SteveT
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Post by SteveT on Dec 7, 2016 20:44:16 GMT
Yes, I received mine very soon after I signed up, shortly after the welcome phone call from Louis.
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Greenwood2
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Post by Greenwood2 on Dec 7, 2016 21:03:14 GMT
Yes, no problem.
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Post by tobermory on Dec 18, 2016 17:37:42 GMT
Got mine after a couple of email reminders to Louis
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Post by wickedxuk on Dec 22, 2016 14:01:10 GMT
Back on the subject, FI I have emailed asking Louis ( thebridgecrowd) to put a loan on the "secondary market" apparently operated over email and he has replied saying this doesn't exist contrary to previously saying it does.
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phil
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Post by phil on Dec 22, 2016 18:19:51 GMT
I was just about to make another investment, think I'll wait till we have some clarity. P2P is about confidence in the integrity of the people running the platform and reading through this thread there seems to be confusion with the people running the platform as to whether or not they have a secondary market.
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ben
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Post by ben on Dec 22, 2016 18:29:23 GMT
Had a look at them a few months ago but on about 4 items they either contridicted what they said or the website said something different so did not bother going any further.
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Steerpike
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Post by Steerpike on Dec 22, 2016 18:32:03 GMT
I thought that pom explained the situation very well in the second entry in this thread. I have only recently started investing with BC and before I transferred funds it was quite clear to me that if there was a SM it was ad hoc at best and it would probably be 2017 before an active SM would be available on the web site. A secondary market on this site is not important to me but I understand that it is likely that one will be introduced early next year.
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phil
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Post by phil on Dec 22, 2016 19:09:22 GMT
Likewise seeingred explained back in this thread that they'd received an email from BC stating there was a secondary market via email.
Some of us are never likely to use it, me included, however BC should give us clarity on whether or not they have a SM, they shouldn't be ambiguous or "ad hoc" about it.
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sildenafil
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Post by sildenafil on Dec 22, 2016 21:18:22 GMT
Back on the subject, FI I have emailed asking Louis ( thebridgecrowd) to put a loan on the "secondary market" apparently operated over email and he has replied saying this doesn't exist contrary to previously saying it does. I got the exact same reply. I was told the secondary market would be available Jan/Feb and I would have to wait for that to be up and running to be able to sell an investment
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mack
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Post by mack on Feb 5, 2017 10:12:34 GMT
Had some correspondence from Louis yesterday eveningin which he states: I've still some outstanding questions which will hopefully be answered in the coming days - will give a full update here in due course. Cheers, Ian.. Any updates on this?
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Post by wickedxuk on Feb 5, 2017 10:39:13 GMT
mack I had an email recently from Louis indicating the second week in Feb is when they are looking to roll out the SM. I've emailed asking if it is likely to happen. I have a loan and my holding sits above my nominal diversification amount and although I'm happy with the loan, I would like to either sell a portion to bring it under my limit and as such appease my OCD or if required, sell the whole amount. If I get a response I will post the information here.
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mack
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Post by mack on Feb 5, 2017 12:31:00 GMT
mack I had an email recently from Louis indicating the second week in Feb is when they are looking to roll out the SM. I've emailed asking if it is likely to happen. I have a loan and my holding sits above my nominal diversification amount and although I'm happy with the loan, I would like to either sell a portion to bring it under my limit and as such appease my OCD or if required, sell the whole amount. If I get a response I will post the information here. Thanks wickedxuk. That would mean this week then. More choice would be a good thing.
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Post by wickedxuk on Feb 5, 2017 20:59:33 GMT
... I would like to either sell a portion to bring it under my limit and as such appease my OCD or if required, sell the whole amount. One of the snippets I managed to recently prise out of Louis was in response to my asking whether it will be possible to sell partial holdings on the SM when launched. The reply was: So, if you have also asked then that can only re-enforce that there is demand for that facility. One of the other questions I asked was " Is there an existing platform whose SM model BC are emulating?" and suggested that SS and ABL both seemed popular for various (and differing) reasons - I got a somewhat cryptic reply of: Interesting! It seems off that they would restrict themselves to such high minimums on an automated SM. I have explained in previous emails to Louis how reducing this would see him acquire bigger segments of the market and that the large buy in is isolating a lot of potential investors and his response was that they were actually considering increasing the minimum. I guess they have there investor base and are happy with it.
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pom
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Post by pom on Feb 6, 2017 10:28:44 GMT
Interesting! It seems off that they would restrict themselves to such high minimums on an automated SM. I have explained in previous emails to Louis how reducing this would see him acquire bigger segments of the market and that the large buy in is isolating a lot of potential investors and his response was that they were actually considering increasing the minimum. I guess they have there investor base and are happy with it. Yeah... I've had that dance with Louis, too! A couple of weeks back, he intimated that they may consider dropping the min bid to £2,500 but no lower. He is concerned that the potential for increased administrative overhead would mean having to decrease the rates BC could offer lenders. I did suggest that lowering the min bid floor, wouldn't stop those clients wanting £5k, £10k or more from taking that amount but that it might mean those larger loans wouldn't hang around the platform so long before being completely filled by client bids. So in reality the administrative overhead may not increase by a significant amount just because the bid floor had been halved. Maybe the answer you get depends on how many potential deals BC have on the go. I know that all loans would primarily be filled by BC (or their 1st tier backers) and drawndown as soon as the borrower completes, and then gets released to the platform for the likes of us to invest, thereby freeing up BC's capital to progress the next deal(s). If the pipeline is looking strong, perhaps Louis is conscious that there is only so much uptake available from the "£5k-upwards" community and perhaps the net does need to widen to include the £2.5k'ers. On the other hand, if there isn't much in the pipeline and/or a number of loans are due to repay, the thought process may be "OK... [nearly] all loans are [nearly] fully funded... £5k is working... why change it??" Personally, and being VERY selfish for a moment, I wouldn't need a limit of below £2.5k. It would allow me to have access to a sufficient number of loans to satisfy my diversity criteria on any particular platform. And one of the advantages (again, selfishly, to me) of a high entry floor is that it does restrict the available client-base and loans don't disappear within a nano-second of them hitting the platform and nor is there a requirement to have any kind of bid limits placed, which suits me fine. Another snippet of info from Louis, was in response to my pointing out that the User Agreement page is notably devoid of a User Agreement. The reply was:Watch this space! Lowering bid minimums won't necessarily mean loans fill quicker - there's at least one platform who noticed that actually deals took longer to fill as a number of people who had previously been investing the minimum then reduced their amounts.
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pom
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Post by pom on Feb 6, 2017 13:13:22 GMT
I'd be surprised also if they went that route - it's always been about keeping it lean and getting the best deals - I dunno if they still invest family money in every deal, but assuming they do then it's not really in their interests to expand massively and risk loan quality.
As for the other platform yes I do recall but as it was told to me probably in confidence...think they lowered it to expand, and from what I've seen it was a reasonably temporary effect. But it does appear to have created more work...and I can think of a couple of other platforms who've also said (either directly or hinted) that smaller investors tend to lead to disproportionately more work.
Personally I hope BC do keep it at 5k, it works for them and their longstanding customers. They did try to raise it to 10k on a few deals about 15months ago (before the website) but then reverted to 5k, to my relief at the time, tho I have invested more than the minimum a few times now. Yet strangely I don't go anywhere near 5k on property loans on other sites (which is another reason I think if they did drop the limit there'd be quite a lot of people who'd invest less, not just newbies).
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