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Post by Collateral Rep on Feb 8, 2017 14:26:48 GMT
Afternoon,
We've added a pre-fund facility to new loans placed in pipeline.
Our reasons for this was so we could accommodate investors who struggle to make loan launch times along with helping with site performance. We are offering a lower amount at pre-fund stage followed by a further amount during the bid limit process then any balance can be taken.
The pre-fund and bid limit amount is based on our data and experience of past loans. It's not a complicated system but we feel it will provide the time needed for all investors to have the opportunity to take loan parts. If investors don't take a loan part during the pre-fund stage they will still be able to take it after go live.
Many thanks,
Gordon
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star dust
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Post by star dust on Feb 8, 2017 14:37:09 GMT
Collateral Rep , can you clarify how this will work, is the total pre-fund amount capped below the total loan amount? Is it possible for a loan to fill completely during pre-fund, will all pre-funds automatically 'convert' to loan parts on go-live or will there be any scaling back? It seems I can technically sell a pre-fund part I have just acquired (implying it is a confirmed loan part) - I haven't tried, is it possible?
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tomtom
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Post by tomtom on Feb 8, 2017 14:37:15 GMT
Gordon, can you please advise where we can see how much we have pre-funded individual loans ( this question might have been asked before if so sorry)
Tomtom
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jonno
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nil satis nisi optimum
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Post by jonno on Feb 8, 2017 14:42:06 GMT
Afternoon, We've added a pre-fund facility to new loans placed in pipeline. Our reasons for this was to be able to accommodate investors who struggle to make loan launch times along with helping with site performance. We are offering a lower amount at pre-fund stage followed by a further amount during the bid limit process then any balance can be taken. The pre-fund and bid limit amount is based on our data and experience of past loans. It's not a complicated system but we feel it will provide the time needed for all investors to have the opportunity to take loan parts. If investors don't take a loan part during the pre-fund stage they will still be able to take it after go live. Many thanks, Gordon Hi Gordon. Can you explain why you've gone for this "hybrid" system rather than (in this instance) just going for a prebid limit of £200 at the outset; wouldn't this have taken the "10 am strain" off the system, and satisfy all those with a 10am problem. Surely this system won't really solve either of these issues. Full marks by the way for your efforts in developing the platform.
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tomtom
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Post by tomtom on Feb 8, 2017 14:42:33 GMT
Gordon have now read your previous reply to this question. When looking at my live loans page, I see the two pre-funded loans are shown, but can I retract my pre funding before the loan time or once the pre-funding is made it can not be withdrawn?
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stevio
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Post by stevio on Feb 8, 2017 14:47:35 GMT
Some issues mentioned above and clarification needed Just used it and liked it a lot Similar questions to above - If its possible for pre-funding to fill a loan before it is launched, then we maybe need to have a standard pre-funding start time? or does pre-funding start when you send out the email for launch time). This possibly could just move the launch time FFF to the pre-funding time?
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Post by Collateral Rep on Feb 8, 2017 14:58:52 GMT
Hi tomtom, At the moment it's set so you can't cancel the pre-fund but we are adding a cancel facility which will be there shortly but not for these loans. Currently it was set to allow you to sell but that is being taken out. As I said in the post, it's really been done to enable all investors to get some of the loan part. All ready we can see that some investors have taken loan parts and based on previous patterns they won't come back at 10 (but time will tell) which should help with site performance. Many thanks, Gordon
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sildenafil
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Post by sildenafil on Feb 8, 2017 14:58:57 GMT
When does interest start accruing on a pre-funded loan part?
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Post by Collateral Rep on Feb 8, 2017 15:02:24 GMT
Hi stevio , Technically it is, but we feel we have this covered with our pre-fund bid limit based on past experience. Obviously if this happens we will look to cap it. Many thanks, Gordon
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fp
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Post by fp on Feb 8, 2017 15:08:01 GMT
Its telling me I have a £200 bid limit, yet only letting me have £100, is this a glitch?
"Bid Limit (includes Pre Fund amount): £200.00"
Pop up when I try and bid £200:
"There is currently a bid limit amount of £100 on this investment. You can not bid a higher amount until the bid limit has expired. Loan COLBB00416 - 2014 64 Land Rover Defender 90 TD Hard Top XS"
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Post by Collateral Rep on Feb 8, 2017 15:11:00 GMT
When does interest start accruing on a pre-funded loan part? Hi sildenafil, Interest starts when the loan goes live. Many thanks, Gordon
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Post by Collateral Rep on Feb 8, 2017 15:12:54 GMT
Hi fpThe pre-fund limit is set at £100 and there is another £100 limit available when it goes live at 10am. After the bid limit expires at 1pm tomorrow and (subject to availability) the limit is lifted. Many thanks, Gordon
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fp
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Post by fp on Feb 8, 2017 15:20:53 GMT
Hi fp The pre-fund limit is set at £100 and there is another £100 limit available when it goes live at 10am. After the bid limit expires at 1pm tomorrow and (subject to availability) the limit is lifted. Many thanks, Gordon It makes sense, looking at how full they are already, £200 pre-bid would probably see it oversubscribed by tomorrow morning.
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stevio
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Post by stevio on Feb 8, 2017 15:47:59 GMT
Presume the cancel will be only for the pre-fund and up to the loan launch time - to be honest, I don't think you need this function at all and you may see lots of additional transactions due to it
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Post by Collateral Rep on Feb 8, 2017 15:51:11 GMT
Good point stevio, you could be right. Thanks for your feedback. Gordon
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