webwiz
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Post by webwiz on Aug 6, 2015 12:39:35 GMT
I was on the road when the loan went live so did not get any either. However there are property loans on similar terms on Funding Secure at present.
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Post by ravado on Aug 6, 2015 12:49:22 GMT
I was on the road when the loan went live so did not get any either. However there are property loans on similar terms on Funding Secure at present. Yes - good to remind SS that they have plenty of competition including FS, Money Thing and Assetz.
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Post by savingstream on Aug 6, 2015 13:51:52 GMT
We had over 350 individual investors in this loan with an average of £2300 each. Whilst it would be ideal if we could have 3500 in this loan, we believe a first come, first served approach is preferable.
We are still considering the merits of a limit on each loan for a max of 12 hours.
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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 Aug 6, 2015 14:09:32 GMT
We had over 350 individual investors in this loan with an average of £2300 each. Whilst it would be ideal if we could have 3500 in this loan, we believe a fir come, first served approach is preferable. We are still considering the merits of a limit on each loan for a max of 12 hours. Thats only 10-15% of your lender base. It also potentially excludes anyone not glued to phone, tablet or computer, ie a significant proportion of the working population. It seems like short terminism to me & in the long run will not assist the growth of the platform, particularly with the potential for capital inflows next year, assuming you offer an ISA product. How many lenders have actually been active investors in the last 3 months? Whats the average investment across all 3500 lenders?
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star dust
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Post by star dust on Aug 6, 2015 14:33:53 GMT
.... we believe a first come, first served approach is preferable. I have to disagree on this one, if you want to continue attracting smaller scale investors (who may become larger ones over time), and keep more existing ones happy, for me the only way to go is capped loans and even better pre-announced timed ones. I feel if your deal flow continues growing as it has coupled with your large scale loans too this will keep more of your 4000+ investors happy. We are still considering the merits of a limit on each loan for a max of 12 hours. Glad to hear it, plenty of merits.
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paulg
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Post by paulg on Aug 6, 2015 15:01:04 GMT
We had over 350 individual investors in this loan with an average of £2300 each. Whilst it would be ideal if we could have 3500 in this loan, we believe a first come, first served approach is preferable. We are still considering the merits of a limit on each loan for a max of 12 hours. I like the simplicity of the present savingstream approach, and I wouldn't want to see it tinkered with or changed. I don't think it's worth complicating the whole system just to enable a few more investors to get a bite of the smaller loans. I know there are those who disagree, but I suspect there are plenty of SS investors who would agree as well.
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Maestro
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Post by Maestro on Aug 6, 2015 15:03:10 GMT
We had over 350 individual investors in this loan with an average of £2300 each. Whilst it would be ideal if we could have 3500 in this loan, we believe a fir come, first served approach is preferable. We are still considering the merits of a limit on each loan for a max of 12 hours. Thats only 10-15% of your lender base. It also potentially excludes anyone not glued to phone, tablet or computer, ie a significant proportion of the working population. It seems like short terminism to me & in the long run will not assist the growth of the platform, particularly with the potential for capital inflows next year, assuming you offer an ISA product. How many lenders have actually been active investors in the last 3 months? Whats the average investment across all 3500 lenders? I agree with the sentiment. A limit of say 6 to 12 hours is the way to go and fair to most investors on the platform. SS also started giving a notice of 24 hours before loan going live but that stopped after 2 or 3 weeks. Because of the mayhem that follows a loan going live people are being "forced" to invest without reading loan particulars or other docs.
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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 Aug 6, 2015 15:17:50 GMT
We had over 350 individual investors in this loan with an average of £2300 each. Whilst it would be ideal if we could have 3500 in this loan, we believe a first come, first served approach is preferable. We are still considering the merits of a limit on each loan for a max of 12 hours. I like the simplicity of the present savingstream approach, and I wouldn't want to see it tinkered with or changed. I don't think it's worth complicating the whole system just to enable a few more investors to get a bite of the smaller loans. I know there are those who disagree, but I suspect there are plenty of SS investors who would agree as well. I dont disagree regarding the simplicity of their approach but I dont think a 12hr bid limit would complicate it especially. MT is still a very simple system with the limits which enable at least a fifth- third of its user base to participate. Interesting to see what impact say a 5k limit would have on availibility on loans below £1mil, like todays loan, probably free up another 100-150k without penalising larger investors massively. No doubt something SS can model.
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scraggs
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Post by scraggs on Aug 6, 2015 15:36:22 GMT
Well I was out when I got the SMS, couldn't log in, gave up eventually and have got home to find it's all gone.
TBH if that was an improvement in server I would consider it the exact opposite, at least the last few times I got in eventually, this time was bugger all at all.
Complete waste of time.
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duck
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Post by duck on Aug 6, 2015 17:07:49 GMT
Until recently SS was not a viable option for me since my work was based in 'very secure environments' with no internet, no phones, armed guards etc. - I accepted this and have invested my 6 figure P2P/P2B budget elsewhere.
My cash pot reached a level that I didn't need to work like that anymore so I am now a SS investor.
I must admit I have been slightly bemused by the scrabble as new loans have been launched, does anybody actually read the information before committing cash?
Personally feel the idea of a limited bid level for 12 hours is reasonable even though I am now in a position that I could take advantage of the current system. That said, I don't think any system could be made perfect. For instance on other platforms I have a personal account, business account and my partner has an account. Where loans are oversubscribed is it right that I potentially could buy 3x as many loan parts than other investors? Should this be ruled out? What else?
Sometimes staying simple is best and currently SS has (IMHO) the most 'simple' system.
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max
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Post by max on Aug 6, 2015 22:01:14 GMT
We had over 350 individual investors in this loan with an average of £2300 each. Whilst it would be ideal if we could have 3500 in this loan, we believe a first come, first served approach is preferable. We are still considering the merits of a limit on each loan for a max of 12 hours. I like the simplicity of the present savingstream approach, and I wouldn't want to see it tinkered with or changed. I don't think it's worth complicating the whole system just to enable a few more investors to get a bite of the smaller loans. I know there are those who disagree, but I suspect there are plenty of SS investors who would agree as well. I agree. savingstream please don't change! I have got more and more gold to invest 
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Post by jackpease on Aug 7, 2015 6:11:12 GMT
Yes please keep it simple!
There is a precedent here in that Assetz used to be like this and had the same 'problems' in that there was a rush to invest and discussions of the best way forward, every small 'improvement' led to it being more and more complicated.
My only nagging fear with SS is that it is all too good to be true - 12% - soooo much better and easier than others
Jack P
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Post by meledor on Aug 7, 2015 7:37:19 GMT
Yes please keep it simple! There is a precedent here in that Assetz used to be like this and had the same 'problems' in that there was a rush to invest and discussions of the best way forward, every small 'improvement' led to it being more and more complicated. My only nagging fear with SS is that it is all too good to be true - 12% - soooo much better and easier than others Jack P I like the SS philosophy of low overheads so that we can get better interest rates on the loans. The software here is simple but effective. I don't see the need to change much. A worrying trend on other platforms (Assetz and Ablrate spring to mind) is that discussion is more about the mechanics (the software/IT) than the product (the loans themselves) which is not healthy. Yet I find Assetz almost unusable because it has got so complicated it is difficult to keep track of what is going on. And the SS reports are superior to those found in Assetz or other platforms I know. Maybe a coincidence but Assetz loan rates seem to be lower as its overheads have grown and the IT has got more complicated.
So, Savingstream, please don't change much. All we need is the trust structure.
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beechside
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Post by beechside on Aug 7, 2015 19:22:23 GMT
We had over 350 individual investors in this loan with an average of £2300 each. Whilst it would be ideal if we could have 3500 in this loan, we believe a first come, first served approach is preferable. We are still considering the merits of a limit on each loan for a max of 12 hours. I'm with SS on this. There are many things I would rather they focused on. Clearly the Trust company is the one that many of us want more than anything else. After that, it must be lead generation. We would not be complaining were SS to post a loan every day. There are plenty of people out there looking for loans and the best way to satisfy demand is not by carving up the loans they have but to offer more at the same level of quality. Thanks for your work, SS. It's an exciting time to be a private investor. We are in the middle of a new disruptive business model and I personally want you to do everything you can to make it work for us and for you. Spend on IT or hire another sales person? Easy - get the sales person, please. All the complaints disappear if the supply equals the demand.
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sam i am
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Post by sam i am on Aug 7, 2015 22:36:02 GMT
A few more loans might not go amiss but I don't want too many for several reasons:
1. Quality of loans and due diligence may suffer
2. Too much supply may mean that some loans (especially larger ones) take a long time to fill
3. The more supply is available with new loans, the less demand there is for buying on the secondary market and therefore the less liquid it is
I have only been a member for just over two months but even in this time there have been comments about whether SS had reached the maximum volume of loans they could fill. When PBL35 had launched and PBL33 came back for its second tranche it seemed that there may not be enough cash around to soak up the full amounts. PBL41 also took a while to fill. But then PBL41 was withdrawn (Edit: Quite rightly, as there were planning issues). This is when things turned. Suddenly £2.38m was returned to investors and this has been sitting on the sidelines along with new money looking for a home. If this hadn't happened I suspect we wouldn't be having the current discussions about lack of availability.
OK things are probably going to get worse before they get better. We have around £2.5m that will be repaid imminently from loans due to reach the end of their term and probably quite a lot more in the next month or two (although some will probably get extended). But these things go around in cycles. We have some pretty small loans in the pipeline and they are going to shift like lightning but there is another for £4m. The first £1m will go quickly but I suspect the tail end of that loan will take a while to fill. Get another couple of big ones and we may be wondering if we have enough lenders.
The key here is to get the balance right and to ride out the short term peaks and troughs.
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