oldgrumpy
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Post by oldgrumpy on Apr 4, 2014 5:33:39 GMT
FC loans without asset security seem to be getting bigger. This one is £156K+. Another one yesterday (an A band risk)resulted in two loans totalling £180K+ without asset security (Lenders in Q&A querying the policy were slapped down by FC).
5702 (a C- risk band) doesn't even have the "healthy Experian credit report" FC's site promises us, but that's nothing new these days.
I wonder, are these FC slip-ups, or a new policy they have not publicised?
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Post by yorkshireman on Apr 4, 2014 9:47:08 GMT
FC loans without asset security seem to be getting bigger. This one is £156K+. Another one yesterday (an A band risk)resulted in two loans totalling £180K+ without asset security (Lenders in Q&A querying the policy were slapped down by FC). 5702 (a C- risk band) doesn't even have the "healthy Experian credit report" FC's site promises us, but that's nothing new these days. I wonder, are these FC slip-ups, or a new policy they have not publicised? The new policy is never mind the quality, just feel the width. Turnover as many loans as possible regardless of pedigree and don’t give a monkey’s (no offence intended) about security for lenders.
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unmadem
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Post by unmadem on Apr 4, 2014 11:43:26 GMT
There are answers from borrower in 5702 indicating they were not asked to provide assets security by FC.
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Post by GSV3MIaC on Apr 4, 2014 12:06:04 GMT
Yep, but by FC rules, as I understand them, they should have been. Pity Fc won't come here and comment, their own forum being unfit for purpose.
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unmadem
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Post by unmadem on Apr 4, 2014 12:21:06 GMT
Yep, but by FC rules, as I understand them, they should have been. Pity Fc won't come here and comment, their own forum being unfit for purpose. I agree completely on both points.
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Post by davee39 on Apr 4, 2014 13:14:31 GMT
This may be a £150k loan + borrower fees. I feel some of the questioning was over aggressive & the replies were both detailed and polite. Asset backing is an FC decision, not the borrowers.
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oldgrumpy
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Post by oldgrumpy on Apr 4, 2014 14:08:36 GMT
I am impressed by his detailed and patient explanations. He's going to get stuck with over 13% by the look of it.
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jimbo
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Post by jimbo on Apr 4, 2014 14:29:58 GMT
Me too. I'm lending on this one.
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Post by GSV3MIaC on Apr 4, 2014 14:32:02 GMT
Assuming it even gets funded. Major flippers would want more than 15% on this one, but perhaps someone will be tempted by the cash back...
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jimbo
Posts: 234
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Post by jimbo on Apr 4, 2014 14:34:26 GMT
I'll be amazed if it doesn't get funded. Over 92% there now with still over an hour to go.
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blender
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Post by blender on Apr 4, 2014 15:45:46 GMT
This may be a £150k loan + borrower fees. I feel some of the questioning was over aggressive & the replies were both detailed and polite. Asset backing is an FC decision, not the borrowers. The borrower fees are within the loan of £150k, taken by FC out of the money - so the extra over the £150k may be the fees (they have been doing offers).
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blender
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Post by blender on Apr 4, 2014 18:58:05 GMT
Here's something that does not happen every day. I got a £34 loan part in 5702, £6 knocked off my £40 bid, presumably to satisfy HMG bank. Rare as hen's teeth. Must keep it for luck.
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