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Post by GSV3MIaC on Oct 20, 2015 19:00:39 GMT
Biddy says 4, and she doesn't miss much. One £52k B already filled and accepted, the other three are still out there for all to see (and in a couple of cases, even bid on maybe).
Monday is usually pretty slow, but today seems exceptionally slow .. maybe they are hoping autobid can be prompted to push a few of the 'stuck at 85-95%' "A+" (hah!) loans over the finishing line, but given their age, and the number of cracks at them autobid must already have had, that looks a bit forlorn.
I guess it's an opportunity to shift more cr&p fine pre-owned loan parts on the SM
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blender
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Post by blender on Oct 20, 2015 19:39:13 GMT
I have queried the acceptance time in general terms with FC. My understanding is that FC intend to move to a form of pre-acceptance. This is logical as the borrower knows before the loan is offered to lenders what the interest rate will be, so it should be possible for a loan to be offered, filled up and transferred to borrower within hours without the possibility of rejection. The period of getting competitive quotes etc is then moved to before the loan is offered to lenders. I would hope that some sort of penalty will be applied should borrowers still reject the loan offer. As far as I am concerned, the above will be the only benefit of fixed rates to me, so it had better happen soon. I am not sure it is as simple as that. As I understand it when an application is made for a loan the process of allocating the band and putting the loan up for 'auction' is or was one continuous one. The rate is not known until the band is known. If FC gave the option to exit when the band and rate is decided, they would be providing a free service to assess a business and offer a rate - incurring all the costs of assessment. It costs them nothing to continue to list the loan - other than in rejection rate. Maybe they will or even have recently moved to a two stage process of assessment and listing. It would suit lenders if they did.
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arbster
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Post by arbster on Oct 22, 2015 13:08:34 GMT
Interesting position for FC to take here (ID 16589):  |
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am
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Post by am on Oct 22, 2015 18:37:02 GMT
Interesting position for FC to take here (ID 16589): It's interesting how FC thinks that nature of this business is changing - first Professional and Business Support, then Other, and now Transport and Logistics. It does seem to be a difficult business (Warehousing, Importing and Wholesaling?) to classify, but I would have thought that FC could have stuck with one.
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SteveT
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Post by SteveT on Oct 23, 2015 10:57:58 GMT
I've just had my first (highly experimental) SME cashback loan part sell on at par (16581). Seems unlikely to prove as worthwhile as flipping property loans, not least because I'm unwilling to stake anything like as much in any single loan. That said, the interest earned in the meantime is better (9.6% net vs 7% net) and there are no 2nd/3rd/nth tranches to divert future Autobiddies from buying. Any parts left as I approach my standard 6 month threshold will have to be dumped at whatever the market demands at the time; the obvious concern is this could entail a significant discount but nothing ventured ...
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Steerpike
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Post by Steerpike on Oct 23, 2015 11:13:09 GMT
I've just had my first (highly experimental) SME cashback loan part sell on at par (16581). Seems unlikely to prove as worthwhile as flipping property loans, not least because I'm unwilling to stake anything like as much in any single loan. That said, the interest earned in the meantime is better (9.6% net vs 7% net) and there are no 2nd/3rd/nth tranches to divert future Autobiddies from buying. Any parts left as I approach my standard 6 month threshold will have to be dumped at whatever the market demands at the time; the obvious concern is this could entail a significant discount but nothing ventured ... That is good going considering there are over 100 parts on offer at a discount, I assumed that was why mine aren't shifting.
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blender
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Post by blender on Oct 23, 2015 11:45:22 GMT
I have 25 parts at par but mostly £40. My plan is the same as Stevet - hoping for Autobidders for a few months and then discount. But none of mine have sold (green is the colour of envy).
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Steerpike
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Post by Steerpike on Oct 23, 2015 11:49:57 GMT
I have 25 parts at par but mostly £40. My plan is the same as Stevet - hoping for Autobidders for a few months and then discount. But none of mine have sold (green is the colour of envy). You are much braver than I, £1k seems too much when I consider that I might end up holding (some of) the baby.
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Post by bonfemme on Oct 23, 2015 11:53:41 GMT
Just totted up my investments in them. I was in 8 loans. I invested £4600 in total in £20 parts and have sold £2840. My other accounts show pretty similar ratios.
PS All parts were sold at par
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Post by betterthanworking on Oct 23, 2015 12:01:03 GMT
Yes, I find that they are selling fairly well at par, but that may change if deal-flow increases. I have the impression that it is artificially throttled at the moment.
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SteveT
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Post by SteveT on Oct 23, 2015 12:04:55 GMT
Just totted up my investments in them. I was in 8 loans. I invested £4600 in total in £20 parts and have sold £2840. My other accounts show pretty similar ratios. PS All parts were sold at par That's encouraging!
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Post by aloanatlast on Oct 26, 2015 10:17:31 GMT
16576, £450 short, 45 minutes to go. FC haven't said they're going to fill it. Are they gambling or have they got another rabbit in the hat?
I have the distinct impression that Autobid has shot its bolt on all the current auctions. Nothing is moving except my sales at par.
So now we have even a titchy £52K stuck at 75% and looking like it might not fill.
But if FC do the obvious thing and raise the Autobid limit, then the SM sales at par are liable to dry up completely.
Which of course will mean that we'll lose interest in cashback, and Autobid will never find 100% of the big ones.
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sl75
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Post by sl75 on Oct 26, 2015 10:43:10 GMT
16576, £450 short, 45 minutes to go. FC haven't said they're going to fill it. They have now... "Q. 26 Oct 2015 10:39 - FC Comment: Please note, if this loan does not fully fund, FC Finance will buy the remaining loan parts within the last thrity minutes of the listing. Thanks, FC. " Contemplating whether to try and beat them to it (and then try to remember to put a 0.3% premium on it). Why as long as 30 minutes anyway? A reasonably well-trained monkey could get the necessary single bid in with less than a minute to go...
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arbster
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Post by arbster on Oct 26, 2015 10:46:07 GMT
30? You mean thrity, right? Reasonably well-trained monkeys can spell too.
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fasty
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Post by fasty on Oct 26, 2015 10:50:37 GMT
I believe that loan requests should be allowed to fail sometimes. Some may not fill because the crowd wisdom realises that the borrower is flakey and doesn't wish to invest. Others may not fill because the rates offered are simply not high enough. In my (perhaps over-simplistic and naïve) opinion, consistently baling out faltering loan applications is not healthy for the marketplace.
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