|
Post by jakebullet on Jun 7, 2016 16:04:11 GMT
54ft motor cruiser sailed off in 56 seconds. Impressive. More loans plz money thing and then maybe I'll catch one.
|
|
11025
Member of DD Central
Posts: 718
Likes: 830
|
Post by 11025 on Jun 7, 2016 16:32:34 GMT
I put funds in there ready , but was a few minutes later back than expected Hot dog !
|
|
|
Post by Butch Cassidy on Jun 7, 2016 17:36:46 GMT
As an early adopter of MT & massive supporter of the way Ed & the things have grown the platform, whilst maintaining great communications & thoughtful IT enhancements, I think it might be time to reduce the bidding increments
I known this might be unpopular & that more loans will help balance supply & demand but letting £75k disappear within 60 seconds makes it very difficult to give a fair distribution & grow the lender base.
Bidding limits were introduced with the aim of prolonging availability of smaller loans for 1hour+ & larger ones for 24Hours & I believe this aim should continue. MT are clearly doing most things right & as such are a victim of their own success (also perhaps benefitting from the mistakes of rivals) but I think a FFF frenzy which lasts less than 1 minute is more likely to repel more new lenders than it attracts & I want the platform to continue growing & writing more & larger loans in the future.
Just to be clear as to my motivation; I am invested in virtually every loan on the book & happy that personally I can compete but sometimes it is better for the whole lending community to rise above self interest.
|
|
|
Post by MoneyThing on Jun 7, 2016 17:49:16 GMT
As an early adopter of MT & massive supporter of the way Ed & the things have grown the platform, whilst maintaining great communications & thoughtful IT enhancements, I think it might be time to reduce the bidding increments
I known this might be unpopular & that more loans will help balance supply & demand but letting £75k disappear within 60 seconds makes it very difficult to give a fair distribution & grow the lender base.
Bidding limits were introduced with the aim of prolonging availability of smaller loans for 1hour+ & larger ones for 24Hours & I believe this aim should continue. MT are clearly doing most things right & as such are a victim of their own success (also perhaps benefitting from the mistakes of rivals) but I think a FFF frenzy which lasts less than 1 minute is more likely to repel more new lenders than it attracts & I want the platform to continue growing & writing more & larger loans in the future.
Just to be clear as to my motivation; I am invested in virtually every loan on the book & happy that personally I can compete but sometimes it is better for the whole lending community to rise above self interest.
Acknowledged. I will be reviewing the bid limits for the next batch of loans as 1 minute is really not what I had anticipated or is appropriate. Regards, Ed
|
|
|
Post by ladywhitenap on Jun 7, 2016 19:19:39 GMT
Whilst I can appreciate that loans lasting less than a minute might be undesirable but equally undesirable would be only being able to pick up trivial amounts of a loan. I'm looking for a minimum of £250 preferably £500 share of a loan.
LW
|
|
|
Post by bracknellboy on Jun 7, 2016 19:52:31 GMT
Agreed - but if I recall the bid limit was 1%, £750. 0.5% which has been used before would be above your minimum threshold. As I've said before, I prefer this model to a 'me too' pre-funding complication, but it will always require some on-going fine tuning of initial limits; but this should not go down to the 'shrapnel' level.
|
|
|
Post by ladywhitenap on Jun 7, 2016 20:05:54 GMT
Difficult to predict but if the limit was 1/2% how long would this have lasted? possibly more than 2 x 56 seconds but maybe as long as 5 minutes?
In a market where there are not too many loans available, I think it is virtually impossible to make a decent 12% loan last 24hrs.
The 10% multi part loans seem to hang around OK but I'm not keen on those- I'd rather have the SS model to be honest and sell if I get shrapnel level allocation.
It is also a bit of a pain stopping what I'm doing to be online at 3.59pm
LW
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Jun 7, 2016 20:27:19 GMT
There is no perfect answer... Apart from massive increase in the number of loans but without dropping the quality. Not sure that is realistic.
I missed this one. I would have only taken a small slice so a reduction in percentage wouldn't have impacted me, but I understand the balance with concerns for deeper pocketed folk and what would be dust or shrapnel to them.
I don't have any better answers I am afraid, but I do trust that Ed and his team are looking to find some.
|
|
|
Post by bracknellboy on Jun 7, 2016 21:01:03 GMT
Difficult to predict but if the limit was 1/2% how long would this have lasted? possibly more than 2 x 56 seconds but maybe as long as 5 minutes? .... It is also a bit of a pain stopping what I'm doing to be online at 3.59pm LW Only MT have the data to make the assessment on clip levels. But the important point is that it is non-linear. Extreme example 1; no bid limit = could be taken by one lender. Extreme example 2: bid limit set at less than loan level/total number of lenders = lasts beyond the 24 hours. Somewhere in the middle sits the consideration of the experience of the aggregate of the mean bid (appetite for max exposure) excluding those at the limit level + those at the bid limit, tuned to extend the loan period close to or up to the 24 hour window. But without creating shrapnel (in which case just let it close asap). Only MT can make those calcs, but I believe they are generally trying to hit that kind of model. Just not always call it right.
|
|
|
Post by ladywhitenap on Jun 8, 2016 8:41:30 GMT
A further difficulty for MT in doing those calcs is that the threshold setting effectiveness will vary with how much cash is sloshing around in P2P lenders hands at the time eg in the first few days of the month after SS has paid out interest, the threshold might need to be set a bit lower.
Not an easy balance to strike TBH.
LW
|
|
archie
Posts: 1,838
Likes: 1,842
|
Post by archie on Jun 8, 2016 9:09:56 GMT
The buy back on default clause made this loan very attractive.
In light of how quickly it went a lower limit would be better for future loans, maybe half that on a similar size loan.
I prefer this method where you know exactly what you're getting (if quick enough) rather than the SS gaming model.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,017
Likes: 1,835
|
Post by littleoldlady on Jun 8, 2016 10:13:53 GMT
I agree that there is no magic solution so it has to be a compromise. I favour pre-funding, but certainly not INPL which is what spoils pre-funding on SS, and a ban on selling on the SM for a period, say a month.
|
|
|
Post by lynnanthony on Jun 9, 2016 1:50:00 GMT
54ft motor cruiser sailed off in 56 seconds. Impressive. More loans plz money thing and then maybe I'll catch one. I wonder if the popularity of this one had an element of herd nostalgia for the early boatie loans on SS?
|
|
freddy
Member of DD Central
Posts: 147
Likes: 145
|
Post by freddy on Jun 9, 2016 2:32:36 GMT
54ft motor cruiser sailed off in 56 seconds. Impressive. More loans plz money thing and then maybe I'll catch one. I wonder if the popularity of this one had an element of herd nostalgia for the early boatie loans on SS? I doubt it. It was just a good solid loan. Good LTV with buy back option included.
|
|
ben
Posts: 2,020
Likes: 589
|
Post by ben on Jun 9, 2016 16:11:14 GMT
I doubt tommorow loan will hang around long either maybe a 1/4% be better now more members joining
|
|