hendragon
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Post by hendragon on Dec 21, 2015 11:13:59 GMT
My available funds balance seems to have turned negative.Anyone else got this problem? FS seem to have added a renewal before repaying.
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kermie
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Post by kermie on Dec 21, 2015 11:28:56 GMT
Not me - the Lancaster Hotel renewal (coming up later today) resulted in the due interest being added to my balance, but the capital (which is to be rolled over) has not been added - this is what I expected.
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hendragon
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Post by hendragon on Dec 21, 2015 11:39:37 GMT
all corrected now.....or was I wearing my Xmas sherry goggles?  |
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mikes1531
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Post by mikes1531 on Dec 21, 2015 12:59:26 GMT
Not me - the Lancaster Hotel renewal (coming up later today) resulted in the due interest being added to my balance, but the capital (which is to be rolled over) has not been added - this is what I expected. It seems rather surprising to me that FS have set the maximum as high as they have (£5k) considering that it's a renewal. Does that suggests a large portion of the original investors have decided not to renew?
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kermie
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Post by kermie on Dec 21, 2015 13:06:10 GMT
Yes, I thought that odd too, and can't really explain why the limit is so high for a renewal. I am rolling over my small holding in this one...not aware of any reason not to.
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mikes1531
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Post by mikes1531 on Dec 21, 2015 13:32:08 GMT
Perhaps the bonuses on offer at the time of the original loan were what pushed some investors into investing, and they've decided not to renew because there are no bonuses on offer for the renewal. Not that FS have given their investors much notice of the withdrawal of the bonuses for the renewal to allow them to change their renewal instructions.
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SteveT
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Post by SteveT on Dec 21, 2015 15:39:48 GMT
Perhaps the bonuses on offer at the time of the original loan were what pushed some investors into investing, and they've decided not to renew because there are no bonuses on offer for the renewal. Not that FS have given their investors much notice of the withdrawal of the bonuses for the renewal to allow them to change their renewal instructions. I didn't log in for this one, just letting my existing investment roll over. Was there much up for grabs at launch?
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kermie
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Post by kermie on Dec 21, 2015 15:46:38 GMT
Perhaps the bonuses on offer at the time of the original loan were what pushed some investors into investing, and they've decided not to renew because there are no bonuses on offer for the renewal. Not that FS have given their investors much notice of the withdrawal of the bonuses for the renewal to allow them to change their renewal instructions. I didn't log in for this one, just letting my existing investment roll over. Was there much up for grabs at launch? About a third of the loan was up for grabs if memory serves correctly.
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mikes1531
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Post by mikes1531 on Dec 21, 2015 16:26:13 GMT
I didn't log in for this one, just letting my existing investment roll over. Was there much up for grabs at launch? About a third of the loan was up for grabs if memory serves correctly. IIRC, it was 68% funded when I saw it first. So there would have been a bit over £80k available at that time. I think that took about two minutes to disappear.
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ben
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Post by ben on Dec 21, 2015 23:07:25 GMT
never even saw that one
the email did state that there was no bonus this time round but you thought they could inform people closer to the time or state when taking out the loan that the bonus is only offered on the original loan
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mikes1531
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Post by mikes1531 on Dec 21, 2015 23:49:27 GMT
the email did state that there was no bonus this time round but you thought they could inform people closer to the time or state when taking out the loan that the bonus is only offered on the original loan I expect the decision whether or not to offer a bonus on the renewal wasn't taken until very close to renewal time, and must depend on the supply/demand balance at the time. If FS and/or the borrower think they can get the loan funded without paying bonuses, they'd choose to do that. And if not, they'd decided to keep the bonuses, or perhaps change the bonus scheme. For this loan, demand was high enough that it filled very quickly without any bonuses. Today's Somerset Inn loan, in a similar situation, has had a very different result. It was a £356k loan, and about £225k of that was filled by rollovers from investors in the first loan. Since then, only about £40k of new money has been pledged. We'll see what happens when the £1k restriction is lifted tomorrow. If it fills promptly, then FS and the borrower win. If it doesn't, then bonuses may have to be offered for the renewal in order for it to proceed, though probably not of the size needed to get the loan funded the first time. Those were huge, giving investors returns of up to 17%. So it doesn't surprise me at all that some of the investors who earned those sort of rates chose not to renew when offered only 12%. At the moment, FS have put about £90k into non-renewing investor's accounts that hasn't been replaced by new investors' money. Hopefully, FS have enough working capital available so that doesn't cause a problem.
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