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Post by davefoz on Oct 20, 2022 18:03:53 GMT
Secondary market is not working at present … I have uploaded several loans however they failed to appear on the for sale list. It’s happened to me on a number occasions…I think it falls over when more than say 8 loans are added. I suggest that you always check your loan is for sale when placed on the SM rather than assume it will appear and just lose the interest.
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Post by davefoz on Oct 26, 2022 11:45:29 GMT
I understand that SOMO have purposely suspended the secondary market to manage sales flow. This is a fundamental change; if not in the terms and conditions, certainly in the spirit in which the platform is marketed and operated.
Hitherto the platform has been well managed however this change along with the ambiguity around redemption dates is likely to make it a NO NO for me as regards ongoing investment.
I can only assume that given the recent changes; locking investors in against their will, that they have had an influx of management from Assetz Capital!
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p2pfan
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Post by p2pfan on Oct 26, 2022 11:51:46 GMT
I understand that SOMO have purposely suspended the secondary market to manage sales flow. This is a fundamental change; if not in the terms and conditions, certainly in the spirit in which the platform is marketed and operated. Hitherto the platform has been well managed however this change along with the ambiguity around redemption dates is likely to make it a NO NO for me as regards ongoing investment. I can only assume that given the recent changes; locking investors in against their will, that they have had an influx of management from Assetz Capital! Hopefully this is only a temporary measure while they "fix things"? Otherwise, yes, a permanent suspension of the secondary market would be a negative step - we saw what such a step did to Ablrate and Assetz Capital.
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Greenwood2
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Post by Greenwood2 on Oct 26, 2022 11:53:08 GMT
I understand that SOMO have purposely suspended the secondary market to manage sales flow. This is a fundamental change; if not in the terms and conditions, certainly in the spirit in which the platform is marketed and operated. Hitherto the platform has been well managed however this change along with the ambiguity around redemption dates is likely to make it a NO NO for me as regards ongoing investment. I can only assume that given the recent changes; locking investors in against their will, that they have had an influx of management from Assetz Capital! Hopefully this is only a temporary measure while they "fix things"? Otherwise, yes, a permanent suspension of the secondary market would be a negative step - we saw what such a step did to Ablrate and Assetz Capital. There are 13 loans on the SM at the minute, and I seem to be able to buy although I didn't complete the deal, as I was just testing.
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p2pfan
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Post by p2pfan on Oct 26, 2022 11:55:54 GMT
Hopefully this is only a temporary measure while they "fix things"? Otherwise, yes, a permanent suspension of the secondary market would be a negative step - we saw what such a step did to Ablrate and Assetz Capital. There are 13 loans on the SM at the minute, and I seem to be able to buy although I didn't complete the deal, as I was just testing. Yes, there are loans there at the moment. I thought the complaint people had was they couldn't add new loans to the secondary market beyond those already listed. I am not buying/selling on the secondary market, so am not aware of what the specific issue may be.
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Greenwood2
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Post by Greenwood2 on Oct 26, 2022 12:01:29 GMT
I understand that SOMO have purposely suspended the secondary market to manage sales flow. This is a fundamental change; if not in the terms and conditions, certainly in the spirit in which the platform is marketed and operated. Hitherto the platform has been well managed however this change along with the ambiguity around redemption dates is likely to make it a NO NO for me as regards ongoing investment. I can only assume that given the recent changes; locking investors in against their will, that they have had an influx of management from Assetz Capital! Have Somo said this?
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michaelc
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Post by michaelc on Oct 26, 2022 13:20:37 GMT
I understand that SOMO have purposely suspended the secondary market to manage sales flow. This is a fundamental change; if not in the terms and conditions, certainly in the spirit in which the platform is marketed and operated. Hitherto the platform has been well managed however this change along with the ambiguity around redemption dates is likely to make it a NO NO for me as regards ongoing investment. I can only assume that given the recent changes; locking investors in against their will, that they have had an influx of management from Assetz Capital! Where does that information come from?
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nick
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Post by nick on Oct 26, 2022 15:21:44 GMT
I understand that SOMO have purposely suspended the secondary market to manage sales flow. This is a fundamental change; if not in the terms and conditions, certainly in the spirit in which the platform is marketed and operated. Hitherto the platform has been well managed however this change along with the ambiguity around redemption dates is likely to make it a NO NO for me as regards ongoing investment. I can only assume that given the recent changes; locking investors in against their will, that they have had an influx of management from Assetz Capital! Where does that information come from? Details of the restriction on SM outlined here: p2pindependentforum.com/thread/19652/liquidity-time-somo-loans-term?page=2
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p2pfan
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Post by p2pfan on Nov 11, 2022 11:05:36 GMT
Secondary market seems to be working fine now. I can see there's about 15 loans on it.
I've placed a few loans on it and there was no issue. If anyone's interested in taking them over, all my loans have been paying out their monthly interests reliably.
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Greenwood2
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Post by Greenwood2 on Nov 11, 2022 13:43:53 GMT
Secondary market seems to be working fine now. I can see there's about 15 loans on it. I've placed a few loans on it and there was no issue. If anyone's interested in taking them over, all my loans have been paying out their monthly interests reliably. I sold one (mainly) just to check, worked fine and sold quickly. I have re-invested. Edit: A couple at 1% discount currently as well.
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Post by Ace on Nov 11, 2022 14:08:08 GMT
Secondary market seems to be working fine now. I can see there's about 15 loans on it.I've placed a few loans on it and there was no issue. If anyone's interested in taking them over, all my loans have been paying out their monthly interests reliably. It seems to be limited to a maximum of 10 different loans. Right now there are 13 loans present, but 3 of them are duplicates.
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p2pfan
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Post by p2pfan on Nov 11, 2022 14:17:39 GMT
Secondary market seems to be working fine now. I can see there's about 15 loans on it.I've placed a few loans on it and there was no issue. If anyone's interested in taking them over, all my loans have been paying out their monthly interests reliably. Right now there are 13 loans present, but 3 of them are duplicates. Yes, there's 13 there at the moment but, like you say, some are duplicates. Is there a limit of 10 different loans (which would be odd) or does that just happen to be the case at the moment?
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Post by Ace on Nov 11, 2022 14:19:55 GMT
It seems to be limited to a maximum of 10 different loans. Right now there are 13 loans present, but 3 of them are duplicates. Yes, there's 13 there at the moment but, like you say, some are duplicates. Is there a limit of 10 different loans (which would be odd) or does that just happen to be the case at the moment? It's been the case on the few occasions that I've looked. I agree that it's odd. I still think the idea of limiting it at all is completely bonkers.
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Steerpike
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Post by Steerpike on Nov 11, 2022 16:44:31 GMT
There was no secondary market when I started investing in Bridgecrowd (now SoMo), I have only ever sold one loan part and that was just to try it out. All of my loans since 2016 have repaid in full with interest and three have fully redeemed in the last week, so, personally, I am not concerned with the state of the secondary market.
However, I realise that some lenders don't like holding to term because of risk and delays and others are keen to buy near term loans because they like default interest so the secondary market is useful for more than just emergency liquidity.
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SteveT
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Post by SteveT on Nov 28, 2022 10:37:39 GMT
Secondary market seems to be working fine now. I can see there's about 15 loans on it.I've placed a few loans on it and there was no issue. If anyone's interested in taking them over, all my loans have been paying out their monthly interests reliably. It seems to be limited to a maximum of 10 different loans. Right now there are 13 loans present, but 3 of them are duplicates. I count 21 different loans offered currently (+ 3 duplicates). And none of them are offered with a discount.
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