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Post by longjohn on Jan 16, 2015 16:52:29 GMT
10079 hit the list at 14:45 today and it's an A+. A couple of hours later it had filled. So that's £0.5 million is tied up for the next 13+ days.
Not many auto-bidders in there either! Front loading is the order of the day. All hoping it'll close early.
John
Edit - 17:09. Top bidders - 1st, £278,400. 2nd £40,220. 3rd £26,000 4th £15,080
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agent69
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Post by agent69 on Jan 16, 2015 18:14:14 GMT
Asset secured.
Anyone want to take a punt on what the rate will be in 14 days time?
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Post by GSV3MIaC on Jan 16, 2015 18:40:37 GMT
Well at least we now know how much money the tall one has to chuck around (the minimum he has). That'll be dragging the FC average per punter up a bit. 8>.
What'll it close at? .. I'd guess about 11%, assuming autobid actually contributes (because everything else is full too) .. will the borrower take it? Hmm .. I wonder .. will it ever sell on the SM .. hmm, could take a while (and could dent those property loan SM sales a bit). But then, I didn't think the 300k property tranches would fill that fast either, and I was certainly wrong there.. Be nice if it closed early, but not much chance of that..
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wysiati
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Post by wysiati on Jan 16, 2015 18:40:58 GMT
Unfortunately not all assets have the same value for security purposes and this offering remains rather opaque in that regard.
Hopefully this will not herald 2 weeks of the auction market being actively starved of opportunities to help lower that aggregate rate (last time I looked it was at 14.2% with c£325k of the £515k at 14.9%+).
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chrisf
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Post by chrisf on Jan 16, 2015 19:08:43 GMT
It would be nice if it did end up at 11%, but I fear that with all the big flippers chasing each other around a room, it'll end up more like 8%.
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Post by yorkshireman on Jan 16, 2015 19:12:22 GMT
I can’t say that I’m particularly impressed by the assets, £99k of office furniture and equipment plus £31k lease.
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Steerpike
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Post by Steerpike on Jan 16, 2015 20:22:19 GMT
Well at least we now know how much money the tall one has to chuck around (the minimum he has). That'll be dragging the FC average per punter up a bit. 8>. What'll it close at? .. I'd guess about 11%, assuming autobid actually contributes (because everything else is full too) .. will the borrower take it? Hmm .. I wonder .. will it ever sell on the SM .. hmm, could take a while (and could dent those property loan SM sales a bit). But then, I didn't think the 300k property tranches would fill that fast either, and I was certainly wrong there.. Be nice if it closed early, but not much chance of that.. Wow, not just tall, that is a well endowed big bot.
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Post by GSV3MIaC on Jan 16, 2015 20:49:20 GMT
Not sure it is a bot - the bid rate of ~10 bids a minute is quite likely someone's fingers. Huge bids, but sane repeat rates.
Now baz**** and jc**** at much faster (multi-per-second) rates almost certainly are.
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Post by loanstar on Jan 16, 2015 21:28:44 GMT
So if your are a large IT company what do you have that is valuable? Some office furniture? How about a four letter URL? Some of the coding used in your software?
Seems to me that what is being put up for security the company could happily trade without. No one in their right mind would see this as security from an IT company.
This an "aunty sally" loan, put up to soak up some of the cash that is sloshing around the system at the moment.
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Post by GSV3MIaC on Jan 16, 2015 21:43:45 GMT
Which is did just fine.
Most of the assets of an IT company are the staff/ & their know-how, who/which you are no longer allowed to package and sell (damn abolitionists!) . 8>.
I'm sure FC would rather the property loan tranches did the soaking up - those are actually in need of funding, and likely to be taken up.
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Post by longjohn on Jan 16, 2015 23:18:38 GMT
Well at least we now know how much money the tall one has to chuck around (the minimum he has). That'll be dragging the FC average per punter up a bit. 8>. The loan number is out of sync so I think it must have hit the whole loans queue first. Maybe the tall one couldn't swallow it whole and 50% would have to do? John
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Post by Deleted on Jan 17, 2015 12:48:11 GMT
I guess, given the 2 week target, it will achieve a top line figure sub 10% but above 9.5%
It would have been interesting to see what would have happened if it had been in two tranches, I think it would have gone even lower.
Just too much cash sloshing around in FC. Too much time taken to get the good rates.
I note that ratesetter is up at 6% rather than the 5.8% before Christmas, maybe that bodes well.
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Steerpike
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Post by Steerpike on Jan 17, 2015 17:15:46 GMT
Which is did just fine. Most of the assets of an IT company are the staff/ & their know-how, who/which you are no longer allowed to package and sell (damn abolitionists!) . 8>. I'm sure FC would rather the property loan tranches did the soaking up - those are actually in need of funding, and likely to be taken up. Staff of course can walk, not much security there. More valuable and marketable is IP wrapped in a package with a captive customer base paying annual licence fees and/or committed to support contracts.
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Post by GSV3MIaC on Jan 17, 2015 19:44:16 GMT
Like I said .. 'damn abolitionists'.
Still there's always golden handcuffs and tied housing... 8>.
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am
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Post by am on Jan 18, 2015 15:31:55 GMT
I can’t say that I’m particularly impressed by the assets, £99k of office furniture and equipment plus £31k lease. According to the figures they've got other assets - and (IIUC) they're not intangibles like goodwill or intellectual property as they're not classified under fixed assets. I would like to know what the balance sheets (and assets) will look like after the acquisition.
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