rscal
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Post by rscal on Aug 5, 2020 10:57:54 GMT
Ratesetter Access: 'the Black Box™ of Black Box Accounts'
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chris1200
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Post by chris1200 on Aug 5, 2020 12:20:40 GMT
While a standard non-response to my actual question (and one to which I've responded to attempt to ask my actual question again), the last sentence is perhaps a tiiiiiny bit encouraging:
"Although lending has been reduced to facilitate the release requests, we still have lending obligations and the Access, Plus and Max products were designed to continually reinvest. Therefore, an increased amount of the liquidity in this market is used for new loans. We do remain committed to delivering funds to investors who have requested to release their investment and will return as much as liquidity allows while maintaining our lending obligations. The sale of RateSetter to Metro bank, which is subject to regulatory approval, does not change this."
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Post by Badly Drawn Stickman on Aug 5, 2020 12:35:59 GMT
While a standard non-response to my actual question (and one to which I've responded to attempt to ask my actual question again), the last sentence is perhaps a tiiiiiny bit encouraging: " Although lending has been reduced to facilitate the release requests, we still have lending obligations and the Access, Plus and Max products were designed to continually reinvest. Therefore, an increased amount of the liquidity in this market is used for new loans. We do remain committed to delivering funds to investors who have requested to release their investment and will return as much as liquidity allows while maintaining our lending obligations. The sale of RateSetter to Metro bank, which is subject to regulatory approval, does not change this." Disregarding time scales (and a few other things), in theory a majority of the loans could be transferred to Metro at the monthly renewal as arguably that is a new loan. Clearly that offers an advantage to those wanting 'out' but also gives Metro a quicker market share build up than simply virgin business.
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robski
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Post by robski on Aug 5, 2020 12:40:37 GMT
I would say £400k processed from 5yr so far
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chris1200
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Post by chris1200 on Aug 5, 2020 12:41:42 GMT
Disregarding time scales (and a few other things), in theory a majority of the loans could be transferred to Metro at the monthly renewal as arguably that is a new loan. Clearly that offers an advantage to those wanting 'out' but also gives Metro a quicker market share build up than simply virgin business. Hmmm. Everything we've seen out of Metro Bank so far seems to suggest ( prima facie, at least) that this won't happen - otherwise what is the existing lending that they're talking about leaving separately for RS to manage? But I agree that that's not to suggest at least some transfers mightn't be possible...
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Post by Deleted on Aug 5, 2020 13:04:42 GMT
That's useful, I'm about 4 days behind you and just under 2400 above you by ref_no and 248 by queue position. Since our 5Y are the most in both our investments I'll be happier with that. Also be interesting whether I lose the 5Y access when it completes too. I have £10 on markets where we have no loans under £10 to try and keep it live. If only to be able to keep access to the Rate trends graphs and daily data changes. I'm not sure there's any point in keeping access to the 1Y and 5Y markets now as it looks like there will be no new lending going forward - Metro will keep it all, assuming the deal goes through of course.
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Greenwood2
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Post by Greenwood2 on Aug 5, 2020 13:35:41 GMT
While a standard non-response to my actual question (and one to which I've responded to attempt to ask my actual question again), the last sentence is perhaps a tiiiiiny bit encouraging: " Although lending has been reduced to facilitate the release requests, we still have lending obligations and the Access, Plus and Max products were designed to continually reinvest. Therefore, an increased amount of the liquidity in this market is used for new loans. We do remain committed to delivering funds to investors who have requested to release their investment and will return as much as liquidity allows while maintaining our lending obligations. The sale of RateSetter to Metro bank, which is subject to regulatory approval, does not change this." Disregarding time scales (and a few other things), in theory a majority of the loans could be transferred to Metro at the monthly renewal as arguably that is a new loan. Clearly that offers an advantage to those wanting 'out' but also gives Metro a quicker market share build up than simply virgin business. Metro have said they won't take on the risk of the RS old loans, maybe intending to start 'clean' after the worst effects of Covid.
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robski
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Post by robski on Aug 5, 2020 13:41:01 GMT
£0.5M in 5 year today and I think they stopped
Looks like the only processing in APM matched borrower queue
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aju
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Post by aju on Aug 5, 2020 14:10:40 GMT
That's useful, I'm about 4 days behind you and just under 2400 above you by ref_no and 248 by queue position. Since our 5Y are the most in both our investments I'll be happier with that. Also be interesting whether I lose the 5Y access when it completes too. I have £10 on markets where we have no loans under £10 to try and keep it live. If only to be able to keep access to the Rate trends graphs and daily data changes. I'm not sure there's any point in keeping access to the 1Y and 5Y markets now as it looks like there will be no new lending going forward - Metro will keep it all, assuming the deal goes through of course. An interesting thought and to be honest there may not be any new lenders taken on but surely if things even out then those loans will not close and as an existing user will there not be opportunities to lend money to existing lenders trying to sell. I thought that the 5Y and 1Y were essentially different to the new products. I'm not planning on coming back after our sales are made but I may stop our less unwieldy new items but still be able to keep access to all the things that new lender only in the new markets have access to. I get what you are saying though but is the deal finished yet ... All that said I am not planning as yet to totally bail out, its always good to keep ones options open.
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aju
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Post by aju on Aug 5, 2020 14:24:02 GMT
£0.5M in 5 year today and I think they stopped Looks like the only processing in APM matched borrower queue According to my volume figures today there is approx 0.76M of "Lending Vol" been processed up to about 5 minutes ago. Obviously there is not split figures on that across products. Our 5 year queue positions jumped another 100 today we are getting very close to the 5Y offloading us but one never knows in reality.
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chris1200
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Post by chris1200 on Aug 5, 2020 14:38:03 GMT
£0.5M in 5 year today and I think they stopped Looks like the only processing in APM matched borrower queue According to my volume figures today there is approx 0.76M of "Lending Vol" been processed up to about 5 minutes ago. Obviously there is not split figures on that across products. Our 5 year queue positions jumped another 100 today we are getting very close to the 5Y offloading us but one never knows in reality. I don't know if we really need a split - that's all A/P/M lending (unless there's a tiny bit of 1 Year?) . Just over 700k has been matched off throughout the day in A/P/M based on the market screen. I wonder for how long they'll maintain the charade that they're still 'trying' to process this market's RYI requests... Edit: The best I could get out of them was: " We do remain committed to releasing from all markets where liquidity allows. We are required to fulfil our obligations to borrowers by writing new loans, and doing so ensures future inflows to the Provision Fund for the benefit of all investors. We would not be able to guarantee a certain amount being released from any of the markets on any given day, as this is dependent on the amount of money waiting to be matched within that market and any new loans that require funding." Of course, I didn't actually ask them to make any guarantees about daily releases - just whether they were still committed to the idea that some proportion of A/P/M liquidity will go to RYIs - but there we go.
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 5, 2020 14:49:31 GMT
According to my volume figures today there is approx 0.76M of "Lending Vol" been processed up to about 5 minutes ago. Obviously there is not split figures on that across products. Our 5 year queue positions jumped another 100 today we are getting very close to the 5Y offloading us but one never knows in reality. I don't know if we really need a split - that's all A/P/M lending (unless there's a tiny bit of 1 Year?) . Just over 700k has been matched off throughout the day in A/P/M based on the market screen. I wonder for long long they'll maintain the charade that they're still 'trying' to process this market's RYI requests... Edit: The best I could get out of them was: " We do remain committed to releasing from all markets where liquidity allows. We are required to fulfil our obligations to borrowers by writing new loans, and doing so ensures future inflows to the Provision Fund for the benefit of all investors. We would not be able to guarantee a certain amount being released from any of the markets on any given day, as this is dependent on the amount of money waiting to be matched within that market and any new loans that require funding." Of course, I didn't actually ask them to make any guarantees about daily releases - just whether they were still committed to the idea that some proportion of A/P/M liquidity will go to RYIs - but there we go. My mate just got some Access back
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chris1200
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Post by chris1200 on Aug 5, 2020 14:52:58 GMT
My mate just got some Access back Wait, what does 'got some Access back' mean? Their RYI request went into processing? Do you know their RYI request number and/or queue position number as of today?
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beagle
Investor in ratesetter, funding circle, lendy (lesson learnt) and AC
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Post by beagle on Aug 5, 2020 14:59:34 GMT
My mate just got some Access back Wait, what does 'got some Access back' mean? Their RYI request went into processing? Do you know their RYI request number and/or queue position number as of today? just advised he had his enter processing and holding. i guess it must be somewhere from 1 to 10 he has others but they dont move
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chris1200
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Post by chris1200 on Aug 5, 2020 15:03:41 GMT
Wait, what does 'got some Access back' mean? Their RYI request went into processing? Do you know their RYI request number and/or queue position number as of today? just advised he had his enter processing and holding. i guess it must be somewhere from 1 to 10 he has others but they dont move This is exciting news! I can’t wait to receive a new queue position number! I’m sure this has been directly actioned as a result of my emails
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