agent69
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Post by agent69 on Dec 17, 2014 16:55:59 GMT
No sooner had you pressed the create post button than loan 144 appears for re-sale. I got a bit a 11:18am and the balance of what I was asking for at 12:18. One of those sold (split across several buyers - most getting £3.10, and some smaller amounts) at 11:17 and the other at 12:18. I received £3.10 at 11:17 and 2 separate slugs of £29.19 and £67.71 at 12:18. Must be some logic to it somewhere
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Post by pepperpot on Dec 17, 2014 17:11:51 GMT
...some of the bridges are big loans and I think a fair bit could still be with the underwriters. Quoting myself is naughty I know, but I'd like to ask a question. Unlike some of the other platforms, I can't find any statistics on AC's lender base. What size loan do people think the retail lender base can fund without the help of underwriters, assuming that retail lenders do not exceed their personal limits for a loan? My guess is something less than £1m, perhaps significantly less, although they might get up to £1m over time as new lenders join. But I could be wildly wrong... All depends on the attractiveness of the deal, some listings of 100k seemed to struggle yet as you suggest, there are deals in the 500k - 1m range that rarely come up for sale. There is also the Leeds 1.75m with nothing available atm. (Been at target for a while on that one, so don't know how often it gets traded).
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sl75
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Post by sl75 on Dec 17, 2014 17:19:12 GMT
I can suggest it again but we often don't know what that level of accuracy to be able to say "it's definitely drawing down in 3 days time". One way to solve that would be to build in a 3 day delay after drawdown before loan units can be sold... Will see what the rest of the team think. Don't see any need for an artificial delay like this - but it could be useful to have some kind of banner (similar to the "investment paused" banner) indicating how close to drawdown a loan within the "coming soon" section is - whether that's expressed in terms of time (e.g. "drawdown within 1 week", "drawdown expected today") or in terms of the main key milestones (e.g. "underwriter funds called", "drawdown payment authorised"). For those who want alerts, they could be linked to those key milestones.
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Post by chris on Dec 17, 2014 17:20:59 GMT
I can suggest it again but we often don't know what that level of accuracy to be able to say "it's definitely drawing down in 3 days time". One way to solve that would be to build in a 3 day delay after drawdown before loan units can be sold... Will see what the rest of the team think. Don't see any need for an artificial delay like this - but it could be useful to have some kind of banner (similar to the "investment paused" banner) indicating how close to drawdown a loan within the "coming soon" section is - whether that's expressed in terms of time (e.g. "drawdown within 1 week", "drawdown expected today") or in terms of the main key milestones (e.g. "underwriter funds called", "drawdown payment authorised"). For those who want alerts, they could be linked to those key milestones. We're currently in the process of revamping our pre-sales process and CRM systems, so over a handful of months this is something that can be automated and built in to our processes. It's unlikely to happen in the short term though as it would be another manual step for an overworked admin team.
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Dec 17, 2014 17:30:44 GMT
.... and it can take a minimum of two to four days (over a weekend) from us instigating a bank transfer, and AC actually putting it into our cash account, so we cannot react quickly either . I have a plan - not very cunning - but a very unreliable (but unrisky) one. Haven't tried it yet. It must be a record that one p2p site emailed me two minutes after I did an internet bank transfer to say the money had arrived. Sorry for off topic.
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pikestaff
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Post by pikestaff on Dec 17, 2014 17:32:44 GMT
Quoting myself is naughty I know, but I'd like to ask a question. Unlike some of the other platforms, I can't find any statistics on AC's lender base. What size loan do people think the retail lender base can fund without the help of underwriters, assuming that retail lenders do not exceed their personal limits for a loan? My guess is something less than £1m, perhaps significantly less, although they might get up to £1m over time as new lenders join. But I could be wildly wrong... All depends on the attractiveness of the deal, some listings of 100k seemed to struggle yet as you suggest, there are deals in the 500k - 1m range that rarely come up for sale. There is also the Leeds 1.75m with nothing available atm. (Been at target for a while on that one, so don't know how often it gets traded). Leeds is one of the loans that I am targeting to absorb repayments and I have been picking bits and pieces quite regularly. No idea if they are coming from underwriters or not.
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mikes1531
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Post by mikes1531 on Dec 17, 2014 22:48:59 GMT
All depends on the attractiveness of the deal, some listings of 100k seemed to struggle yet as you suggest, there are deals in the 500k - 1m range that rarely come up for sale. There is also the Leeds 1.75m with nothing available atm. (Been at target for a while on that one, so don't know how often it gets traded). Leeds is one of the loans that I am targeting to absorb repayments and I have been picking bits and pieces quite regularly. No idea if they are coming from underwriters or not. I suppose it depends on how you define underwriting/underwriters, but if you take the position that an underwriter wants to exit from a deal as reasonably promptly as the Aftermarket can take their loan parts off their hands, then I'd say Leeds probably has no underwriters' money still tied up since it has had no significant amount of parts available on the Aftermarket for quite some time. And that doesn't surprise me in the least considering the loan offers 13% interest, drew down over a year ago, and has an exemplary repayment history. This doesn't mean, of course, that there can't be some investors in this loan who have underwriting privileges who have chosen to retain a holding in this loan, but I wouldn't call that an underwriter position. Besides, if that underwriter wished to underwrite other loans, they probably could count on being able to extract a significant amount of funds from their Leeds position pretty quickly. Considering how rarely there are surplus parts on the Aftermarket, I'd guess there is considerable unsatisfied demand for Leeds parts. But that's JMHO, of course. And thinking a bit more about the question of whether settlement of the large overdue bridging loans would increase underwriting capacity, I have now concluded that it would, albeit indirectly. Even if there is no underwriter money actually tied up in those loans, settlement of those loans would put £6M of funds back into retail lenders' accounts. I expect that a large chunk of that would be redeployed into loans now available on the Aftermarket and most of that redeployment would be into parts now held by underwriters, so that indeed ought to create more underwriting capacity.
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Post by andrewholgate on Dec 18, 2014 14:56:21 GMT
No drought here. Current pipeline is substantial (I'm not going to say how much like another platform did).
We will also have a new introductory source live in January which will bring in a large number of loans.
Couple of factors have played a part in the current apparent slow down. The new system had diverted attention and caused a bit of a backlog. Also, we do not have an auction process now so the 4-8 week gap for your funds is no longer there.
Give Christmas is a week away, January will show a flush of loans as the system opens up again after the backlog release.
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acorn
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Post by acorn on Dec 18, 2014 15:42:04 GMT
That's my kind of January sale, much better than getting trampled to death for the latest toaster!!
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 18, 2014 18:05:07 GMT
That's my kind of January sale, much better than getting trampled to death for the latest toaster!! Don't get too excited or hold your breath yet. I have had two shadow bids in (#126 & #135) since August and September and no sign of settlement so far. Lots of promises though but without follow through. So unless the AC world has changed dramatically you might as well try for the latest toaster!!
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unmadem
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Post by unmadem on Dec 18, 2014 18:19:31 GMT
That's my kind of January sale, much better than getting trampled to death for the latest toaster!! Don't get too excited or hold your breath yet. I have had two shadow bids in (#126 & #135) since August and September and no sign of settlement so far. Lots of promises though but without follow through. So unless the AC world has changed dramatically you might as well try for the latest toaster!! How is the secondary market for toasters ?
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Dec 19, 2014 9:10:05 GMT
How is the secondary market for toasters ? Bought mine 5 years ago on the SM - £2 from a boot sale, and still seeing active service
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acorn
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Post by acorn on Dec 19, 2014 12:11:50 GMT
I have experienced a lot of frustration with loans taking forever to draw down (or failing to materialise) leaving funds inactive for several months but this problem is going to disappear. I would like to see a broader spread of type and size of loan as well as an increase in supply of new loans but I am sure Assetz want this too. The fact remains that I can now invest pence instantly and without cost, in investments of my choosing, within the Assetz Market Place (subject to availability). I can also access my money very easily in most cases and I suspect there is work going on in the background at Govt. level to make the transfer of funds faster.
The minimum investment requirements on some other similar platforms mean that they are not available to me even though they sound interesting.The poor communication levels of some platforms is also a deterrent. The trading costs of micro investments on the stock markets are eye-wateringly high when compared to standard trading costs, making it impossible to take advantage of market gains and losses in the same way that large investors can. Being a Business Angel also requires large sums of money, if you look beyond buying a share in the village shop, even though most people know a business they would be prepared to support if the opportunity arose.
There has been a huge increase in internet enabled innovation in the last ten years, whether it's the P2P providers or the small Electricity/gas suppliers that are showing the big boys the door. It sometimes seems that the more these folk do, the more is expected of them, and that a fix today/tomorrow is no longer good enough - it has to be yesterday!
They all deserve a pat on the back and a very happy Christmas.
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jonno
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nil satis nisi optimum
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Post by jonno on Dec 19, 2014 12:50:37 GMT
I can fully understand how the new system works better for small investors and also for HNW individuals (as opposed to underwriters). My fear,and I do hope I'm wrong,is that investors such as myself who lay somewhere in-between,will become the "squeezed middle" i.e. not so interested in shrapnel,but unable to get material access to new offerings (whilst not wanting to leave significant redundant capital lying around on the off-chance of picking something up).
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pikestaff
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Post by pikestaff on Dec 19, 2014 17:13:38 GMT
samford71 I'm a bit lower down the food chain than you with a normal investment size of £1-2k, but I have similar concerns. I'm hoping that the underwriters will need the likes of us to sell down their investments, and that there will be more availability and variety when (if) the deal flow picks up, but only time will tell.
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