sl75
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Post by sl75 on Oct 9, 2014 16:36:32 GMT
That was what I meant - all new chums arriving with autobid on will get sold property loan parts .. mind you, they probably already do. Instant portfolio. 8>. Surely only the new chums arriving with autobid on and a low enough autobid rate selected will get them... This may of course depend in part on what rate(s) FC pre-select for new users the first time they visit the autobid page.
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Post by GSV3MIaC on Oct 9, 2014 16:58:14 GMT
It's low enough (by default) to buy those property loans .. trust me. 8>.
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sl75
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Post by sl75 on Oct 9, 2014 17:24:30 GMT
It's low enough (by default) to buy those property loans .. trust me. 8>. Although, unless FC change [or have already changed] the matching rules, Funding Circle Solutions won't have done themselves any favours by sticking exclusively to a £20 bid size... in doing so, they'll only ever sell £20 to each "new chum", whereas larger bid sizes allow selling more to "chums" who've put a larger deposit in... e.g. £100 parts selling to those who have a £10k deposit and 1% diversification, or a £20k deposit and 0.5% diversification selected. In the old days, it used to be the case that autobid would buy the largest loan part smaller than the target diversification... so that a good spread of different loan part sizes was the way to go (to maximise the chance of having a loan part of exactly the size the next buyer was looking for), but clusters sales now seem too rare to do any meaningful analysis on whether that's still the case.
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blender
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Post by blender on Oct 9, 2014 22:29:15 GMT
FC rely on the Autobidders buying property loan parts on the primary market, and having their rates set low enough. Selling property loans to autobidders, I am finding that £40 parts and £20 parts are picked up though I could not make any valid comparison between the two. £100 parts are rather more sticky, and though I could not give evidence that they are more than five times less often sold that £20, I have stopped buying £100 parts in favour of £20 and £40. It is tedious to fiddle with £20 parts - all the relisting for example - but £20 and £40 do seem to trickle away and help mitigate the discounts on the £100 ones sold. FCS well may do better to have a mix of the smaller loan parts. Personally I would prefer they bought £2000 loan parts.
Edit: So far today, 10 Oct 1400, only one property loan part sold at par and that £40 rather than £20. It must be to an Autobidder - a manual bidder may have preferred the same from another seller, discounted by 1.3%
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Post by GSV3MIaC on Oct 14, 2014 14:20:11 GMT
This one: www.fundingcircle.com/loans/41690/auction (loan 8254) has suddenly bloomed to £827k from £450k, but only on the detailed auction page?! I guess it is another foulup, since the % funded and the bids in all seem to tally with £450k |
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fasty
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Post by fasty on Oct 14, 2014 15:06:29 GMT
This one: www.fundingcircle.com/loans/41690/auction (loan 8254) has suddenly bloomed to £827k from £450k, but only on the detailed auction page?! I guess it is another foulup, since the % funded and the bids in all seem to tally with £450k Now they seem to have got the amount corrected, but the term seems to have changed from 24 months to 12 months? I came very close to placing bids assuming it was 12 months. At 24 months, I certainly don't want any. Displeased.
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oldgrumpy
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Post by oldgrumpy on Oct 14, 2014 15:58:29 GMT
8254 Well, having read a long list of mistakes/inaccuracies on the Q and A, I asked another one but by the time I had returned to the loans list it had been withdrawn!!! I think I'll sell up all my existing bridging loan parts on FC (I haven't go much) well before pay back time.... if I can  |
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fasty
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Post by fasty on Oct 14, 2014 16:09:42 GMT
I spoke to FC about the apparent change in term from 24 to 12 months. They were actually very helpful and promptly confirmed the mistake by email.
Apparently the loan request will be re-launched shortly.
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min
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Post by min on Oct 14, 2014 16:59:31 GMT
I spoke to FC about the apparent change in term from 24 to 12 months. They were actually very helpful and promptly confirmed the mistake by email. Apparently the loan request will be re-launched shortly. Should have bought shares in auction slipways with the number of re-launches on FC. :-)
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oldgrumpy
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Post by oldgrumpy on Oct 14, 2014 17:32:26 GMT
I always thought SS was the appropriate platform for re-launches.  |
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min
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Post by min on Oct 14, 2014 17:44:55 GMT
I always thought SS was the appropriate platform for re-launches. Not been there so will bow to your superior knowledge.
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oldgrumpy
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Post by oldgrumpy on Oct 14, 2014 17:52:14 GMT
Wotnosmiley? How very stern of you....  ..ahem! |
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Post by GSV3MIaC on Oct 15, 2014 8:14:56 GMT
I spoke to FC about the apparent change in term from 24 to 12 months. They were actually very helpful and promptly confirmed the mistake by email. Apparently the loan request will be re-launched shortly. There's a note over on the other forum, although it doesn't really explain how they managed to change both the loan size, and term, of an auction while it was live. Just another in a long line of FC IT/admin anomalies / cockups.
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blender
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Post by blender on Feb 12, 2015 18:31:51 GMT
Time to resurrect an old favourite thread.
10818 starts its two week journey to collect £562500 at 7% interest-only with 0.5% cash back -24 month term. Anyone interested?
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Post by jackpease on Feb 12, 2015 19:56:08 GMT
I got bored trying to see what they meant on the repayments - if it was truely amortising then maybe 7% doable because you could sell it on
J
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