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Post by goldservice on Aug 10, 2015 17:03:43 GMT
Several hours ago I put dozens of parts up for sale at par. These normally go quite fast and I would usually have sold tens by now. But not a single one has sold. Perhaps Autobid has died. Or perhaps it has been told to buy only from struggling new loans. Why do I find that sinister? It feels like something that I rely on has turned out to be unreliable so I'm Feeling Cheated.
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fasty
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Post by fasty on Aug 10, 2015 21:23:50 GMT
Several hours ago I put dozens of parts up for sale at par. These normally go quite fast and I would usually have sold tens by now. But not a single one has sold. Perhaps Autobid has died. Or perhaps it has been told to buy only from struggling new loans. Why do I find that sinister? It feels like something that I rely on has turned out to be unreliable so I'm Feeling Cheated. No, I don't think autobid has died; it's merely stalled on my metaphorical doorstep where it has gobbled up about a dozen of my most unloved low-rate property loans today. Usually I feel lucky if one sells daily. Go figure.
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adrianc
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Post by adrianc on Aug 11, 2015 7:20:04 GMT
I can't remember the pm being this dead since the beginning of the year. Hope it picks up soon, especially with some new property listings. Be nice if it meant Autobodge could have a little mop-up of some of the SM property first, though.
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SteveT
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Post by SteveT on Aug 11, 2015 9:00:26 GMT
I can't remember the pm being this dead since the beginning of the year. Hope it picks up soon, especially with some new property listings. Be nice if it meant Autobodge could have a little mop-up of some of the SM property first, though. I've had a lot picked up in the last 24-36 hours, but only in 4 or 5 loans. The shorter-term tranches seem to disappear much faster than 15+ month ones, even at par.
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arbster
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Post by arbster on Aug 12, 2015 12:11:42 GMT
A couple of new property loans just arrived on the PM. Not terribly attractive, although 10% for 6 months secured on a completed property is not bad.
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SteveT
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Post by SteveT on Aug 12, 2015 12:18:18 GMT
A couple of new property loans just arrived on the PM. Not terribly attractive, although 10% for 6 months secured on a completed property is not bad. A small dash of CB would have made it very nice indeed
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SteveT
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Post by SteveT on Aug 12, 2015 12:20:44 GMT
Or now there is Newquay 8 (8%+2%CB, 9 months)
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coop
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Post by coop on Aug 12, 2015 12:22:24 GMT
Well it better hang around at least an hour! Damndable thing came in just as I started a pointless game of FC chicken!
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adrianc
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Post by adrianc on Aug 12, 2015 13:09:06 GMT
There's another batch popped up, including a £25k E. I don't think it's even going to last five minutes...
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SteveT
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Post by SteveT on Aug 12, 2015 14:15:49 GMT
And now 14978, an A-rated 10%+2CB over just 8 months! Time to root down the back of the sofa again.
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Post by longjohn on Aug 12, 2015 14:28:29 GMT
And now 14978, an A-rated 10%+2CB over just 8 months! Time to root down the back of the sofa again. It's a refinance for a larger amount and will be used in part to repay earlier loans. Since I have some of these earlier loans (at 10% with no CB) I'm in. John
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TitoPuente
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Post by TitoPuente on Aug 12, 2015 14:35:50 GMT
And now 14978, an A-rated 10%+2CB over just 8 months! Time to root down the back of the sofa again. It's a refinance for a larger amount and will be used in part to repay earlier loans. Since I have some of these earlier loans (at 10% with no CB) I'm in. John Why would someone refinance a 10% loan with a new 10% loan with additional 2% cashback of the exact same remaining duration? What did I miss? Edit: On top of that, this new loan 14978 for 350K is intended to repay the previous three loans 12011, 12078 and 12160 for a total of 975K according to the comments on each of the existing loans. I am clearly missing something.
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SteveT
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Post by SteveT on Aug 12, 2015 14:39:07 GMT
It's a refinance for a larger amount and will be used in part to repay earlier loans. Since I have some of these earlier loans (at 10% with no CB) I'm in. John Why would someone refinance a 10% loan with a new 10% loan with additional 2% cashback of the exact same remaining duration? What did I miss? Because they want MORE now (and presumably quickly). Existing loans total £975k. New facility is for £1.6m (of which this is the first £350k)
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Post by longjohn on Aug 12, 2015 14:41:27 GMT
It's a refinance for a larger amount and will be used in part to repay earlier loans. Since I have some of these earlier loans (at 10% with no CB) I'm in. John Why would someone refinance a 10% loan with a new 10% loan with additional 2% cashback of the exact same remaining duration? What did I miss? They want extra cash to buy the next project. The CB comes from FC not the borrower so no difference in costs for them. The loan is over 8 months instead of the former loan's 12 months so has the same end date as earlier. John Arrrgh. Must type faster....
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TitoPuente
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Post by TitoPuente on Aug 12, 2015 14:42:00 GMT
Why would someone refinance a 10% loan with a new 10% loan with additional 2% cashback of the exact same remaining duration? What did I miss? Because they want MORE now (and presumably quickly). Existing loans total £975k. New facility is for £1.6m (of which this is the first £350k) Got it. Thanks.
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