astounding.
Neil
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