jayjay
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Post by jayjay on Feb 22, 2016 13:22:00 GMT
Autobid seems to have found a new lease of life - possibly caused by repayments of Sussex and Manchester
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jayjay
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Post by jayjay on Feb 22, 2016 13:32:40 GMT
And all done by autobid with 30 mins to spare... I didn't follow what happened to Towersey earlier but it must have been a similar story. Looks like FC hold back a whole load of autobid cash and just point it at those in need at the eleventh hour. Is this a new phenomenon?
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Post by Deleted on Feb 22, 2016 13:42:05 GMT
And all done by autobid with 30 mins to spare... I didn't follow what happened to Towersey earlier but it must have been a similar story. Looks like FC hold back a whole load of autobid cash and just point it at those in need at the eleventh hour. Is this a new phenomenon? Not sure if this is a first, or a studied strategy, but for sure par sales on the secondary market have been zero for many days for me. Certainly FC manages the flow as they see advantageous for them. This is not anymore a platform working in the interest of lenders....
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jayjay
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Post by jayjay on Feb 22, 2016 14:03:39 GMT
It above all is against the interest of lenders using autobid on the PM as they get to pick up the loans that others don't want.
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Post by Deleted on Feb 22, 2016 15:07:47 GMT
To be fair, I sold about 200 property parts at par over the weekend, nearly all of it seemed to be via Autobid. A record for me. Then it is also dependent on the specific loan, as mine are not selling at all now (not a single one over the last 5 days and very very slow also in the earlier week). I am selling the remaining 8% ones (those which had cashback attached) and most of them have a short duration left (4 months).
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acky
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Post by acky on Feb 22, 2016 15:46:02 GMT
And all done by autobid with 30 mins to spare... I didn't follow what happened to Towersey earlier but it must have been a similar story. Looks like FC hold back a whole load of autobid cash and just point it at those in need at the eleventh hour. Is this a new phenomenon? No!
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fasty
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Post by fasty on Feb 22, 2016 18:15:03 GMT
Oh look, a 3-month property loan. I don't remember seeing anything as short before.
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acky
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Post by acky on Feb 22, 2016 18:37:02 GMT
Oh look, a 3-month property loan. I don't remember seeing anything as short before. ... which begs rather more questions! The Investor Report refers to a request for a 3-month extension, yet the loan is for only £32k while existing lending on the development is £1.8m. It points out the first instalment (actually the 2nd, due to FC's inability to make final repayment dates co-terminous or even sequential!) is due for repayment at the end of the month (i.e. on Monday!), but with no explanation of how this £300k is going to be funded when, as seems inevitable, the borrower fails to make the repayment on time.
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jayjay
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Post by jayjay on Feb 23, 2016 10:49:49 GMT
The way Fumbling Coterminosity handle the end of a multi-tranched loan, and indeed any loan that is late, is a mess. The tranches dont match the underlying loan and they have extreme difficulty in paying anything other than 'a month's extra interest'. God only knows how they are going to use the proceeds of Richmond 8 to pay the extension of the overall loan. Security still looks good though.
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sl75
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Post by sl75 on Feb 23, 2016 11:06:47 GMT
To be fair, I sold about 200 property parts at par over the weekend, nearly all of it seemed to be via Autobid. A record for me. Then it is also dependent on the specific loan, as mine are not selling at all now (not a single one over the last 5 days and very very slow also in the earlier week). I am selling the remaining 8% ones (those which had cashback attached) and most of them have a short duration left (4 months). My experience too... and the backlog of unsold par and discounted loan parts seems to have almost doubled since its low point (over 200 pages of 50, i.e. more than 10000 parts total, but at the low point it almost hit 100 pages of 50). A little curious about where substantial quantities of additional loan parts being offered at or below par are coming from, given that there's been no cashback, nor does any seem to be expected right now.
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fasty
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Post by fasty on Feb 23, 2016 11:32:27 GMT
Then it is also dependent on the specific loan, as mine are not selling at all now (not a single one over the last 5 days and very very slow also in the earlier week). I am selling the remaining 8% ones (those which had cashback attached) and most of them have a short duration left (4 months). My experience too... and the backlog of unsold par and discounted loan parts seems to have almost doubled since its low point (over 200 pages of 50, i.e. more than 10000 parts total, but at the low point it almost hit 100 pages of 50). A little curious about where substantial quantities of additional loan parts being offered at or below par are coming from, given that there's been no cashback, nor does any seem to be expected right now. Is it the start of a rush to flog off loan parts to convert to cash for the ISA?
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Post by GSV3MIaC on Feb 23, 2016 13:03:03 GMT
Or FCSL unloading the parts they bought (almost all £20s, iirc) when they were propping up PL property loans?
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acky
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Post by acky on Feb 23, 2016 14:18:34 GMT
My experience too... and the backlog of unsold par and discounted loan parts seems to have almost doubled since its low point (over 200 pages of 50, i.e. more than 10000 parts total, but at the low point it almost hit 100 pages of 50). A little curious about where substantial quantities of additional loan parts being offered at or below par are coming from, given that there's been no cashback, nor does any seem to be expected right now. Is it the start of a rush to flog off loan parts to convert to cash for the ISA? Could be in part due to people like me who had stopped selling property parts at par at Christmas when there ceased to be anything worth reinvesting in (i.e. no cashback), and then continued to hold through Jan/early Feb in the hope the good days would return. Now I'm starting to liquidate my holdings as I've given up the hope of such good times (in the short term, at least) and so am shifting my cash to more profitable pastures.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Feb 25, 2016 12:32:46 GMT
This is "interesting" one: Expansion And Growth Loan (20544). 2 consecutive years (2013,2014) of losses, negative assets and 0 credit score. No info on 2015. And the rating is A+. I'm all in.  From Q&A: "The reason for the A+ rating is due to the strength of the Group and the strength of the Directors personal guarantees" . At least they've answererd few questions. |
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acky
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Post by acky on Feb 25, 2016 12:53:37 GMT
This is "interesting" one: Expansion And Growth Loan (20544). 2 consecutive years (2013,2014) of losses, negative assets and 0 credit score. No info on 2015. And the rating is A+. I'm all in. From Q&A: "The reason for the A+ rating is due to the strength of the Group and the strength of the Directors personal guarantees" . At least they've answererd few questions. .... and the numerical sequence suggests it's a Whole Loan reject - so someone wasn't convinced! Anyway let the Autobodgers have it, and good luck to them!
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