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Post by GSV3MIaC on Jul 8, 2014 16:37:18 GMT
Until now they had always filled in a couple of days .. In some cases a few hours. Longest apart from this (6705) was the second tranche in the thread title, but even that was well under a week.
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baldpate
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Post by baldpate on Jul 8, 2014 18:17:53 GMT
I did a rough count just now. In the past 24 hours 6705 has attracted around just £16K-£17K, leaving £120K to go in order to fill in under 48 hours. Thats a TAAALLLLL order!
I'm going to dust off my portfolio & offer some of my early, poor-value autobids at par in the hope they'll be picked up quickly when the autobids on 6705 are released.
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blender
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Post by blender on Jul 8, 2014 18:53:38 GMT
I spoke too soon. 6705 is being pushed hard in the weekly lending review and it seems to be having results. Desperate stuff but good luck to them. We do not really want failures, just the lessons to be learned (ie better deals).
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Post by davee39 on Jul 9, 2014 8:20:38 GMT
Interesting twist from emoney (see their forum). A 7% interest only property deal over 60 Months which tracks the BOE Base Rate.
With several P2P sites moving into property I wonder if next time it will be P2P savers taking a bath on a property crash, while the Banks keep their cash to themselves.
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blender
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Post by blender on Jul 9, 2014 10:27:56 GMT
I have to say that I think the 'Q&A' is now being abused, in my opinion, on 6705 in an attempt to get it filled. The Q&A is supposed to be the lenders' opportunity to ask questions of the borrower, but in this case the Borrower has answered no questions directly but FC has made the replies, acting as an intermediary and it seems gathering information as necessary. Not content with this FC have now added a new 'question' at the top of the page (to be read first out of sequence) which amounts, in my opinion, to a 400 word pitch extolling the virtues of the borrower and the loan opportunity. No doubt they will consider this a necessary clarification using factual material, but they slip in places. In particular they make a statement based on current rental that it 'will cover' (future tense, no subjunctive) repayments. And FC tell us that the borrower has strong financial acumen. I have no reason to doubt these statements, but for me, FC have stepped out of their normal role and are promoting this borrower and loan. They must take responsibility for that.
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Post by GSV3MIaC on Jul 9, 2014 10:57:22 GMT
But that's the problem with 'fixed rate' ..FC have committed to the lender what the rate will be, and thus are in egg-on-face position #1 if the loan won't fill at that rate. I still expect they'll find a few HNW folks to top it up at the last minute, even if they happen to be employees or owners.
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blender
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Post by blender on Jul 9, 2014 11:36:22 GMT
The other problem is that the property loans business manager (whoever he or she) has been giving away the 2% fees to the lenders as cashback on most of the recent loans. And now that a three year loan gives a chance to retain some of the fee as a contribution to profit, a misjudgement of appropriate interest rate, IMO, is leading to a credibility problem. Boundaries are being pushed.
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jm72
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Post by jm72 on Jul 9, 2014 15:43:43 GMT
I have to say that I think the 'Q&A' is now being abused, in my opinion, on 6705 in an attempt to get it filled. The Q&A is supposed to be the lenders' opportunity to ask questions of the borrower, but in this case the Borrower has answered no questions directly but FC has made the replies, acting as an intermediary and it seems gathering information as necessary. Not content with this FC have now added a new 'question' at the top of the page (to be read first out of sequence) which amounts, in my opinion, to a 400 word pitch extolling the virtues of the borrower and the loan opportunity. No doubt they will consider this a necessary clarification using factual material, but they slip in places. In particular they make a statement based on current rental that it 'will cover' (future tense, no subjunctive) repayments. And FC tell us that the borrower has strong financial acumen. I have no reason to doubt these statements, but for me, FC have stepped out of their normal role and are promoting this borrower and loan. They must take responsibility for that. Best keep hold of the Q&A in case something goes wrong - I agree that FC is probably overstepping the line. Looks like the loan is going to fill though - only £30k left to go with 24 hours left. Large increase since FC started pushing the loan hard!
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blender
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Post by blender on Jul 9, 2014 16:04:05 GMT
You have to admire their determination. There will be some bidders who wait till the end anyway - to save having their cash tied up if something better comes along. I do not need to save the Q&A because this one is not for me. But I see that at least one fellow forumite has just been tempted.
Looks safe to fill now. FC 100% record on property loans retained.
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Post by GSV3MIaC on Jul 9, 2014 16:28:45 GMT
Would be interesting to look up the previous bidding history, if any, of some of these folks putting in £5k (2*2k, 1*1k). Just call me suspicious!!
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wysiati
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Post by wysiati on Jul 9, 2014 17:40:12 GMT
Would be interesting to look up the previous bidding history, if any, of some of these folks putting in £5k (2*2k, 1*1k). Just call me suspicious!! Should we really care? The more money suck(er)ed up into seemingly unattractive loan propositions the better for everyone else bidding on what is left.
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Post by aloanatlast on Jul 9, 2014 18:51:15 GMT
Would be interesting to look up the previous bidding history, if any, of some of these folks putting in £5k (2*2k, 1*1k). Just call me suspicious!! Should we really care? Since everything is manipulated every other way I suppose shill bidding would be only par for the course.
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markr
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Post by markr on Jul 10, 2014 12:42:04 GMT
Well, 6705 did indeed fill up, accepted and drawn down. Bish bash bosh, job's a good un. You might not think much of FC's property loans, but they could certainly teach some other property-based P2P platforms a thing or two about draw down times.
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Post by GSV3MIaC on Jul 10, 2014 12:47:16 GMT
And I sold a £20 part at par already. 8>.
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blender
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Post by blender on Jul 10, 2014 13:11:39 GMT
Well, 6705 did indeed fill up, accepted and drawn down. Bish bash bosh, job's a good un. You might not think much of FC's property loans, but they could certainly teach some other property-based P2P platforms a thing or two about draw down times. Property loan? I can't see any on offer. How about a nice property loan to bid on, FC? Edit: Well thank you FC, most obliging. I will have a few % of that nice new one before too long.
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