bigfoot12
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Post by bigfoot12 on May 10, 2016 19:43:07 GMT
Is that some sort of record? I wonder how many will complete in time for those buying for the ipad offer?
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Post by GSV3MIaC on May 10, 2016 20:54:15 GMT
And not an 'E' to be seen among them .. in fact most of them were depressingly small, and (IMO) depressingly over rated. 8<.
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blender
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Post by blender on May 10, 2016 21:41:10 GMT
Perhaps there were few whole loans.
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fasty
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Post by fasty on May 10, 2016 21:57:56 GMT
Indeed, it was disappointing that there were no "E"'s today. I need to top up having sold quite a few existing slightly-used ones. One particular individual seems to be keen to buy them at a 3% premium. No accounting for taste. I did ponder dropping a few quid into the A+ property at 10%, but by the time I'd pondered sufficiently it was sold out. No doubt it will be back begging for more. Anyway, 54 loans in a day is hardly a record. Why, back in the good old days of proper auctions we regularly used to have several pages full of them.
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Post by GSV3MIaC on May 11, 2016 6:55:50 GMT
Not 54 new ones in a day though, as far as I recall.
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Post by driain on May 11, 2016 7:11:40 GMT
Could it be FC are timing the new loans to mop up the cash released to those selling at a premium to people desperate to hit their iPad targets by the 14th.
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bigfoot12
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Post by bigfoot12 on May 11, 2016 7:22:35 GMT
Could it be FC are timing the new loans to mop up the cash released to those selling at a premium to people desperate to hit their iPad targets by the 14th. I'm sure that is part of it. There is very little nothing that Auto Bid can buy on the secondary market as almost everything is at a premium. If I wanted an ipad I'd be nervous that some of these loans won't complete in time.
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Post by jackpease on May 11, 2016 7:38:50 GMT
Could it be FC are timing the new loans to mop up the cash released to those selling at a premium to people desperate to hit their iPad targets by the 14th. I'm sure that is part of it. There is very little nothing that Auto Bid can buy on the secondary market as almost everything is at a premium. If I wanted an ipad I'd be nervous that some of these loans won't complete in time. I think it is too late for us ipad tarts to bid for new loans as they won't draw down by the 14th??? as people figure this out on the day before the deadline, it'd be a good time to sell any part at 3%! Jack P
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kt
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Post by kt on May 11, 2016 8:08:34 GMT
Perhaps there were few whole loans. Could you explain the whole loans process to me? Are loans offered to investors as whole loans and then if rejected put on the market for everyone? I've never full understood this mechanism.
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blender
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Post by blender on May 11, 2016 9:14:21 GMT
Perhaps there were few whole loans. Could you explain the whole loans process to me? Are loans offered to investors as whole loans and then if rejected put on the market for everyone? I've never full understood this mechanism. Loans which are first offered as whole loans are listed as partial loans if not taken. It is supposed to work the other way round also, but that has never happened. Loans are assigned as whole or partial randomly, in the sense that this is an automatic process without direction by FC (setting aside one suspicious property incident). But the proportion of loans going as whole loans can be adjusted by FC to meet market conditions. It does seem (thanks timmy) that the proportion of partial loans has increased at the time when the last new loans can be bought by the ipad-struck lenders. FC presumably wished to use this promotion to increase lending and retain the cash intended for the ISA, not to transfer loan parts from one lender to another via the secondary market.
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SteveT
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Post by SteveT on May 11, 2016 9:44:50 GMT
The FC SME Income Fund (investment trust) reckons now to be approaching "fully invested" with its original £150m funding, and has yet to announce any second round fund-raise as yet (possibly delayed by the IFISA approval hiatus). My guess is that it's been swallowing a large proportion of WLs over the last 6 months but can't continue at this pace in the short term, hence the need to suck in more retail funds with free iPads.
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Post by GSV3MIaC on May 11, 2016 9:57:09 GMT
Plus the furore over in the USA about Lending Club may have a few of the institutional investors looking over their shoulders a bit more (and by now some of them will have been whacked by the odd WL default .. I doubt many of them were diversified to the 1% level!).
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blender
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Post by blender on May 11, 2016 10:15:52 GMT
The FC SME Income Fund (investment trust) reckons now to be approaching "fully invested" with its original £150m funding, and has yet to announce any second round fund-raise as yet (possibly delayed by the IFISA approval hiatus). My guess is that it's been swallowing a large proportion of WLs over the last 6 months but can't continue at this pace in the short term, hence the need to suck in more retail funds with free iPads. Or they are saving the remaining capacity of the fund for the period between the end of the ipad offer and the start of the ISA - when I think there will be retail buying opportunities, following the current selling opportunities.
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blender
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Post by blender on May 11, 2016 10:53:17 GMT
Plus the furore over in the USA about Lending Club may have a few of the institutional investors looking over their shoulders a bit more (and by now some of them will have been whacked by the odd WL default .. I doubt many of them were diversified to the 1% level!). Interesting point, but the overall scale of Whole Loans accepted may be larger than thought. Whole loans in the loan book 7037 Original principal £430M Number defaulted 96 Amount defaulted (remaining principal when defaulted) £3,721,910 Outstanding principal in loan book £337,178,930 less recoveries of £883,932 The first point is that if FCIT has £150M (net of repayments) lent then that is nearly half the Whole-Loan book. The second is that the loss rate looks ok so far. I was rather hoping to see the manager of the FC fund complaining bitterly about losses on the FC forum (proper arms-length relationship).
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nick
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Post by nick on May 11, 2016 12:52:49 GMT
Plus the furore over in the USA about Lending Club may have a few of the institutional investors looking over their shoulders a bit more (and by now some of them will have been whacked by the odd WL default .. I doubt many of them were diversified to the 1% level!). Interesting point, but the overall scale of Whole Loans accepted may be larger than thought. Whole loans in the loan book 7037 Original principal £430M Number defaulted 96 Amount defaulted (remaining principal when defaulted) £3,721,910 Outstanding principal in loan book £337,178,930 less recoveries of £883,932 The first point is that if FCIT has £150M (net of repayments) lent then that is nearly half the Whole-Loan book. The second is that the loss rate looks ok so far. I was rather hoping to see the manager of the FC fund complaining bitterly about losses on the FC forum (proper arms-length relationship). As of March FCIT only had a 73% allocation to UK loans (the balance being predominantly on their US platform). It may be difficult for FCIT to raise any significant new funds whilst it is trading at a discount at NAV, although it has being trading near par the past week. In the US, institutional money has been pulling back from P2P platforms as credit markets have tightened - maybe this is starting to happen in the UK?
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