|
|
Post by accumul8 on Sept 29, 2015 9:22:16 GMT
What I find interesting is that there are two £250k + loans due to end tomorrow (one A and one A+) and they have both been bid down at the margin to the new fixed rates for these bands without any CB.
It almost seems like Fairly Crucial are starving the market of new loans in order to get the new fixed rate regime off to a good start.
|
|
sl75
Posts: 2,092 
Likes: 1,245
|
Post by sl75 on Sept 29, 2015 10:29:19 GMT
That'll only work for small loans. Not enough autobiddies to fill 250k. True, but adding CB to £150k loans to help them crawl from 65% to 100% seems generous. That said, they probably won't bother next time as the B has already closed and the A will be there by lunchtime (<18 hours). £250k+ is another challenge altogether... I expect £250k loans will have little trouble filling with their full quota of what GSV refers to as "autobiddies" once they become the only loans that can be bid on during the mornings... Like everyone else, "autobiddies" would normally receive their repayments overnight, so when those repayments push them over a £20 threshold, they'd all be expected to pile in on the only available loan(s), which going forwards will normally only be the very large loans (the others having filled during the previous daytime / evening).
|
|
acky
Posts: 481
Likes: 262
|
Post by acky on Sept 29, 2015 11:10:07 GMT
It almost seems like Fairly Crucial are starving the market of new loans in order to get the new fixed rate regime off to a good start. Sorry if I'm being stupid (again), but I see absolutely no actively filling loans in the Loans Request tab. They're either "100%" or "Bidding is closed". Are there really no new loans? Is FC in some type of transition phase for the fixed rate loans? Are there new T&Cs I need to agree to? ![]() Welcome to the world of fixed rate loans which will fill up in minutes if there is surplus demand, or not at all if there is surplus supply!
|
|
|
|
Post by nightmare on Sept 29, 2015 11:19:37 GMT
Indeed. 2% CB is great on a ~12mo loan, but on a 60mo loan, it's <0.4% annually. Less than a penny per year on a £20 part. I think it is a tad more than 0.4% if you factor in that (a) CB is tax free and (b) a 5 year loan is amortising monthly so in simplistic terms it is 'on average' outstanding for 30 months. I'm sure that someone on the forum with a good grasp of Excel IRR could give a more accurate value to a couple of decimal places. I think that you are looking at this the wrong way, the gain to be had with an 'upfront cashback' is immediate. With 1% cashback on a £20 part you are getting a £20 investment for £19.80 regardless of the length of the loan.
|
|
min
Member of DD Central
Posts: 615
Likes: 182
|
Post by min on Sept 29, 2015 11:26:34 GMT
It almost seems like Fairly Crucial are starving the market of new loans in order to get the new fixed rate regime off to a good start. Sorry if I'm being stupid (again), but I see absolutely no actively filling loans in the Loans Request tab. They're either "100%" or "Bidding is closed". Are there really no new loans? Is FC in some type of transition phase for the fixed rate loans? Are there new T&Cs I need to agree to? ![]() Maybe they are delaying release of new loans until later in the day to allow people who are working and cannot bid during the day to get a look in.
|
|
|
|
Post by GSV3MIaC on Sept 29, 2015 11:40:34 GMT
Maybe they are working on technical issues ...
"
Loan: 16118.A+ 48 CB=1.0% Failed to turn into a loan. (It closed .0 days ago)
Please note: This loan is being delisted due to a technical error. It will be relisted again shortly. Thanks, FC. Tue 29th September 11:53
"
Glad to see that the switch to fixed rates has not affected the technical performance we have come to love. 8>.
p.s. Did anyone figure out what the deal was on 16028, which mysteriously collected 18.1% bids after closing at MBR of 18.2% ??
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Sept 29, 2015 11:47:29 GMT
p.s. Did anyone figure out what the deal was on 16028, which mysteriously collected 18.1% bids after closing at MBR of 18.2% ?? It was autobodge that got off the leash yesterday.
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Sept 29, 2015 12:56:59 GMT
A 25K D loan 16135 just went up and autobodged in 12 mins to completion. So what's the point in looking at the platform at all except for flippers on the big loans.
No chance of duedil for anyone or asking questions. Think there will be some unhappy autobodge lenders later when their unsecured loans start to go bad.
|
|
|
|
Post by grumbledore on Sept 29, 2015 12:59:13 GMT
A 25K D loan 16135 just went up and autobodged in 12 mins to completion. So what's the point in looking at the platform at all except for flippers on the big loans. No chance of duedil for anyone or asking questions. Think there will be some unhappy autobodge lenders later when their unsecured loans start to go bad. I got 5x £20s in that one - I must have just happened to log in at the right time. Figured they could be flipped easy enough if I decide I don't fancy holding them.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Sept 29, 2015 13:09:18 GMT
"E" 16103 filled in seconds. Got bazzed.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Sept 29, 2015 13:14:16 GMT
£263K B with 1% cashback. Be interesting to see how quickly that goes.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Sept 29, 2015 13:14:56 GMT
£263K B with 1% cashback. Be interesting to see how quickly that goes. Is that the aborted earlier one back again?
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Sept 29, 2015 13:15:51 GMT
£263K B with 1% cashback. Be interesting to see how quickly that goes. Is that the aborted earlier one back again? Nope - the aborted one was an A+.
|
|
fasty
Member of DD Central
Posts: 1,038
Likes: 388
|
Post by fasty on Sept 29, 2015 13:23:54 GMT
Is that the aborted earlier one back again? Nope - the aborted one was an A+. OK, I've seen this borrower before though. Maybe an earlier loan that didn't draw down and revisited for a lower rate?
|
|
min
Member of DD Central
Posts: 615
Likes: 182
|
Post by min on Sept 29, 2015 13:27:12 GMT
p.s. Did anyone figure out what the deal was on 16028, which mysteriously collected 18.1% bids after closing at MBR of 18.2% ?? Emailed Flying Carpets who are investigating (trying to work out what to do).
|
|
