jamesc
Member of DD Central
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Post by jamesc on Nov 16, 2015 16:32:05 GMT
Is it just me or have Fat Crocodiles almost given up on four of the risk bands, on the majority of loans recently they only seem to be using two. Of today's 15 loans so far almost 75% are either E OR A+ despite having 4 other risk categories to choose from. It seems in their eyes the loan requests are either good and therefore an A+ or bad therefore an E. I guess it cuts down on any thinking on their part !  |
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Post by hj on Nov 16, 2015 16:35:16 GMT
17401 £25,020 Bah! gone in 3 minutes. Actually it took over 9 minutes - pedestrian by the standards of a small E! Yes I see it now...I wonder what I clicked to see first bid as at 16:00... oh well, bottom line is I missed it by seconds 
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nick
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Post by nick on Nov 16, 2015 17:08:17 GMT
Actually it took over 9 minutes - pedestrian by the standards of a small E! Yes I see it now...I wonder what I clicked to see first bid as at 16:00... oh well, bottom line is I missed it by seconds I wouldn't lose sleep. The bottom has fallen out of the E market, you'll probably be able to pick them up at a 0.3% premium in which case you'll probably earn a better return than bidding in the auction after considering the non-interest period to auction end/drawdown and the risk of the loan falling through and suffering up to 13 days of dead cash........
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SteveT
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Post by SteveT on Nov 17, 2015 12:26:29 GMT
Unless of course FC decide that, until they've clarified the position w.r.t. the "other borrowing" they should remove the risk band... I received a call from FC following up on my query on non-disclosure of the existing loan. The person I talking too was just collecting data regarding the existing borrowing and had yet to confirm to the underwriting team whether they knew of existing borrowings and the recent issues they had in making payments resulting in the restructure. There was focus on whether the loan was currently in default and the nature of the previous payment issues. I not sure whether they will deem the non-disclosure of the existing borrowing to be sufficient reason to void the auction (although I would strongly disagree), but a recent default would be ample reason to pull the loan (I don't believe the existing borrowing were ever in technical default as agreement on restructuring the loan occurred around about the third month non-payment (which is the default trigger at REBS). Either way, given FC are now alert to the issue, even they would outshine themselves if they proceed with the loan but remove the risk band at the same time, but maybe I give FC too much credit........ 17318 now cancelled: "Please note that this loan request has been cancelled due to additional information coming to light regarding the borrower’s position. Thank you for your patience, FC."
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sl75
Posts: 2,092
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Post by sl75 on Nov 17, 2015 12:29:38 GMT
"Please note that this loan request has been cancelled due to additional information coming to light regarding the borrower’s position. Thank you for your patience, FC." Whose fault would it be that such "additional information" didn't show up on the credit searches? FC's for not searching properly, or ReBS for not accurately reporting it? (or the credit reference bureaux for not providing the information when requested?)
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Post by GSV3MIaC on Nov 17, 2015 12:57:34 GMT
How about "the borrower, for failing to disclose it on their loan application"? Or is honesty a bit much to expect on an E??
Oh and Loan: 16964.E 60 FR Failed to turn into a loan. (It closed 7.7 days ago) - FC Comment: The Borrower has decided not to accept the funds on this occasion.
Fishing for Es definitely looks a big muggish, especially if you happen to catch one. 8>.
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Post by flx123 on Nov 17, 2015 15:42:40 GMT
17442, E, 20K
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Post by hj on Nov 17, 2015 15:46:12 GMT
Lasted 2 minutes (did I get it right this time?), and I was clicking all that time <doh>
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fasty
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Post by fasty on Nov 17, 2015 19:56:40 GMT
Lasted 2 minutes (did I get it right this time?), and I was clicking all that time <doh> And drew down right away. Must want the dosh badly...
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Post by ogwellian on Nov 18, 2015 8:26:14 GMT
Yes I see it now...I wonder what I clicked to see first bid as at 16:00... oh well, bottom line is I missed it by seconds I wouldn't lose sleep. The bottom has fallen out of the E market, you'll probably be able to pick them up at a 0.3% premium in which case you'll probably earn a better return than bidding in the auction after considering the non-interest period to auction end/drawdown and the risk of the loan falling through and suffering up to 13 days of dead cash........ 14 days now for 17059 and that's £156k.
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sl75
Posts: 2,092
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Post by sl75 on Nov 18, 2015 12:08:08 GMT
How about "the borrower, for failing to disclose it on their loan application"? Or is honesty a bit much to expect on an E?? I was specifically asking about the credit searches... if we're expecting to rely on borrowers being completely honest why bother with any external searches at all?
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Post by flx123 on Nov 18, 2015 14:07:11 GMT
17420, E, 44K
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Post by hj on Nov 18, 2015 14:18:31 GMT
another one missed ... gotta get myself a bot.
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wysiati
Member of DD Central
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Post by wysiati on Nov 18, 2015 15:59:00 GMT
Yes I see it now...I wonder what I clicked to see first bid as at 16:00... oh well, bottom line is I missed it by seconds I wouldn't lose sleep. The bottom has fallen out of the E market, you'll probably be able to pick them up at a 0.3% premium in which case you'll probably earn a better return than bidding in the auction after considering the non-interest period to auction end/drawdown and the risk of the loan falling through and suffering up to 13 days of dead cash........ Interesting advice. I notice that all those days of 'dead cash' have not deterred you from continuing to be one of the largest investors in most E auctions.
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nick
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Post by nick on Nov 18, 2015 23:33:33 GMT
I wouldn't lose sleep. The bottom has fallen out of the E market, you'll probably be able to pick them up at a 0.3% premium in which case you'll probably earn a better return than bidding in the auction after considering the non-interest period to auction end/drawdown and the risk of the loan falling through and suffering up to 13 days of dead cash........ Interesting advice. I notice that all those days of 'dead cash' have not deterred you from continuing to be one of the largest investors in most E auctions. Only because I have more cash than opportunity to invest. If I was fully invested or had no surplus cash I would be indifferent.
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