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Post by ablrate on Apr 25, 2017 17:29:49 GMT
Just for a little perspective - 58 lenders completed this loan, it wasn't just two or three as some may imagine. We are addressing this issue and will have some feedback soon. Regards Ablrate Be careful not to sound patronising, although even 58 Lenders is a very small number and probably not a large proportion of your Lender base Not intended, what I meant was the average in that loan is £1,784. Across the whole book it is circa £1,110, so not to dissimilar to the book itself. Apologies if it came across as patronizing. Regards ablrate
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 25, 2017 17:43:02 GMT
Be careful not to sound patronising, although even 58 Lenders is a very small number and probably not a large proportion of your Lender base Not intended, what I meant was the average in that loan is £1,784. Across the whole book it is circa £1,110, so not to dissimilar to the book itself. Apologies if it came across as patronizing. Regards ablrate Depends how readers differently interpret the written word. For me, I translated the ABL posting as simply providing helpful information.
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madpierre
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Post by madpierre on Apr 25, 2017 17:48:01 GMT
Be careful not to sound patronising, although even 58 Lenders is a very small number and probably not a large proportion of your Lender base Not intended, what I meant was the average in that loan is £1,784. Across the whole book it is circa £1,110, so not to dissimilar to the book itself. Apologies if it came across as patronizing. Regards ablrate Apology accepted, although I if had known you had only 90 lenders I would not have claimed 58 was a small number. Or am I missing something
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Post by excalibur on Apr 25, 2017 17:48:34 GMT
It would have been good if there were limits in place, say £500 for the first hour. With it being a relatively small loan it was clear it would go quick hence why there were 58 punters ready to rock at 12 noon.
More importantly though is Ablrate giving at least a few hours for the documentation to be scrutinized.
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blender
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Post by blender on Apr 25, 2017 22:43:38 GMT
It would have been easy enough to say which make/model of generators were to be purchased. Like the Wales loan, this Ablrate proposal seems economical with information about the physical security. Not a good trend. Asset backed is getting undefined and intangible. Is this not covered by the doc entitled Generator Specification ?(Cant open on this device to see) OK, I missed the loan (no problem) and had not read the pitch but believed that the new gennies were not specified, from a good number of posts which seemed to say so. Having read it the spec is there must apply to the new gennies, and so my comment was incorrect. Pleased to find that it is just the Welsh loan. The main cause of problems with this, including my comment, was that people could not read the essential information if they wanted to bid, and no questions could be asked. Sure that will be fixed.
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fp
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Post by fp on Apr 26, 2017 6:15:57 GMT
Not intended, what I meant was the average in that loan is £1,784. Across the whole book it is circa £1,110, so not to dissimilar to the book itself. Apologies if it came across as patronizing. Regards ablrate Apology accepted, although I if had known you had only 90 lenders I would not have claimed 58 was a small number. Or am I missing something Yes you are.
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madpierre
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Post by madpierre on Apr 26, 2017 7:52:47 GMT
Apology accepted, although I if had known you had only 90 lenders I would not have claimed 58 was a small number. Or am I missing something Yes you are. I could have said the response was hardly a fair comparison and no excuse for the lack of time to make an informed choice, but I thought the emoticon was sufficient.
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Post by ablrate on Apr 26, 2017 9:42:12 GMT
Hi All
Just a quick one on this and I can't get drawn into a long debate at this stage. Basically our concern here is not really bid limits and the like, simply because you alienate some group with restrictions. An example would be if you trade £10k per loan, and you are routinely being restricted to £500 that wouldn't be appealing, as you are not deploying the capital you want to. From a commercial point of view alienating larger investors makes no sense.. we are in business after all. Having said that we do need an elegant way of solving the issue and we are looking at it.
The concern for us is the reviewing of documents, and that is an issue. Commercially however giving access before the loan goes live to all is problematic for a number of reasons. However it is an issue we feel strongly enough about to create something better so we will be planning collaboration with lenders to discuss how we can change the current pledge system to better accommodate reviewing of deals and managing quick filling loans. We will let you know what form that will take, either an online webinar or maybe a shindig at our offices (bring your golf clubs)... or maybe both, but we will come up with something and implement it quickly... of course there is auto-invest on the horizon, but maybe we lump that in with this system.
We have our own ideas, but this one being lender driven will probably make sense.
Regards Ablrate
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macq
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Post by macq on Apr 26, 2017 10:26:21 GMT
I have no problem with large bids or FFF but say a 30 minute window on size of bids & then having time to read the paperwork should not harm the big hitters that much.I still think with any company not just Ablrate the time a loan goes live and how long its open is important.At the end of the day P2P & crowdfunding is supposed to be about getting Joe public involved,while it may make good business sense to have a loan go live during the middle of the day it does not help people at work who can not get on the site ( or have to do it on the sly keeping an eye out for the boss )
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greatmarko
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Post by greatmarko on Apr 26, 2017 11:52:57 GMT
I have no problem with large bids or FFF but say a 30 minute window on size of bids & then having time to read the paperwork should not harm the big hitters that much.I still think with any company not just Ablrate the time a loan goes live and how long its open is important.At the end of the day P2P & crowdfunding is supposed to be about getting Joe public involved... Agreed - favouring the "big hitters" whilst at the same time disadvantaging "joe public" - which seems to be essentially what Ablrate are implying they will plan to continue to do going forward - isn't good for the P2P industry as a whole, and certainly does nothing to make their platform any more accessible/attractive to smaller investors like myself and others who can't even get a small nibble when a new loan like this fills in mere seconds!
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Post by ablrate on Apr 26, 2017 12:36:10 GMT
Hoped to not get into this, but hey ho.... We are not all trying to disadvantage anyone on the platform, large or small - hence why will be inviting a number of people to participate in the planning of the solution to this. Lets not forget either that this happens once in a blue moon as our loans are usually large enough for everyone to get a piece. The reason we are addressing it now is that going forward with our expansion plans I can see this becoming a problem on bigger loans too, so addressing it and solving it now is what we are aiming to do... but have this as a collaboration with all types and sizes of lender.. so we get an even opinion from all.
Regards Ablrate
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stevio
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Post by stevio on Apr 26, 2017 12:42:10 GMT
Hoped to not get into this, but hey ho.... We are not all trying to disadvantage anyone on the platform, large or small - hence why will be inviting a number of people to participate in the planning of the solution to this. Lets not forget either that this happens once in a blue moon as our loans are usually large enough for everyone to get a piece. The reason we are addressing it now is that going forward with our expansion plans I can see this becoming a problem on bigger loans too, so addressing it and solving it now is what we are aiming to do... but have this as a collaboration with all types and sizes of lender.. so we get an even opinion from all. Regards Ablrate Thanks Ablrate I think there are just a few 'miffed' people that want an 'immediate' solution I am more than happy you have acknowledged the issue, are making plans to address this for borrowers large and small and that it will however take some time to sort out I don't think you necessarily need to engage further until you have a proposal, because people will just continue to moan till then! Just let them vent I say
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macq
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Post by macq on Apr 26, 2017 13:09:34 GMT
Hoped to not get into this, but hey ho.... We are not all trying to disadvantage anyone on the platform, large or small - hence why will be inviting a number of people to participate in the planning of the solution to this. Lets not forget either that this happens once in a blue moon as our loans are usually large enough for everyone to get a piece. The reason we are addressing it now is that going forward with our expansion plans I can see this becoming a problem on bigger loans too, so addressing it and solving it now is what we are aiming to do... but have this as a collaboration with all types and sizes of lender.. so we get an even opinion from all. Regards Ablrate did not mean to imply you are trying to disadvantage anyone big or small and would assume bigger hitters bring in business for the smaller players to feed off.My point was more a general one but using this loan as an example as to how maybe for the smaller investor the playing field is changing.But its great how quick you have said you will look at things moving forward,if only you could run my Telecom provider.
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fp
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Post by fp on Apr 26, 2017 13:21:19 GMT
I could have said the response was hardly a fair comparison and no excuse for the lack of time to make an informed choice, but I thought the emoticon was sufficient. He had already said that the figure quoted was across the whole loan book, and not 100k divided between 90 investors, i.e. circa £1110
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metoo
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Post by metoo on Apr 26, 2017 13:22:06 GMT
Regarding time for reviewing documents and commercial sensitivity, as it requires a login, it should be possible to have 2 stages in the loan going live.
At stage 1 everything except bidding would be enabled, lasting for a few hours or ideally 24h to allow for review of documents and comments.
Then stage 2, at a preset time bidding becomes enabled.
Would that work?
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