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Post by MoneyThing on Aug 19, 2016 11:36:38 GMT
Pending page Invested column now updated - Renew status 'processed' - Like It ! FYI - Shuang has just managed to release some code so that it is now possible to view your existing holding on the Pending page. Regards, Ed.
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Post by MoneyThing on Aug 19, 2016 10:58:13 GMT
...thank you everyone for voting/feedback. Whilst it appears to be clear as to which route you prefer, I will just keep it open until 1pm and then we will announce our decision and make the changes. Regards, Ed.
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Post by MoneyThing on Aug 19, 2016 10:26:22 GMT
Morning,
I am afraid that I have completely miscalculated the popularity of the CSP rollover for today.
With 98% of the capital rolled over leaving just £57,774 available across the 9 new loans going live this afternoon, there is clearly going to be an unpleasant case of FFF if we maintain the current bid limit of £250 each.
Therefore, either we reduce the bid limit to £25 each which should allow a bit of time for lenders to place a bid, or we maintain the current bid limit as many of you have already funded your accounts accordingly.
I appreciate that neither situation is optimal, however I would be most grateful if you could vote on what you would prefer and I will go along with the decision accordingly.
Kind regards,
Ed
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Post by MoneyThing on Aug 18, 2016 18:59:05 GMT
Evening,
This loan is an interesting one really as it really is just one loan of £950,000 @ 33% LTV, only that it is split into smaller parts for practical purposes in order to cater for the amortising nature of the capital repayment loan terms with the borrower.
I appreciate that it is a 10% return which puts some off, however interestingly the initial drawdown of £500,000 went really quite quickly and so too the bulk of the second advance of £450,000. Curiously it has been the last 20% that has been very slow.
Not complaining at all, just find it quite interesting to see the dynamics of this loan.
Kind regards,
Ed
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Post by MoneyThing on Aug 18, 2016 9:20:50 GMT
I can see the CS GAL loans release will be a blood bath With everyone wanting a piece of a pie. MoneyThing : I'm not sure I like the idea of equal division of rollovers across all new loans. Lets say I have £100 in one loan only (a nice batch I like to work with). Then I end up having £16.66 in each of 6 new loans. And instead of fighting for loans I'm not invested I'd have to bid on all trying to add £83.34. In my opinion all 6x CS GAL or 3x CS GALE are identical, the contents of each of them changes. So why splitting into pieces, why not have one CS GAL and one CS GALE? Also I don't see any 'renew' boxes for those loans on the 'Live Loans' screen. Also nothing to check on the loan page as suggested by huxs earlier Morning Investboy, 1) All lenders will be able to place a fresh bid regardless as to whether they have an existing rollover bid (i.e. you wont need to recalculate what bid you can place as the rollover amount is ignored). 2) They are split into c. £100,000 parts as this has been the agreed optimal amounts for which the borrower wishes to redeem the loans (rather than having to pay back £330,000 & £600,000 in one go). 3) The rollover tick-box is only available on the 'Live Loans' page in this instance as it is not a 1 to 1 relationship. (On the 1 to 1 rollovers, the tick box will be available on both 'Live Loans' page & 'Pending Loans' page.) If you have participated in the original loans but you cannot see the tick-boxes, please email/call me and I will investigate. Kind regards, Ed
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Post by MoneyThing on Aug 18, 2016 8:49:09 GMT
A minor point: When the system times me out it does not display any message saying so. Confusingly the system still retains a degree of functionality after timing out which can look as if it is still running eg clicking on a column heading on the live loans page reverses the direction of the arrow. Morning, Users can still click on a column heading but it will not do anything. The reason clicking does kick the user out is because the tables are using ajax (background), calls to retrieve data from the server and it doesn't cause a full page reload. Regards, Ed
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Post by MoneyThing on Aug 17, 2016 19:53:21 GMT
Hi MoneyThing Ed - is (AE348) Asset Exchange - Stocking Loan, ending on 19/8, due to be renewed ? Only asking as it's not showing on pending yet and would be at the same time as the CSP stuff ....... Evening, Yes it will be. Just need to update the schedule and then we will put it up on Pending in the morning (going live on Friday also). Regards, Ed
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Post by MoneyThing on Aug 17, 2016 18:28:57 GMT
Evening,
Pipeline updated (at the top of the thread).
Kind regards,
Ed
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Post by MoneyThing on Aug 17, 2016 13:05:15 GMT
fyi MoneyThing my install of Excel 2010 objected to the file you attached above, complaining about security risks were I to open it in edit mode, and wanted to send an "error report" / copy of the file to Microsoft when I closed it. I declined the offer . I've no idea whether there's a problem with the file (or with my install of Excel) but thought it worth mentioning..... My apologies - not sure why that has happened. I created it in the latest version of Office for Mac and then simply saved it to a .xls file (rather than .xlsx file). To be safe, I have converted it to a PDF instead (attached). I will remove the other attachment... 2016-08-17 - CSP Loans.pdf (19.86 KB)
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Post by MoneyThing on Aug 17, 2016 12:59:58 GMT
Ed, I am not sure quite how your business works. Would there be any advantage to you in encouraging uninvested funds on your platform by paying interest (assuming that your current regulatory approval permits this.)? These funds would be at risk only to platform failure rather than any particular loans. If there is any merit in this idea what sort of rate could you offer? We could run a poll to get an idea of demand before you let Shuang loose. BankThing.... quite like the sound of that!* As SteveT commented, what you have described I think firmly falls under 'banking' with respect to a deposit/savings accounts type product. Certainly an interesting idea and I can fully appreciate where you are coming from. I have seen on other platforms where they have come up with some really innovative ways around trying to capture this sort of audience (i.e. the 'invest & forget' type of lender...with some sort of liquidity offering). I would admit that we have perhaps not been very innovative around this aspect to date. Whilst we have a number of ideas (also some other features we are keen to introduce), we have held back on introducing anything until such time as we have our core offering authorised. It may transpire we have been overly cautious, however I have always taken the stance of only introducing something new/innovative which we know we can retain, rather than having to subsequently withdraw a service/feature later down the line that has been introduced. Hopefully we (and other firms), are not too far away now from full authorisation and we will then have a much better idea of what we can potentially introduce for 'phase 2'. I would also mention that I believe that we probably hold a lot less client money than most firms (in proportion to loan book size). By processing deposit/withdrawal requests promptly and also providing a fair degree of certainty as to what amounts lenders need to transfer in order to participate in loan offerings, many active lenders are able to (and do), maintain a £0 'available balance' rather than have funds sitting idle. Kind regards, Ed *[For the avoidance of doubt, MoneyThing is not a bank and is not authorised under Prudential Regulation Authority to accept consumer deposits and therefore MoneyThing lenders are not covered under the Financial Services Compensation Scheme]
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Post by MoneyThing on Aug 17, 2016 9:55:34 GMT
MoneyThing I'm confused! 9 loans are listed in pending, each saying a bid limit of £250, so potentially 9x £250 bids can be made? But as it's a consolidation, 6 pawn loans will be consolidated into 1 and 3 electronic loans will be consolidated into 1, so two loans remaining. Does that mean there will only be 2x £250 bid opportunities? You mention that they will be increased slightly, but not by how much. Previous renewals have gone within micro seconds due to mass rollover. Can you give an indication of the amount of the increase, case everybody rolls over as has happened previously, we have an idea of how much 'new' loan there is? Thanks Morning Stevio, Yes, there will be the opportunity to invest 9 x £250 into each of the new loans. To date, c. 90% of the capital has been rolled over in CS loans therefore anticipate a total of £89,000 (10% x £890,000). Plus, there is an increase of £40,000 (£10,000 electronics & £30,000 pawn), giving c. £129,000 availability at 4pm. For ease, please find attached spreadsheet to show the before & after. Kind regards, Ed. [IN EDIT - EXCEL FILE REMOVED - SEE PDF ATTACHMENT BELOW INSTEAD] 2016-08-17 - CSP Loans.pdf (19.86 KB)
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Post by MoneyThing on Aug 17, 2016 9:27:58 GMT
Hi MoneyThing will the old CSP loans roll-over automatically to the new larger ones? I have the renew box ticked on the loans pages but nothing showing in the invested column on the pending screen. Morning huxs, Yes. So long as you have ticked the opt-in in all/some of the current live CSP loans, then your capital will be rolled over into the new loans (apportioned evenly between either the 'Pawn' or 'Electronics' tranches depending on whether the original loan was pawn or electronics). Regards, Ed
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Post by MoneyThing on Aug 17, 2016 6:45:17 GMT
We will be announcing a new loan with RCC tomorrow of £52,500 against a 2016 Porsche 911 (911) GT3 Cup Car (50% LTV, 12% to lenders). Loan to go live on Wednesday at 4pm. I'm guessing that should read "go live on Thursday at 4pm" ? You are correct - my mistake. (Now amended).
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Post by MoneyThing on Aug 16, 2016 19:35:45 GMT
Evening,
Apologies for the delays, however now everyone is back from holiday we will be looking to undertake the refinance of all the CS loans on Friday (which we will announce & put up on Pending tomorrow to go live at 4pm on Friday).
In addition:
RCC346 (£60,000 against a Ferrari 458 Italia), will be renewing on the 24th.
MTAF349 (£133,000 against a Ferrari F355 Convertible), will be repaying this Friday.
MTAF350 (£280,000 against a Lamborghini Countach), will probably be repaid this Friday to be replaced with 1 or 2 other cars.
Plus,
We will be announcing a new loan with RCC tomorrow of £52,500 against a 2016 Porsche 911 (911) GT3 Cup Car (50% LTV, 12% to lenders). Loan to go live on Thursday at 4pm.
Kind regards,
Ed
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Post by MoneyThing on Aug 15, 2016 9:58:24 GMT
Afternoon,
Just to let you know that it is looking like loans FP386 to 390 (B******* R********), will repay towards the end of this month. (They have got a mainstream lender lined up to refinance the loan).
Kind regards,
Ed
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