blender
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Post by blender on Dec 10, 2015 0:13:21 GMT
According to Final Chance's stated procedures any loan which does not fill on the partial board will be offered as a whole loan - and this now applies to property. So, if it becomes the unwanted last turkey in the shop they can increase the CB, or buy the rest through FCPF, or let it fail and offer it up to the whole loan buyer. Feeling Canny will know that the WL buyer does not have a West Byfleet in his collection, but if he/she rejects it Failed Chunk would have to buy the whole loan - or declare a technical error of course and start again. Could we see a PL reject? The WL lender on these property loans is the Irish-registered company referred to on pages 116, 167 and 176 of the Funding Circle SME Income Fund Limited prospectus available from www.fcsmeif.com. "The Company has no ability to independently determine the creditworthiness of a potential borrower or discretion to reject a Credit Asset randomly allocated to it (if it is within the scope of the Investment Policy and any Portfolio Limits, and there is sufficient Available Cash)." [prospectus] So it couldn't be rejected by this WL buyer... However, it only receives randomly allocated loans, so wouldn't take PL rejects. Phew. Thank you metoo for confirming that the buyer is the FC group company and that there is no subjectively based rejection. Of course there will be loans coming from WL to PL due to the qualifications in the brackets, but the point is that they will not be rejected on the basis of perceived poor quality/value. That is good. FC have always said that the system is symmetrical (in principle) and that unfilled partial loans will be offered as whole. The company is presumably at liberty to reject a credit asset that has not been randomly allocated - ie it could reject those coming unfilled from the PL. We will have to watch behaviour. Why cannot FC just tell their lenders what they are doing, and when the start doing it? They wish to be considered transparent but the behaviour says otherwise and raises suspicions which are probably not justified.
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bigfoot12
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Post by bigfoot12 on Dec 10, 2015 7:54:25 GMT
Now that's what I call adding value. Not. You get what you pay for. (From memory the investment trust charges no ongoing fees.)
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Post by Deleted on Dec 10, 2015 8:44:15 GMT
Good article in the Economist, suggests that Banks and Institutions will continue to lend via P2P hence pushing us out, they also think banks will buy portals. Which one will go first?
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jayjay
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Post by jayjay on Dec 10, 2015 10:03:51 GMT
Byfleet 4 at 1% CB looks like the candidate for the only turkey in the shop come Monday morning Does FC really think they'll get this away at 1% CB? Well, 2% sold in 4 hours is not a great start. With £1.35m already taken, surely mostly by Autobodge, I would not have though there was a lot more that Autobiddies will be able to put in, and discerning investors are going to want a rather bigger incentive. They have put it up to 2% but it is still clucking like a Turkey.
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acky
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Post by acky on Dec 10, 2015 10:07:51 GMT
Does FC really think they'll get this away at 1% CB? Well, 2% sold in 4 hours is not a great start. With £1.35m already taken, surely mostly by Autobodge, I would not have though there was a lot more that Autobiddies will be able to put in, and discerning investors are going to want a rather bigger incentive. They have put it up to 2% but it is still clucking like a Turkey. Yep, so we'll have to see whether this turkey gets gobbled up BEFORE Christmas without any more tasty Cashback Sauce.
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jayjay
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Post by jayjay on Dec 10, 2015 10:13:43 GMT
I piled most my Christmas cash into Cheshire so the relish with which I was awaiting Byfleet 4 has diminished in both capacity and appetite.
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acky
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Post by acky on Dec 10, 2015 10:18:13 GMT
I piled most my Christmas cash into Cheshire so the relish with which I was awaiting Byfleet 4 has diminished in both capacity and appetite. Likewise. Cheshire was a Cracker!
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metoo
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Post by metoo on Dec 10, 2015 10:53:55 GMT
Now that's what I call adding value. Not. You get what you pay for. (From memory the investment trust charges no ongoing fees.) They have to have a neutral allocation process. It wouldn't do if Flying Carpets were to favour the allocation of loans to one group of investors over another. They couldn't cherrypick the best investments for their own fund (only £150m of nearly £1bn) without causing revolt amongst other investors, retail and even institutional. Hence they can't add management charges to the investment trust, though it will have gearing. It's branded as an Income Fund, so advisers can diversify and spice up income investors' portfolios I guess. In any case, all available information is factored into the risk bands...
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jayjay
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Post by jayjay on Dec 18, 2015 9:37:35 GMT
How many new loans will be offered today? A later tranche property loan perhaps and a couple of tiddlers who are advised it is the very best time to market their (suspect) loan and they can conclude the deal on 4 Jan?
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wysiati
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Post by wysiati on Dec 21, 2015 6:02:08 GMT
....and then there were none!
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acky
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Post by acky on Dec 21, 2015 6:18:34 GMT
....and then there were none! .. and yet overnight sales on the SM were paltry (at least they were for me) - so where is Autobodge putting its money?
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min
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Post by min on Dec 21, 2015 7:03:36 GMT
....and then there were none! .. and yet overnight sales on the SM were paltry (at least they were for me) - so where is Autobodge putting its money? Worse than paltry for me - zilch! Think that proves Fiddling Capitalists do have an Autobodge lever and it's all the way over to PM at the moment. Hopefully a property development loan where they want the dosh in a hurry will appear. Only chance I can see of cashback.
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sl75
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Post by sl75 on Dec 21, 2015 8:53:58 GMT
....and then there were none! .. and yet overnight sales on the SM were paltry (at least they were for me) - so where is Autobodge putting its money? I notice that several of the loans were still accepting bids until about 5:30 this morning (if you click on some of the larger loans and go to the "All bids" section, you can see times of most recent bids) - so I'd guess that was where autobid put its money from the overnight repayments... at least for those autobid users who hadn't already bid on every single one of the remaining loans. Edit: I'd guess if people want the overnight sales directed to the SM, they'd need to conspire to empty out the PM before the end of Sunday evening...! (or indeed before the end of any evening)
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Post by nightmare on Dec 21, 2015 8:57:09 GMT
Important announcement from the WWF:
"It is with great sadness that the directorate of the World Wildlife Fund have this morning had to add the lesser spotted cashback to their list of most endangered species."
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treeman
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Post by treeman on Dec 21, 2015 9:06:10 GMT
Shocking! I actually shifted a fair bit overnight. Now all I need is a nice bit of juicy CB today to chuck it at ....  |
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