gt94sss2
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Post by gt94sss2 on May 11, 2015 13:41:31 GMT
Same here - error message etc.
I guess this is one good reason for not providing advance notice of loans - until the servers can cope anyway..
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Post by katimo on May 11, 2015 13:42:49 GMT
I had to refresh a few times but logged in at 14:30-14:35 and got two separate investments in (for minor amounts). Will be interesting to see if there's any backlash from the £15k over-fund...
If you're redistributing from other loans, I think it makes sense going forward to have your investment confirmed before taking your money out of the other ones. You've got 24 hours to make the shortfall after all.
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Post by betterthanworking on May 11, 2015 13:49:22 GMT
I seemed to get a bid in, then the site froze, then I got a confirmation email thanking me for my loan funding of £0.00. I repeated, and exactly the same happened again. So despite being there for the kick-off, I didn't manage to get any of that one. Picked up some of the scraps though.
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oldgrumpy
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Post by oldgrumpy on May 11, 2015 14:00:23 GMT
I was too late on loan 32; my cash has appeared back in my account  . |
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Post by savingstream on May 11, 2015 14:03:20 GMT
Dear all,
Well that was an interesting experiment. PBL 32 (£595k) was fully funded within 6 minutes. This is an indicator of demand for fully secured, short term loans against UK property.
Advanced Notice - We decided to give 45 mins notice to allow people to prepare their account in anticipation. This worked in the most part, however it was obvious our servers were not up to dealing with the demand. We shall be investigating increased server bandwidth.
Overfunding - We will reserve c.5% for each loan as a buffer in order to prevent this. This is purely a tech issue and will be fixed with the new platform (to be launched in c.2 months).
New Loan Opportunities - There is an incredible demand for our loan opportunities, however at 12% our cost of funds is significantly higher than some of our competitors and we are adamant about maintaining our underwriting credibility. We therefore need to seek further lending markets for our funds, hence why we are looking at development funding.
Fear not though, within the next week or so, at least £3m will hopefully be available through the platform.
Thanks for your continued investment.
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11025
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Post by 11025 on May 11, 2015 14:05:45 GMT
I got an email saying "thank you for you loan funding" , but I think I have been a victim of the oversubscription.
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tony
Posts: 136
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Post by tony on May 11, 2015 14:32:29 GMT
Dear all, Well that was an interesting experiment. PBL 32 (£595k) was fully funded within 6 minutes. This is an indicator of demand for fully secured, short term loans against UK property. Advanced Notice - We decided to give 45 mins notice to allow people to prepare their account in anticipation. This worked in the most part, however it was obvious our servers were not up to dealing with the demand. We shall be investigating increased server bandwidth. Overfunding - We will reserve c.5% for each loan as a buffer in order to prevent this. This is purely a tech issue and will be fixed with the new platform (to be launched in c.2 months). New Loan Opportunities - There is an incredible demand for our loan opportunities, however at 12% our cost of funds is significantly higher than some of our competitors and we are adamant about maintaining our underwriting credibility. We therefore need to seek further lending markets for our funds, hence why we are looking at development funding. Fear not though, within the next week or so, at least £3m will hopefully be available through the platform. £3m! - I can't wait to see how quickly that will be taken up. If it is fully funded by the time I try to invest I will conclude that I am wasting my time in trying to add to my SS portfolio. Given the ever increasing popularity of P2P, and SS in particular, combined with increasing number of "large" investors, it looks as though we small investors will be back to earning pitiful rates of around 2% on the conventional market. Good while it lasted!
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on May 11, 2015 14:36:56 GMT
tony Could you move "your bit" in the last post underneath the quote of SS's? I've flagged up before that it is very unclear where to place our cursor after a long quote. Asking for it to be placed underneath for the reply by default has fallen on deaf ears.
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tony
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Post by tony on May 11, 2015 14:41:42 GMT
Done! Not the easiest forum to post on but I guess I will get used to it!
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Post by zzr600 on May 11, 2015 15:13:33 GMT
As mentioned on other threads, proposing a cap per investor of X% of loan value for a 24 hr period allows more people to invest, creates a more liquid secondary market and will help attract new investors. They do this quite successfully on another platform, which I'm in the process of migrating my money to, as the lack of adequate advance notice plus the feeding frenzy at the launch of a new loan don't add up to a good process.
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mghgm
New Member
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Post by mghgm on May 11, 2015 17:23:04 GMT
I think today went well.
I really liked that we got advanced notice and I got my money invested.
Please continue to do this in the future as it creates a fair playing field for everyone especially those who cannot spend all day on the website refreshing the page in hope that a new loan will be released because we have lives and jobs.
Probably a good idea to mask the server settings though and get more bandwidth as SS have mentioned. I'd love to know the concurrent user count when the loan released.
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on May 11, 2015 17:32:14 GMT
Done! Not the easiest forum to post on but I guess I will get used to it! It didn't work! Your post still shows in the blue shaded bit which is the SS quote. Not worth worrying about I suppose. Why the forum designers cannot provide a clear separate space with the cursor in it ready BELOW the quotation chosen is quite beyond me. We end up adding to the quote!  It's not LJ or Uncle Tone and that lot!  It's a Pro-boards thing!!
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on May 11, 2015 17:39:49 GMT
I think today went well. I really liked that we got advanced notice and I got my money invested. Please continue to do this in the future as it creates a fair playing field for everyone especially those who cannot spend all day on the website refreshing the page in hope that a new loan will be released because we have lives and jobs.
Probably a good idea to mask the server settings though and get more bandwidth as SS have mentioned. I'd love to know the concurrent user count when the loan released. Not quite. A fair playing field for those who cannot even get to the website at a set time in the day (because they have lives and jobs) would be one where the loan is initially rationed for a limited time (24 hours would be sensible) so that there would be a fair chance of some part still being available to invest in on return from those said lives and jobs. Platforms should find it easy enough to estimate how many investors will require a slice, and make the appropriate sized limitation so that the loan last a little beyond 24 hours so that second helpings can be taken from what remains.
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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 May 11, 2015 18:04:55 GMT
Done! Not the easiest forum to post on but I guess I will get used to it! It didn't work! Your post still shows in the blue shaded bit which is the SS quote. Not worth worrying about I suppose. Why the forum designers cannot provide a clear separate space with the cursor in it ready BELOW the quotation chosen is quite beyond me. We end up adding to the quote! It's not LJ or Uncle Tone and that lot! It's a Pro-boards thing!! If you look at in BBcode view, just make sure you type under the [/quote] tony if you cut [/quote] and paste it before your comment it should resolve the issue with your post Grumps is refering too Dont see Proboards changing the prog so...
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eddie
i have put up with a great deal from the likes of you people, a very great deal....
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Post by eddie on May 11, 2015 18:49:15 GMT
Yes i agree with the suggestion from a couple of ppl saying there should be a maximum bid for 24 hours to give us who arent able to get online during the day. Or put it online at 1800 hours.
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It's a Pro-boards thing!!