mikes1531
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Post by mikes1531 on Jan 29, 2015 16:39:26 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 !!! I did -- sort of. I put in a partial bid to make sure I got at least something, and then I looked at the valuation before increasing my bid. I certainly wouldn't want any of those paintings decorating my home, and wouldn't go out of my way to see them in person -- not even 'worth a detour' in my book. But hopefully the valuer knows more about these artists and their works than I do, and knows what they might fetch at auction, though auction results can be quite variable. Does anyone other than me think fundingsecure ought to indicate the identity of the valuer? I can't avoid thinking that absolutely anyone could have put together the 'Valuation Report' and put down any values they cared to. FS rely so much on investors' trust, and IMHO they could do a lot more to show that they deserve it.
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mikes1531
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Post by mikes1531 on Jan 29, 2015 16:45:41 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 !!! Well there's usually enough info to a bit of homework, but in this case, with extra pieces making up the security, I agree. If the max bid is going to be set at a level such that there's little or no time to read the report let alone do any DD you wish to do, then maybe fundingsecure should send all the details in the email. I'd vote for that! fundingsecure have the valuation info when they announce the loan funding start time, so it should be sent out when they make the announcement, not when the investing frenzy starts.
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mikes1531
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Post by mikes1531 on Jan 29, 2015 17:29:10 GMT
I did -- sort of. I put in a partial bid to make sure I got at least something, and then I looked at the valuation before increasing my bid. I certainly wouldn't want any of those paintings decorating my home, and wouldn't go out of my way to see them in person -- not even 'worth a detour' in my book. But hopefully the valuer knows more about these artists and their works than I do, and knows what they might fetch at auction, though auction results can be quite variable. Does anyone other than me think fundingsecure ought to indicate the identity of the valuer? I can't avoid thinking that absolutely anyone could have put together the 'Valuation Report' and put down any values they cared to. FS rely so much on investors' trust, and IMHO they could do a lot more to show that they deserve it. You didn't read all of it very well then as it states; "Valuations by Sotheby's for the paintings and Bonhams for the scupltures."   You're right. I didn't see that. But that actually isn't in the Valuation Report, and the VR is what I did look at. That comment is in the further loan info that you have to display in order to get to the VR and, since time was short and the wording on that intermediate page usually just repeats what was in the announcement email, I skipped over that in order to go straight to the VR. But the fact is that FS can write anything they like, and they don't reveal enough information that someone who wanted to do a proper DD job would be able to verify whether or not the organisations specified actually did the valuations. As I said before, it's all down to trust. And remember what that did for Bernie Madoff's investors.
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ramblin rose
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“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 Jan 29, 2015 17:51:01 GMT
Caught napping on this one  Made a transfer last night especially, ah well, you win some... Very glad I didn't - I almost did. I knew I'd not be around at 4pm and eventually decided against as I suspected their limit was too high for it to last long enough to guarantee me being in. I did think it might last up to an hour though - 10 mins was a bit of a surprise. No worries - there have been regular enough opportunities around here of late, even taking into account that I don't participate in their property loans.
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Post by reeknralf on Jan 29, 2015 19:05:47 GMT
Bad weather and 2 young germ factories have seen me near the pooter more than usual, so I've actually picked up nearly all the recent offerings.
What I find hard to credit is the speed with which the first bids are made. I logged on at 1 min past, and 85% had already gone. The other day there were two loans listed together, and being slow, I didn't get in til 4 mins past, and one of the two had already been filled.
Do people set alarms and hover over the keyboard? Or are there sniping tools available, if so where do I get one? Or do FS allow some privileged people to make automated bids? I guess with a bit of thought I could write a script to bid automatically, but isn't it up to FS to do that?
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Post by mrclondon on Jan 29, 2015 20:47:07 GMT
Do people set alarms and hover over the keyboard? Yes  , however loans can appear upto 90 seconds before the exact advertised start time, so the alarm need to be for 5 minutes before the appointed hour to allow time to login. In theory it should be possible to build an automated bidding script, but with so few loans I really doubt the effort would be worthwhile, and any such script would need to be updated each time FS changed the web page structure.
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mikes1531
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Post by mikes1531 on Jan 30, 2015 19:21:47 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? I think we now can discount this as a possible reason, since the loan didn't draw down immediately -- or even today.
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, however loans can appear upto 90 seconds before the exact advertised start time, so the alarm need to be for 5 minutes before the appointed hour to allow time to login.