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Post by ablrate on Aug 15, 2014 11:50:05 GMT
Hi All
I feel like we are always asking for feedback, but we have received such great counsel from members of the forum and those generous people who have taken the time to speak with us on the phone and email, that it makes sense to ask for your comments on any new features, so I have started this thread with that in mind. If you have feature requests or comments it would be great to hear them.
The one feature we are working on now is the 'instant return' feature. Basically our aim is that the loans that are offered on the platform will always be drawn down on the end date of the loan or when the loan is filled. This is because we will have sorted all the paperwork beforehand or, as is the case with the current listing, that the deal will already have been done and lenders are invited to participate and free up cash for financing the next deal.
The 'instant return' feature will essentially be that lenders will start accruing interest from the moment they bid at the rate of the prevailing interest rate. This will reward early bidders and incentivise us (as that return will come from our fee to borrowers) to make sure all loans are drawn down promptly.
This doesn't mean that there will be no cash back deals but is an additional feature on fixed rate loans. I would be interested in your feedback/comments/suggestions.
Also, for those of you who have bid on the existing loan, we will be making this retrospective, so on closing of this current loan we will credit you account with the interest accrued from the day you made your bid.
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Post by wiseclerk on Aug 15, 2014 12:18:38 GMT
Sounds good. This will especially help when loans take longer to fill.
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Post by bengilbert on Aug 15, 2014 12:26:15 GMT
What would happen if a deal doesn't draw down, either because the deal falls through or it doesn't fill on the platform? Would lenders still receive interest for the period their money has been committed on the platform?
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Post by ablrate on Aug 15, 2014 12:50:57 GMT
What would happen if a deal doesn't draw down, either because the deal falls through or it doesn't fill on the platform? Would lenders still receive interest for the period their money has been committed on the platform? Hi Thanks for the question. We aim to offer this facility on loans that will definitely drawn down. This will be on loans where the deal is already done and the borrower is offering lenders the option to participate by freeing up some of the cash they have in the transaction, allowing them to move that cash into the next transaction (which in turn may see a portion offered via the platform). So, for example, on the current listing of the aircraft transaction this is a deal that is already done and in operation. Some of the equity that the borrower has put into the loan is being offered to lenders so that the borrower can free up that equity for the next transaction. So basically this deal will be drawn down on a partial basis if it doesn't fill completely. The new feature is being developed and will be on the platform soon, so in this particular transaction we will retroactively apply the interest from the day they bid. So, in a nutshell, if you see the facility available on a loan opportunity it will be one that will definitely drawn down as the paperwork has all been completed and agreed. Regards Ablrate
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alison
Member of DD Central
Sanctuary!!
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Post by alison on Aug 15, 2014 13:05:14 GMT
I like the sound of it too.
Might put in another couple of pounds!!
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Post by ablrate on Aug 15, 2014 13:30:14 GMT
I like the sound of it too. Might put in another couple of pounds!! ...and we like the sound of that too Alison!
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Aug 15, 2014 21:41:10 GMT
Sounds very good indeed. If the loan pipeline improves & after/secondary market come to fruition & active, I'll happily partake. You're going about this in the right manner by asking your current/prospective clients for feedback & advice on how the platform could be improved. Very positive  |
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Post by ablrate on Aug 16, 2014 17:09:16 GMT
Sounds very good indeed. If the loan pipeline improves & after/secondary market come to fruition & active, I'll happily partake. You're going about this in the right manner by asking your current/prospective clients for feedback & advice on how the platform could be improved. Very positive Thanks j We are working through a number of loans in the pipeline and new feature possibilities, so will keep you all up to date. Regards Ablrate
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ejohn
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Post by ejohn on Aug 17, 2014 16:32:26 GMT
This is pleasing and it confirms the existing loan will drawdown. As an early investor taking the risk by investing before drawdown, I am definitely happy. And it should incentivise early participation for future lawns. Keep it up.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 17, 2014 20:01:18 GMT
Ok. Im in. A very modest toe that will probably pay for a rivet. Two questions. If the loan is not fully filled by drawdown will the outstanding balance be offered on the SM? If so, will loan parts being offered on the SM by lenders take priority over the residual units? thanks |
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Post by ablrate on Aug 18, 2014 9:26:03 GMT
Ok. Im in. A very modest toe that will probably pay for a rivet. Two questions. If the loan is not fully filled by drawdown will the outstanding balance be offered on the SM? If so, will loan parts being offered on the SM by lenders take priority over the residual units? thanks Hi il moro Every rivet is important! Yes we will offer and unsold units on the secondary market and yes we will be giving priority to lenders who choose to sell their units on the SM. Regards Ablrate
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shimself
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Post by shimself on Aug 18, 2014 13:34:36 GMT
would you please remove passport and driving licence from the site (and DoB?)
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shimself
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Post by shimself on Aug 18, 2014 13:56:35 GMT
I too have now dipped a teeny weeny verucca (sorry) into the water. Some feedback
I suspect the site has been designed by mac users with screens the size of, um, can't think, gynormous anyway. I'm using it on my modern laptop, and several times I lost track, because the pages are very "tall", one has to keep scrolling up or down.
It's made more difficult in the first place because you have the clever header with the nav links at the top, with no visible border or separation to the screen below, so I didn't realise that what I was looking for was hidden behind the header. (the fields for changing password for example). I've seen other sites like this and I think they somehow ensure that the top line of the visible page is HALF hidden behind the header so the user can see that it's hidden.
or, when I pressed on the Lend link, I got a big picture of a plane, with some arrow to the right. Actually I needed to scroll down to find what I was looking for (which was info, not some daft photo, sorry but)
And In the first place when I selected Available Loans, it needs at leas at Nice Big Find Out More BUTTON, or better an INVEST NOW button right alongside the description. Having discovered as an alternative the Lend link at the top even then it seems to me I had to click on a text link to actually invest. I'd be inclined to pester friends and neighbours to spend some time on the site using their own computers (using a dummy name and password), while you take notes (all the while with you wearing a gag so they have to work it out for themselves)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 19, 2014 8:01:58 GMT
I would have to agree with all shimself points above. When I first clicked on the 'View Loan Requests' tab and got a page full on plane I assumed the link didnt work or I needed full access before I could view loans, and even when I invested it still took me another go before I remembered I needed to scroll down. Similiarly I also had to hunt for the make a bid button. In general, all the interesting & useful stuff is not instantly visible on my tablet/laptop. The dashboard page layout seems the wrong way round, with find a loan, recent bids and the navigation occupying the top of the screen while the actual 'my dashboard' and account info not initially visible. I would suggest that most people would expect to find their account summary more prominent. The navigation list could easily be a line of tabs along the top enabling the account summary to be moved up the page. Deposit button also seems hidden. I also cant see the need for passport & DVLA information to remain displayed, especially since it is only required for initial ID. I have actually deleted mine which does not seem to have affected the Tracesmart validation. Reference to interest being paid on the current loan from investment date rather than drawdown is also missing ( in pipeline I would guess) and it is not clear what the minimum investment is until you actually go to lend (how it works making bid -still shows £250) I do like the site overall, everything I have looked for is there even if it sometimes wasnt obvious at first, and it looks slick & corporate which given the nature of the assets is appropriate, just needs a few tweaks to make it user friendly. |
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unmadem
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Post by unmadem on Aug 19, 2014 8:49:47 GMT
I also cant see the need for passport & DVLA information to remain displayed, especially since it is only required for initial ID. I have actually deleted mine which does not seem to affected the Tracesmart validation.
This is obviously not desirable as an additional risk to identity fraud should somebody gain access to your account. In addition I am pretty certain that holding personal information beyond the point for which there is a business need is a breach of the Data Protection Act. I'd have thought there was no need to retain the information after the initial validation.
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