spyrogyra
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Post by spyrogyra on Apr 9, 2015 16:09:54 GMT
Proving one has to expect the unexpected, FC listed a property loan at 12%.
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blender
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Post by blender on Apr 9, 2015 16:27:18 GMT
It looks too good to be true. Is it a another mistake? Should I sell some good but not so good stuff for it?
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oldgrumpy
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Post by oldgrumpy on Apr 9, 2015 16:31:14 GMT
Well, I have put a bit of lying about shrapnel in it because there's nothing else interesting. We could open a book on how long it will be before our money is returned due to an "administrative error".
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blender
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Post by blender on Apr 9, 2015 16:59:28 GMT
I suppose there is no panic because there will be a second tranche. Maybe that will have 2% cash back as well?
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Post by longjohn on Apr 9, 2015 18:33:28 GMT
Is this the first property bridging loan? Other loans have been for the same reason (equity release on existing property to allow purchase of another) but not described in the loan purpose as for property bridging.
John
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fasty
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Post by fasty on Apr 9, 2015 18:40:22 GMT
Is this the first property bridging loan? Other loans have been for the same reason (equity release on existing property to allow purchase of another) but not described in the loan purpose as for property bridging. John No, there was a previous "bridging loan" (10360), also at 12% but over 9 months and with 0.5% splashback. That one was a risk band B.
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adrianc
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Post by adrianc on Apr 9, 2015 19:45:33 GMT
...and then they go and spoil it all by saying somethin' stupid like 12143...
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fasty
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Post by fasty on Apr 9, 2015 19:58:37 GMT
...and then they go and spoil it all by saying somethin' stupid like 12143... That looks like one that might not fill unless it's reincarnated with cashback. Even with 2%, I wouldn't bite though.
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blender
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Post by blender on Apr 9, 2015 20:42:06 GMT
...and then they go and spoil it all by saying somethin' stupid like 12143... That looks like one that might not fill unless it's reincarnated with cashback. Even with 2%, I wouldn't bite though.
Because 12143 is so small, they reckon on filling it with Autobidders.
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SteveT
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Post by SteveT on Apr 9, 2015 21:38:28 GMT
It looks too good to be true. Is it a another mistake? Should I sell some good but not so good stuff for it? 12149 appears an idyllic oasis against the featureless desert of the current Faintly Cheerless offerings, but 12% is no more than "going rate" for bridging loans on several other platforms (and those don't cream off 1% of it for themselves). That said, the opportunity to move it on later on the SM leads me to scratch around down the back of the sofa.
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adrianc
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Post by adrianc on Apr 10, 2015 7:08:30 GMT
Because 12143 is so small, they reckon on filling it with Autobidders. Two-thirds of the way already, six days and seven hours to go... It does seem tiny tranches, though. 8302 - £130k, Oct '14, 7.5%+1% over 15mo 10076 - £60k, Jan '15, 7.5%+1% over 15mo So with this £50k, that's £240k of the total £352k across "mutltiple" tranches. How many more? One tranch for doorbell, one tranch for bath taps, one tranch for kitchen cupboards...? Is it a new way to get smaller investors into the whole-loan market?
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coop
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Post by coop on Apr 10, 2015 8:16:42 GMT
I'll jump in for a bit I think.
Maybe discount some 8% to effectively lose 1 months interest to change up to 12%.
It will be a really swift exit with a 12% A loan I think; it's just timing it right; I will probably jump after 7 months or so; it will inevitably "do a Harrogate".
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blender
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Post by blender on Apr 10, 2015 8:40:43 GMT
Because 12143 is so small, they reckon on filling it with Autobidders. Two-thirds of the way already, six days and seven hours to go... It does seem tiny tranches, though. 8302 - £130k, Oct '14, 7.5%+1% over 15mo 10076 - £60k, Jan '15, 7.5%+1% over 15mo So with this £50k, that's £240k of the total £352k across "mutltiple" tranches. How many more? One tranch for doorbell, one tranch for bath taps, one tranch for kitchen cupboards...? Is it a new way to get smaller investors into the whole-loan market? This seems to be the second half of what was to be the second tranche. Usually the borrower 'requests' FC to divide a loan into parts so that they can pay the loan back in parts as the developed properties are sold. In this case there is only one property and one repayment and so 'The full funding for this development will be listed as separate loans in order to match the funding to the cash flow requirements of the scheme.' Nothing to do with setting the rate so low that it can only be fed slowly to mug punters.
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Post by captainconfident on Apr 10, 2015 8:56:34 GMT
Looks pretty speculative to me. Asset free BVI company, functional building of some character they are looking to knock down. Planning permission not assured. Sketchy repayment plan should that fall through. Its not a 12% for nothing.
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blender
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Post by blender on Apr 10, 2015 9:07:54 GMT
I wondered if it should be a 'B'. As long as FC collect the interest up front and pay it back monthly, it should be good for 6 months.
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