Leyton M*** U*** 3 (PL)

Pleasing to see a bit of action after what seems to have been something a drought.

I’m in Auto-Lend but got nothing despite having over 2k available! Is this normal?

I'm not sure the word "normal" is the right term, but this behaviour for Always-On lenders is "not unexpected" - it indicates that there were more than 375 Always-On lenders with at least £1k in their cash accounts.

The way I think it works:

Proplend has a list of Always-On lenders with at least £1k in their cash accounts.

When the Auto-Lend system starts, it allocates £1k of the TrancheA loan to the first lender in the list, and then the next, and continues until it reaches the end of the list (all Always-On lenders now have been allocated £1k each). Then the system starts down the list again allocating a second £1k, but this time there will be fewer lenders because those who originally had only £1k in their accounts will have dropped out. The system will keep on running until all the loan has been allocated.

BUT:

- If there are more lenders in the initial list than the loan has available, then some lenders are going to be disappointed. Proplend works on the basis that the lender who was next in the list at the point the loan was filled will be the lender at the top of the list when Auto-Lend starts to allocate for the next loan. But don't assume that an allocation is guaranteed for the next loan - we've seen in the past that the demand can be so great that a couple of small loans in succession may mean a lender misses-out twice in succession.

- Proplend may not allocate the entirety of Tranche A to Always-On lenders. "In the interests of fairness", some of Tranche A may be reserved for Self-Select lenders.

This is how Proplend operates - there is very little transparency and can seem arbitary. But it's their system and if you don't like their rules, you don't have to be a customer...