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Post by CrowdProperty Representative on Feb 4, 2019 15:51:17 GMT
Hi All,
We are currently experiencing unprecedented demand for our lender product, as a result of our rigorous and expert due diligence processes, our excellent track record and our offer of 8% per annum secured returns (note: capital is at risk).
We have implemented a significant server upgrade, made a number of optimising system amendments and invested in the best server analytics, all of which together have been successful in supporting the large traffic volumes on our site.
Nonetheless, as a result of high demand, many lenders who are eager to invest in CrowdProperty projects have missed out on the opportunity due to the speed of project raises. We appreciate how frustrating this can be, especially as lenders use their valuable time to view webinars and conduct necessary due diligence.
For this reason, we have introduced a temporary pledge limit for our next project launch on a trial basis, as a result of customer feedback. This is to give lenders the greatest opportunity possible to successfully pledge at 10am. For the first 15 minutes of the raise, pledges will be limited to a maximum of £5,000. From 10.15am onwards, pledges larger than £5,000 can be created and existing pledges for this project can be increased, subject to availability.
Please note this has been introduced on a trial basis. The maximum pledge size, and the pledge-limit timeframe, are subject to change (or removal) depending on requirements.
Your feedback is valuable to us; when you talk, we listen. We’re always aiming to improve your experience, therefore if you have any further suggestions please do get in touch with us.
Best Regards,
The CrowdProperty Team
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 4, 2019 16:10:48 GMT
Hi All, We are currently experiencing unprecedented demand for our lender product, as a result of our rigorous and expert due diligence processes, our excellent track record and our offer of 8% per annum secured returns (note: capital is at risk). We have implemented a significant server upgrade, made a number of optimising system amendments and invested in the best server analytics, all of which together have been successful in supporting the large traffic volumes on our site. Nonetheless, as a result of high demand, many lenders who are eager to invest in CrowdProperty projects have missed out on the opportunity due to the speed of project raises. We appreciate how frustrating this can be, especially as lenders use their valuable time to view webinars and conduct necessary due diligence. For this reason, we have introduced a temporary pledge limit for our next project launch on a trial basis, as a result of customer feedback. This is to give lenders the greatest opportunity possible to successfully pledge at 10am. For the first 15 minutes of the raise, pledges will be limited to a maximum of £5,000. From 10.15am onwards, pledges larger than £5,000 can be created and existing pledges for this project can be increased, subject to availability. Please note this has been introduced on a trial basis. The maximum pledge size, and the pledge-limit timeframe, are subject to change (or removal) depending on requirements. Your feedback is valuable to us; when you talk, we listen. We’re always aiming to improve your experience, therefore if you have any further suggestions please do get in touch with us. Best Regards, The CrowdProperty Team Thank you. It's refreshing when a platform listens and takes appropriate action. Us smaller lenders fully understand the need for the big hitters and don't want to dis-incentivise them; I'm sure your proposal is subtle enough to allow smaller investors to get a nibble without affecting those with deep pockets. Well done.
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Post by Ace on Feb 5, 2019 10:42:14 GMT
Bid limits seemed to me to work well this morning. Thanks for listening CP.
About half of the loan seemed to go in the first minute, so I think that the limits will need to be tweaked for the smaller upcoming loans to keep us all interested. Perhaps 1% of the loan would be a good level.
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alibaba
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Post by alibaba on Feb 5, 2019 10:48:51 GMT
At Last managed to invest, I agree that the limits still need some tweaking, this was my last try and fortunately I was successful which has kept me interested in future loans.
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Post by Ace on Feb 19, 2019 10:08:27 GMT
Complete farce today. My button changed from "Opens today at 10:00" to "Fully funded" at 10:00 without showing any other state inbetween. Please explain Crowd Property.
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Post by multiaccountmanager on Feb 19, 2019 10:22:26 GMT
I agree. This site is out of control. Investors waste time by doing due diligence and having no hope of investing.
It WAS working ok when it had a fifteen minute limit at £5000. Why change that?
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 19, 2019 10:27:29 GMT
I agree. This site is out of control. Investors waste time by doing due diligence and having no hope of investing. It WAS working ok when it had a fifteen minute limit at £5000. Why change that? Couldn't agree more. Pathetic effort. I can't wait to hear the logic behind this one
My time is precious to me and I've wasted more of it on this shower. Really am coming to the end of my tether especially after they have shown it can be done.
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Post by CrowdProperty Representative on Feb 19, 2019 13:45:05 GMT
Hi, Ace, multiaccountmanager and jonno,
Thank you for taking the time to give feedback on today’s launch. As we have shown time and again on this forum, we are an agile business that implements change as a result of feedback; yours is invaluable, so thank you.
Firstly, I want to start by emphasizing that the reason for trialling different pledge limits is to ensure we achieve the best possible outcome for all of our valued lenders.
Ace, in response to your question: we have not heard of any other lenders experiencing this issue, and I’ll ensure our dev team looks into this accordingly. However, as the project raised so quickly, if your internet connection was slow this may have been the reason for the issue you encountered – by the time the page refreshed, the project may have been fully funded (in 47 seconds).
As we have previously mentioned, we are carrying out a trial for pledge limits in order to improve the pledging experience for everyone. This means experimenting with different pledge limits and different time scales; so far we have trailed £5,000 for 15 minutes, £5,000 for 5 minutes, and today, no pledge limits. This was the next natural step in the trial, as we need to understand how implementing pledge limits impacts every one of our customers. The feedback and insight we receive from our lenders regarding this is vital.
This morning, 72 lenders successfully managed to pledge to the £456,000 project making the average pledge size £6,333. This project funded more quickly than we would like on this occasion, and we completely appreciate fast raises are a problem. However, we feel trialling no pledge limit was necessary as the next stage of our experiment – in order to receive feedback, and to analyse the data on our platform for this scenario.
I’d like to reiterate once again that this is indeed a trial, and therefore timeframes and pledge limits are not permanent, and are subject to change.
We appreciate the frustration caused when lenders use their valuable time to conduct necessary due diligence, but do not successfully manage to pledge towards a chosen project. I emphasize, it is for this reason we’re trialling all different limits: to ensure we achieve the best outcome for all our valued lenders.
We’ll be continuing our trial limits, and adapting them as necessary, to determine what works best for all.
Once again, we appreciate your comments.
The CrowdProperty Team
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Post by Ace on Feb 19, 2019 19:48:42 GMT
Thanks for replying CrowdProperty Representative, In answer to your question, no I don't have a slow internet connection (just measured it at 42Mb/s). It would be interesting if any other forumites had the same issue as me (see my post above). CrowdProperty Representative have you analysed your data to see if it's likely that investors are employing bots to gain an advantage? I really don't understand why you felt that " trialling no pledge limit was necessary as the next stage of our experiment". Surely you already have plenty of data on loans without limits! If anything, the only useful extra data would be from trying one with a smaller pledge limit, e.g. One with, say, a 0.5% limit to give at least 200 lenders a chance. I appreciate that you may feel the need to keep big hitters happy, and you obviously have every right to do this. However, if this is the direction that you decide to take the business I would appreciate being told as soon as possible so that I can move my funds elsewhere. One way to do this would be to implement a higher minimum loan amount (say £5000). I personally hope that this is not the way you want the business to go, but if it is then I would like to know. I realise that you can't keep everyone happy all of the time, but how about this for an idea that might get around the problem where you are annoying lenders who spend time doing DD and reserving time to bid only to be left wanting: Aim alternate loans at big hitters and small fish. So every other loan could have no limits, and the others could have low limits for a few hours. As long as you advertised which type of loan each one was, each lender could decide whether to bother to investigate a loan based on which category they are in. Best wishes Ace
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rocky1
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Post by rocky1 on Feb 20, 2019 7:12:41 GMT
I got as far as making a pledge and went to confirm but was to late the loan was fully funded.i logged in at bout 9.50am and when it went live on my computer at 10.00 it was about 80per cent full.never mind will try the next few loans before giving up.well done though to CP and hope the future repayments of these loans come back as quickly from the borrowers.
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Post by CrowdProperty Representative on Feb 20, 2019 16:27:38 GMT
Hi Ace and Rocky,
To address your point about bots, we’re very confident that bots are not used in the pledging process. When a lender logs in, they must complete a ‘captcha’ process and when pledging, a lender must manually tick a box to accept terms and conditions. In addition, looking at our pledge data from yesterday’s launch, the first pledge was created in 9 seconds, which is common for the vast majority of our projects. If a bot was used, the likelihood is that a pledge would be created instantly at 10:00.00 or 10:00.01 – the second a project goes live. Furthermore, we consistently analyse pledging data and trends in lender pledging; if we were to identify anything suspicious we’d be sure to investigate.
Also, thank you for letting us know about your internet speed. We still haven’t had anyone come forward who faced a similar issue so to echo your call to the forum: please email us if you had the same issue! – info@crowdproperty.com.
Your suggestions as to how to calculate pledge limits and to alternate loans with limits are much appreciated and are something we will consider.
As we have repeatedly mentioned, we are implementing this trial to establish the best possible user experience for all CrowdProperty lenders. As a member of the Peer-to-Peer Finance Association, a value we must abide by (and that we feel passionately about) is the need to treat all customers fairly. This means we do not, and will not, provide any specific lender with preferential treatment, and will always strive to improve the process for every lender. As I’m sure you can appreciate, this is a difficult balancing act, hence the need for our pledge limit experiment and the importance of feedback from users.
We will be sure to keep you informed with the next stage of the pledge limit trial – registered lenders receive frequent update emails.
If there’s anything else we can help with, or you have any further feedback, please get in touch.
The CrowdProperty Team
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jcb208
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Post by jcb208 on Feb 24, 2019 10:24:03 GMT
How about a smaller pledge for 12 hours so us people at work who have no access to internet or on a phone have a chance to invest.Its taken me a year to invest 4K at £500 per time, and I have only been successful on the larger projects
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ilmoro
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Post by ilmoro on Mar 4, 2019 23:22:51 GMT
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huxs
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Post by huxs on Mar 5, 2019 8:30:29 GMT
Great lets see how it works for tomorrows launch.
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Post by CrowdProperty Representative on Mar 5, 2019 16:41:26 GMT
Hi All,
CrowdProperty are launching 2 projects in the next 2 days.
The project launching tomorrow is to raise £350,000. There will be no pledge limits for this launch.
For the project launching on Thursday, there will be pledge limits: £5,000 for the first 5 minutes.
As always, we welcome your feedback.
Many Thanks,
The CrowdProperty Team
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