kaya
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Post by kaya on Feb 10, 2017 14:18:41 GMT
So does that mean that if you buy 32365 on the secondary market right now, you will get a whole months interest for a 1 day investment - and that the 'premium' issue will be fixed later by FC?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Feb 10, 2017 14:28:26 GMT
Confirmation that we'll get a full month interest on 32365, even though they moderated the bit of my question on 32482 where I described the relisting as a dogs-breakfast personally I thought that to be rather mild criticism of an utter shambles!
Also from the questions
on 32482
There are currently loans still available on the SM at 0.2% premium, so after fees there's a theoretical 0.3% return available on them if FC don't renege on their assurances. Unfortunately I only have £5 free funds so can't check
Do you feel lucky ?
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andyp
Stubborn Yorkshireman from the rhubarb triangle
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Post by andyp on Feb 10, 2017 14:30:33 GMT
Too late they've pulled the SM parts
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Steerpike
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Post by Steerpike on Feb 10, 2017 14:30:52 GMT
Some smart feisty person bought all my 32365 loan parts at a modest premium yesterday dammit.
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kaya
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Post by kaya on Feb 10, 2017 14:35:10 GMT
Q&A quote: ''So Uxbridge 1 listed as A+ will be repaid (32365). So FC are letting transactions take place on the secondary market. I pity anybody buying 32365 in the secondary market at a premium. Lucky sellers earning a fee on something that won't exist in a day! Mistakes happen, and I get it, but is there any commercial awareness here? A. 10 Feb 2017 13:58 - FC comments: This matter will be addressed. Thanks FC'' What fees ? I feel lucky!  My available balance has been duly invested. Edit. This must have been seconds before it was pulled - as it should have been before relisting. What a shambles! |
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blender
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Post by blender on Feb 10, 2017 15:49:12 GMT
A £30 bonus on 32365 coming my way. I think I will try a rare steak for a change.
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acky
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Post by acky on Feb 10, 2017 18:37:23 GMT
It seems an "error" in listing Uxbridge 1 as A+ rather than A is the only reason for this fiasco. With the full month's interest payable, the error is costing FC the best part of £4k. They really must be keen to regrade these loans - if I was their FD, I'd say "stuff it, leave it as an A+". It'll fill much quicker as an A+ than as an A anyway. I was prepared to buy a lot as A+ as I know I could easily offload it down the line, but as an A, nah, not really - back to the SS tab on my browser.
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metoo
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Post by metoo on Feb 10, 2017 22:46:35 GMT
I notice 32482 A is £4540 more than 32365 A+. I wonder, does that mean the borrower is paying the cost of this debacle?! The total estimated funding requirement £3,015,314 (incl. interest & fees) in the Key Loan Features of the Investors Report didn't change.
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blender
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Post by blender on Feb 11, 2017 9:08:53 GMT
I notice 32482 A is £4540 more than 32365 A+. I wonder, does that mean the borrower is paying the cost of this debacle?! The total estimated funding requirement £3,015,314 (incl. interest & fees) in the Key Loan Features of the Investors Report didn't change. Dear Funding Circle Borrower, About that loan contract 32365, which you have just entered into with Funding Circle lenders as the first part of your refinance. Unfortunately we find we have made a mistake in your banding and have told the borrowers that you are A+ when we should have changed it to A. This does not alter the numbers in the contract, but it has been offered to the lenders with a better risk than it should have been. Therefore you have to repay it - which we will do for you - and we will start again with a new loan at A risk band, to replace and repay 32365. We apologise for this error and will sort it all out for you quickly, though, technically, you must agree to repay 32365. Oh, by the way, because we did not spot our technical error in time and allowed the loan to draw down, there will be a extra cost to repay of approx. £4,000 in interest and servicing fees. OK if we add that to your loan? Yours etc.
The reply?
[To be fair I do not believe that FC would even contemplate the above. Probably they have adjusted the size of the replacement tranche to fully repay 32365, including the interest and servicing fee that the system demands for early repayment. They will just reduce subsequent tranche(s) and the extra cost will come from off their arrangement fee (which is part of the borrowed amount).]
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r00lish67
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Post by r00lish67 on Feb 13, 2017 15:02:47 GMT
"Early repayment" of the botched U****e A+ loan now in, and looks like the month's interest has been credited in full - don't spend it all at once!
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blender
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Post by blender on Feb 13, 2017 17:22:26 GMT
The interesting question is, how are they going to raise £3m this way? Not sure the trust is going to take many tranches, none of the four (two in error) have gone that way. Only two options I know of. I think the 12 months is a safe number - taking no chances of another late saga.
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metoo
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Post by metoo on Feb 13, 2017 18:37:34 GMT
The interesting question is, how are they going to raise £3m this way?
The repayments of the earlier loans being refinanced will free up funds and unlink those lenders. Will be interesting to see how it goes. They are being more diligent on Q&A for this one, they know that helps.
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blender
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Post by blender on Feb 13, 2017 21:26:44 GMT
The interesting question is, how are they going to raise £3m this way?
The repayments of the earlier loans being refinanced will free up funds and unlink those lenders. Will be interesting to see how it goes. They are being more diligent on Q&A for this one, they know that helps. It will be interesting. There was 2% cash back on all seven loans before, A+ at 8%. They need an extra £400k+ as a 10% A. Autobid is not going to do that. Lenders make fresh decisions when they get their money returned. I imagine FC would have liked to refinance as an A+ to help it along. Just wondering if the later tranches may be more fruitful.
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metoo
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Post by metoo on Feb 14, 2017 1:02:41 GMT
Just wondering if the later tranches may be more fruitful. Here's hoping. Cheshire should be along soon too, another big refinance though probably no extra funds required, and likely a shorter term than Uxbridge.
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r00lish67
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Post by r00lish67 on Feb 16, 2017 12:42:20 GMT
The interesting question is, how are they going to raise £3m this way? Not sure the trust is going to take many tranches, none of the four (two in error) have gone that way. Only two options I know of. I think the 12 months is a safe number - taking no chances of another late saga. Well, breezed through the first £1.5m at a fair pace after the initial 'challenges'. Looks like tranche 4 is proving a little more indigestible as the Autobiddies are presumably sated. C'mon, for old times sake FC, how about some Flippin' Cashback? ("Fat Chance" I hear them say  )
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My available balance has been duly invested. 
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