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Post by GSV3MIaC on Feb 7, 2016 22:12:56 GMT
If I recall correctly they've only pulled the loan and relisted at a different rate in the case of first tranches. In the case of Byfleet the borrower has already agreed terms with FC, and would be dischuffed to have the rate changed under them. Yes, rate and term can't be changed at this stage. Rate is fixed for the whole project come what may after tranche 1 is accepted until refinancing. Some old loans limped home on 7.5% interest with CB assist, even 7% interest I think? Term is also essentially fixed from the outset, though tranches fall at different days of the month. Relisting of later tranches was only ever done when loans wouldn't fill with 2% CB. After that, 3% CB was needed on small tranches ... True, although they can still salami-slice this tranche (have seen that often enough), and they can adjust the term 'a bit' (have done that in the past but maybe only for early tranches?), but probably not enough to make any difference. I expect they'll just cough the CB (all of 1% or even 0.5%) if we are lucky..
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am
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Post by am on Feb 7, 2016 22:47:35 GMT
Byfleet cash back? If they did it would be only 1%. And perhaps rather than that we will see the first case of the symmetry that we were told about - where a partial loan reject gets offered as a whole loan. Can they fill the remainder of Byfleet from FCIF, within the limit of £1,125,000 per loan?
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metoo
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Post by metoo on Feb 7, 2016 22:50:19 GMT
Are we their ideas department? I presume they can (& do) read!  I agree 1% CB on Byfleet is not that attractive. Edit: the remark is directed rather generally. |
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metoo
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Post by metoo on Feb 7, 2016 22:56:11 GMT
Can they fill the remainder of Byfleet from FCIF, within the limit of £1,125,000 per loan? No, £425k short including this tranche, £143k after. And strictly "random".
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am
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Post by am on Feb 7, 2016 23:31:32 GMT
Are we their ideas department? I presume they can (& do) read! I agree 1% CB on Byfleet is not that attractive. Edit: the remark is directed rather generally. Byfleet seems to be particularly unpopular. (I passed it over, even at 2% cashback (tranche 4, IIRC), because it was a large loan for highly priced London property, but are there any more specific reasons?) I note that there are still plenty of loan parts available at par or even at a discount, which isn't the case nowadays for most other property loans.
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guff
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Post by guff on Feb 7, 2016 23:57:51 GMT
Are we their ideas department? I presume they can (& do) read! In case you're right..... I'm sure 5% CB would work well.
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baldpate
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Post by baldpate on Feb 8, 2016 12:11:01 GMT
There we go! Byfleet has been pulled, so no CB I'm afraid. Only question is, will they dice it & relist for us, or lob it at the Wholies? (or a bit of each?)
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metoo
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Post by metoo on Feb 8, 2016 12:18:06 GMT
There we go! Byfleet has been pulled, so no CB I'm afraid. Only question is, will they dice it & relist for us, or lob it at the Wholies? (or a bit of each?) Dice it. FC Comments: This loan is being delisted and will be relisted broken down into smaller tranches. Thanks FC. Mon 8th February 12:05Looks like they can read then. Possibly. Either way they look quite determined.
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blender
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Post by blender on Feb 8, 2016 12:39:32 GMT
Not really playing the game, are they? By what FC have said is the process, a loan which does not fill as a PL should go as a reject to the WL lenders. I believe that FCIT has space for it. The FC stated rules are only for the punters.
But since I would not be buying an 8% 17 month loan without substantial CB, it matters little to me.
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metoo
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Post by metoo on Feb 8, 2016 17:12:09 GMT
Not really playing the game, are they? By what FC have said is the process, a loan which does not fill as a PL should go as a reject to the WL lenders. I believe that FCIT has space for it. The FC stated rules are only for the punters. But since I would not be buying an 8% 17 month loan without substantial CB, it matters little to me. Realistically only SME loans can be rejected, because they can't be split into smaller tranches. Splitting and relisting provides a way round rejection, though it may not keep working.
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blender
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Post by blender on Feb 8, 2016 20:28:49 GMT
Each tranche is a separate loan as far as the loan request process is concerned. No different from an SME borrower who has an existing loan, or two.
I don't care much now. Ablrate have £1.8M secured on a plane at 13% with instant returns. Only 3 months, but better than playing with Fiddling Craftily. I'm off, though will have to keep the tongue out of the propellers.
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Post by GSV3MIaC on Feb 10, 2016 16:44:30 GMT
I see Byfleet 6 is back with 'more attractive terms for investors'. Exactly what those are is unclear ... nope, worse than that, 'totally opaque'. The tranche size is smaller though, maybe that is supposed to be attractive, 'small is beautiful' etc?
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am
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Post by am on Feb 10, 2016 17:53:11 GMT
I see Byfleet 6 is back with 'more attractive terms for investors'. Exactly what those are is unclear ... nope, worse than that, 'totally opaque'. The tranche size is smaller though, maybe that is supposed to be attractive, 'small is beautiful' etc? At the margins, it will fill more quickly, so your money spends less time not earning. (Though I doubt that there are many people who this will inspire to invest.)
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adrianc
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Post by adrianc on Feb 10, 2016 19:46:03 GMT
I wonder what's going on with 19858?
£300k, 6mo, 10% A+, only tranche. Sold out in half an hour... on the 5th. And still sat there, waiting to draw down... 19hr-odd left until, presumably, it returns back to the lenders un-drawn-down.
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Post by GSV3MIaC on Feb 10, 2016 20:59:44 GMT
I see Byfleet 6 is back with 'more attractive terms for investors'. Exactly what those are is unclear ... nope, worse than that, 'totally opaque'. The tranche size is smaller though, maybe that is supposed to be attractive, 'small is beautiful' etc? At the margins, it will fill more quickly, so your money spends less time not earning. (Though I doubt that there are many people who this will inspire to invest.) FC seem to think this is a major draw .. per the Q&A .. Q. 9 Feb 2016 17:09 - What are the more attractive terms? All I see is a smaller tranche size A. 10 Feb 2016 18:42 - FC comments: Smaller loan tranches are generally more attractive to investors. Thanks FC Hmm, not to this investor they are not, I'll take a CB every time over a smaller tranche size. Now what did I say elsewhere about 'wilfully misinterpreting what surveys tell them' ?
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I agree 1% CB on Byfleet is not that attractive.
