blender
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Post by blender on Aug 10, 2021 22:46:20 GMT
I've been waiting for this, while the dates keep changing, and still missed the 'auction' by three hours. No email was received. I've put in my 'bid' anyway and expect to get a proportion, as I think last time, at the draw down on 13th. If I get nothing then the game is not worth playing and the cash, which was kicked out of the access accounts, will be moving to another platform.
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blender
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Post by blender on Aug 11, 2021 7:34:40 GMT
Email offering investment in this loan arrived arrived 08:10 today. However, I was not able to select my ISA account to invest - just on this loan. Maybe it was because I bid yesterday, or is it generally broken?
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Post by overthehill on Aug 11, 2021 7:41:02 GMT
A few hours ago, it appears there was an auction for the single loan presently sitting in "Up Coming loans" it's an internal refi that had been in "Pipeline loans" Sorry I don't remember the draw down date. Amasing! 100.00% funded three days before estimated drawn down. At the same time "This loan is coming soon. Investments will not be processed until the loan has drawn down." Auction? I'm curious who was bidding or was it bought by AAs? I've put my bid in anyway, happy with the borrower - no issues with them in previous loan. Interest is down, but 6% for a lower risk loans is a new normal.
Not much amassing being done in AC these days!
So where or how do AC notify investors of the auction start time ? I get an email 5 minutes ago telling me the loan that filled yesterday is available. Unless they are promoting secret auctions it is a fairly safe bet the autoinvest accounts have taken the whole loan. So is it another platform 'coercing' investors down the autoinvest route ? Has this been communicated by AC to manual lenders, I have to admit I've switched off.
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dave4
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Post by dave4 on Aug 11, 2021 7:46:59 GMT
Following
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ilmoro
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Post by ilmoro on Aug 11, 2021 8:08:08 GMT
Email offering investment in this loan arrived arrived 08:10 today. However, I was not able to select my ISA account to invest - just on this loan. Maybe it was because I bid yesterday, or is it generally broken? You can't have more than one order per account so if you placed an order on the IFISA account yesterday it won't offer you that account as an option. You will need to cancel the order first if you want to change it.
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blender
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Post by blender on Aug 11, 2021 8:56:16 GMT
Email offering investment in this loan arrived arrived 08:10 today. However, I was not able to select my ISA account to invest - just on this loan. Maybe it was because I bid yesterday, or is it generally broken? You can't have more than one order per account so if you placed an order on the IFISA account yesterday it won't offer you that account as an option. You will need to cancel the order first if you want to change it. Thanks. I find that I cannot cancel it or change it in any way. I can understand not allowing cancellation of bids on a filling loan before drawdown. I wanted to double it because I suspect that I will be competing with some of the cash waiting in the access accounts, as well as manual lending, and that I will receive pro-rata. So it is one shot per account, it seems. This auction is spurious, I think. It may relate to underwriting? I have been in the same situation before, bid anyway, and received about 60%. Should know on Friday.
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ilmoro
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Post by ilmoro on Aug 11, 2021 9:09:19 GMT
You can't have more than one order per account so if you placed an order on the IFISA account yesterday it won't offer you that account as an option. You will need to cancel the order first if you want to change it. Thanks. I find that I cannot cancel it or change it in any way. I can understand not allowing cancellation of bids on a filling loan before drawdown. I wanted to double it because I suspect that I will be competing with some of the cash waiting in the access accounts, as well as manual lending, and that I will receive pro-rata. So it is one shot per account, it seems. This auction is spurious, I think. It may relate to underwriting? I have been in the same situation before, bid anyway, and received about 60%. Should know on Friday. Should be able to cancel it. In upcoming loans should show your order for each account in the list view just click on the bid amount and it brings up a dialog box with the option to delete, delete & invest, delete & sell - first will cancel, second will cancel then allow you to place a new order. Otherwise in the loan page its self should be an x under the order amount. I assume you are not an underwriter. I suspect you wont be competing with cash in the access accounts as that will have funded the full loan already and will then release some to the MLA. Yes the auction relates to the initial loan funding by UW or AA so is somewhat legacy terminology.
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ilmoro
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Post by ilmoro on Aug 11, 2021 9:14:45 GMT
Amasing! 100.00% funded three days before estimated drawn down. At the same time "This loan is coming soon. Investments will not be processed until the loan has drawn down." Auction? I'm curious who was bidding or was it bought by AAs? I've put my bid in anyway, happy with the borrower - no issues with them in previous loan. Interest is down, but 6% for a lower risk loans is a new normal.
Not much amassing being done in AC these days!
So where or how do AC notify investors of the auction start time ? I get an email 5 minutes ago telling me the loan that filled yesterday is available. Unless they are promoting secret auctions it is a fairly safe bet the autoinvest accounts have taken the whole loan. So is it another platform 'coercing' investors down the autoinvest route ? Has this been communicated by AC to manual lenders, I have to admit I've switched off.
There is no auction for retail investors, there hasnt been since the early days of the platform. The auction is for UW or AA to fill the initial loan. Once it goes live on the platform, they will release some of the holding to MLA investors with open orders. It not the platform 'coercing' lenders into autoinvest, its how loan funding works and has done since the AA became the defacto UWs several years ago. Process is UW/AA fund loan via 'auction', funding complete and open to MLA to place orders, loan goes live with UW/AA holding full loan, UW/AA release some or all loan to fill active MLA orders
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blender
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Post by blender on Aug 11, 2021 9:23:33 GMT
Many thanks for that. I had tried the process mentioned to cancel, but when you click cancel it reverts to the loan with the position unchanged and you think it has not worked. Going back in I find it had worked and removed my bid! So I have now entered the bid I want to make. So, effectively the access accounts are in at the underwriting process and only the true underwritten portion is released to MLA punters. We should get pro-rata.
A few small deficiencies in Assetz' presentation of this process, if I might dare to say.
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ilmoro
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Post by ilmoro on Aug 11, 2021 9:39:48 GMT
Many thanks for that. I had tried the process mentioned to cancel, but when you click cancel it reverts to the loan with the position unchanged and you think it has not worked. Going back in I find it had worked and removed my bid! So I have now entered the bid I want to make. So, effectively the access accounts are in at the underwriting process and only the true underwritten portion is released to MLA punters. We should get pro-rata. A few small deficiencies in Assetz' presentation of this process, if I might dare to say. It will be one or the other - UW are only used where the AA arent funding a loan. Im not aware that UW are being used now the AA are funding loans again.
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blender
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Post by blender on Aug 11, 2021 10:00:37 GMT
If the whole loan is bid for by the access accounts prior to MLA lenders getting a chance then the 'auction' is a confusing misrepresentation of a non-transparent process. If the access accounts then release some - on what basis? Would it not be better for the 'auction' process to be done before and dusted and the released amount (scraps) to be offered to the MLA punters as the true available amount? Questions for AC really.
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Post by oliveau on Aug 11, 2021 15:52:19 GMT
Not the first time that this has happened recently. I queried AC along the lines of "Why e-mail us about a loan that was fully filled 18 hours ago. And why list it if it's fully filled?"
Here is their response:
Thank you for contacting us earlier today.
Please note prior to the loans going live on the platform, they can be fully funded by institutional investors during draw down.
The loan is available for investing in should you wish to do so.
You simply just need to set your invest instruction and wait for the institutional investors to sell out.
These holdings will sell in a first come, first served way.
As I fear, AC are not interested in retail lenders anymore, so will they soon be going the same way as Thincats and withdrawing competely from retail lending?
I'm now withdrawing funds as loans mature as I feel that AC no longer can be a home for my investment.
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ilmoro
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Post by ilmoro on Aug 11, 2021 18:27:20 GMT
Well I have a feeling that unless something has changed that answer is largely nonsense
Institutional funders dont invest in retail loans with the exception of one fund which invests on the same terms as MLA lenders
The AA act as initial funders.
Holdings dont sell on a first come first served basis, the sum being sold is allocated amongst all buy orders (possibly randomly if there is too much demand)
Unsurprisingly, the loan has appeared in the live list with the AA accounts holding sums and not long after my buy orders have been filled, in full for the IFISA, 98% for the larger standard order. AA holdings have dropped as a result.
Seems to have worked exactly the same way it did previously.
Edit just done some rough maths - AA held full loan on drawdown, has released about £24k to MLA. Still too much free cash in the AA to move the investment queues.
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blender
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Post by blender on Aug 11, 2021 19:19:10 GMT
Well I have a feeling that unless something has changed that answer is largely nonsense Institutional funders dont invest in retail loans with the exception of one fund which invests on the same terms as MLA lenders The AA act as initial funders. Holdings dont sell on a first come first served basis, the sum being sold is allocated amongst all buy orders (possibly randomly if there is too much demand) Unsurprisingly, the loan has appeared in the live list with the AA accounts holding sums and not long after my buy orders have been filled, in full for the IFISA, 98% for the larger standard order. AA holdings have dropped as a result. Seems to have worked exactly the same way it did previously. Edit just done some rough maths - AA held full loan on drawdown, has released about £24k to MLA. Still too much free cash in the AA to move the investment queues. I'm sorry but surely you must be wrong. Because if you are not then the AC reply would be inconsistent with the truth - and they are not allowed to do that, and surely would not want to. Strangely, we have chez blender two MLA ISA accounts, and I bid my spare cash of a bit less than £300 and received £98.79. And Mrs Blender bid a bit over £3000 and received, wait for it, £98.79. This must be pure coincidence and I am sure it must be first come first served if AC say so. Maybe it is coming in installments. Did anyone else receive £98.79?
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Post by df on Aug 11, 2021 20:57:39 GMT
Well I have a feeling that unless something has changed that answer is largely nonsense Institutional funders dont invest in retail loans with the exception of one fund which invests on the same terms as MLA lenders The AA act as initial funders. Holdings dont sell on a first come first served basis, the sum being sold is allocated amongst all buy orders (possibly randomly if there is too much demand) Unsurprisingly, the loan has appeared in the live list with the AA accounts holding sums and not long after my buy orders have been filled, in full for the IFISA, 98% for the larger standard order. AA holdings have dropped as a result. Seems to have worked exactly the same way it did previously. Edit just done some rough maths - AA held full loan on drawdown, has released about £24k to MLA. Still too much free cash in the AA to move the investment queues. I'm sorry but surely you must be wrong. Because if you are not then the AC reply would be inconsistent with the truth - and they are not allowed to do that, and surely would not want to. Strangely, we have chez blender two MLA ISA accounts, and I bid my spare cash of a bit less than £300 and received £98.79. And Mrs Blender bid a bit over £3000 and received, wait for it, £98.79. This must be pure coincidence and I am sure it must be first come first served if AC say so. Maybe it is coming in installments. Did anyone else receive £98.79? I've got 67% of what I've asked for, but it is below £98.79. I think £98.79 is probably the cap, but you can just keep your order and it will probably fill at some point (it's a 5 year loan). By "first come first served" they probably meant - if you want a slice you should put your order in before the distribution takes place.
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