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Post by davee39 on Apr 7, 2014 11:24:17 GMT
The latest Blog explains proposals for property lending.
Two options are based on interest & partial capital repayment for 5 years, with final payment after the property is sold/refinanced.
Definitely not for me when there are simpler alternatives without taking a view on long term property liquidity, I'll stick with lower rates at Wellesley & a clear exit.
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blender
Member of DD Central
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Post by blender on Apr 7, 2014 15:05:13 GMT
I imagine that some of us come to FC just to lend to British businesses and might prefer that to be a little more mature and stable before the management is defocussed by other investment types, all chasing a general pot of FC lender cash. I wonder if the 'natural son of Autobid' will spead lender cash through a single platform to all types of FC investment loans.
Funding buy to let mortgages and holding it for five years? No quite so socially useful - no thanks.
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mikeb
Posts: 1,071 
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Post by mikeb on Apr 11, 2014 17:31:45 GMT
The "advance warning" email from FC says that the first property-secured auction launches "this week" for a Property Investment in Surrey, 8.5%/A+ and 2% Cashback.
All I see is a sea of Unsecured loans ...
Where is it hiding then?
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Post by pepperpot on Apr 11, 2014 18:25:52 GMT
Just had another e-mail saying it'll be Monday - delay in getting results from local surveys... The first delay of many if AC is anything to go by. But with the FC model it may all be a bit slicker once it hits the platform, probably.
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Post by GSV3MIaC on Apr 11, 2014 19:16:40 GMT
Always ass_u_ming that the FC webpages can handle fixed rate auctions by Monday. Maybe they tested it already?
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Post by aloanatlast on Apr 11, 2014 20:13:42 GMT
Not got any emails. I hadn't realised they would be fixed-rate. So the rate band means nothing except to Autobid in the secondary market.
It won't get a look-in at auction, because the flippers' bots will grab the lot in 5 minutes. Bidding closed.
If it's a 5-year bullet loan it should sell for about 7.7% with 3% premium, not the best rate around but the security will probably attract buyers at that price. The cashback seems quite generous.
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