boundah
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Post by boundah on Sept 22, 2015 11:50:11 GMT
I'm considering lending via MT but am put off by the lack of a secondary market. I note the website FAQs mention it may be coming 'in the near future' - anyone got an idea how far away 'near' is?
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SteveT
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Post by SteveT on Sept 22, 2015 11:54:09 GMT
Unlikely to happen too quickly unless Ed lands the "big one" (see Expression of Interest thread)
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Steerpike
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Post by Steerpike on Sept 22, 2015 12:47:32 GMT
I'm considering lending via MT but am put off by the lack of a secondary market. I note the website FAQs mention it may be coming 'in the near future' - anyone got an idea how far away 'near' is? Some folks seem very keen on a SM for MT, I'm not that bothered, I have been reasonably active on the platform pretty much since it started and currently have 80 loans none of which extend beyond March 2016. For platforms where loans are for 3 or 5 years it is convenient to have the option to gain access to funds more quickly, but IMO when (almost) all loans are for 6 to 12 months it is much less important.
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webwiz
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Post by webwiz on Sept 22, 2015 14:57:25 GMT
I'm considering lending via MT but am put off by the lack of a secondary market. I note the website FAQs mention it may be coming 'in the near future' - anyone got an idea how far away 'near' is? Some folks seem very keen on a SM for MT, I'm not that bothered, I have been reasonably active on the platform pretty much since it started and currently have 80 loans none of which extend beyond March 2016. For platforms where loans are for 3 or 5 years it is convenient to have the option to gain access to funds more quickly, but IMO when (almost) all loans are for 6 to 12 months it is much less important. I agree. with loans this short a re-investment facility is more important than a SM IMO and that is what MT gave priority to.
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arbster
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Post by arbster on Sept 22, 2015 15:01:17 GMT
I think the SM became important when people started to consider taking a slightly overweight position in "the opportunity", and wanted the ability to trade out of that and into other loans over the duration. Of course, the biggest problem with MT right now is the lack of new loans.
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paulgul
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Post by paulgul on Oct 18, 2015 7:47:48 GMT
MoneyThing Now that there is a possibility of several large supercar loans coming through is the secondary market option looking any closer or has it been abandoned?
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Post by MoneyThing on Oct 20, 2015 10:34:53 GMT
Morning, Apologies for the delay - completely missed the developments on this thread even with the prod from paulgul . The SM is still very much on the cards and the latest update from Shuang is "3 to 4 weeks max". As we are now progressing into larger loan sizes and with the new Partner (to be announced within the next couple of days), it will be important to offer this feature on MoneyThing. Kind regards, Ed
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Post by MoneyThing on Oct 20, 2015 10:47:17 GMT
Morning, Apologies for the delay - completely missed the developments on this thread even with the prod from paulgul . The SM is still very much on the cards and the latest update from Shuang is "3 to 4 weeks max". As we are now progressing into larger loan sizes and with the new Partner (to be announced within the next couple of days), it will be important to offer this feature on MoneyThing. Kind regards, Ed From Shuang: "Plus a week for testing so should be live by the end of November".
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stevio
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Post by stevio on Oct 20, 2015 11:17:33 GMT
Morning, Apologies for the delay - completely missed the developments on this thread even with the prod from paulgul . The SM is still very much on the cards and the latest update from Shuang is "3 to 4 weeks max". As we are now progressing into larger loan sizes and with the new Partner (to be announced within the next couple of days), it will be important to offer this feature on MoneyThing. Kind regards, Ed From Shuang: "Plus a week for testing so should be live by the end of November". Great news, well done listening to investors, although loans are short term, this adds extra value to platform - new Partner also good news
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arbster
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Post by arbster on Oct 20, 2015 11:25:42 GMT
Testing? MoneyThing again breaks new ground for P2P platforms...
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Oct 20, 2015 14:45:19 GMT
Good news for a newbie like myself, will be able to buy some SM chunks.
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SteveT
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Post by SteveT on Oct 20, 2015 15:01:40 GMT
MoneyThing Ed, out of interest, what sort of SM have you asked Shuang to build? - Will lenders be able to list whole loan parts only, or to part-sell a loan part? (part-selling would be ideal as we're often limited to a single bid if an auction is oversubscribed) - Will all parts be bought and sold at par? (I'd certainly recommend this, given MT's very simple standard interest rate of 1% per month) - Will there be any fee charged for selling? (I hope not!) - Will interest still be earned on parts that are listed on the SM up until the day they are sold (hope so!) - Will parts be sold in the order they are listed, or will buyers choose from a list of available parts (of different sizes, say)? If Shuang can build something that operates very much like Saving Stream's SM, only without the bug that lets parts be bought by 2 people simultaneously and with interest earned right up until parts are sold, that would be an excellent model!
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webwiz
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Post by webwiz on Oct 20, 2015 15:04:38 GMT
Ed can we be told the commercial terms that you have specified? Hopefully you have based in on the SS model, but with the added benefit of continuing to pay interest on loans on the SM waiting to be sold. Some platforms have made an absolute pigs ear of their SM over worries about interest payments - needless concerns IMHO. Simply pay interest to the seller up to the day before the sale and to the buyer from the day after, so one day's interest to MT.
If you tell us now and we make a suggestion which you agree to it will be easier for Shuang.
Edit: Crossed post with stevet. I agree with his points.
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arbster
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Post by arbster on Oct 20, 2015 15:32:22 GMT
MoneyThing Ed, out of interest, what sort of SM have you asked Shuang to build? - Will lenders be able to list whole loan parts only, or to part-sell a loan part? (part-selling would be ideal as we're often limited to a single bid if an auction is oversubscribed) - Will all parts be bought and sold at par? (I'd certainly recommend this, given MT's very simple standard interest rate of 1% per month) - Will there be any fee charged for selling? (I hope not!) - Will interest still be earned on parts that are listed on the SM up until the day they are sold (hope so!) - Will parts be sold in the order they are listed, or will buyers choose from a list of available parts (of different sizes, say)? If Shuang can build something that operates very much like Saving Stream's SM, only without the bug that lets parts be bought by 2 people simultaneously and with interest earned right up until parts are sold, that would be an excellent model! Agree with all of this. It would also be nice to be able to cancel parts put up for sale, should we decide so to do.
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Post by MoneyThing on Oct 20, 2015 15:57:27 GMT
Afternoon All,
Thank you for your suggestions. We intend to make the mechanics of the SM very simple, straightforward & fair. To follow stevet's points:
1) Lenders will be able to sell whole or part holdings in loans.
2) Parts will be bought & sold at par.
3) No fees.
4) Parts will continue to earn interest for the seller until such time as they are purchased.
5) We will implement database locks to mitigate against double purchases.
Kind regards,
Ed
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