jm72
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Post by jm72 on Jun 10, 2014 17:53:12 GMT
I wonder if they borrowed the interest too?!
Regardless, FC do seem to be a bit whacky on rates .. This one is, as someone said, more attractive (A+) and shorter duration, but gets the same 8% / 2% cash back as the 429k A.
I've given up - interest is noted in document as £4,920 - however 8% of £66,140 is £5,290 - so leaves even less for fees. Agree on second comment - main difference seems to be one is a Property Development loan the other is a Commercial Mortgage Loan - maybe there's just a difference in the market place on rates which can be charged?
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fasty
Member of DD Central
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Post by fasty on Jun 11, 2014 13:30:39 GMT
Hurry and you might just get a part of the newest property loan in Mersham A+ 8% + 2% cashback 18months
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Post by GSV3MIaC on Jun 11, 2014 13:38:46 GMT
Too late - all gone!! These are selling out like the C-s did when they first arrived (and for similar reason I guess - fastest finger first, with no way to underbid). Can't be long before FC twig, and reduce the cash back or the interest rate or both (again, this one was an A+, shorter duration, and much more sellable than the £429k chunk which was offered at the same rates).
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mikeb
Posts: 1,072
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Post by mikeb on Jun 11, 2014 17:32:49 GMT
Too late - all gone!! These are selling out like the C-s did when they first arrived (and for similar reason I guess - fastest finger first, with no way to underbid). Can't be long before FC twig, and reduce the cash back or the interest rate or both (again, this one was an A+, shorter duration, and much more sellable than the £429k chunk which was offered at the same rates). Weird. I've been keeping an eye on the loans-request page [2] and not seen this one appear at all. What number was it? Been seeing new auctions appear, but not the property one. This happened the other day, when someone on here commented that an auction had been relisted, I couldn't see it in the list of requests, yet others had already been bidding on it for ages. Pointless reserving money to bid in these things if they're only going to appear for the selected few and be removed again.
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fasty
Member of DD Central
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Post by fasty on Jun 11, 2014 17:40:49 GMT
It was 6479. Loan filled in probably less than half an hour and was drawn down immediately.
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mikeb
Posts: 1,072
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Post by mikeb on Jun 11, 2014 17:46:00 GMT
It was 6479. Loan filled in probably less than half an hour and was drawn down immediately.
Too quick for me then, must've blinked and missed it. Also useful that they're all coming up in jumbled order too.
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jm72
Posts: 109
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Post by jm72 on Jun 11, 2014 19:21:13 GMT
It was 6479. Loan filled in probably less than half an hour and was drawn down immediately.
Too quick for me then, must've blinked and missed it. Also useful that they're all coming up in jumbled order too. Three lenders, £50,000 a piece covered 85% of the loan with average bid of about £80. Didn't recognise any of their names.
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Post by GSV3MIaC on Jun 12, 2014 15:01:37 GMT
I wonder if they borrowed the interest too?!
Regardless, FC do seem to be a bit whacky on rates .. This one is, as someone said, more attractive (A+) and shorter duration, but gets the same 8% / 2% cash back as the 429k A.
I've given up - interest is noted in document as £4,920 - however 8% of £66,140 is £5,290 - so leaves even less for fees. Agree on second comment - main difference seems to be one is a Property Development loan the other is a Commercial Mortgage Loan - maybe there's just a difference in the market place on rates which can be charged? I guess someone finally noticed the sums were wrong, since the auction was pulled (after sitting on the money for a couple of says) and will return, "at some future date" .. we can then play 'spot the difference', or perhaps it should be called 'spot the ball(sup)'?
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jm72
Posts: 109
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Post by jm72 on Jun 12, 2014 16:55:45 GMT
I've given up - interest is noted in document as £4,920 - however 8% of £66,140 is £5,290 - so leaves even less for fees. Agree on second comment - main difference seems to be one is a Property Development loan the other is a Commercial Mortgage Loan - maybe there's just a difference in the market place on rates which can be charged? I guess someone finally noticed the sums were wrong, since the auction was pulled (after sitting on the money for a couple of says) and will return, "at some future date" .. we can then play 'spot the difference', or perhaps it should be called 'spot the ball(sup)'? Only difference I can see is that the old loan had Loan Purpose of 'Working Capital', the new one 'Residential Property Management'. Reason for withdrawal of old loan due to 'Technical error on Funding Circle system' - whatever that means
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mikeb
Posts: 1,072
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Post by mikeb on Jun 12, 2014 17:33:30 GMT
... it means "business as usual"
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jm72
Posts: 109
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Post by jm72 on Jun 12, 2014 18:00:13 GMT
... it means "business as usual" Seems to be getting worse at the moment. Over the past couple of weeks: 1) Intent to settle existing loan with new one either not noted on new loan, not noted on old loan, noted on old loan - but not downgraded 2) Issue with payments - nice message on 3 linked loans that borrower can only pay interest for the next three months, all three currently up-to-date though and not downgraded 3) Re-listing of multiple loans 4) Loanbook not working - I got an explanation from FC that this was due to a separate loan book for the Business Bank running first - they had requested the incorporation date of the company to be included. As there are non-limited companies with loans, this date didn't exist and the system couldn't cope and crashed But on the plus side - there do seem to be less 'can't access website' and the mysterious additional bids over the total amount asked for has gone away. One day, everything might work at once!
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