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Post by rudry2677 on Jul 3, 2014 14:04:02 GMT
If only I had kept mine........
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Post by yorkshireman on Jul 3, 2014 15:35:28 GMT
Quoting Funding Secure: “In order to ensure that all our savers have an opportunity to participate, we have enabled investment restrictions on this loan.”
That’s a bit rich when the minimum bid has to be £1k. I’ve no problem placing £1k bids on loans with decent security but I’m not impressed by this security. Why would someone with an asset reputedly worth £250k be prepared to pay 13% to borrow £75k?
I’ll pass on this and leave it for those with more brass than sense.
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Post by mrclondon on Jul 3, 2014 19:03:00 GMT
Quoting Funding Secure: “In order to ensure that all our savers have an opportunity to participate, we have enabled investment restrictions on this loan.”
That’s a bit rich when the minimum bid has to be £1k. I’ve no problem placing £1k bids on loans with decent security but I’m not impressed by this security. Why would someone with an asset reputedly worth £250k be prepared to pay 13% to borrow £75k?
I’ll pass on this and leave it for those with more brass than sense.
Also quoting Funding Secure (from their email today) "We will limit the total of shadow bids to ensure there will be sufficient remaining to accomodate smaller bids when the loan is opened for regular bidding in August."
Seems a win-win situation, FS demonstrate to the borrower that the (majority) of the funding is already committed so the borrower is less tempted to look elsewhere, larger lenders don't have funds tied up for weeks, and smaller investors will get their chance in August. Pawn broking reamains for some people the only option for raising funds, and even at FS they will be paying a LOT more than 13% for the privledge once FS's own fees are taken into account. I'm happy to diversify my lending away the predominance of property security, and the low LTV means there should be minimal risk of capital loss. It goes without saying that rates of 13% imply risk ... and it is obviously up to each of us to judge whether the risk of each loan is palatable or not. Some of the recent FS 10% and 11% loans on a high LTV are heading into the scary region IMO based on the defaults we have had to date. I can't see a sensible post tax return at those sorts of rates.
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Post by yorkshireman on Jul 3, 2014 22:33:44 GMT
Quoting Funding Secure: “In order to ensure that all our savers have an opportunity to participate, we have enabled investment restrictions on this loan.”
That’s a bit rich when the minimum bid has to be £1k. I’ve no problem placing £1k bids on loans with decent security but I’m not impressed by this security. Why would someone with an asset reputedly worth £250k be prepared to pay 13% to borrow £75k?
I’ll pass on this and leave it for those with more brass than sense.
Also quoting Funding Secure (from their email today) "We will limit the total of shadow bids to ensure there will be sufficient remaining to accomodate smaller bids when the loan is opened for regular bidding in August."
Seems a win-win situation, FS demonstrate to the borrower that the (majority) of the funding is already committed so the borrower is less tempted to look elsewhere, larger lenders don't have funds tied up for weeks, and smaller investors will get their chance in August. Pawn broking reamains for some people the only option for raising funds, and even at FS they will be paying a LOT more than 13% for the privledge once FS's own fees are taken into account. I'm happy to diversify my lending away the predominance of property security, and the low LTV means there should be minimal risk of capital loss. It goes without saying that rates of 13% imply risk ... and it is obviously up to each of us to judge whether the risk of each loan is palatable or not. Some of the recent FS 10% and 11% loans on a high LTV are heading into the scary region IMO based on the defaults we have had to date. I can't see a sensible post tax return at those sorts of rates. I had not received the email from FS when I made my first comment, having read this I can see that smaller bids will be allowed when the loan opens for regular bidding.
However, the statement on the web site is rather ambiguous and, as I read it, does not say anything about shadow bids being limited to ensure there will be sufficient remaining to accommodate smaller bids hence my original remarks.
I might be tempted to place a smaller bid to diversify my lending after all!
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 8, 2014 12:19:46 GMT
This loan has disappeared from the Live Loan Requests page at some point in the past few days. I presume that means it isn't going ahead - although I've not had any word from FS to say my shadow bid won't require funding after all, so maybe not.
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Post by elljay on Aug 8, 2014 12:55:17 GMT
It's still showing for me (with the one shadow bid).
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 8, 2014 13:06:03 GMT
Most peculiar - it's back for me now too. I wasn't imagining things - I did check a few times. Anyhow, that good news  |
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hendragon
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Post by hendragon on Aug 8, 2014 17:01:01 GMT
I suspect that the FS system can only deal with a "live loan" for a period of seven days. This loan (in some form of abeyance at the moment) will drop off the loan listings and then be renewed until such time as it goes live.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Aug 8, 2014 17:13:32 GMT
I suspect that the FS system can only deal with a "live loan" for a period of seven days. This loan (in some form of abeyance at the moment) will drop off the loan listings and then be renewed until such time as it goes live. Ah - hadn't realised it was at a 7 day boundary. I guess it's happened several times in the past then - I just happened to be logged in at the time on this occasion. In theory it should be going live sometime very soon, but these things tend not to stick to schedule.
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hendragon
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Post by hendragon on Oct 1, 2014 16:32:40 GMT
just got an e-mail..........apparently this is going live tomorrow
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mikes1531
Member of DD Central
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Post by mikes1531 on Oct 1, 2014 17:13:30 GMT
just got an e-mail..........apparently this is going live tomorrow I presume we'll find out more in subsequent emails, but IIRC the loan originally was for a larger amount and while FS didn't accept shadow bids for the full original amount they did accept shadow bids that are more than enough to cover the reduced amount. I presumes this means that anyone who didn't put in a shadow bid won't have an opportunity to invest unless some of the shadow bidders renege on their commitments. For that matter, even shadow bidders might not be able to make the entire investment they expected unless some shadow bidders renege. I got an email as described by hendragon above. I didn't make a shadow bid. Did shadow bidders get a different email? Perhaps one asking them to reconfirm their commitment and/or telling them that their bids were going to have to be prorated and/or asking for some of the shadow bids to be reduced or withdrawn entirely in order to relieve the 'overbooking'?
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Post by fundingsecure on Oct 1, 2014 17:40:40 GMT
Just to clarify, the comic Book Loan will be posted next week - the wording in the email was: "We are pleased to be able to confirm that the comic book loan will finally be listed next week."Although the loan is for less than previously anticipated the shadow bids will be scaled down accordingly - ensuring there will still be room for other investors. More specific details will be sent out to the active shadow bidders, relating to their individual bids, in advance of the posting. As usual, an email will be sent to all savers the day before the comic book goes live. Apologies for the delays here - as you can see from the platform we have been working on several large loans, with more to come. FundingSecure |
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mikes1531
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Post by mikes1531 on Oct 1, 2014 18:00:46 GMT
Just to clarify, the comic Book Loan will be posted next week - the wording in the email was: "We are pleased to be able to confirm that the comic book loan will finally be listed next week."Although the loan is for less than previously anticipated the shadow bids will be scaled down accordingly - ensuring there will still be room for other investors. More specific details will be sent out to the active shadow bidders, relating to their individual bids, in advance of the posting. As usual, an email will be sent to all savers the day before the comic book goes live. Apologies for the delays here - as you can see from the platform we have been working on several large loans, with more to come. Thanks for the update. Now if we only could have a working website...
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hendragon
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Post by hendragon on Oct 2, 2014 11:23:11 GMT
apologies to FS and users for mis-info about comic book.......should have gone to specsavers and read my e-mail about the hublot watch and comic book properly
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mikes1531
Member of DD Central
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Post by mikes1531 on Oct 6, 2014 22:27:34 GMT
Just to clarify, the comic Book Loan will be posted next week - the wording in the email was: "We are pleased to be able to confirm that the comic book loan will finally be listed next week."Although the loan is for less than previously anticipated the shadow bids will be scaled down accordingly - ensuring there will still be room for other investors. More specific details will be sent out to the active shadow bidders, relating to their individual bids, in advance of the posting. As usual, an email will be sent to all savers the day before the comic book goes live. The announcement has gone out -- this auction is going live tomorrow (Tuesday). The one bit of info that was missing from today's announcement was an estimate of roughly how much of the loan would be available tomorrow. IIRC, the loan was initially expected to be for £75k, and over £60k of shadow bids were accepted before shadow bidding was stopped. Even if the shadow bids are scaled down in line with the loan size reduction from £75k to £50k, that would still mean over £40k of shadow bids in place, and less than £10k of the loan left for those of us who didn't place a shadow bid. If that's the case, then the relatively high £500 maximum bidding limit would mean very few new bids will be needed tomorrow to fill the loan, and that is bound to put a lot of pressure on the website as soon as the auction becomes available. Is there anyone here that placed a shadow bid? If so, have you been told how much your bid will be scaled back? I'm curious whether fundingsecure scaled back all shadow bids proportionally, or whether only bids above the £500 maximum were scaled back. Is tomorrow going to turn into a 'fastest finger' event?
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