coop
Member of DD Central
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Post by coop on Feb 18, 2015 12:48:05 GMT
63 loans, 5 are property, 4 filled at MBR... this whole loans thing ruins it for the everyman and pretty much flies in the face of the initial concept of the platform.... Incidentally whenever I see no loans ending In the AM followed by about 7 ending between 2.30 and 2.40 pm I get an image in my head of everyone at FC playing ping pong all morning before getting back from lunch, going "oh  , yeah, work" releasing a few loans, cracking open a beer to celebrate then going home. Anyone know any different? |
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sl75
Posts: 2,092
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Post by sl75 on Feb 18, 2015 15:27:29 GMT
This one seems to have disappeared without any explanation after attracting more than £310k of funds (and requiring just under £250k more) with a week still to go: www.fundingcircle.com/loans/53569/auctionDon't FC normally put a comment on the repayments tab saying why an auction was pulled before it ran to term? Do we expect to see the same request again in another form? |
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Post by loanstar on Feb 18, 2015 17:27:30 GMT
Sorry sl75, the URL just take you to the main loan request page. Do you remember the loan number or name?
On a slightly different note, why are we never provided with address of properties when there is loan which is due to be secured on them. Some investor always has to ask, and even then the address given can be rather general.
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sl75
Posts: 2,092
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Post by sl75 on Feb 18, 2015 17:39:13 GMT
10818 starts its two week journey to collect £562500 at 7% interest-only with 0.5% cash back -24 month term. Anyone interested? : this one (thought I'd save time by linking to it rather than making people find it in their watchlists or similar) I put my usual £20 starting bid on, and had no plans for any more. Obviously if you didn't bid on it you won't be able to see it now, as the auction was pulled with no explanation (yet?)
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Post by GSV3MIaC on Feb 18, 2015 19:30:12 GMT
63 loans, 5 are property, 4 filled at MBR... this whole loans ruins it for the everyman and pretty much flies in the face of the initial concept of the platform.... Incidentally whenever I see no loans ending In the AM followed by about 7 ending between 2.30 and 2.40 pm I get an image in my head of everyone at FC playing ping pong all morning before getting back from lunch, going "oh , yeah, work" releasing a few loans, cracking open a beer to celebrate then going home. Anyone know any different? Rejected whole loans seem to get released as a batch between 2pm and 4pm most days. I'm not sure why little comes to market in the AM .. Maybe Mr approval man is busy before lunch?
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coop
Member of DD Central
Posts: 714
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Post by coop on Feb 18, 2015 21:26:35 GMT
63 loans, 5 are property, 4 filled at MBR... this whole loans ruins it for the everyman and pretty much flies in the face of the initial concept of the platform.... Incidentally whenever I see no loans ending In the AM followed by about 7 ending between 2.30 and 2.40 pm I get an image in my head of everyone at FC playing ping pong all morning before getting back from lunch, going "oh , yeah, work" releasing a few loans, cracking open a beer to celebrate then going home. Anyone know any different? Rejected whole loans semi to get released as a batch between 2pm and 4pm most days. I'm not sure why little comes to market in the AM .. Maybe Mr approval man is busy before lunch? It's ping pong tournaments man, I'm almost sure of it.
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blender
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Post by blender on Feb 23, 2015 17:33:24 GMT
10716, commercial mortgage loan, 600k A+ at 8%, 36m, and 0.5% cashback has just expired 73% full and ignored by FC Solutions. Sad but unsurprising.
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Post by longjohn on Feb 23, 2015 17:39:20 GMT
10716, commercial mortgage loan, 600k A+ at 8%, 36m, and 0.5% cashback has just expired 73% full and ignored by FC Solutions. Sad but unsurprising. Yep. I watched that one close and wondered if if there were any underwriters ready to cough up £163K. I preferred 10913. 9% plus .5% cashback over 13 months. John edit 17:41 - 10716 loan cancelled and money returned.
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coop
Member of DD Central
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Post by coop on Feb 23, 2015 18:28:03 GMT
They're gonna have to put cashback up again or something. 0.5% isnt that enticing.
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Post by GSV3MIaC on Feb 23, 2015 20:49:04 GMT
Frankly FIXED RATE isn't that enticing in most cases - ask Zopa (vs RS). Bad enough FC try to tell me how risky it is, without them also trying to tell me what the resulting rate should be.
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fasty
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Post by fasty on Feb 23, 2015 21:56:19 GMT
Indeed. And the 7th tranche of one of the rather dull 8% property development loans is still only 65% full with just 12 hours or so remaining. What will happen if it doesn't fill? Do Floundering Carelessly step in at the last moment and plump it up?
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Grezza
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Post by Grezza on Feb 23, 2015 23:11:34 GMT
Indeed. And the 7th tranche of one of the rather dull 8% property development loans is still only 65% full with just 12 hours or so remaining. What will happen if it doesn't fill? Do Floundering Carelessly step in at the last moment and plump it up? Frugal Coaxing will have to offer more cashback, or ideally a higher fixed rate for these loans surely.....and even then I'm not certain I'd be tempted. I've only bid on a handful of loans since December, no sign of auction rates reflecting my perceived risk level.
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blender
Member of DD Central
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Post by blender on Feb 23, 2015 23:42:57 GMT
Indeed. And the 7th tranche of one of the rather dull 8% property development loans is still only 65% full with just 12 hours or so remaining. What will happen if it doesn't fill? Do Floundering Carelessly step in at the last moment and plump it up? Yes, Filling Cracks will probably step in and finish this one using FC Solutions Ltd. But they only have a £1M fund for this underwriting (net of sales on the SM) and so it is just possible that they might pull it and chop it in two rather than stump up. The borrower has to have the cash one way or another. Cash back is a promotion and so they cannot do it forever. They may have to improve interest rates to get these large multi-tranche loans filled - if they continue. In 2013 a secured A+ loan at 8% would have been gobbled up. Our expectations were raised in 2014 - speaking as a greedy b*st*rd.
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Post by GSV3MIaC on Feb 24, 2015 17:48:26 GMT
But in 2013 the secured 8% loans were not illiquid £M+ ones. Yes I too owned cranes, TV equipment, etc. 8>.
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Post by transo on Feb 25, 2015 0:55:05 GMT
Indeed. And the 7th tranche of one of the rather dull 8% property development loans is still only 65% full with just 12 hours or so remaining. What will happen if it doesn't fill? Do Floundering Carelessly step in at the last moment and plump it up? Yes, Filling Cracks will probably step in and finish this one using FC Solutions Ltd. But they only have a £1M fund for this underwriting (net of sales on the SM) and so it is just possible that they might pull it and chop it in two rather than stump up. The borrower has to have the cash one way or another. Cash back is a promotion and so they cannot do it forever. They may have to improve interest rates to get these large multi-tranche loans filled - if they continue. In 2013 a secured A+ loan at 8% would have been gobbled up. Our expectations were raised in 2014 - speaking as a greedy b*st*rd. Apparently they didn't feel like filling it themselves, and are now "looking to re-negotiate with the borrowers to offer investors better terms"... I think it would help if FC discovered the yield curve, longer term loans should cost more. Seems nuts they're trying to get asset-secured loans lasting 36 months away at the same rate as property loans lasting 9 months or less. Even ignoring differences in security can't see that we should be bidding on loans lasting 3 years on the assumption other rates in the economy will be the same then.
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, yeah, work" releasing a few loans, cracking open a beer to celebrate then going home.
