adrianc
Member of DD Central
Posts: 9,636
Likes: 5,035
|
Post by adrianc on Jul 14, 2015 14:21:41 GMT
Oh, there's a pattern.
Somebody in the team is blindfolded, and a Florin Coin is tossed.
|
|
adrianc
Member of DD Central
Posts: 9,636
Likes: 5,035
|
Post by adrianc on Jul 14, 2015 14:25:37 GMT
Looks like Hendon 5 (13973) could be another one to fall short of filling without "help". £66k more needed with 5 hours to go... And it's back, 14195. 8%+2%, 13mo, £225k.
|
|
|
Post by GSV3MIaC on Jul 14, 2015 18:02:24 GMT
This is real Alice in Wonderland stuff .. it was more than 3/4 filled so after a week of waiting, they pulls it, and reissues exactly half .. i.e. less than had already been bid?! Why don't then just do what ReBS do, and go with 'however much has been bid when the clock stops' and sort the rest out (maybe FCSL, maybe another auction, whatever) after the fact?! It's wasting lenders time/money, and probably borrowers are none too chuffed either (unless they didn't want it yet anyway).
|
|
kt
Posts: 105
Likes: 39
|
Post by kt on Jul 14, 2015 19:01:39 GMT
Do we know how much Funding Circle hold in property loan parts?
It worries me that they are filling the end of these loans. Is this a catastrophe in the making?
KT
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Jul 14, 2015 19:22:25 GMT
Do we know how much Funding Circle hold in property loan parts? It worries me that they are filling the end of these loans. Is this a catastrophe in the making? KT If I recall correctly FC raised £150 million earlier this year. I don't know how much they are making available to underwriting multi-tranche property loans, but potentially they could allocate quite a bit. I am of the opinion that FC should make an statement informing us of how much has been spent on underwriting, and how much more has been earmarked for that purpose. If they could reassure potential lenders that there is sufficient money available for underwriting property loans that probably reduces the need to do so.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Jul 14, 2015 19:34:02 GMT
Next challenge. 14210. Bridging loan. £980,000 in short order, 10% p.a., 6 months duration. No cashback. I bet Frantic Chickens will need to offer cashback to fill the second part of this, perhaps 1%
|
|
adrianc
Member of DD Central
Posts: 9,636
Likes: 5,035
|
Post by adrianc on Jul 14, 2015 19:56:31 GMT
6mo, 10%+1%? Well, that 1% CB would be 2% annualised = 12% for a nice safe property loan? With a bit of scope for some gentle flippage, too? Don't mind if I do!
|
|
|
Post by longjohn on Jul 15, 2015 11:47:31 GMT
needs another 1% for me better still 1.5% Or just scrap the platform fee... They say they've renegotiated but all that seems to have changed in essence is the term (I wonder if there will be an unexpected 2 month overrun on this project). 8+2 is quite similar to 10+0, so if they did indeed go back to the borrower and renegotiate a 2% uptick in rate, they've forgotten to pass it onto the people who rejected the first listing. Still, the Christmas party doesn't pay for itself... 1% CB added this morning (11:38) and a promise of the same for the next tranche. It's looking better and beginning to fill a bit quicker. John
|
|
|
Post by GSV3MIaC on Jul 15, 2015 15:55:35 GMT
I assume we are talking 14192 here, not the 6 month one (14210). 8>.
|
|
adrianc
Member of DD Central
Posts: 9,636
Likes: 5,035
|
Post by adrianc on Jul 16, 2015 11:21:44 GMT
Oh, THAT's going to be popular...
Richmond 5 (14265). £225k, on top of £1.16m in the first four, and another £360k to come. Only nine months, but 7·5%, albeit with 2% SB? Yeh, good luck, guys.
|
|
|
Post by GSV3MIaC on Jul 17, 2015 11:25:15 GMT
Heads up .. 14210 just acquired a 1% cashback, which together with the 6 month term has to make it look rather attractive .. well more than it used to anyway.
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Jul 17, 2015 12:24:32 GMT
Heads up .. 14210 just acquired a 1% cashback, which together with the 6 month term has to make it look rather attractive .. well more than it used to anyway. If only the 3rd tranche of Harrogate would pay back so that I have some funds.
|
|
|
Post by Deleted on Jul 18, 2015 7:04:42 GMT
Loads of property loands are being dumped onto the market with large discounts. Many before the first scheduled payment.
Presumably this is by FC who bought them up and are selling them on.
All the discounting must be eating into their profits.
Should we be worried?
|
|
am
Posts: 1,495
Likes: 601
|
Post by am on Jul 18, 2015 7:53:31 GMT
Loads of property loands are being dumped onto the market with large discounts. Many before the first scheduled payment. Presumably this is by FC who bought them up and are selling them on. All the discounting must be eating into their profits. Should we be worried? According to various sources (most recently the report on the investors' presentation) FC are *not* reselling the loan parts taken up by FCPF. Even if they were, that would be cheaper than paying cashback on those loan parts. It's the cashback on property loans that's eating into their profits.
|
|
adrianc
Member of DD Central
Posts: 9,636
Likes: 5,035
|
Post by adrianc on Jul 18, 2015 8:08:36 GMT
Loads of property loands are being dumped onto the market with large discounts. Many before the first scheduled payment. Presumably this is by FC who bought them up and are selling them on. No, it's by people who've bought a loan part with 2% CB, and are selling it at 1.5% discount, keeping 0.5% (less 0.25% sale fee). Flippers.
|
|