mikeb
Posts: 1,072 
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Post by mikeb on Sept 28, 2015 18:56:40 GMT
Yep. Unless Faster Completions list new loans at 18:00 anyone logging in when just home from work will only ever see this - Dunno about 18:00, it looked like various shades of that all through the day. Tried to bid once, got a Gateway 504. Meh.
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grahamg
Member of DD Central
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Post by grahamg on Sept 28, 2015 18:58:14 GMT
I guess we'll see what happens tomorrow when people are back at work - they may fill up more quickly. It's possible they'll need 2% cashback for £200k+ loans. Even if they do, question is how much of it you'll have to hand to the next buyer to be shot of it within 6 months....? Still being filled by autobid at 53%, no sign of human activity
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Post by GSV3MIaC on Sept 28, 2015 19:09:56 GMT
Bot's neither. 8>.
Biddy she say 'Suspect future unload may prove difficult; sit on hands and see'. 8>.
Roughly interpreted as 'give back the 0.75% over 5 years amortising, raise the buyer rate a lousy 0.3% or so .. which still then compares very unfavourably with what is currently out there on the SM from olden times'.
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arbster
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Post by arbster on Sept 28, 2015 19:20:14 GMT
Still being filled by autobid at 53%, no sign of human activity Definitely some humans, but not the usual suspects for cashback loans.
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sl75
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Post by sl75 on Sept 28, 2015 19:24:52 GMT
OK, so, as predicted, their solution to filling the larger loans is to throw (small amounts of!) cashback at them. So far with no impact, since the last three loans are all at 29% regardless of the CB offering (so presumably all levelised by autobodge). Anyone found the terms and conditions for that cashback? www.fundingcircle.com/offers only mentions the T&Cs for cashback on property loans, and various expired cashback offers...
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SteveT
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Post by SteveT on Sept 28, 2015 19:28:57 GMT
OK, so, as predicted, their solution to filling the larger loans is to throw (small amounts of!) cashback at them. So far with no impact, since the last three loans are all at 29% regardless of the CB offering (so presumably all levelised by autobodge). Anyone found the terms and conditions for that cashback? www.fundingcircle.com/offers only mentions the T&Cs for cashback on property loans, and various expired cashback offers... It was probably only decided on over ping-pong late this afternoon (they must REALLY want these first few to fly!)
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grahamg
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Post by grahamg on Sept 28, 2015 20:55:14 GMT
At rest sort of. 16118 just needs another 3100 odd punters @£20 to fill ,500+ per day
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mikeh
Member of DD Central
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Post by mikeh on Sept 28, 2015 21:13:18 GMT
Meanwhile 15978 a 260K A+ auction fills up at 8.3%!
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SteveT
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Post by SteveT on Sept 28, 2015 21:46:21 GMT
With manual bidders clearly underwhelmed, I think it won't be long before Autobid is given access to 90 / 95 / 100% of loans.
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Post by GSV3MIaC on Sept 28, 2015 23:13:27 GMT
That'll only work for small loans. Not enough autobiddies to fill 250k.
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SteveT
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Post by SteveT on Sept 29, 2015 6:59:41 GMT
That'll only work for small loans. Not enough autobiddies to fill 250k. True, but adding CB to £150k loans to help them crawl from 65% to 100% seems generous. That said, they probably won't bother next time as the B has already closed and the A will be there by lunchtime (<18 hours). £250k+ is another challenge altogether...
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arbster
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Post by arbster on Sept 29, 2015 7:03:48 GMT
That'll only work for small loans. Not enough autobiddies to fill 250k. True, but adding CB to £150k loans to help them crawl from 65% to 100% seems generous. That said, they probably won't bother next time as the B has already closed and the A will be there by lunchtime (<18 hours). £250k+ is another challenge altogether... Looking at the investor names, there are a lot of people making multiple bids on both, presumably with the intention of flipping onto the SM. As such, similar loans without cashback probably won't fill nearly as quickly. Of course, if the flippers struggle to move those parts on the SM without giving back most of the cashback then even loans with cashback might fill a lot slower until the marketing department adds a few thousand more investors.
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fasty
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Post by fasty on Sept 29, 2015 7:53:53 GMT
Cashback associated with non-property loans is making me reconsider my buying strategy: I always used to focus on larger loans because they tended to attract higher rates. If they now need cashback to fill, and that attracts flippers, then I fear that they could become almost unsalable on the SM. Cashback is all very nice, but over a 5 year loan it's not that big a deal, and potential saleability is probably more important to me.
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adrianc
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Post by adrianc on Sept 29, 2015 8:07:19 GMT
Cashback is all very nice, but over a 5 year loan it's not that big a deal Indeed. 2% CB is great on a ~12mo loan, but on a 60mo loan, it's <0.4% annually. Less than a penny per year on a £20 part.
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Post by accumul8 on Sept 29, 2015 9:08:42 GMT
Cashback is all very nice, but over a 5 year loan it's not that big a deal Indeed. 2% CB is great on a ~12mo loan, but on a 60mo loan, it's <0.4% annually. Less than a penny per year on a £20 part. I think it is a tad more than 0.4% if you factor in that (a) CB is tax free and (b) a 5 year loan is amortising monthly so in simplistic terms it is 'on average' outstanding for 30 months. I'm sure that someone on the forum with a good grasp of Excel IRR could give a more accurate value to a couple of decimal places.
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