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Post by MoneyThing on May 22, 2017 9:52:05 GMT
Morning,
I would very much like to move the loan launch time to earlier on in the day, midday ideally.
As you can appreciate, much of the FFF effect has been mitigated now by reducing bid limits & extending the restriction duration to 48hrs (most of the time).
When we originally engaged with lenders on this subject quite some time ago, 4pm was found to be the most popular time.
Up until full-authorisation where we pre-funded all loans using our own funds (before then selling them down on the platform), loan launch time had little effect on how we managed the loans from an operational perspective.
Now that we no longer pre-fund loans, 4pm becomes a little awkward with respect to drawdown for the borrower as often loans only become full just after the bid limit is de-restricted at 4pm for any final balance. Often it is too late in the day to send funds over to our solicitors, who then need to send it on to the borrowers solicitors, before then sending it on to the borrower (or the new lenders solicitor and then the lender if it is a refinance).
As such, if it is at all possible I would like to move launch time to 12pm.
Many thanks,
Ed
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Post by Butch Cassidy on May 22, 2017 9:58:42 GMT
Just not 9am or 10am as that clashes with Col but other than that whatever suits MT best, I fully understand the reasoning, as those solicitors are such an efficient & flexible bunch - if only I could find a way to lend them money too  |
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Post by pedz14 on May 22, 2017 10:01:06 GMT
Don't think that the time matters any longer now that the loans have 2 sensible 24 hour bid limits.
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treeman
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Post by treeman on May 22, 2017 10:08:39 GMT
Whatever works best for the smooth-running of the platform has to be the best way forward.
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Investor
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Post by Investor on May 22, 2017 10:15:31 GMT
Morning, I would very much like to move the loan launch time to earlier on in the day, midday ideally. As you can appreciate, much of the FFF effect has been mitigated now by reducing bid limits & extending the restriction duration to 48hrs (most of the time). When we originally engaged with lenders on this subject quite some time ago, 4pm was found to be the most popular time. Up until full-authorisation where we pre-funded all loans using our own funds (before then selling them down on the platform), loan launch time had little effect on how we managed the loans from an operational perspective. Now that we no longer pre-fund loans, 4pm becomes a little awkward with respect to drawdown for the borrower as often loans only become full just after the bid limit is de-restricted at 4pm for any final balance. Often it is too late in the day to send funds over to our solicitors, who then need to send it on to the borrowers solicitors, before then sending it on to the borrower (or the new lenders solicitor and then the lender if it is a refinance). As such, if it is at all possible I would like to move launch time to 12pm. Many thanks, Ed My bold. MoneyThing Ed you really do stand out from others in engagement with your lending community. This one particularly made me laugh P.s 12:00 works fine for me and thanks for explaining the logic behind it
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oldgrumpy
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Post by oldgrumpy on May 22, 2017 10:23:06 GMT
Suits me, sir!  |
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sussexlender
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Post by sussexlender on May 22, 2017 10:44:01 GMT
Moneything Ed
Thanks for the informative update.
It is very helpful.
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oik
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Post by oik on May 22, 2017 10:46:38 GMT
That suits me well - and much appreciated that you take the time to confer with lenders rather just inform us of the change.
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Monetus
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Post by Monetus on May 22, 2017 10:48:07 GMT
Totally understood Ed - do what you need to do!
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Post by westcountry on May 22, 2017 11:32:12 GMT
Ed,
This change to 12 noon would be fine with me.
Thank you for clearly explaining the problem the current 4pm loan launch is causing you, as 4pm was fine from me, but I now understand why 4pm now doesn't work for you any more!
If/when you make this change, please could you clearly announce it well in advance, so that everyone should know what is happening? I ask this as another P2P platform I use was going to renew a loan at 9am today, but instead renewed it at 12 noon, all without any communication to lenders. I trust you will be able to avoid situations like that!
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SteveT
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Post by SteveT on May 22, 2017 11:32:53 GMT
Good idea, and 12pm neatly avoids existing launch times elsewhere.
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archie
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Post by archie on May 22, 2017 11:47:19 GMT
I'd prefer 1pm if it has to change  |
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investibod
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Post by investibod on May 22, 2017 11:47:50 GMT
4pm was a good time for me, but noon should be fine also.
I can see the logic for the change; so go for it!
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elsee
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Post by elsee on May 22, 2017 12:37:08 GMT
12 good for me, especially as I'm off soon for a 2 week break and a two hour time difference  4pm would seriously interfere with beer o'clock. |
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elliotn
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Post by elliotn on May 22, 2017 13:39:36 GMT
Good idea, and 12pm neatly avoids existing launch times elsewhere. And by not avoiding existing lunch times perhaps bit easier for some folks to get their phones out.
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4pm would seriously interfere with beer o'clock.