am
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Post by am on Jan 26, 2016 15:20:50 GMT
For anyone that cares looks like Tewkesbury has repaid early To make it on topic, it's being propped up by a bridging loan at 10%. £1,500,000 has been snaffled by FC IT.
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metoo
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Post by metoo on Jan 26, 2016 16:49:58 GMT
For anyone that cares looks like Tewkesbury has repaid early To make it on topic, it's being propped up by a bridging loan at 10%. £1,500,000 has been snaffled by FC IT. Has the FC IT (FC SME Income Fund) raised extra funds then? Is there an easy way to find out? The Prospectus says "the total exposure to a single borrower (legal entity) shall not exceed 0.75 per cent. of NAV at the time such investment is made." B*****hall (which borrows on behalf of the Fund) took 3 tranches from this borrower totalling £1.5m. On 31 Dec 2015, the declared NAV was £147.0m. £1.5m/£150m would be 1%. No new anouncements have been made on the fcsmeif.com site. Shouldn't such a capital raising be declared? Can B*****hall lend in any other capacity than on behalf of the Fund? Details are in the Prospectus and this does not appear to be the case.
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am
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Post by am on Jan 26, 2016 18:31:36 GMT
To make it on topic, it's being propped up by a bridging loan at 10%. £1,500,000 has been snaffled by FC IT. Has the FC IT (FC SME Income Fund) raised extra funds then? Is there an easy way to find out? The Prospectus says "the total exposure to a single borrower (legal entity) shall not exceed 0.75 per cent. of NAV at the time such investment is made." B*****hall (which borrows on behalf of the Fund) took 3 tranches from this borrower totalling £1.5m. On 31 Dec 2015, the declared NAV was £147.0m. £1.5m/£150m would be 1%. No new anouncements have been made on the fcsmeif.com site. Shouldn't such a capital raising be declared? Can B*****hall lend in any other capacity than on behalf of the Fund? Details are in the Prospectus and this does not appear to be the case. Ouch. If FC IT has raised new money there should be an RNS announcement. There doesn't seem to be one (http://www.investegate.co.uk/Index.aspx?searchtype=2&words=Funding+Circle)
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metoo
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Post by metoo on Jan 26, 2016 19:55:24 GMT
19:07, Bristol 1 (19464) to be relisted tomorrow according to Q&A due to incorrect LTV. 19:34, FC still accepting Bristol 1 bids :<. It's being kept open for anyone who missed out on the earlier opportunities for trapped bids.  [Really, outside the office they only have access to Q&A, hence regular promises to sort things out on the morrow].
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Post by bonfemme on Jan 28, 2016 10:52:27 GMT
Nothing great, but a smallish (110,000) A* available at 9pc, - a slight improvement of late.
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Post by Deleted on Jan 28, 2016 14:01:16 GMT
Need some funds for elsewhere, so I'll be putting up a few £2k loan parts at par - 10% A rated Sussex 4, 38% LTV. Good luck! (there are relatively few potential buyers for £2k parts, but they certainly exist... and that looks like one of the best deals available on the SM for those whose pockets are deep enough) For those who have quite a bit to invest, still got a few of these £2k parts at 10% ... only 3 left in Sussex 4. They are gradually selling (a few each day) and I don't mind holding till the end if they don't.
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Post by Deleted on Jan 29, 2016 14:33:12 GMT
Good luck! (there are relatively few potential buyers for £2k parts, but they certainly exist... and that looks like one of the best deals available on the SM for those whose pockets are deep enough) For those who have quite a bit to invest, still got a few of these £2k parts at 10% ... only 3 left in Sussex 4. They are gradually selling (a few each day) and I don't mind holding till the end if they don't. All Sussex 4 gone now ... just Sussex 3 left. Always seem to sell more parts from Thursday evening on-wards, guess you have to either invest or withdraw and wait till Monday for your funds.
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Post by Deleted on Feb 1, 2016 14:20:52 GMT
Need cash for a property purchase - Selling Northants A+ loans at par 10% - Enjoy while it lasts  |
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fasty
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Post by fasty on Feb 1, 2016 14:57:33 GMT
Tewkesbury back cap-in hand, and with no cashback. (19679) Will it fill?
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Post by Deleted on Feb 1, 2016 15:15:58 GMT
Need cash for a property purchase - Selling Northants A+ loans at par 10% - Enjoy while it lasts Sold most of those listed 1 hour ago - Just Auto sold some more.
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am
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Post by am on Feb 1, 2016 16:32:58 GMT
Tewkesbury back cap-in hand, and with no cashback. (19679) Will it fill? They've repaid all but one of the old Tewkesbury loans, so they may be hoping that people reinvest. Another anomaly - the financial summary for the last of the old loans lists all the new loans, but with amounts outstanding of £550,000 and £440,000, rather than £500,000 and £400,000, which I think are the numbers we saw originally. Tewkesbury 3 is still in a confused state - it's down as £0 outstanding, but the general understanding is that it's on the books as a loan by Funding Circle Finance's.
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metoo
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Post by metoo on Feb 1, 2016 16:58:10 GMT
Another anomaly - the financial summary for the last of the old loans lists all the new loans, but with amounts outstanding of £550,000 and £440,000, rather than £500,000 and £400,000, which I think are the numbers we saw originally. Tewkesbury 3 is still in a confused state - it's down as £0 outstanding, but the general understanding is that it's on the books as a loan by Funding Circle Finance's. The 550/500 & 440/400 anomaly is an artifact of how the Financial Summary is displayed on the Secondary Market page (Loan Parts) vs the proper loan page which shows the correct figure. This has been discussed in another thread on other loans. It seems to be a bug, possibly something to do with allowing for the British Business Bank which is not involved in property loans. The £0 outstanding on 19404 could misrepresent the borrower's liability. Possibly the £500k loan/liability now on the FC Finance books is not a numbered loan at all, and therefore there is no way of showing it as a linked loan. The original lender of 19404 was repaid in full, but not by the borrower. Probably an unprecedented situation which had to be worked around in a hurry.
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blender
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Post by blender on Feb 1, 2016 18:49:31 GMT
Another anomaly - the financial summary for the last of the old loans lists all the new loans, but with amounts outstanding of £550,000 and £440,000, rather than £500,000 and £400,000, which I think are the numbers we saw originally. Tewkesbury 3 is still in a confused state - it's down as £0 outstanding, but the general understanding is that it's on the books as a loan by Funding Circle Finance's. The 550/500 & 440/400 anomaly is an artifact of how the Financial Summary is displayed on the Secondary Market page (Loan Parts) vs the proper loan page which shows the correct figure. This has been discussed in another thread on other loans. It seems to be a bug, possibly something to do with allowing for the British Business Bank which is not involved in property loans. The £0 outstanding on 19404 could misrepresent the borrower's liability. Possibly the £500k loan/liability now on the FC Finance books is not a numbered loan at all, and therefore there is no way of showing it as a linked loan. The original lender of 19404 was repaid in full, but not by the borrower. Probably an unprecedented situation which had to be worked around in a hurry. If 19404 is on FC's balance sheet, which they say is so, then the '0' does understate the borrower's liability by £500,000. I remember that they had set aside £1m to help fund property loans when judged appropriate. 19404 is half of that gone through a mistake - which someone is not going to be happy about. I imagine they will do the rest of the project refinance before we see what happens to the lending re-financing opportunity from 19404.
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am
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Post by am on Feb 1, 2016 19:13:05 GMT
The £1m limit was set before they last big equity raise. I understand that they have rather more available now.
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Post by Deleted on Feb 2, 2016 7:56:37 GMT
Need some funds for elsewhere, so I'll be putting up a few £2k loan parts at par - 10% A rated Sussex 3, 38% LTV. Good luck! (there are relatively few potential buyers for £2k parts, but they certainly exist... and that looks like one of the best deals available on the SM for those whose pockets are deep enough) Just a few left now - not too surprising given the rates on offer in the primary market.
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