jm72
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Post by jm72 on Jun 4, 2014 14:12:08 GMT
B rated, with a fixed interest rate of 8%??
Be interesting to see if anyone goes for this
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baz657
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Post by baz657 on Jun 4, 2014 14:33:53 GMT
The management financials look ok but there is hell of an increase in turnover from the filed accounts plus a constant credit score of 5 - it doesn't add up.
I'll pass.
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jm72
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Post by jm72 on Jun 4, 2014 14:37:44 GMT
Me too - interesting to see if it fills given that the rate is below MBR for a B rated loan
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is
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Post by is on Jun 4, 2014 15:10:07 GMT
Looks like another ghost - already gone. Maybe they realised this was really going to struggle!
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Post by GSV3MIaC on Jun 4, 2014 15:40:00 GMT
Presumably another screwup by the office ... Oh wait, I gotta be polite .. Err .. Operatives? Maybe was supposed to be an A or A+. Not a B, at 8%, for sure. £429k .. Wait for it to resurface, with a prior marketing fluff message.
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oldgrumpy
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Post by oldgrumpy on Jun 4, 2014 15:45:55 GMT
Presumably another screwup by the office ... Oh wait, I gotta be polite .. Err .. Operatives? Maybe was supposed to be an A or A+. Not a B, at 8%, for sure. £429k .. Wait for it to resurface, with a prior marketing fluff message. Gotta be A+ with a credit report that consistent ... no blips whatsoever! Well, FC do promise us "healthy Experian Credit Scores" (see another thread).  Shame it's not true.
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jm72
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Post by jm72 on Jun 4, 2014 16:14:01 GMT
Presumably another screwup by the office ... Oh wait, I gotta be polite .. Err .. Operatives? Maybe was supposed to be an A or A+. Not a B, at 8%, for sure. £429k .. Wait for it to resurface, with a prior marketing fluff message. Ah - message on the other forum about a commercial property loan for £249k being listed with wrong rating. Giving FC the benefit of the doubt, that they actually meant to write £429k, I guess we will see it again with an 'A' rating - so at the MBR. It will be by far the largest loan to fill at MBR if it goes ahead - will the 2% cashback be enough to get flippers involved, given experience of the last large loan, the longer term (1% discount isn't going to provide much uplift in rate). I will watch with interest.
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baz657
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Post by baz657 on Jun 4, 2014 16:35:12 GMT
... and totally disregards the pi$$ poor credit rating. The management accounts that seem to show things are going well but I know for a fact that the borrower can put whatever they like there and it'll be added to the financial summary. And there was me thinking that FC was being optimistic with the B rating..... 
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oldgrumpy
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Post by oldgrumpy on Jun 4, 2014 16:41:25 GMT
Yes. Luke has changed it to £429K now. FC office staff are still unbelievably sloppy in so many ways. They couldn't even get their correction right having launched yet another auction with wrong details. About fifteen months ago they put out a message somewhere promising to tighten up on their loan detail accuracy. I told them then NOT to let office juniors put material on line unless proof read by senior staff. Maybe they already do that so we shouldn't blame the juniors!
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jm72
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Post by jm72 on Jun 4, 2014 16:42:05 GMT
... and totally disregards the pi$$ poor credit rating. The management accounts that seem to show things are going well but I know for a fact that the borrower can put whatever they like there and it'll be added to the financial summary. And there was me thinking that FC was being optimistic with the B rating..... I'll take your pi$$ poor credit rating and trump it with a personal guarantee of £100k! Maybe the loan was meant to have been listed at £249k rather than £429k (a further slip of the fingers) such that the personal guarantee is 40% rather than under 20% of the loan amount Oops - just seen Old Grumpy's comment - maybe a 20% personal guarantee doesn't trump the credit rating!
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Post by davee39 on Jun 4, 2014 17:04:59 GMT
I am standing aside on this one (Which has re-appeared). Assuming it is flipped at a 1% discount the rate only improves to about 8.2% and there will be SO MANY parts looking for a home. LTV of 77% looks crazy as well.
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fasty
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Post by fasty on Jun 4, 2014 17:15:39 GMT
If it was only a year or 18 months I might have been tempted - but 5 years combined with that low credit score means that 8% isn't enough to tempt me to buy any of these to keep. I think it's going to be tough to shift on the SM too.
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Post by GSV3MIaC on Jun 4, 2014 17:55:14 GMT
Yeah, for values of 'tough' (to shift) which basically equate to the chances of getting a decent premium bond win ... you puts them out at 1% discount and maybe you'll get them bought by a bored/insane human, or you puts them out at par and takes your chances among the thousand waiting for newbie autobidders....
I still wonder how this one is an A, and 8%, compared to the 8.5% A+ on the first surrey property loan.
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blender
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Post by blender on Jun 4, 2014 21:25:33 GMT
I do not understand how this one will get sold. It is at 4% full. At MBR it will get some autobidders but not enough to get anywhere near filling it, in my opinion. And it's not for flippers because most of that 2% would go as discount and fees, and still it could take a very long time to sell. 6313 was good because of the 12 month term making the premium more valuable, and it was well over current MBR. Like many others I have put all my 6313 parts (10% of those on offer) onto the secondary market at 0% hoping for a random Autobid purchase - but expecting to hold all to term. But I would not contemplate this one with a 60 month term, even with its healthy credit rating (not).
FC may have misjudged the interest rate on this one. It may be that those manual purchasers who are interested will wait to see how it goes. It needs some big buyers. We shall see.
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blender
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Post by blender on Jun 5, 2014 12:59:04 GMT
Autobidders were very busy in the small hours putting their repayments into this. I am assuming that the rule about Autobidders only making up a certain percentage at MBR still applies. 8% is MBR and there are no other options. Rather more bids than I thought on this one.
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Shame it's not true.
