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Post by lendingcrowd on Mar 15, 2018 13:48:46 GMT
Good afternoon,
Those of you who read the Forum regularly may be aware that LendingCrowd has not recently been actively engaged with the Forum. We have however continued to monitor Forum activity, on our board and other platforms' boards, as we feel the posts offer valuable industry and investor insight.
We are now in a position in terms of staff resources to be more active on the Forum, and we're happy to answer general queries here.
However, if you have a specific or urgent question about your Investor account, the best way to contact us is still by emailing investor@lendingcrowd.com or calling 0345 564 1600 to discuss your query with our Investor Customer Services Team.
Thanks,
LendingCrowd
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Post by albermarle on Mar 16, 2018 17:23:01 GMT
Your first question  Why are some loans posted some days in advance of the auction and some only with one or two hours warning + every variation in between. Obviously a couple of days allows time for investigation which is good, so just wondering why some days there is such a rush? |
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Post by carol167 on Mar 16, 2018 17:32:53 GMT
Your first question Why are some loans posted some days in advance of the auction and some only with one or two hours warning + every variation in between. Obviously a couple of days allows time for investigation which is good, so just wondering why some days there is such a rush? Surely part of that is going to be some borrowers have more urgent drawdown needs than others.
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Post by albermarle on Mar 16, 2018 17:39:11 GMT
Could be but as a lot of these loans are sold as being for forward investment/expansion, then seems strange they suddenly need the money in such a short space of time .
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Post by lendingcrowd on Mar 16, 2018 18:02:27 GMT
Good afternoon albermarle, Thank you for your question. As I'm sure you're aware, there are a large number of lending institutions in the market and therefore we have to be increasingly competitive to win business. We are finding that in some situations, in order to compete with other lenders, we require to turn around loan offers to funding in 1-3 days, hence the shorter auction times in some cases. We know that there can be quite a large variation in the length of loan auctions, and as carol167 mentions, this can also be influenced by how quickly the borrower needs the loan funding. We plan to ensure that all loan auctions last at least overnight (other than in exceptional cases) which should hopefully give investors sufficient time to research the loan and consider whether to invest. Kind regards, LendingCrowd |
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Post by Butch Cassidy on Mar 20, 2018 10:57:08 GMT
lendingcrowd Your engagement with this forum is a very welcome development & I hope you don't go into hiding when & if any difficult questions emerge!
Whilst I have no problem with your auction scheduling in general my only quibble would be that when lenders do wish to question the borrower further or query some of the information given in the pitch that LC makes borrowers aware of the Q&A function & their responsibilities in addressing such issues in a timely manner, otherwise the whole function becomes useless. I appreciate some borrowers don't wish to interact with such "difficult questions" & lenders can draw their own conclusions from that but often it appears simply lack of awareness twinned with limited time opportunity means important DD information goes unanswered, which is a source of frustration & often will adversely impact on the rate a borrower could obtain.
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