|
|
Post by chris on Nov 30, 2013 0:42:50 GMT
Hi mrclondon,
a) Yes there was a bug where it only took the limit into account on your second bid - I have personally fixed this bug and it is scheduled for some additional testing on Monday to make sure that it has been resolved. There was a mistake in the code where it only correctly counted your current bids for your second and subsequent bids (a nice SQL gotcha where sum(x) of zero rows is null and not zero, and null < y returns null rather than false) whilst not correctly limiting your first bid.
b) Yes it will be used for this loan.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Nov 30, 2013 2:31:08 GMT
a) Yes there was a bug where it only took the limit into account on your second bid - I have personally fixed this bug and it is scheduled for some additional testing on Monday to make sure that it has been resolved. There was a mistake in the code where it only correctly counted your current bids for your second and subsequent bids (a nice SQL gotcha where sum(x) of zero rows is null and not zero, and null < y returns null rather than false) whilst not correctly limiting your first bid. b) Yes it will be used for this loan. I'm glad to learn the bug has been found and, hopefully, fixed. And I look forward to seeing it in action on Tuesday. With respect to its operation, do you expect that it always will be set at £500, or might it be set even lower for a loan as small as Tuesday's? When it is in operation, is that obvious to the lender when they go to place their bid? If not, may I suggest it ought to be? How important that is depends on exactly how it works. If it's set at £500, and a bid of £1000 is made, how does the system react? Does it submit a bid for £500 and then tell the lender they've reached their limit? If so, that's probably not a problem. If, on the other hand, the system reacts the same way it does if someone tries to make a bid of £50 -- rejecting the bid and telling the lender to try again -- then the time lost in that process might be the difference between getting in on a loan and missing out. This week's loan that was fulfilled in about 30 seconds could be a harbinger of things to come for future small loans.
|
|
|
|
Post by chris on Nov 30, 2013 10:44:13 GMT
The relationship manager who is dealing with the loan can set the level on a per loan basis. I don't know what level will be used for this particular loan but I would guess it would be in that kind of ballpark.
The maximum amount you can bid is displayed in the bid box.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Nov 30, 2013 15:11:52 GMT
The relationship manager who is dealing with the loan can set the level on a per loan basis. I don't know what level will be used for this particular loan but I would guess it would be in that kind of ballpark. The maximum amount you can bid is displayed in the bid box. Thanks for the very prompt reply, and for the info.
|
|
|
|
Post by westcountryfunder on Dec 1, 2013 9:18:41 GMT
Well done, Andrew. This looks like an eminently sensible structure for future auctions, even if, in the light of experience, it needs some tweaking in future.
Thank you for bearing in mind the legitimate needs of all your lenders and listening to their views. May AC go from strength to strength!
|
|
debeast
(o)(o)
Posts: 238 
Likes: 44
|
Post by debeast on Dec 2, 2013 11:41:41 GMT
A very sensible set of ideas . I do like that. Please continue to think of your lenders as you grow ever bigger!
|
|
|
|
Post by westcountryfunder on Dec 3, 2013 14:49:25 GMT
Today's ended auction H**p***re still went ridiculously quickly, in 18 minutes. Suggests £2000 per lender limit is still too high, at least for such a small loan. Fortunately I didn't like the look of it, so not bothered on this occasion.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Dec 3, 2013 15:32:56 GMT
Today's ended auction H**p***re still went ridiculously quickly, in 18 minutes. Suggests £2000 per lender limit is still too high, at least for such a small loan. Fortunately I didn't like the look of it, so not bothered on this occasion. By comparison to the recent bridging loans that went in a couple of minutes or less, today's opportunity was downright leisurely! Before the bidding started, I wondered whether the £2k maximum was too high, but in retrospect I don't think so. There were only eight bids of the maximum amount, and 95 smaller bids. Reducing the maximum to £1k, would have left an additional £8k available for others, but I don't think it would have extended the window of opportunity by very long. It didn't seem to me that there was an excess of maximum bids, so either a lot of those who often bid more didn't like this loan or they decided that for a 'mere' £2k it wasn't worth the effort to drop whatever they were doing at the appointed hour so as to be able to put in a bid. Assetz have a difficult job to achieve the right balance between keeping their big investors happy and allowing their smaller investors to get a look in. Some of those smaller investors will grow to become larger investors, and Assetz need to encourage that. I think what they did today worked very well, considering the small size of the loan requested. It will be interesting to see how the new Assetz policy affects Friday's, much larger, opportunity.
|
|
