markr
Member of DD Central
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Post by markr on Apr 14, 2014 9:13:14 GMT
The property loan is now live, fill your boots folks before the cashback flippers pile in.
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Post by pepperpot on Apr 14, 2014 10:04:44 GMT
50% filled in an hour!
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Post by GentlemansFamilyFinances on Apr 14, 2014 11:04:32 GMT
I got the email but didn't read it - not interested in using my money to blow bubbles. Anyway - £2% bonus sounds nice! I think I'll put some money in and then dump it when I can.  Is there any restriction on sale of these parts? |
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Post by aloanatlast on Apr 14, 2014 12:50:22 GMT
And it's gone. £265K loan filled in 3h 13m, eat your heart out Assetz.
The power of a secondary market, on which almost all of it is going to get dumped shortly.
Now we've just got to wait and see what price the secondary market will like it at. Could hang around longer than the tower cranes and TV company. But the state of the secondary market is a mystery to me at present.
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Post by bracknellboy on Apr 14, 2014 13:02:24 GMT
interesting: I don't remember getting an email about this. Was it buried in a normal FC bulletin ?
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oldgrumpy
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Post by oldgrumpy on Apr 14, 2014 13:21:12 GMT
Not a single link on my summary page or loan requests page to lead me to the property loans pages, despite the brave link labelled "full details here".
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Post by davee39 on Apr 14, 2014 13:32:00 GMT
Not a single link on my summary page or loan requests page to lead me to the property loans pages, despite the brave link labelled "full details here". Its listed with the normal loans. No doubt Autobid was busy at the start, and will be as the loan parts sell on. 8.5% secured (depending on the premium attempted) is still going to look attractive without the cashback, which may not be repeated at the same level for the next property loan.
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oldgrumpy
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Post by oldgrumpy on Apr 14, 2014 15:40:30 GMT
Oh yes! I don't often look at that end because I feel that if any is borrower is going to grab the cash as soon as it is funded on an auction, I'd rather not lend to them. I start looking with about four days to go. I see this on the FC website:  Disappointing to note that the current property loan borrower only has a turnover of around £55K pa and a "fair" Experian record. I've mentioned on other threads (about other loans) that NOT all businesses have a healthy Experian credit report. FC have at last conceded to me that this wording may be "misleading". ed. but haven't done anything about it yet. |
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dorset
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Post by dorset on Apr 14, 2014 16:47:24 GMT
And it's gone. £265K loan filled in 3h 13m, eat your heart out Assetz.
The power of a secondary market, on which almost all of it is going to get dumped shortly.
Now we've just got to wait and see what price the secondary market will like it at. Could hang around longer than the tower cranes and TV company. But the state of the secondary market is a mystery to me at present.
Not sure why you think that the SM will clear flipped parts. I have had about 20 parts at par for sale for over a week with no sales whatsoever.
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Post by GSV3MIaC on Apr 14, 2014 17:00:41 GMT
How big are your SM parts, and what rate / risk band are they at? Even autobid, stupid as it is, will not buy huge parts, and I =think= it tries to buy the highest rates which some lucky autobid user doesn't yet have. I've sold 100+ at-par parts in the last couple of weeks, although whether to autobid, or canny shoppers, is hard to tell. Mostly £20 (when new, maybe £18 now), and the best I've managed is about 9.7% for a C, and a few 11.5 C-s. A+s like this property loan are shifting for 8.2% and up, although this one (being large) could choke the system for a while. Eventually newbies with autobid will soak it up at par, if not at a premium.
Will be interesting to see if FCs system can work out the buyer rates etc properly, given that this loan doesn't decrease over the 3 years like a normal one (i.e. a 3% markup over 3 year doesn't turn into a 2% reduction in buyer rate, as far as I understand the repayment profile). Most of the website seemed unaffected by this change, apart from extra information on the loan details, and a 'rate selection' box on the bid form which was firmly nailed at 8.5% (although the bid form is still posting the %age, as well as the bid amount, back to the central server .. minor java tweak and it could easily send back something other than 8.5% which the server was expecting).
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blender
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Post by blender on Apr 14, 2014 18:25:47 GMT
I was expecting a bit more separation between the normal business loans and these property loans - including the funding of buy to let mortgages. It seems that is you are an autobidder you have to opt out of Autobid if you do not want to be in this class of loans. It seems odd to me to be opted in without a process of informed consent. The British Business Bank does not seem to be in (not the first one anyway), so why assume everyone else is?
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Post by aloanatlast on Apr 14, 2014 18:49:11 GMT
Disappointing to note that the current property loan borrower only has a turnover of around £55K pa and a "fair" Experian record. I've mentioned on other threads (about other loans) that NOT all businesses have a healthy Experian credit report. FC have at last conceded to me that this wording may be "misleading". ed. but haven't done anything about it yet. Well the £55K is the rent, but since they aren't a limited company or even an LLP I don't suppose we've got any idea what other property they might have. Anybody's guess how they've concocted a Delphi score.
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Post by pepperpot on Apr 16, 2014 18:31:56 GMT
Has anybody else got this loan showing as 2.5% cashback in the 'My Bids' list, or am I just the lucky one?
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Post by aloanatlast on Apr 16, 2014 19:38:34 GMT
Has anybody else got this loan showing as 2.5% cashback in the 'My Bids' list, or am I just the lucky one? Oo-er. How odd.
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Post by aloanatlast on Apr 17, 2014 11:53:01 GMT
And it's out, with 2.5% paid. If it's a mistake, serves them right for not reading this forum.
I can afford an Easter egg now.
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