sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 8, 2015 19:06:30 GMT
How Stupid, having an internet auction of Australian Art at 4:45am on a Saturday morning Sydney Time.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on May 8, 2015 16:06:06 GMT
Lot 635 now. Lots of money changing hands for moldy looking old golf balls. Surely it doesn't go on until 10 or 11? Still a fair way to go then.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on May 7, 2015 13:21:26 GMT
It can be delayed for another few months - in fact make that a year!!!! PS - that e-mail for 10% didn't exactly excite me The loans that have little liquidity ie 107-109,117, and I would suggest that 154 &169 may be the same, are the problems not the deal flow. New loans would mean simply that investors would invest in the new loans not the ones that are stuck. Unless AC can offer some incentive to buy some of these loans at below par I would not go near them. The automated system will not allow for this. The questions then arises that if the current u/ws have capital tied up in these loans where will the extra loan capital AC needs come from? I would also ask would the willingness of the u/ws to invest in a loan be determined in part by its future liquidity? Totally agree, and I suspect there are two other factors as well; U/w's wanting to limit their exposure to new loans after seeing how quickly loan#146 went wrong, even if they weren't exposed. U/w's wanting to remain diversified in some liquid loans. I noticed that the last available £150k of loan# 160 went instantly, presumably to an u/w. Somewhat annoying when at the same time AC stopped me selling out of loan#101 to fund loan#160.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on May 4, 2015 14:09:57 GMT
I think it's time that FundingSecure got all new items valued by named auction houses, rather than unaccountable clandestine fairytale valuers.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on May 4, 2015 11:15:54 GMT
When presented to lenders it was described as, "A collection of 8 stunning pieces of native Australian art" If this one goes wrong, perhaps we need to refer to the Trades Descriptions Act.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on May 1, 2015 11:08:27 GMT
PBLs 16/17/18 have drawn down at last and are included in today's interest. No cashback as yet! ianj: Are you saying you've received interest for 16/17/18? I have nothing in 16 or 17, but I do have an investment in 18 and the most recent entry for that loan on my transaction statement was on 5/Dec/14 when I purchased my last loan part. Might the fact that I opted for upfront interest mean my interest will arrive when the cashback payments are made? ilmoro: It may be time to put the pink fliers on standby! They are still looping the loop over the Liver building
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Apr 30, 2015 21:19:32 GMT
Just to clarify, I wasn't suggesting that trading in the loan itself should be disabled. Just that the same function to disable purchases could be triggered as is available to the lenders on each loan, which an individual lender can then continue to switch on and off themselves. Sorry, I didn't read your previous post properly. Yes, I agree with your suggestion. It's also a necessary step towards manual investing of discounted loans.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
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Post by sqh on Apr 30, 2015 18:57:55 GMT
I sold out when the accounts were uploaded, with the trigger to have a look at what was going on being my purchase of several tranches of this loan in which I'd previously had a sub £10 holding. It's a downside of the Assetz system that people can sell on after seeing bad news, to others who placed buy targets before seeing the news. I'd prefer it if any update would automatically trigger the "manual invest disabled" function for all those with buy targets, with users having to manually re-enable before buying continues. It's one thing to be in a loan that experiences bad news; it's another thing to find you've bought into a loan only because it's experienced bad news and without having received any of the prior interest payments to set off against possible loss. With c.35% of lender money tied up in disabled loans, the last thing I want is more reasons to disable loans. If AC restored the discounting mechanism we could trade loans at fair value based on the information available. Of course it will only work for truly manual investing. It worked really well on the previous software. Those lenders who wanted out could sell, and those who wanted premium rates could buy. The SM for impaired loans was liquid and underwriters often sold new loans at a discount.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 30, 2015 14:16:42 GMT
Two new listings in 'upcoming' today. #170 a personal loan for an anonymous couple. Security looks OK to me but I don't like anonymous loans. Others may differ. #165 a care home, but currently the details won't load. ('404 error'). Its the replacement for W*** L***** CH. Not mythical after all then mikes1531 though still mysterious. chris, Colin seem to have broken link or something Maybe the system can't cope with lenders setting a different target to their rollover request, so needs tweaking.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 30, 2015 9:12:06 GMT
If you are a new lender to ReBs, this looks like a good deal. 19.8% Buyer Rate, and get two extra months interest (one owed, one due). That's over 23%. Just gotta hope the borrower repayments catch up by June as planned.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 29, 2015 17:27:54 GMT
I'd like AC to split this into two loans. One part would receive the reduced payment and the other part would get default interest until the shortfall is made up. Then allow both parts to continue trading.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 24, 2015 16:30:45 GMT
#168 CQH Hotel now officially listed in 'upcoming' That makes quite a pile that are due to become available at the end of April or early March. I'm guessing there will be some market disruption - loans that have been hard to get hold of will appear and loans that would normally come off the market in days will take weeks. A good time for AC to get new people onto the platform. I'm expecting a mass exodus from the GEIA just before a new loan goes live. All the WT's (except CWE) and the bug plant have become fully invested. Of course this assumes there are sufficient lenders wanting to buy the WT's outside the GEIA.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 24, 2015 0:29:59 GMT
Selling the paintings at 27% of valuation is very wrong. IMO fundingsecure should question the valuation and insist that the valuer buys the paintings at half price.
We lenders need to rely on LTV ratios. Fundingsecure obviously took a cautious approach when lending at 40% LTV, but even that doesn't appear to be low enough. The valuer must take some responsibility.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 23, 2015 16:15:20 GMT
Confused.com here - who was 'everyone else'? There were creditors other than FK. What were the voting results ? Were FK lender votes aggregated with all the other creditors ?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,426
Likes: 1,211
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Post by sqh on Apr 23, 2015 14:01:53 GMT
Dear fundingsecure,
Can you please provide an update on the 6 racing yachts. There are just 5 weeks until the loan repayment date. If these default, it is important to get them to auction immediately, while the sun is shining. No Borrower excuses please.
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