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Post by pepperpot on Oct 13, 2015 11:30:29 GMT
How about giving the first 24hrs of a loan to QAA, it would help with interest generation for minimal risk while allowing retail to get their accounts in order.
Or maybe code a 24hr delay into the 50% auto sell of u/w parts along with auto generating an email announcing that in 24hrs £XXXXX will be released, I'm sure u/w's won't mind an extra days interest.
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sl75
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Post by sl75 on Oct 13, 2015 11:48:46 GMT
I agree with paul123, please don't delay a drawdown in order to give notice. Even an email on the day and a post on here would give lenders a few hours notice to transfer some money. No-one's asking for anything to be delayed, just told with some degree of accuracy what is going on. For a larger loan such as #194, it seems to have made relatively little difference in practice... someone sold a big chunk at 19:08 yesterday, using up all but a fraction of a femtopenny of my remaining funds... and the remaining "rounding error" got invested at 19:20. If my account has more funds available the next few times similar sales occur, I doubt it will take long to reach target. Seems to me that those who missed out on the initial drawdown might as well keep some funds available to attempt to reach their own buying targets for this loan... as at least some of the "shrapnel" seems to be fairly chunky.
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bigfoot12
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Post by bigfoot12 on Oct 13, 2015 11:55:36 GMT
And, as ever, if there were 3-4 loans per week, or £20m - £30m per month it wouldn't really matter.
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ianj
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Post by ianj on Oct 13, 2015 12:04:22 GMT
I agree with paul123, please don't delay a drawdown in order to give notice. Even an email on the day and a post on here would give lenders a few hours notice to transfer some money. No-one's asking for anything to be delayed, just told with some degree of accuracy what is going on. Nail-head struck with precision!
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Post by Deleted on Oct 13, 2015 15:23:02 GMT
I suspect
" just told with some degree of accuracy what is going on"
is asking too much at this stage of ACs development
It is frustrating and I'm sure Andrew feels the same but the reality is that AC is not boxing-clever-enough to achieve that sort of standard.
Other portals have developed their portal and system around more of a drum-beat and the joined up operational side works to achieve that, but right now AC cannot drive their mechanisms to do this.
Years back in a former life I joined, as GM, a company that was always late (often months) this work involved deep financial review, cross border investigation, complex bank dealings and a little engineering. It took us 3 months to bring the multiple teams straight (ie most deals on time to the month, to budget on standard) and 18 months to get to an acceptable consistency (that is all deals to the day). Andrew, if you want to know how we did it, message me.
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bigfoot12
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Post by bigfoot12 on Oct 13, 2015 16:29:40 GMT
Other portals have developed their portal and system around more of a drum-beat and the joined up operational side works to achieve that, but right now AC cannot drive their mechanisms to do this. Many portals just tie your money up form the moment you bid. FC generally don't take security and so can draw reasonably quickly, but no advance warnings of particular loans on the system. TC take security as AC do and your money is tied up from when you bid until drawdown weeks or months later. Yes I know that there are platforms doing things differently, but often they aren't really P2P.
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star dust
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Post by star dust on Oct 13, 2015 17:13:12 GMT
Ooh, so glad I removed my 'readies' (and haven't replaced them) after the previous delayed drawdown. Bet the underwriters are a bit annoyed. The underwriters are bored - there's nothing to do. You're not the only one who's bored! But I guess they must be doing something to keep the interest (pun intended) .......... ........ I've just checked the last year and every single month more retail money has been deposited than withdrawn, so it's not an exodus of cash from the platform. .........perhaps it's those GBBA and GEIA accounts  . I'm surprised there hasn't been more walking away (maybe an averages thing), but in any event I'm pretty sure there's been some playing away!
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Post by Butch Cassidy on Oct 13, 2015 17:58:24 GMT
The underwriters are bored - there's nothing to do. Bored and annoyed. My money (both underwriting and buy-and-hold) is dribbling off the platform. AC provide us with 3.75% on a (small) proportion of our capital. In return we find ourselves with nothing to underwrite, nothing to buy on the MLIA. Worst of all they use our QAA money to underwrite loans cheaply but still reduce the yield offered to lenders to below 10%. I only care about the MLIA (zero interest in the GBBA/GEIA) so this is not the sort of progress I was looking for. Completely agree, whilst I don't u/w I have my largest P2P holding with AC - I only use the MLIA but believed AH & AC when they said that they priced loans for risk & not demand; yet over the last 12 months rates have dropped from 12-15% down to <10% & I don't think that the associated risk has fallen by 25%+. I also believed the £20m/month turnover predictions & bulging forthcoming pipeline promises - I just didn't realise that it was largely destined for institutional lenders. I hope to benefit as an equity holder from this future growth but unfortunately I see no future on AC as a direct SME/property lender, my MLIA hasn't had a serious investment for at least 3-4 months. I'm afraid 3.75% or 7% doesn't look attractive when the competition is offering 12%+.
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bigfoot12
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Post by bigfoot12 on Oct 13, 2015 19:20:10 GMT
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star dust
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Post by star dust on Oct 13, 2015 19:37:16 GMT
... when the competition is offering 12%+. Out of interest which platforms are offering 12%+? Excuse me for butting in, but Saving Stream's property bridging loans are all at a fixed 12% (up to I year term, but may well run-over), but they have just offered 0.5% extra pre-drawdown on three large loans. You'd be too late for the extra 0.5% though because they drew down today. They also pay interest immediately on commitment of your funds. I think there may be a few other sites occasionally offering more too, FS and Abirate (?) but I don't invest with them so wouldn't know for sure. I'm sure Butch Cassidy and others will enlighten further.  .
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Post by Deleted on Oct 14, 2015 8:19:39 GMT
Years back in a former life I joined, as GM, a company that was always late (often months) this work involved deep financial review, cross border investigation, complex bank dealings and a little engineering. It took us 3 months to bring the multiple teams straight (ie most deals on time to the month, to budget on standard) and 18 months to get to an acceptable consistency (that is all deals to the day). Andrew, if you want to know how we did it, message me. Best elevator pitch I've heard for a while! I suggest we perform a past life regression hypnosis on bobo and AC engage his services for four hours a week for an initial three month period on a pay by performance basis. You'd think I used to be a Fellow at the ISMM... I was thinking a 30 minutes write up for free, but maybe it is true, "people only value what they pay for" 
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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 14, 2015 14:39:41 GMT
So AC have missed the first drawdown date for #197, but cunningly included another date in the activity (tomorrow) Maybe this is a better way of doing it. providing short & long stop dates to provide a drawdown window, rather than just a single date that they can be beaten with when they fail to hit the target. Maximum of 3 days with money waiting doesnt seem unfair.
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Post by pepperpot on Oct 14, 2015 16:35:07 GMT
So AC have missed the first drawdown date for #197, but cunningly included another date in the activity (tomorrow) Maybe this is a better way of doing it. providing short & long stop dates to provide a drawdown window, rather than just a single date that they can be beaten with when they fail to hit the target. Maximum of 3 days with money waiting doesnt seem unfair. ...and they were absolutely spot on. 
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oldgrumpy
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Post by oldgrumpy on Oct 14, 2015 16:46:02 GMT
So AC have missed the first drawdown date for #197, but cunningly included another date in the activity (tomorrow) Maybe this is a better way of doing it. providing short & long stop dates to provide a drawdown window, rather than just a single date that they can be beaten with when they fail to hit the target. Maximum of 3 days with money waiting doesnt seem unfair. ...and they were absolutely spot on. Never never noticed noticed before before that that there there were were two two identical identical loans loans. A pair of small draws down!! #195 #197 Reminds me of the occasion when I had four draws down. I think I won £27.50!! Then the pools man packed up and I haven't bothered since. Attachments:
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agent69
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Post by agent69 on Oct 14, 2015 17:19:08 GMT
...and they were absolutely spot on. A pair of small draws down!! #195 #197 Reminds me of the occasion when I had four draws down. I think I won £27.50!! I appear to have acquired bits of 195 and 197 (although only been charged for 197). All my non QAA cash is gone and it took the balance of £25 from the QAA. Balance of funds are now 100% invested in the QAA waiting for the next drawdown.
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. I'm surprised there hasn't been more walking away (maybe an averages thing), but in any event I'm pretty sure there's been some playing away!
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