Fixed rate loan - a first?

I think they probably think auto-bid will grab it's 65% or whatever now and they can get the rest from manual bidders, but they'll have to be generous ones. Although FC Asset Finance (or whatever it's called) will own the asset until the loan is paid off, that's not that much security as it's predicted to be worth <50% of the loan value up until the final year, and there's not much security in the rest of the company judging by their balance sheet. 9.5% for five years seems a poor return when FC are putting 10%+ on A-rated property loans with durations around a year, and often throwing cashback in. They (like lots of lenders) don't seem to understand yield curves; surely I'm not the only person expecting interest rates to be higher rather than lower in five years time!?