gb007
Member of DD Central
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Post by gb007 on Sept 25, 2014 22:45:25 GMT
It would be useful to know the end date/time when bidding on the auction style secondary market loans.
Is this shown anywhere?
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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 Sept 26, 2014 1:11:56 GMT
I assume that Albrate selling units on the SM at discount is only a short term measure to demonstrate functionality. In the long term it would act as a disincentive to participate in the original auction
Can you choose not to accept the highest offer in the auction if it is too low? Doesnt seem to be a way to set a reserve price (eg you want to sell units for at least £95 but obviously would take more if market offered it)
Dialogue box that comes up for you to confirm bid on auction says 'pledge form account' should be 'from'
Still doesnt seem to be a way to buy individual units from a bulk fixed rate listing?
Oh still no explanation on how to withdraw money in FAQ. Timescales. eg not FP. Shouldnt there be some indication of how to communicate bank details to yourselves on the withdrawl popup
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Post by ablrate on Sept 26, 2014 9:55:13 GMT
I assume that Albrate selling units on the SM at discount is only a short term measure to demonstrate functionality. In the long term it would act as a disincentive to participate in the original auction Can you choose not to accept the highest offer in the auction if it is too low? Doesnt seem to be a way to set a reserve price (eg you want to sell units for at least £95 but obviously would take more if market offered it) Dialogue box that comes up for you to confirm bid on auction says 'pledge form account' should be 'from' Still doesnt seem to be a way to buy individual units from a bulk fixed rate listing? Oh still no explanation on how to withdraw money in FAQ. Timescales. eg not FP. Shouldnt there be some indication of how to communicate bank details to yourselves on the withdrawl popup Hi il moro Yes we were actually testing in a live environment and someone was too quick for us and bid... so we had to keep it going, it won't happen again. Yes you can reject all offers and in the new UI, due out next week, you will be able to set a minimum offer/reserve. Spelling mistake will be dealt with today. Purchase of fractional units in a fixed auction is on its way in the new update. The withdrawal we are working on something secure within the system. We will definately have something on that with the new UI and will be populating the FAQ shortly on procedures. Regards Ablrate
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unmadem
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Post by unmadem on Sept 27, 2014 13:14:20 GMT
It would be useful to know the end date/time when bidding on the auction style secondary market loans. Is this shown anywhere? I was wondering that too.
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unmadem
Member of DD Central
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Post by unmadem on Sept 27, 2014 13:51:00 GMT
I think there is bug in the secondary market (auction style). I moved the money in needed by debit card but could not complete the transaction as the system kept reporting in sufficient funds. I think this may be due to the fact that the amount required is shown as full pounds with no decimal places. So I was asked for £94 but in reality it was, £94.25 or £94.65 needed.
Also there is a typo on the your bid details screen "By clicking 'Proceed' £94 amount will pledge form your account balance" should be "from".
EDIT - I see il moro has already reported the typo.
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Post by ablrate on Sept 28, 2014 13:04:22 GMT
Hi all
Thanjs for your feedback on the Sm. It will be all change this week with a revamped output on the UI. So I will leave comments until we have uploaded it as the changes you have asked for and bugs reported will be fixed.
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gb007
Member of DD Central
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Post by gb007 on Dec 10, 2014 16:07:47 GMT
ablrate when selling on the secondary market, what is the delay between clicking on “Sell” and loan appearing on the secondary market? Sometimes the delay has been several days! Can whatever manual process is required not be automated? 
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Post by ablrate on Dec 12, 2014 11:35:49 GMT
ablrate when selling on the secondary market, what is the delay between clicking on “Sell” and loan appearing on the secondary market? Sometimes the delay has been several days! Can whatever manual process is required not be automated? Hi We are interested in your opinions here - The SM loans go through approval in order that people are not uploading deals that are not silly. However, we let something like the 40% markup one go up on the basis that no one would buy it anyway, so this function maybe moot. I appreciate we are all grown ups here but should we keep the admin function of approval on the SM to protect new users, or should we just make it automated? Let me know your feedback. Regards Ablrate
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Post by phoenix on Dec 12, 2014 11:39:16 GMT
Couldn't it be automated with a "sanity limit" of, say, 20%?
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Dec 12, 2014 12:21:33 GMT
I'm a bit worried that you don't want people NOT uploading deals that are NOT silly  |
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Investor
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Post by Investor on Dec 12, 2014 13:21:07 GMT
Couldn't it be automated with a "sanity limit" of, say, 20%? Sounds like an excellent solution to me. Would even be happy with a figure of 10% as the sanity check. I did meet with Ablrate a few weeks ago and one of the many topics was the 'flipping' mentality that is seen across other platforms. If you look at the SS model, an SM is available which provides liquidity but has not become a marketplace for the 'buy to sell' mentality due to their SM parts always selling at par. In the SS model when new loans are filled in minutes or hours, the temptation to buy for short term flips would be even stronger if premiums could be applied, and IMO this should not be the primary focus of P2X lending. We did discuss some ideas around limiting the max bid for the first day (SS historical style), or slightly more radical in not allowing loans parts to be sold on for the first 90 days. Would appreciate any forum thoughts on how best to deal with this for Ablrate moving forwards, or should market forces be left to reach their own equilibrium.
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Post by ablrate on Dec 12, 2014 16:32:08 GMT
Couldn't it be automated with a "sanity limit" of, say, 20%? Sounds like an excellent solution to me. Would even be happy with a figure of 10% as the sanity check. I did meet with Ablrate a few weeks ago and one of the many topics was the 'flipping' mentality that is seen across other platforms. If you look at the SS model, an SM is available which provides liquidity but has not become a marketplace for the 'buy to sell' mentality due to their SM parts always selling at par. In the SS model when new loans are filled in minutes or hours, the temptation to buy for short term flips would be even stronger if premiums could be applied, and IMO this should not be the primary focus of P2X lending. We did discuss some ideas around limiting the max bid for the first day (SS historical style), or slightly more radical in not allowing loans parts to be sold on for the first 90 days. Would appreciate any forum thoughts on how best to deal with this for Ablrate moving forwards, or should market forces be left to reach their own equilibrium. Hi We discussed that today and we will implement a sanity check and hen automate. We have added a function that warns you if you are placing a fixed auction if you are offering at less than you paid... so will do when the other way. We are looking at various methods to make the SM liquid but fair to all and not subject to manipulation. Regards Ablrate
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james
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Post by james on Dec 30, 2014 10:03:38 GMT
The SM loans go through approval in order that people are not uploading deals that are not silly. However, we let something like the 40% markup one go up on the basis that no one would buy it anyway, so this function maybe moot. I appreciate we are all grown ups here but should we keep the admin function of approval on the SM to protect new users, or should we just make it automated? Automated but I'm not keen on a 40% cap because it's too low. The problem is that term remaining and interest rate combine to deliver a an estimated annual return for the buyer. Whenever that estimated buyer return after allowing for the buying premium is above say 50% of the return for new loans it seems reasonable to accept the offer to sell. That estimated future return is what I'd be most interested in scanning to pick opportunities that look interesting. I don't expect many sales initially at half the new loan return but that level could make sense for a person wanting to get invested quickly with good diversification, particularly if they choose loans with only relatively short terms remaining. A good way to filter/sort by return will make it easy to skip the normally unattractive offers. I care far more about estimated buyer return than the premium or discount on the capital value. There is at least one catch to high premiums: early repayment risk. I don't know how common early repayment may be at Ablrate but if it looks common there could be a market for a guaranteed buyer return option to allow buyers to more comfortably pay a higher premium, with the seller taking or sharing the early repayment risk.
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Post by ablrate on Dec 30, 2014 11:39:52 GMT
The SM loans go through approval in order that people are not uploading deals that are not silly. However, we let something like the 40% markup one go up on the basis that no one would buy it anyway, so this function maybe moot. I appreciate we are all grown ups here but should we keep the admin function of approval on the SM to protect new users, or should we just make it automated? Automated but I'm not keen on a 40% cap because it's too low. The problem is that term remaining and interest rate combine to deliver a an estimated annual return for the buyer. Whenever that estimated buyer return after allowing for the buying premium is above say 50% of the return for new loans it seems reasonable to accept the offer to sell. That estimated future return is what I'd be most interested in scanning to pick opportunities that look interesting. I don't expect many sales initially at half the new loan return but that level could make sense for a person wanting to get invested quickly with good diversification, particularly if they choose loans with only relatively short terms remaining. A good way to filter/sort by return will make it easy to skip the normally unattractive offers. I care far more about estimated buyer return than the premium or discount on the capital value. There is at least one catch to high premiums: early repayment risk. I don't know how common early repayment may be at Ablrate but if it looks common there could be a market for a guaranteed buyer return option to allow buyers to more comfortably pay a higher premium, with the seller taking or sharing the early repayment risk. Thanks James We will be providing more tools and information on SM sales and automating the process. Will update all users in the first week of Jan. Regards Ablrate
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Post by GSV3MIaC on Jan 29, 2015 11:29:19 GMT
Couldn't it be automated with a "sanity limit" of, say, 20%? I'm not a member yet, but I'm looking at it .. For SM sales, I would suggest that you can list anything at any premium you like (100% whatever) and it'll got up at once .. any check (if desired, and it's probably not a bad idea) on those would be at the 'buy' point, where the system might inquire if granny really wants to pay 2x over the odds for a particular part (use initial rate, or similar risk banded loan parts rate, as a baseline). Selling at a fat discount - yep, to avoid finger trouble I guess anything sold at a discount of 10% or more (or offered 10% cheaper than other similar parts, or whatever) might attract a 'are you really sure? you know this is stupid dontcha' type check from the computer. If the seller says 'yep, do it anyway!' then you are in the clear. Humans (should) have better things to do than check each other for stupidity ALL the time (OK .. life and death situations, maybe .. operating theatre, parachute pcker, etc. Selling a loan part at a silly 15% discount would not appear to qualify).
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