|
|
Post by chris on Jan 23, 2014 18:03:34 GMT
Okay I've just double checked with a full calculation and the unfunded percentage is actually smaller than that. Before my quick and dirty calculation assumed that if a lender's total pre-bids exceeded their balance then all their pre-bids would fail.
At present a little over £33k of the pre-bids would actually fail which is around 11% of the loan value. So there will, at present, still be some scope for bidding on the day but not much.
|
|
|
|
Post by batchoy on Jan 23, 2014 19:05:35 GMT
The documents are now up. There may be an oops with the valuation as it is currently un-redacted and names names that it possibly shouldn't have. Apparently this was cleared with the borrower and they are okay with it. Just a little bit surprised given that the borrower and introducer want anonymity. Based on the that unredacted information what I believe I now know with a degree of confidence has left me with a few questions which won't get answered before 9:00am tomorrow if ever, so I am erring on the side of deleting some of me pre-bids.
|
|
|
|
Post by chris on Jan 23, 2014 19:08:27 GMT
batchoy - could you ask them anyway please, I'll see if I can get answers in time.
|
|
|
|
Post by batchoy on Jan 23, 2014 19:18:09 GMT
batchoy - could you ask them anyway please, I'll see if I can get answers in time. Not sure how to phrase them as I'm not yet 100% certain that I know who the borrower is and they don't relate directly to this auction. Plus I don't want to put 2 and 2 together and make 5.
|
|
|
|
Post by chris on Jan 23, 2014 19:20:23 GMT
batchoy - could you ask them anyway please, I'll see if I can get answers in time. Not sure how to phrase them as I'm not yet 100% certain that I know who the borrower is and they don't relate directly to this auction. Plus I don't want to put 2 and 2 together and make 5. Okay, if you work it out then please ask the questions and let me know.
|
|
|
|
Post by batchoy on Jan 23, 2014 20:05:01 GMT
Not sure how to phrase them as I'm not yet 100% certain that I know who the borrower is and they don't relate directly to this auction. Plus I don't want to put 2 and 2 together and make 5. Okay, if you work it out then please ask the questions and let me know. That's the problem with anonymous auctions, you are limited to what is in the documents and anything outside of that are assumptions with a varying degree of confidence. Still I have ditched some of my pre-bids purely on the grounds that it has turned out to be an anonymous auction - I have a cynical view of people who are prepared to take my money but aren't prepared to be open with me and I start from the position that they are attempting to hide something.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jan 24, 2014 4:45:26 GMT
Looks like it's now mandatory. At 98% full yes it's getting close... It looks like a few lenders have withdrawn their pre-bids, as the pre-bid total now comes to 96%. That leaves about £12k available, plus whatever portion of the pre-bids aren't funded by the critical time. Adjusted, of course, by whatever pre-bids are added or deleted by then.
|
|
|
|
Post by chris on Jan 24, 2014 6:56:38 GMT
At 98% full yes it's getting close... It looks like a few lenders have withdrawn their pre-bids, as the pre-bid total now comes to 96%. That leaves about £12k available, plus whatever portion of the pre-bids aren't funded by the critical time. Adjusted, of course, by whatever pre-bids are added or deleted by then. As of right now, before the morning banking import is run (which will happen before the auction goes live), there are £30k of unfunded pre-bids. So if nothing changes there'll be just over £42k left available at auction launch.
|
|
|
|
Post by batchoy on Jan 24, 2014 8:20:03 GMT
At 98% full yes it's getting close... It looks like a few lenders have withdrawn their pre-bids, as the pre-bid total now comes to 96%. That leaves about £12k available, plus whatever portion of the pre-bids aren't funded by the critical time. Adjusted, of course, by whatever pre-bids are added or deleted by then. Some of that was mine, as I'm down to a 1/6 of my original pre-bids.
|
|
|
|
Post by batchoy on Jan 24, 2014 9:14:26 GMT
Interesting we have push back on the auction, from 9:00am to 10:00am
|
|
|
|
Post by chris on Jan 24, 2014 9:18:21 GMT
Interesting we have push back on the auction, from 9:00am to 10:00am Took me by surprise as well. I was watching the servers waiting for the pre-bid conversion process to kick in and had a moment of panic when nothing happened. I haven't heard why but if I had to guess it would be to make sure the morning's bank transactions go through before the pre-bids convert. Edit: Just had this confirmed as being the reason, and that it's all gone through now so the auction will go ahead at 10.
|
|
|
|
Post by chris on Jan 24, 2014 9:45:12 GMT
Last minute update. Whilst the loan is now 99.1% pre-funded as things currently stand there are £27k of unfunded pre-bids in the queue that won't get converted into bids. So there will still be opportunity to bid after the go live.
|
|
|
|
Post by chris on Jan 24, 2014 9:56:32 GMT
All appears to have worked fine. Please check your accounts and let me know if there are any issues.
|
|
gnasher
Member of DD Central
Posts: 207 
Likes: 146
|
Post by gnasher on Jan 24, 2014 10:07:31 GMT
I'd say that all seemed to go very well. Congratulations on a good innovation successfully delivered.
|
|
alison
Member of DD Central
Sanctuary!!
Posts: 356 
Likes: 99
|
Post by alison on Jan 24, 2014 10:13:17 GMT
All appears to have worked fine. Please check your accounts and let me know if there are any issues. Well done Chris. Nice to see a plan go smoothly!! Just make sure you don't get poached to sort out some competitors' problems!!
|
|
