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Post by nesako on Apr 9, 2020 10:56:54 GMT
I'm: Access - 16/03/2020 - 12:45pm - 377516 So looks like at that time there were around 200 withdrawals request per hour. I made two requests within a minute of each other (my own account and my sisters account) on 16/03/2020 and they are 377699 / 377707, so around 8 request a minute in that period (lunch time on 16th probably had a peak of around 500 requests per hour looking at the numbers)
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Post by nesako on Apr 3, 2020 13:55:29 GMT
The deployment rate is reducing (currently 98.3%) which means they have 1.7% lender cash on account, and that doesn't include their investor's cash. It's a hard time for any business so payback will be slow but they're getting there (this % was over 99% a week or so ago) That is positive news. I've also been monitoring it and it's been going down around 0.6%ish for the last couple of days. Based on my projection this means: 2 weeks from now = 89.2% 4 weeks from now = 80.8% (roughly half way through Liquidity Event) 6 weeks from now = 72.4% 8 weeks from now = 64% ... up to 90 days = 52.6% (end of the Liquidity Event) That's assuming of course the reduction rate remains the same. I'm not entirely sure what to make of these figures - I assume this is a overall positive thing? Does anyone know what the average deployment rate was prior to all of this? I would imagine Growth Street would monitor this deployment rate and once it reaches a sensible level they could then open up withdrawals - but I hope they do so in a fair way by allowing investors to withdraw e.g. x% of their portfolio per month. If I remember right, before the liquidity event it was hovering around 86% for deployment. Great that its moving to the right direction!
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Post by nesako on Mar 31, 2020 14:12:42 GMT
I notice non-deployed cash is now up to 1% (c. £110k) - so things are very, very, very slowly moving in the right direction. I only hope they keep doing this by encouraging re-financing and restricting lending until such time as they can re-open with a new queued withdrawal system and avoid a resolution event. Fingers crossed. Where can you see this?
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Post by nesako on Mar 26, 2020 21:27:04 GMT
What I cannot understand from the update is how do they even expect liquidity to improve when investors are no longer allowed to add any new funds. Stopping new lending - makes sense. Not allowing more money on the platform - this is not helping. I am referring to “what does this mean for you” point 4 (New investments have been suspended)
So seems like we have some tough times ahead as resolution event looks imminent. I really hoped they will pull something out of the hat - deals they have with Starling bank etc. were really promising for the GS future, but seems like we will be in a wind down in 3 months time...
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Post by nesako on Mar 21, 2020 19:46:41 GMT
Could someone help with a bit of maths/projection (I'm rubbish at it) please? Based on the access RYI timelines given below (gleaned from posts on the forum), when might I expect to see my request (made in the early afternoon on the 12th) potentially come through? RYI - paid out 9th around 1400 - 19th around 1600 9th around 1600 - 20th around 1500 9th around 1800 - 21st around 1600 I am conscious that the rate is likely to get slower and slower as incoming investment shrinks, but it would be good to get an estimate based on current timelines. Thanks! Without using any detailed spreadsheets (just assuming it takes 1 day to clear 2 hours worth of queue), I get roughly 33 days wait for you.
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Post by nesako on Mar 19, 2020 13:20:58 GMT
The stats have always been available on the website 142 Live borrowers 83.74% Average utilisation £22,757,426 Loans outstanding £27,177,766 Total available facility This is stats just before everyone started withdrawing (5h March data). It also indicates there was over 4.4M liquidity "buffer" at the point, so would be interesting to see what are the current figures as of today. Available facility should be much lower now.
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Post by nesako on Mar 18, 2020 15:23:47 GMT
I also had my funds scheduled to "leave" in just under a week by disabling re-investment and like many others have it all stuck now for an unknown period of time. It is not great, but I believe GS did react to loss in liquidity fast enough for us to have a chance to get out of this without declaring the resolution event - which we really all want to avoid. My thinking matches the previous post in that loads of people will again try to withdraw as soon as it will be made possible (if!), and we will be then back to where we are now. Unless company impose some sort of queuing system or limit amounts allowed to be withdrawn after liquidity has been sorted, we have a high chance pushing this all to the resolution event which may result in up to 5-year wait (some loans will be as long as this) and capital losses (given current statistics + administration costs to manage this, this is pretty much guaranteed). I really hope GS will think of a way to control this in the end and we will be back "to normal" at some point. That seems like quite the worst case scenario wouldn't you say? I spoke to them today about this, they seem reasonable to be fair although could not offer more guidance than previously provided. Yes indeed - but unfortunately me being generally an optimistic person I still give it (Resolution even) 50/50 chance of happening, unless GS change the withdraw process to allow for queuing (to follow the likes of Assetz and RS). PS. I would rather sit 6-9 months in the queue waiting for my money than go through the resolution event and get losses...
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Post by nesako on Mar 18, 2020 15:01:13 GMT
I also had my funds scheduled to "leave" in just under a week by disabling re-investment and like many others have it all stuck now for an unknown period of time.
It is not great, but I believe GS did react to loss in liquidity fast enough for us to have a chance to get out of this without declaring the resolution event - which we really all want to avoid. My thinking matches the previous post in that loads of people will again try to withdraw as soon as it will be made possible (if!), and we will be then back to where we are now.
Unless company impose some sort of queuing system or limit amounts allowed to be withdrawn after liquidity has been sorted, we have a high chance pushing this all to the resolution event which may result in up to 5-year wait (some loans will be as long as this) and capital losses (given current statistics + administration costs to manage this, this is pretty much guaranteed). I really hope GS will think of a way to control this in the end and we will be back "to normal" at some point.
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Post by nesako on Mar 7, 2020 16:02:39 GMT
I could not get this confirmed by them, but I can see they limit to 10 loans per auto-invest run per originator. I had 700 "matching" loans and still only got invested in 10... then same happened later with another rule for different country I had set-up (over 1K matching, but only invested in 10). I believe this is their way to ensure everyone gets some loans from auto-invest, though it does not work very well due to auto invest only getting triggered once per day.... Except for the first time AI runs? As I said, I got 30 loans on first hit. 30 loans from the same originator in one hit? or 30 loans spread across multiple (quite possibly 3 different) originators? well, regardless the logic they use is not great at all...
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Post by nesako on Mar 4, 2020 12:08:20 GMT
They said to me that any new auto-invest rules will take a while to trigger as priority is given to older rules (i.e. you join at the back). They also said that I should change my rules to include all lenders and increase maximum per loan value. After reviewing some of the lender history (or the lack of), I am not following this advise and neither should anyone who does not know what they are doing. I managed to avoid all lenders which got in trouble on Mintos so far, by not just "blindly" investing everywhere. I understand the priority bit, but it doesn't explain why there are so many available loans not being picked up. I could not get this confirmed by them, but I can see they limit to 10 loans per auto-invest run per originator. I had 700 "matching" loans and still only got invested in 10... then same happened later with another rule for different country I had set-up (over 1K matching, but only invested in 10). I believe this is their way to ensure everyone gets some loans from auto-invest, though it does not work very well due to auto invest only getting triggered once per day....
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Post by nesako on Mar 3, 2020 9:01:09 GMT
I was frustrated that I had thousands uninvested, yet there were loans listed as available that matched my auto-invest criteria. Peerberry support explained that the system visited auto-invest requests in the order that they are set up, i.e. if you created yours a year ago, it would be at the tail end of the matching run. This didn't exactly answer my question but was interesting information. Peerberry is a one company platform. Lendermarket is also a one company platform and has an effective auto-invest and no cash drag. Just saying. They said to me that any new auto-invest rules will take a while to trigger as priority is given to older rules (i.e. you join at the back). They also said that I should change my rules to include all lenders and increase maximum per loan value. After reviewing some of the lender history (or the lack of), I am not following this advise and neither should anyone who does not know what they are doing. I managed to avoid all lenders which got in trouble on Mintos so far, by not just "blindly" investing everywhere.
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Post by nesako on Mar 2, 2020 15:23:42 GMT
Started using Peerberry recently... The auto invest is a complete joke.. executes once a day and seems to be capped at 10 investments per run, so if you set 10 EUR limit, it will invest 100 EUR and stop there. Manually investing all money (which takes forever as someone has mentioned) was the only way to invest larger amount faster. Repayments (totalling under 100 EUR) do seem to get auto re-invested the same day, so hopefully this will not need too much maintenance in the future.
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Post by nesako on Jun 27, 2019 13:47:58 GMT
This is sad news to me, as I had most of my EUR investments on Mintos and spent a while optimising auto invest rules... May not be as bad, as GBP is so weak, may be a good time to exit by converting EUR to GBP. If we get a no deal Brexit, the pound will drop to EUR levels, so I may be able to swap 1-2-1... not that I want it to happen...
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Post by nesako on Jun 27, 2019 13:43:27 GMT
This is sad news to me, as I had most of my EUR investments on Mintos and spent a while optimising auto invest rules...
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Post by nesako on Jun 16, 2019 17:11:43 GMT
Just to confirm, I have managed to sell 15K of loan parts within 2 hours on Friday morning and received money in the account 6 hours after that (late same day)
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