billt
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Post by billt on Jan 27, 2023 9:11:05 GMT
This is the third loan that I have not been able to self select will go back to always on to see if it helps, or move funds elsewhere.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Feb 1, 2023 20:28:41 GMT
auto 2.0 update 1 feb 2023. (cut n past )
Proplend AutoLend Updates
AutoLend 2.0 has now been active for over a year and has proved a significant upgrade over the previous version. We continue to welcome, receive and listen to Lender feedback and as a result of this are ready to release the latest version of AutoLend.
All Lenders will now have the capacity to invest in Loans through both the Always On and Self Select versions of AutoLend.
What this means is:
the criteria and rules for Always On and Self Select remain exactly the same
Lenders can activate Always On in Tranche A and following the running of Always On, will then be able to bid to invest in Tranche B and C (if the loan supports these tranches) via Self Select
if there is still availability in Tranche A after Always On has run, it will be available on Self Select for those lenders who have not got Always On activated (lenders with Always On activated will NOT be eligible to bid for further Tranche A investment via Self Select i.e. no double dipping)
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eeyore
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Post by eeyore on Feb 2, 2023 12:39:13 GMT
The Auto-Lend web-page now includes this note:
"... if you have Always On activated, you cannot bid for further Tranche A investment within the same loan via Self-Select."
I can see the thinking behind this but query the "you cannot bid for further Tranche A investment". There have been occasions with Auto-Lend 2.0 where some Always-On lenders have had no funds allocated to a loan, yet some Tranche A has been made available for Self-Select. Assuming that Proplend will continue this policy for certain loans, it'll still aggravate Always-On lenders who have been denied a slice in the Always-On allocation to then find that they are deliberately blocked from getting a slice via Self-Select. So what does "further" mean? - if it means only those who have already had an Always-On allocation will be blocked from a Self-Select Tranche A slice, that seems reasonable, but if it means ALL Always-On lenders are blocked, even those who may not have had an allocation, I don't see this as a palatable solution.
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Post by gramsky on Dec 17, 2023 16:44:49 GMT
With Autolend always on will it only buy new loans or also loans from the exchange? If it buys loans from the exchange is it possible it could buy loans that you have already sold?
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liso
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Post by liso on Dec 17, 2023 17:37:34 GMT
With Autolend always on will it only buy new loans or also loans from the exchange? If it buys loans from the exchange is it possible it could buy loans that you have already sold? Autolend does not buy from the PLE
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Post by Ace on Dec 17, 2023 17:39:07 GMT
With Autolend always on will it only buy new loans or also loans from the exchange? If it buys loans from the exchange is it possible it could buy loans that you have already sold? I've never used always-on, but section 4.3 of the Members' Agreement states that it does buy loans on the exchange:
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Post by overthehill on Dec 17, 2023 17:56:48 GMT
The autolend feature was always poorly implemented, communicated and documented. It could be deliberate so they have options and flexibility. I would be extremely hacked off if they used my funds to buy loans off the PLE which had a few months left for example.
I've dabbled with the feature but I turned it off after they bought a loan I didn't want. They ran the always-on again after the self-select was done instead of just making the loan available for manual lending. The forum emails stating the always-on autolend has been run are misleading and incorrect.
Has anyone noticed that proplendpro.com website which is appearing in searches, it looks the same as proplend.com but I don't know if it is a copycat scam site.
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billt
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Post by billt on Dec 18, 2023 11:07:12 GMT
I have used auto lend always on from the time it started, I have never had funds invested in the PLE.
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eeyore
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Post by eeyore on Dec 18, 2023 11:09:49 GMT
The autolend feature was always poorly implemented, communicated and documented. It could be deliberate so they have options and flexibility. I would be extremely hacked off if they used my funds to buy loans off the PLE which had a few months left for example.
I've dabbled with the feature but I turned it off after they bought a loan I didn't want. They ran the always-on again after the self-select was done instead of just making the loan available for manual lending. The forum emails stating the always-on autolend has been run are misleading and incorrect. That'll be my reference to the the Always-On allocation in my "Announcement" posts? What makes you think that there's only one allocation for Always-On per loan? What I understand from a report from another source, is that for the Hackney R*** loan last week, the cash accounts of the Always-On lenders were accessed again presumably after the Self-Select lenders came up short. My source reported that their cash balance was below the £1000 threshold when the initial Always-On allocation was made, but after interest payments were made over the weekend which took the cash balance above the threshold, hey presto! £1000 was grabbed by another Always-On allocation to the Hackney R*** loan. If you want to be an Always-On lender, but do NOT want to participate in a particular loan, then you have to keep the cash balance below £1000 until the loan has been fully-funded (but even then, it might be prudent to wait until the loan draws down). As regards the Always-On system allocating funds to loans from the PLE, this issue was discussed a few years ago. Although Proplend's original documentation on Auto-Lend indicated that this would happen, I recall that Proplend issued a subsequent note (about a year ago?) that Always-On would NOT access PLE loans. In the light of the current high volume of loans on the PLE, it's apparent that cash accounts are not being raided... But always remember, when it comes to the crunch of an unfilled loan, it seems there's nothing that Proplend regards as 'off-limits' when it comes to Always-On Auto-Lend - they make the rules and if we don't like them, we can only vote with our feet.
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