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Post by yorkshireman on Jan 29, 2015 13:12:25 GMT
No doubt there will be some who disagree with this but IMO allowing offers of £5000 per person on the modern art loan for £60000, due to launch at 4 pm today is extremely unfair on smaller investors. I’m not a gambler but I bet that there will be 12 x £5000 offers made immediately the loan opens thereby excluding many investors.
I don’t have a problem with fair competition on a level playing field but this isn’t. If this is to be the way forward then I’m afraid I won’t be putting any more money into Funding Secure and will taking my money elsewhere when my current investments mature.
This isn’t sour grapes by the way (or boasting!) I could offer £5k if I wished to do so but I am not prepared to tie that amount up in one P2P loan.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 29, 2015 13:52:18 GMT
No doubt there will be some who disagree with this but IMO allowing offers of £5000 per person on the modern art loan for £60000, due to launch at 4 pm today is extremely unfair on smaller investors. I’m not a gambler but I bet that there will be 12 x £5000 offers made immediately the loan opens thereby excluding many investors. I had similar thoughts myself -- the £5k maximum does look rather high. On the other hand, I also realise that FS have done a pretty good job in the recent past when setting the maxima and, as a result, it has taken a few hours -- sometimes quite a few -- to completely fund a loan. So I was hoping that their judgement on this one was right. We'll find out in a few hours.
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Post by bracknellboy on Jan 29, 2015 14:14:35 GMT
If every time a platform did something that didn't exactly work in my favour or I didn't like I abandoned them completely, I suspect I'd quickly run out of options.
I've only recently started with FS and have been impressed with their temporary max bid policy. Nonetheless I've still missed a few loans I might have wanted. However how they choose to fill any single loan is up to them. It could be that the loan is needed particularly urgently and so they can't afford to have the auction drag on for a few days. Or it could be they have just misjudged it . Or it could be they are concerned they might be at risk losing some of their bigger lenders with a spate of small restricted loans and so need to offer something up to them. Whichever, its their decision to make.
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mikes1531
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Post by mikes1531 on Jan 29, 2015 14:41:16 GMT
It could be that the loan is needed particularly urgently and so they can't afford to have the auction drag on for a few days. Since the restrictions are in place for only 24 hours, the maximum delay caused by setting restrictions too tightly is only one day. Besides, if FS were wanting to activate this loan ASAP, why would they wait until so late in the day before making the loan available for funding? Or it could be they are concerned they might be at risk losing some of their bigger lenders with a spate of small restricted loans and so need to offer something up to them. I'm not sure how valid a concern this is at the moment. Of the six potential loans that are still in the 'Asset Checking' phase, only one is smaller than £110k, so there should be plenty of opportunities for bigger lenders to make big bids in the near future.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jan 29, 2015 15:56:04 GMT
Got my big fat bundle of notes to chuck in the ring. Who will be first with a £5k grab?
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Post by Deleted on Jan 29, 2015 16:02:58 GMT
going fast
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alison
Member of DD Central
Sanctuary!!
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Post by alison on Jan 29, 2015 16:03:48 GMT
Got my big fat bundle of notes to chuck in the ring. Who will be first with a £5k grab? Only 2 peeps at the £5k mark. And 92% filled.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jan 29, 2015 16:10:06 GMT
Got my big fat bundle of notes to chuck in the ring. Who will be first with a £5k grab? Only 2 peeps at the £5k mark. And 92% filled. I was only joking. I only very rarely put more that £1k into individual P2P items or pawn broking which this affectively is.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 29, 2015 16:11:42 GMT
Gone. 10 min flat but plenty of small chunks
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Bagman
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Post by Bagman on Jan 29, 2015 16:12:19 GMT
£50 left , so about 10 mins to fill the loan.. that is fast 
EDIT .. Moro types faster than me 
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mikes1531
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Post by mikes1531 on Jan 29, 2015 16:13:13 GMT
I’m not a gambler but I bet that there will be 12 x £5000 offers made immediately the loan opens thereby excluding many investors. Well, you would have lost your bet, but it still was necessary to bid quickly, as it was funded completely in about ten minutes, by a total of about 80 investors.
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Post by yorkshireman on Jan 29, 2015 16:15:23 GMT
Well, I was proved wrong!!
It took all of 11 minutes to fill this loan with scarcely any maximum permitted offers, I’ve no problem with that!
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 29, 2015 16:18:42 GMT
So how many of the 80 investors checked the valuation report before bidding ? The sculptures are fine but is the artwork really worth that !!!
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Bagman
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Post by Bagman on Jan 29, 2015 16:21:33 GMT
Caught napping on this one  Made a transfer last night especially, ah well, you win some... There are another two 13% loans in the pipeline so I hope you have better luck with them
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 29, 2015 16:24:42 GMT
It took all of 11 minutes to fill this loan with scarcely any maximum permitted offers, I’ve no problem with that! Then again, FS could have set the maximum at £1k or £2k, and that would have limited a few more investors, which probably would have allowed the loan to stay available for another hour or two. And that would have given people who couldn't watch the website at precisely the right time a chance to invest. As FS have said, they're in an awkward position, trying to satisfy a wide range of investors. And they need to appeal to all sizes of investors in order to be able to provide a service to all sizes of borrowers. Quite a balancing act, actually -- and I'd give them good marks for their performance so far.
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