am
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Post by am on Jan 27, 2016 18:35:48 GMT
If FC were acting as agent for FCIF, and acted in contravention to FCIF's instructions, then I'd guess that the whole loan bid would have been unenforceable.
I don't see why it is (now) described as repaid - cancelled and the bid returned might be a more accurate description. The alternative would have been for FC Property Solutions or whatever they call the underwriting arm to have taken over the loan, but I don't suppose that would have been viewed with approval here.
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adrianc
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Post by adrianc on Jan 27, 2016 18:42:23 GMT
Tewkesbury 4 - 19560, 12mo, £400k, 10% - is sat there for the taking, folks...
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fasty
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Post by fasty on Jan 27, 2016 19:02:11 GMT
Tewkesbury 4 - 19560, 12mo, £400k, 10% - is sat there for the taking, folks... Wot, without cashback, you mean? 
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adrianc
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Post by adrianc on Jan 27, 2016 19:08:45 GMT
Tewkesbury 4 - 19560, 12mo, £400k, 10% - is sat there for the taking, folks... Wot, without cashback, you mean? You don't HAVE to bid...
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blender
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Post by blender on Jan 27, 2016 20:48:47 GMT
It's a good temporary home for the proceeds of sales of 8% ex cash back parts. Later tranches may well have cash back.
It's just nice to see them having to go to the retail market for the rest of this refinance. What a mess! That's what happens when you wear two different hats and try to do deals with yourself. Proper Chinese walls needed between FC and FCIT with communications formalised and based on the contracts.
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fasty
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Post by fasty on Jan 27, 2016 21:01:39 GMT
It's a good temporary home for the proceeds of sales of 8% ex cash back parts. Later tranches may well have cash back. Good point on both counts. I was already tempted to a small nibble. I was very confused by the Q&A on this loan, as it says that it's the first of multiple loans which seems to rather conflict with the "4" in the title. If there's a lot more to come, I can see splashback returning.
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adrianc
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Post by adrianc on Jan 27, 2016 21:42:08 GMT
If there's a lot more to come... 3 x £500k to FC IT plus this £400k = £1.9m, of a total £2.9m required. So two more £500k to come. This one's not exactly accelerating out of the blocks, though - 52% after 4.5hrs? I really would have expected a 10%er to go quicker than that, after the recent dearth of anything interesting. I wonder if a lot of the non-autobodge money's given up and left already.
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fasty
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Post by fasty on Jan 27, 2016 22:03:28 GMT
If there's a lot more to come... 3 x £500k to FC IT plus this £400k = £1.9m, of a total £2.9m required. So two more £500k to come. This one's not exactly accelerating out of the blocks, though - 52% after 4.5hrs? I really would have expected a 10%er to go quicker than that, after the recent dearth of anything interesting. I wonder if a lot of the non-autobodge money's given up and left already. Thanks for that. I might wait a while before plunging more into this one. Autobodge seems to have really slowed up eating my 8% property parts, but one manual bidder has been voraciously purchasing my assortment of 6-month-vintage "E"-risk parts offered at a very modest premium.
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blender
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Post by blender on Jan 27, 2016 23:16:24 GMT
The test of Autobid will be the overnight repayments.
The 8% parts are going but it is erratic - we have two accounts and often one sells much more than the other overnight. Sometimes Autobid acquires a taste for certain loans, and I think that not everyone gets a full chance to sell every night. Generally I am happy that they are going well.
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am
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Post by am on Jan 28, 2016 11:56:41 GMT
There's a statement on the in-house forum about Tewkesbury (new) 3, including a paragraph "We have taken immediate steps to address the issue and bought back the tranche of the loan on to our balance sheet through the FC Finance investor account. We will notify investors of plans to liquidate this tranche within the next month."
I interpret that as an intention to dispose of it on the secondary market. (How do they sell a single £500,000 bid on the secondary market?)
Presumably the 4th loan, the one that disappeared into thin air, was caught before a bid could be made on FCIF's behalf.
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SteveT
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Post by SteveT on Jan 28, 2016 12:05:20 GMT
There's a statement on the in-house forum about Tewkesbury (new) 3, including a paragraph "We have taken immediate steps to address the issue and bought back the tranche of the loan on to our balance sheet through the FC Finance investor account. We will notify investors of plans to liquidate this tranche within the next month." I interpret that as an intention to dispose of it on the secondary market. (How do they sell a single £500,000 bid on the secondary market?) Presumably the 4th loan, the one that disappeared into thin air, was caught before a bid could be made on FCIF's behalf. Let's hope it's £100 parts at 4% discount again! 
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am
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Post by am on Jan 28, 2016 12:23:01 GMT
There's a statement on the in-house forum about Tewkesbury (new) 3, including a paragraph "We have taken immediate steps to address the issue and bought back the tranche of the loan on to our balance sheet through the FC Finance investor account. We will notify investors of plans to liquidate this tranche within the next month." I interpret that as an intention to dispose of it on the secondary market. (How do they sell a single £500,000 bid on the secondary market?) Presumably the 4th loan, the one that disappeared into thin air, was caught before a bid could be made on FCIF's behalf. Let's hope it's £100 parts at 4% discount again! I see that people are trying to sell Tewkesbury 4 at a premium already, even with £1m or more of further tranches imminent, and £500,000 of FC holdings potentially hanging over the secondary market.
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acky
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Post by acky on Jan 28, 2016 13:03:30 GMT
Let's hope it's £100 parts at 4% discount again! I see that people are trying to sell Tewkesbury 4 at a premium already, even with £1m or more of further tranches imminent, and £500,000 of FC holdings potentially hanging over the secondary market. £20 part at 0.4% premium - that'll be 3p profit after the sales fee. I'm sure stacking shelves at the supermarket would be a better return for effort! And that's if anyone's daft enough to buy with tranche 5 on the PM.
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kaya
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Post by kaya on Jan 28, 2016 14:08:50 GMT
Purely as an experiment, I have offered a part, just to see if anyone is daft enough to buy. No luck so far.
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blender
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Post by blender on Jan 28, 2016 14:29:19 GMT
I see that people are trying to sell Tewkesbury 4 at a premium already, even with £1m or more of further tranches imminent, and £500,000 of FC holdings potentially hanging over the secondary market. £20 part at 0.4% premium - that'll be 3p profit after the sales fee. I'm sure stacking shelves at the supermarket would be a better return for effort! And that's if anyone's daft enough to buy with tranche 5 on the PM. You could get quite a few flies or other tasty insects for 3p. I'm just watching for now, having run out of funds.
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