agent69
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Post by agent69 on Apr 25, 2015 8:35:33 GMT
I see that this loan for £750k has appeared on RBS.
They currently have a loan of circa £500k with TC, which they took out at the end of last year. Suggestion from the TC sponsor was that they were approached to raise the extra money from TC, but the sponsor wasn't happy to do so.
Will it fill on RBS, and will they end up paying a higher rate that the TC loan which they are going to pay off?
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SteveT
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Post by SteveT on Apr 25, 2015 9:28:26 GMT
Looks like everyone (including me) is ignoring it on the assumption it will never fill. Only 2% taken up after roughly a week. It was originally listed for 43 (!) days and then revised down to 23 days
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baldpate
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Post by baldpate on Apr 25, 2015 11:30:29 GMT
There simply aren't enough 'big' lenders among the ReBS lending membership to fill a loan of this size, which is by quite a margin the largest ever offered on the platform. Most of the regular lenders realize this, and are staying away, which of course compounds the problem.
I suspect it doesn't help either that the only substantive security (the second charge on the care homes) isn't all that convincing IMHO. I think ReBS got it about right in rating it a 'B', : had the loan request been for a smaller amount (a few hundreds of £K, say, rather than £3/4M), I imagine it might well have filled at around 16%. Despite having got 12% on Thin Cats, there was never a possibility of that rate at present on the ReBS platform.
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Post by betterthanworking on Apr 25, 2015 17:03:01 GMT
…and the fact that the borrower implies they are expecting c.12% on the loan doesn't encourage bids either.
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agent69
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Post by agent69 on Apr 25, 2015 18:08:51 GMT
FC here we come?
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Post by betterthanworking on Apr 25, 2015 18:17:51 GMT
agent69, us, or the borrower?
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Post by tybalt on Apr 26, 2015 14:40:06 GMT
If the achieve £k750 it will be about 20% OF RBS total loan book.
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markdirac
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Post by markdirac on Apr 27, 2015 20:51:28 GMT
Bad luck / bad timing for C***** H** healthcare. I reckon that when their loan request says that the Thin Cats "platform is very busy at the moment", they are referring to the fact that TC are switching over to the ReBS White Label software sometime soon.
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Post by tybalt on Apr 30, 2015 16:50:59 GMT
Neither IMHO sheer lack of research in assuming £k 750 was available on RBS.
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baldpate
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Post by baldpate on May 1, 2015 13:18:46 GMT
I wonder whether ReBS gave the applicant any sort of warning that the loan was extremely unlikely even to fill, as they must certainly have known it could not. I must say, my first thought when I saw the amount (after I'd picked myself up off the floor) was "What are ReBS playing at?".
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baldpate
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Post by baldpate on May 5, 2015 13:35:22 GMT
There we are - application withdrawn 5 May, having acheived the magnificent total of 3% funded. Percentage-wise, that must be the biggest flop of all time (unless the old hands know of anything floppier).
What a waste of time that was !
WHOOPS, IGNORE THIS POST - MY MISTAKE! IT'S STILL THERE
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jonno
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nil satis nisi optimum
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Post by jonno on May 12, 2015 12:02:02 GMT
Unbelievably this has been extended by a further 11 days!! Not only has the deceased horse been flogged but it's already left the glue factory.  |
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Steerpike
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Post by Steerpike on May 12, 2015 12:39:13 GMT
I haven't yet got to the stage where I take this platform entirely seriously but nevertheless I am of course deeply upset that my £10 is tied up for what is likely to be another wasted 10 days.
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Post by betterthanworking on May 12, 2015 14:32:21 GMT
Steerpike, you can withdraw your bid if you want. See note from ReBS in the 'Discussion' tab for the loan.
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Steerpike
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Post by Steerpike on May 12, 2015 15:04:18 GMT
Steerpike, you can withdraw your bid if you want. See note from ReBS in the 'Discussion' tab for the loan. Thanks, I hadn't noticed that, I was being mildly sarcastic as well!
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