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Post by Deleted on Sept 7, 2016 11:31:11 GMT
I notice that some loans have something similar to the following in their repayment schedule.
"This loan has been sold and transferred from Dorset Rise DAC to Small Business Origination Loan Trust 2016-1 DAC on 10/05/2016."
What does it mean and how does it affect the likes of us?
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markr
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Post by markr on Sept 7, 2016 11:51:32 GMT
It doesn't affect us much, it was a whole loan sold as a single lump between two institutional lenders. You'll only see it if you happen to look at previous tranches of loans that are available as partial loans.
[Edit: Hmm FC have changed their registered address from 3 Dorset Rise to 71 Queen Victoria St, so it could just be something to do with their internal workings when originating whole loans?]
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blender
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Post by blender on Sept 7, 2016 12:36:13 GMT
I had thought that it was a change in the corporate identity of a whole loan lender, for a number of loans. But it does say 'sold', and I hope they pay 0.25% like the rest of us - or we are subsidising.
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nick
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Post by nick on Sept 7, 2016 16:16:06 GMT
Dorset Rise DAC is an investment SPV managed by KLS Diversified Asset Management. A number of loans in Dorset Rise have subsequently been transferred to and securitized in a number of loan notes issued by Small Business Origination Loan Trust. Its interesting that the 4 loan notes have been rated by S&P BBB, BB & B, ie between lower investment grade and highly speculative. Unfortunately there doesn't seem to be any publicly available info on the exact composition of the loan notes so difficult to benchmark S&P's rating against FC internal risk ratings. Refer to article: commodity-market-news.com/spgr-rates-u-k-peer-to-peer-securitization-s-bolt-2016-1.html |
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