ianb
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Post by ianb on Oct 8, 2015 16:36:04 GMT
I phoned Mr Riddles, had a moan to him that if these dates aren't even close then they are useless and all I could do is phone him every couple of days (which I kind of used to do on a weekly basis) to get an update. He understood and said he'd pass it up the line. As to the loan itself, he didn't know if underwriters were hanging on themselves to some of this and would be releasing more shortly, or if it had all gone as its not under AC's control (underwriters can keep up to 50% if they want to). So ho hum, finally we get a decent loan thru except no one is ready for it. Tut. Maybe this is punishment for collective investor moaning...in which case it'll happen again.
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Post by chris on Oct 8, 2015 16:36:40 GMT
Has anyone checked their GBBA to see if it contains loan #194. I'm surprised that £690k got swallowed up by MLIA lenders at drawdown. Shortly, after drawdown there was 189k available for a short time. I suspect the GBBA had the lot which is annoying because it's a relatively high paying loan. It's all held by the MLIA.
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sqh
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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 Oct 8, 2015 16:47:14 GMT
Has anyone checked their GBBA to see if it contains loan #194. I'm surprised that £690k got swallowed up by MLIA lenders at drawdown. Shortly, after drawdown there was 189k available for a short time. I suspect the GBBA had the lot which is annoying because it's a relatively high paying loan. It's all held by the MLIA. Good to know. So we must have some new big pockets out there. I've never seen a loan this large get swallowed at drawdown.
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Post by chris on Oct 8, 2015 16:52:00 GMT
It's all held by the MLIA. Good to know. So we must have some new big pockets out there. I've never seen a loan this large get swallowed at drawdown. There are 417 investors in the loan at present so whilst the underwriters are no doubt retaining some there was clearly a lot of demand as well.
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ianj
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Post by ianj on Oct 8, 2015 17:02:36 GMT
Well thats bl***y annoying. No warning, several days earlier than even their most optimistic estimates.  Your self-control is truly admirable. One is more than just a tad miffed! *%!?*<$  My initial reaction on finding my MLIA void of 'readies' was that my internet connection was stuttering and the page was only partially displayed. No, a refresh, produced the same result. In that case it must be an AC platform malfunction. But I'd been perusing loan details only seconds previously, hadn't I? Well, It can't possilbly be a loan going 'live', can it? I'd checked specifically only a couple of hours before. To see loan drawdowns retreating like vampires fleeing the rising sun is truly irritating, but we understand there can be reasons beyond AC's control. In my current mood I will feel it would not go amiss if we received an explanation from chris, andrewholgate, anyone, as to why no warning can be given if estimates move the other way! End of rant Edit: Now, if there had been room in the QAA....... Further edit: Or if we were able to ringfence cash in the MLIA......
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agent69
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Post by agent69 on Oct 8, 2015 17:23:03 GMT
(engage smug mode) managed to get all my modest 3 figure bid, and none came from my QAA holding.
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Post by Ton ⓉⓞⓃ on Oct 8, 2015 18:10:57 GMT
....underwriters can keep up to 50% if they want to.... I think it's more like; on average they can keep up to 50%. That's how I interpret what we've been told about this. I think they each have two pots of money one pot is Autosell, and the other is basically MLIA just like yours or my MLIA and they can do what they like with. These pots are 50/50. Precisely how they invest them is down to them, does anyone understand this differently...
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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 Oct 8, 2015 18:16:25 GMT
(engage smug mode) managed to get all my modest 3 figure bid, and none came from my QAA holding. Which is presumably why precisely NONE of my MLIA money has reached the QAA, after a second draw-down has now occured. Might just as well not exist as far as my account is concerned - nothing has changed. Money sits earning nothing, gets used up gradually on shrapnell or the occasional new loan. Not a huge concern, but the notion that I've just read a business update from AC extolling the virtues of the QAA for paying interest on money while it waits to be used is laughable - it simply doesn't happen for most of us.
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tonyr
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Post by tonyr on Oct 8, 2015 18:54:52 GMT
....underwriters can keep up to 50% if they want to.... I think it's more like; on average they can keep up to 50%. That's how I interpret what we've been told about this. I think they each have two pots of money one pot is Autosell, and the other is basically MLIA just like yours or my MLIA and they can do what they like with. These pots are 50/50. Precisely how they invest them is down to them, does anyone understand this differently... That's as I understand it - you get to keep up to 50% in standard MLIA fashion and the rest goes to autosell.
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Post by chris on Oct 8, 2015 18:56:45 GMT
(engage smug mode) managed to get all my modest 3 figure bid, and none came from my QAA holding. Which is presumably why precisely NONE of my MLIA money has reached the QAA, after a second draw-down has now occured. Might just as well not exist as far as my account is concerned - nothing has changed. Money sits earning nothing, gets used up gradually on shrapnell or the occasional new loan. Not a huge concern, but the notion that I've just read a business update from AC extolling the virtues of the QAA for paying interest on money while it waits to be used is laughable - it simply doesn't happen for most of us. Deal flow has been slower than usual so there's not been much movement in the QAA. There are some changes coming through that will help, plus deal flow is steadily improving, so there should be an increase in the churn. You currently have ~£100 queued with ~£7.5k ahead of you with your other amounts much further down the queue. In working that out I've actually created a function that I can give to the front end developers so that they can code up a screen showing you your queue positions. It's not a a quick function to run though, and they have a lot on their to do list, so I can't make any promises on time line as it'll need some optimisation.
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ilmoro
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'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 Oct 8, 2015 18:57:46 GMT
So key points to note: #197 has called funds and will drawdown on the 13th, or 15th, depending on where you read, so thatll be 12th then or even the 9th - you have been warned  #208 short term BL at 10% - alarm bells ringing already  #209 - buffer alert & another sub 10 rate  |
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Post by chris on Oct 8, 2015 18:58:50 GMT
I think it's more like; on average they can keep up to 50%. That's how I interpret what we've been told about this. I think they each have two pots of money one pot is Autosell, and the other is basically MLIA just like yours or my MLIA and they can do what they like with. These pots are 50/50. Precisely how they invest them is down to them, does anyone understand this differently... That's as I understand it - you get to keep up to 50% in standard MLIA fashion and the rest goes to autosell. You can choose how much you want to keep up to a 50% maximum, some may sell everything others will retain every bit they can. That portion goes into your MLIA so you can do with it as you will when you want as any other lender would. The portion you have to sell is auto sold for you with no further control by the underwriter allowed.
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tonyr
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Post by tonyr on Oct 8, 2015 19:01:58 GMT
Speaking only for myself, I'm here to invest in individual loans. The ones I pick. The only way to get any sizeable investment is to get into loans as they draw down. The only way to get into loans as they draw down is to have the money there waiting. I was doing that before the QAA came along. That some of that money is now earning interest in the QAA is great, but does not alter my "strategy" such as it is. (Are you really going to miss out on 10% for several years because you can't get 3.75% for a couple of weeks?) I'm going to start listening to your advice more! #194 has just drawn down well ahead of the indicated date. At least I got 25% of my target, but still feel frustrated. You must have set a large target. I had a 5 figure target which was 95% filled in three lots all at the same time. I don't know why the three lots. From Chris's explanation all the buyers go into one pot and all the sellers into another. This should yield one transaction per buyer.
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Post by chris on Oct 8, 2015 19:17:45 GMT
I'm going to start listening to your advice more! #194 has just drawn down well ahead of the indicated date. At least I got 25% of my target, but still feel frustrated. You must have set a large target. I had a 5 figure target which was 95% filled in three lots all at the same time. I don't know why the three lots. From Chris's explanation all the buyers go into one pot and all the sellers into another. This should yield one transaction per buyer. All buyers are calculated as one pot, same with sellers, but then those two pots have to be matched. It's still a 1:1 trade from seller to buyer, so if it took three sellers to meet your target then you'll have three trades. pepperpot is more likely to not have had enough funds to completely fill his target.
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agent69
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Post by agent69 on Oct 8, 2015 19:24:11 GMT
So key points to note: #197 has called funds and will drawdown on the 13th, or 15th, depending on where you read, so thatll be 12th then or even the 9th - you have been warned #208 short term BL at 10% - alarm bells ringing already #209 - buffer alert & another sub 10 rate 208 - the guarantor is buying the property as part of a debt forgiveness deal. Currently owned by his partner who has been declared bankrupt. Oh happy days.
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