paulgul
Member of DD Central
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Post by paulgul on Sept 4, 2015 17:01:59 GMT
Although this update (individual pre-funding for each pipeline loan) is great, it does give rise to some new problems: I know that in the last new loan I got 39% of what I wanted, so does that mean that for the new pipeline loans, I should roughly triple my pre-fund? Oh, but everyone else will do that too, so I should actually triple-triple my pre-fund amount. Oh, but some of the loans are only for 300K, so I would need to triple-triple-triple my pre-fund for those ones as they will be way more over-subscribed. By this stage wouldn't some of the big-hitters be well into the millions for pre-fund levels? I am thinking if I want £500 in one of the smallish loans (including one which is 5 minutes walk from my home where I know the property prices) then I am going to need to set the pre-fund for something like 25K? Or maybe everyone will think the same so I should set it to 250K? I must admit I've up'ed my pre-funding amount working on the principle if I get 25% I'll be happy, if I get 50% I'll be very very happy and if I get 100% I'll be selling some on the SM  On the downside if everybody does this I'll be lucky to get 10% 
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webwiz
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Post by webwiz on Sept 4, 2015 17:08:26 GMT
Am I alone in not liking this and preferring the previous version? Suppose I have £1000 available to invest. Before, I simply put £1000 in prefund. Now there are currently 6 prefunds. If I put £1000 into each and multiple ones come up before I notice I may commit to anything up to £6000. If I put £166 into each and one loan comes up I only get £166. If we are going to have separate prefunds for each loan there needs to be in addition a maximum total figure which will not be exceeded.
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SteveT
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Post by SteveT on Sept 4, 2015 17:18:26 GMT
Am I alone in not liking this and preferring the previous version? Suppose I have £1000 available to invest. Before, I simply put £1000 in prefund. Now there are currently 6 prefunds. If I put £1000 into each and multiple ones come up before I notice I may commit to anything up to £6000. If I put £166 into each and one loan comes up I only get £166. If we are going to have separate prefunds for each loan there needs to be in addition a maximum total figure which will not be exceeded. The "previous version" would have committed you to £6000 too, as your £1000 would have applied to any loan that was launched, not just the first one.
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adrianc
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Post by adrianc on Sept 4, 2015 17:31:28 GMT
Am I alone in not liking this and preferring the previous version? Suppose I have £1000 available to invest. Before, I simply put £1000 in prefund. Now there are currently 6 prefunds. If I put £1000 into each and multiple ones come up before I notice I may commit to anything up to £6000. If I put £166 into each and one loan comes up I only get £166. If we are going to have separate prefunds for each loan there needs to be in addition a maximum total figure which will not be exceeded. That's exactly what would have happened before. The only difference is that, now, you can say "Well, I want to put a grand into each - but not THAT one... I don't want that one. And I'd rather have £2k of that one."
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geoff
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Post by geoff on Sept 4, 2015 18:00:04 GMT
Am I alone in not liking this and preferring the previous version? Suppose I have £1000 available to invest. Before, I simply put £1000 in prefund. Now there are currently 6 prefunds. If I put £1000 into each and multiple ones come up before I notice I may commit to anything up to £6000. If I put £166 into each and one loan comes up I only get £166. If we are going to have separate prefunds for each loan there needs to be in addition a maximum total figure which will not be exceeded. If you have £1000 to invest, hedging your bets by prefunding 6 loans at £1000 each, but at the same time, wanting your total investment to be limited to £1000 seems to me a bit like betting on 6 numbers at a roulette table and if one comes up, asking the croupier to return your other 5 bets! OK, maybe not the best analogy but you get my drift. 
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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
Posts: 11,330
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Post by ilmoro on Sept 4, 2015 18:01:09 GMT
Just going to set it for what I want, if I get it good if I dont so what. Will just try & pick it up on SM over time. That said missed more 55 again today  |
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webwiz
Posts: 1,133
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Post by webwiz on Sept 4, 2015 18:08:29 GMT
Am I alone in not liking this and preferring the previous version? Suppose I have £1000 available to invest. Before, I simply put £1000 in prefund. Now there are currently 6 prefunds. If I put £1000 into each and multiple ones come up before I notice I may commit to anything up to £6000. If I put £166 into each and one loan comes up I only get £166. If we are going to have separate prefunds for each loan there needs to be in addition a maximum total figure which will not be exceeded. The "previous version" would have committed you to £6000 too, as your £1000 would have applied to any loan that was launched, not just the first one. Really? I did not realise that, I thought the prefunding limit was a limit. If you are right then the new version is an improvement, but that leaves everyone with the same problem. We all, I suppose, have a limited amount of cash available.
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webwiz
Posts: 1,133
Likes: 210
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Post by webwiz on Sept 4, 2015 18:11:06 GMT
Am I alone in not liking this and preferring the previous version? Suppose I have £1000 available to invest. Before, I simply put £1000 in prefund. Now there are currently 6 prefunds. If I put £1000 into each and multiple ones come up before I notice I may commit to anything up to £6000. If I put £166 into each and one loan comes up I only get £166. If we are going to have separate prefunds for each loan there needs to be in addition a maximum total figure which will not be exceeded. If you have £1000 to invest, hedging your bets by prefunding 6 loans at £1000 each, but at the same time, wanting your total investment to be limited to £1000 seems to me a bit like betting on 6 numbers at a roulette table and if one comes up, asking the croupier to return your other 5 bets! OK, maybe not the best analogy but you get my drift. The difference is that I don't care which loan my cash goes into, just into the first one that comes along then if there is any left into the next one etc. But I do have a limited amount of cash available to invest - don't you?
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adrianc
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Post by adrianc on Sept 4, 2015 18:27:26 GMT
I thought the prefunding limit was a limit. Yep, it was. Per loan. So, umm, how did you think the limit applied? Per day (so across max three loans)? All-time total?
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star dust
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Post by star dust on Sept 4, 2015 18:41:23 GMT
Bit late to the party. Love it - Ab Fab savingstream But, just cause nothing's perfect (and I want more than 2 and a half pence worth) I just had a tiny wee suggestion that just maybe you could reduce the pre-funding limit on the smaller loans, I mean £250k on a £297.5k loan, isn't that underwriting  ? |
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webwiz
Posts: 1,133
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Post by webwiz on Sept 4, 2015 20:08:17 GMT
I thought the prefunding limit was a limit. Yep, it was. Per loan. So, umm, how did you think the limit applied? Per day (so across max three loans)? All-time total? I thought it was just like a "deposit" except that there was no immediate need to follow it up with a bank transfer. When it's used up it's used up, simples. That still seems more sensible to me as it gives lenders more control over how much we invest. Assuming you have no favourite (or hated) loan and prefund each the same amount you may commit to anything up to 6 times that amount, at the moment. This could be easily fixed by having a maximum total figure, being the amount you have available to invest.
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jonah
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Post by jonah on Sept 4, 2015 21:16:12 GMT
This, along with the update email, is definitely a great step forward.  |
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SteveT
Member of DD Central
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Post by SteveT on Sept 5, 2015 6:36:25 GMT
Bit late to the party. Love it - Ab Fab savingstream But, just cause nothing's perfect (and I want more than 2 and a half pence worth) I just had a tiny wee suggestion that just maybe you could reduce the pre-funding limit on the smaller loans, I mean £250k on a £297.5k loan, isn't that underwriting ? Agreed. An obvious tweak would be to cap the Pre-Funding options at 10% of the loan (so maximum £30k on a £297.5k loan) unless the loan is clearly larger than the total PF pot. Maybe lots of people will then choose the maximum on smaller loans but it would stop a handful of big-hitters selecting £250k and cleaning up. If your default PF level was higher then it could automatically select the highest available. That said, I'd still prefer that (for greatly-oversubscribed smaller loans) no-one be allocated more than X% of the total loan (1%? 2%?).
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Post by xyon100 on Sept 5, 2015 8:33:16 GMT
This, along with the update email, is definitely a great step forward. For the first time, I have the update email. Don't know who did what but it's good news for me.
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madpierre
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Post by madpierre on Sept 5, 2015 8:49:30 GMT
Perhaps the natural progression would be to introduce pre-funding for Secondary Market availability too, as I'm always too late to buy anything there I may not be entirely serious about this suggestion  |
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