sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Apr 13, 2015 12:24:22 GMT
Darn it. we have lost 3 days interest.
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 13, 2015 12:31:12 GMT
FS might think they've pulled the wool over our eyes,but we've certainly cottoned-on pretty quickly
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mikes1531
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Post by mikes1531 on Apr 13, 2015 13:38:33 GMT
FS might think they've pulled the wool over our eyes,but we've certainly cottoned-on pretty quickly We may have, but I expect that most of their 'ordinary' investors won't have a clue that their money hasn't earning anything for the past three days. It will be interesting to see if the two big contributors to the original loan -- at £100k and £50k -- appear on the list of investors in the new loan. We'll find out shortly.
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bugs4me
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Post by bugs4me on Apr 13, 2015 14:12:37 GMT
FS might think they've pulled the wool over our eyes,but we've certainly cottoned-on pretty quickly <snip> It will be interesting to see if the two big contributors to the original loan -- at £100k and £50k -- appear on the list of investors in the new loan. We'll find out shortly. They have - at the reduced rate??
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 13, 2015 14:16:43 GMT
FS might think they've pulled the wool over our eyes,but we've certainly cottoned-on pretty quickly We may have, but I expect that most of their 'ordinary' investors won't have a clue that their money hasn't earning anything for the past three days. It will be interesting to see if the two big contributors to the original loan -- at £100k and £50k -- appear on the list of investors in the new loan. We'll find out shortly. First in the queue so looks like they were probably privy to repayment/renewal. Bonus rate? Doesnt look like there will be any problem filling the loan despite the repayment oddities.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Apr 13, 2015 15:11:19 GMT
We may have, but I expect that most of their 'ordinary' investors won't have a clue that their money hasn't earning anything for the past three days. It will be interesting to see if the two big contributors to the original loan -- at £100k and £50k -- appear on the list of investors in the new loan. We'll find out shortly. First in the queue so looks like they were probably privy to repayment/renewal. Bonus rate? Doesnt look like there will be any problem filling the loan despite the repayment oddities. More likely it was just rolled over for them by FS - at that level of investment/underwriting I'd expect at least that sort of service.
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mikes1531
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Post by mikes1531 on Apr 13, 2015 15:11:26 GMT
It will be interesting to see if the two big contributors to the original loan -- at £100k and £50k -- appear on the list of investors in the new loan. We'll find out shortly. First in the queue so looks like they were probably privy to repayment/renewal. Bonus rate? Doesnt look like there will be any problem filling the loan despite the repayment oddities. I'm somewhat surprised FS transferred across the large underwriter bid in full. At least I suspect it was a transfer -- the username is different, but both IDs start with "und". I might have thought they'd have left more room for 'ordinary' investors so as to reduce their underwriting costs and save their underwriters for another occasion when they're really needed. Perhaps they were worried that the loan wouldn't fill without a good head start. Maybe they'll cut back the biggest bid to allow more retail uptake. Or perhaps they wanted to fill the loan quickly, activate it, and move on to the next loans in the queue -- which show as having been accepted so ought to be released for investment very shortly. I hope so, as I didn't roll over all of my micro-art loan proceeds so have some funds looking for a new home. Shouldn't be long before we find out what happens next -- this loan was within £6k of its £300k request a few minutes ago. Must be encouraging for FS. Now if they can extract themselves/us out of the overdue loans successfully they'll really be in business!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 13, 2015 16:03:49 GMT
First in the queue so looks like they were probably privy to repayment/renewal. Bonus rate? Doesnt look like there will be any problem filling the loan despite the repayment oddities. I'm somewhat surprised FS transferred across the large underwriter bid in full. At least I suspect it was a transfer -- the username is different, but both IDs start with "und". I might have thought they'd have left more room for 'ordinary' investors so as to reduce their underwriting costs and save their underwriters for another occasion when they're really needed. Perhaps they were worried that the loan wouldn't fill without a good head start. Maybe they'll cut back the biggest bid to allow more retail uptake. Or perhaps they wanted to fill the loan quickly, activate it, and move on to the next loans in the queue -- which show as having been accepted so ought to be released for investment very shortly. I hope so, as I didn't roll over all of my micro-art loan proceeds so have some funds looking for a new home. Shouldn't be long before we find out what happens next -- this loan was within £6k of its £300k request a few minutes ago. Must be encouraging for FS. Now if they can extract themselves/us out of the overdue loans successfully they'll really be in business! All done, 2 hours flat. See one of the bigger investors has upped his stake by 50% so obviously the terms they got were favourable
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jjc
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Post by jjc on Apr 13, 2015 20:59:51 GMT
You've nailed it for me ilmoro. FS have the same challenge (problem) as every other platform trying to scale. The 2 big investors can call themselves what they want but it's underwriting pure & simple. They get a fee for their service (which needs to be taken out of retail lenders' - or the platform's - margins). Nothing wrong with that ofcourse. But it does leave the question open as to how thick FS retail lending base really is going forwards. And how they will need to slice the pie accordingly. One reading could be that despite an enlarged lending base, the property deals may have soaked up enough lenders' funds to leave not that much available for the other (interesting to me - but perhaps not everyone - quirkier, lumpier asset type) deals they offer. Which in the (already real) context of leakage to MT & very likely (if it happens) exodus when a big loan goes belly up could leave a much thinner lending base than FS might really want. Might be wrong, there could be a whole line of jimmies & jobblies already lined up to support future deals. And we don't (I think?) know what FS says to its borrowers in terms of speed of funding of a loan. 24 hours pretty much guaranteed (on non-property) is a nice calling card. But would this deal have really filled without a couple of big helping hands? And are FS sharing out the spoils the right way? Slower fingers the only way we'll find out.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 16, 2015 16:52:02 GMT
See a second tranche has appeared in the pending list. Wonder if thet explains the early renewal of the first one?
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jonbvn
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Post by jonbvn on Nov 6, 2015 11:52:34 GMT
This loan was due to pay back today. Any info on the status?
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hendragon
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Post by hendragon on Nov 6, 2015 13:39:17 GMT
update now on FS
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jonbvn
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Post by jonbvn on Nov 13, 2015 18:57:47 GMT
And the procrastination continues.
The3 sooner I am free of this borrower the better.
Who said "never again"?
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Nov 13, 2015 19:48:13 GMT
And the procrastination continues. The3 sooner I am free of this borrower the better. Who said "never again"? It's not been that long a wait by FS standards I got out of the microsculpture loans after the first renewal. Unlike many lenders who take the view that repeated renewals are a good sign of borrowers' intent/trustworthyness etc, I take the contrary view that repeated renewals will be often delaying the inevitable. I do sometimes involve myself with repeated renewals if I think the security is going to be an easy sell if the worst happens, but I didn't think that in the case of the microsculptures - they are unbelievably wonderful, but a very niche market. So, I'm an interested bystander on this one - which will probably end well sooner or later; hope so for the sake of my fellow lenders.
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Post by mrclondon on Nov 17, 2015 17:03:34 GMT
Another update on the loan this afternoon (paraphrasing heavily) - the borrower has the funds available to redeem the loan, but is now going to spend a couple of days contemplating whether instead to renew the two loans and go on a spending spree.
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