pikestaff
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Post by pikestaff on Nov 28, 2013 17:42:39 GMT
This regular has come back for £260k A+ with a 14 day auction. Not seen one of those for a while.
I wonder how it will fare in the current market. A lot of lenders will already be full up on this company.
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oldgrumpy
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Post by oldgrumpy on Nov 28, 2013 18:12:34 GMT
.... and won't be impressed by the company's plunging payment record over the last six months. At least all their loans include asset security, but I can see them ending up at 10%-11% with last few bidders (and the flipper gurus) fighting to buy at over 13% at the "showdown".
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Post by bracknellboy on Nov 28, 2013 19:06:58 GMT
ummm. Just wondering whether it is time for me to be afraid, be very afraid..... considerable exposure to these guys. but from a quick perusal they seem to making decent profit and have t/o growth. So where is that often unreliable 'payment performance' coming from, and what the hell does their current liabilities position really mean underneath the hood.
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andy2001
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Post by andy2001 on Dec 6, 2013 5:27:33 GMT
Well its now fully funded at an average rate of 7.9% with 6 days left. Already a lower rate than there last loan.
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andy2001
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Post by andy2001 on Dec 12, 2013 19:00:33 GMT
The end numbers where average rate of 7.2% with a marginal rate of 8.7%. Seems they got a low rate for current conditions.
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blender
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Post by blender on Dec 12, 2013 20:01:47 GMT
Yes, the important change seems to be the £30k that was sat at 6%, with half the loan funded below 6.9%. The changes to the Autobid algorithm must be the cause, especially with a loan which many will already hold and you would expect to be poorly served by Autobid.
Why would anyone bid 6% on it? Philanphropists, probably. I am happy with the result.
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blender
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Post by blender on Dec 13, 2013 15:38:30 GMT
Sorry you missed out, pepperpot. Some of of my 8.7% bids were knocked out and in the last two minutes I was trying to bid at 8.6% but very few of the bids made it in. I do not buy below 8.5%, being a greedy b*st*rd, so it was a close thing.
Although the problems of the frenzy are caused by the sheer number of bids per second, much of this is down to people buying large numbers of £20 loan parts (which I do not). Loan parts sell fairly readily up to £100, so if those who buy large amounts, for whaever reason, cared to buy larger parts then the last minute congestion would ease. I imagine that when the API is established, with its 3 bids per minute, FC will ban other bots that are bidding small parts at high frequency. With only three bids per minute, the bids should be larger and the humans may be able to see what is going on in something like real time.
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