fasty
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Post by fasty on Nov 13, 2015 15:23:54 GMT
OK Thanks. Fran at FC advised me that any existing loan with a third party should be shown in the financial information if it exceeds £25k. This one doesn't smell too good.
As I understand it current policy is that it's new loans taken out in the last 12 months. OK thanks for the clarification, am
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nick
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Post by nick on Nov 13, 2015 15:29:23 GMT
OK Thanks. Fran at FC advised me that any existing loan with a third party should be shown in the financial information if it exceeds £25k. This one doesn't smell too good.
As I understand it current policy is that it's new loans taken out in the last 12 months. The REBS loan has £41k outstanding with maturity in Feb 2021 (originated in Oct 2013). Repayments have been on time since restructure in Aug 2015. Prior to that there was a 3 month repayment holiday! I was annoyed at the time because lenders were kept in the dark until the restructure was agreed, although a bit relieved that it didn't turn into an immediate write-off. Unfortunately from me, I already fired off quite a few bids on this loan before I actually bothered to review the profile - that will teach me!!!
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jamesc
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Post by jamesc on Nov 13, 2015 16:10:01 GMT
Thanks Nick, was kicking myself that I missed 17318 on the PM as I thought it looked very interesting, now I don't have to kick myself anymore !
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fasty
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Post by fasty on Nov 13, 2015 16:23:42 GMT
Unfortunately I had placed my bids on 17318 before the information about "other borrowing" was published. Perhaps simply too quick off the mark on this one  If it does go ahead.. I don't think it's going to be a "keeper"...
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sl75
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Post by sl75 on Nov 13, 2015 16:29:37 GMT
Unfortunately I had placed my bids on 17318 before the information about "other borrowing" was published. Perhaps simply too quick off the mark on this one If it does go ahead.. I don't think it's going to be a "keeper"... Unless of course FC decide that, until they've clarified the position w.r.t. the "other borrowing" they should remove the risk band...
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nick
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Post by nick on Nov 13, 2015 17:13:32 GMT
Unfortunately I had placed my bids on 17318 before the information about "other borrowing" was published. Perhaps simply too quick off the mark on this one If it does go ahead.. I don't think it's going to be a "keeper"... 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........
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fasty
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Post by fasty on Nov 13, 2015 17:21:09 GMT
Thanks for the update Nick. The person I spoke to at FC also said that they would speak to the underwriting team. So at least 2 of us have expressed concern prior to any monies being handed to the borrower!
Paging GSV and Goldservice... opinions?
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Post by goldservice on Nov 13, 2015 19:01:07 GMT
Eeeh what? Me, Sir? You’ve been reading what? The financial summary tab? And you’ve been looking through the bid list again, haven’t you? Well, I did bid a little on 17318. I never read any financial stuff. I take the view that I wouldn’t be able to take a view on the nest of dishonesties that financial statements usually involve. I just bid. Just on Es. So far, because Es are snapped up too fast to allow reading of any detail first, this has been the only way to operate anyway. Then I flip within one or two months. So I hope to miss most of the RBRs etc. But maybe I’ll sell off these parts sooner than usual. Oh, you wanted an opinion - well perhaps Floundering Checkers will withdraw the offer ("the borrower's circumstances have changed") before it becomes a loan and we’ll all get our pennies back.
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Post by GSV3MIaC on Nov 13, 2015 19:35:47 GMT
Ditto, ditto, and likewise (those well known accountants). 8/.
I probably have some on REBS too. Stupid bot!
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fasty
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Post by fasty on Nov 13, 2015 19:49:14 GMT
Thanks GSV and GS for the feedback. I have a similar strategy with "E"s although now I do look at the size of the loan to decide whether I have a few moments to review the level of toxicity. Maybe I won't buy "E"s on Friday 13th in future.
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Post by flx123 on Nov 16, 2015 12:09:22 GMT
17392, E, 20K
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Post by hj on Nov 16, 2015 14:13:39 GMT
(17382) £157,900 solicitors...
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Post by hj on Nov 16, 2015 16:04:28 GMT
17401 £25,020
Bah! gone in 3 minutes.
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acky
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Post by acky on Nov 16, 2015 16:10:13 GMT
17401 £25,020 Bah! gone in 3 minutes. Actually it took over 9 minutes - pedestrian by the standards of a small E!
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oldgrumpy
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Post by oldgrumpy on Nov 16, 2015 16:16:30 GMT
(17382) £157,900 solicitors... Lawyers... acting on behalf of alleged criminals .... and FC only think they are worthy of an E risk band ...... not today , thank you. 
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