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Post by ablrateandy on Dec 3, 2015 10:24:53 GMT
We don't have a way to limit bids at the moment and scaling will only occur if we accidentally end up with over £100k (on a past loan several large bids went in within a nanosecond so the loan went over-sized).
The container loan we traditionally list as being "close to 100%" as the amount lent is the price paid in China plus the interest payments. However, the value of them landed in the UK is higher and clearly there is a good margin or he wouldn't do it. I think typically based on sale prices it would be around 80% LTV.
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baldpate
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Post by baldpate on Dec 3, 2015 10:39:12 GMT
We don't have a way to limit bids at the moment and scaling will only occur if we accidentally end up with over £100k (on a past loan several large bids went in within a nanosecond so the loan went over-sized). That's exactly how I read the email - so I think the chances of my getting my few £hundred in are almost non-existant (as happened on the previous Container loans). I'm giving it one more try, but if I don't get anything this time I won't be bothering with this platform again.
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Dec 3, 2015 10:44:59 GMT
... and scaling will only occur if we accidentally end up with over £100k (on a past loan several large bids went in within a nanosecond so the loan went over-sized). Why not just reduce the bid for person (people) who were last instead of reducing everyone bids?
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Post by ablrateandy on Dec 3, 2015 10:56:15 GMT
Because unfortunately we are talking nanoseconds and the problem is that they hit simultaneously and that's the reason why the glitch happened the last time...
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Post by yorkshireman on Dec 3, 2015 11:55:00 GMT
Has anyone actually bothered to read today’s loan document? There would appear to be a paucity of comments unlike the usual deluge.
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registerme
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Post by registerme on Dec 3, 2015 12:32:00 GMT
£21k over-subscribed by 12:30:30.
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pom
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Post by pom on Dec 3, 2015 12:32:32 GMT
Not impressed - there was allegedly plenty left but I just kept getting a message saying I was trying to invest more than my available funds, when actually it was less
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Investboy
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Trying to recover from P2P revolution
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Post by Investboy on Dec 3, 2015 12:33:18 GMT
Wow, this Secured Loan to a Fund Manager went fast. When I was refreshing the page from 12:30 and when the loan appeared it was already 66% invested, by the time I clicked invest button and put my bid, the loan went to -12k Edit: crossed with everybody
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LittleBear
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Post by LittleBear on Dec 3, 2015 12:33:54 GMT
Well that was disappointing. The website was extremely slow to refresh. When it did, the loan was 61% filled. I clicked to invest and was told that my maximum investment was -£21,000. So the money I had transferred in will be going straight over the MT where I stand a chance of getting something invested. :-(
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 3, 2015 12:33:59 GMT
Complete and utter joke.I'm not bothering again until limits are introduced.
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duck
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Post by duck on Dec 3, 2015 12:35:09 GMT
hmmm better repair the sofa, I wrecked it unnecessarily .....
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gt94sss2
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Post by gt94sss2 on Dec 3, 2015 12:35:19 GMT
Didn't manage to get any - but after less than a minute it was already 21,466.07(21%+) over the loan amount!
Those nanoseconds must last longer than I realised - or one or two people were placing "large" bids..
I didn't even see the loan appear until it was 60%+ filled
It would be good if the loan listings could appear on that page in advance and the invest button only becomes active/visable at 12:30 rather than the current system..
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SteveT
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Post by SteveT on Dec 3, 2015 12:34:54 GMT
OK, you DEFINITELY need to put in place bid limits. If you can't do it quickly by reprogramming the website, simply state a maximum bid that each lender must stick to or else their bids will be cancelled and their loanparts awarded to whoever just missed out. It's not rocket science.
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pom
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Post by pom on Dec 3, 2015 12:35:30 GMT
Not impressed - there was allegedly plenty left but I just kept getting a message saying I was trying to invest more than my available funds, when actually it was less ....although when I check the details it says I do have £1000 invested !!! (perhaps its cos I think I accidentally hit enter on my keyboard before thinking I didn't know if that would default to execute or cancel...and then clicked execute....so maybe I genuinely didn't have enough funds tho I didn't get any conf screen, or change to my balance) So I guess I have to wait and see if I do actually end up with any...
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TitoPuente
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Post by TitoPuente on Dec 3, 2015 12:35:39 GMT
Waste of time.
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