james
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Post by james on Sept 30, 2015 19:10:11 GMT
See Secondary market simple instructions for help with selling your loans or buying more. I've saved the original content of this post which is significantly less comprehensive than the new one I've linked to. If this ever ends up back where it started I'll put that back into its original context.
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Post by Deleted on Nov 4, 2015 14:16:53 GMT
Thank you James.
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Post by cpaken on Jan 29, 2016 12:51:38 GMT
How can I modify or cancel an offer that's live in the secondary market?
If I sell the loan at 100%, would I get the full amount back or is there a sales fee? What happens to the interest that accumulated for that month if it's sold before the payment date?
Thanks Ken
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Post by ablrateandy on Jan 29, 2016 14:07:43 GMT
Hi. If you go to your Dashboard - Active Bids and Offers on the left is a tab to see existing bids and offers.
You continue earning interest until sold and the buyer pays you all due interest.
There is no sales fee.
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Steerpike
Member of DD Central
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Post by Steerpike on Feb 9, 2016 16:33:02 GMT
I see 3 paused loans, I expected to see explanatory comments in the Admin notes or Comments section but it seems that there are none, am I missing something?
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mikeh
Member of DD Central
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Post by mikeh on Feb 9, 2016 16:43:00 GMT
There is a software problem processing amortising loans on the SM.
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james
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Post by james on Feb 9, 2016 16:43:27 GMT
Not missing anything in the notes but they are paused because they are amortising and there's a glitch in the secondary market for amortising loans that can lead to confusion. While the XIRR shown to buyers and sellers is right, as is the amount of money paid and received, the displayed markups/discounts and apportionment between accrued interest and capital at sale time are not. Ablrate sent an email about the pausing of amortising loans a few weeks back.
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Post by ablrate on Feb 9, 2016 16:50:14 GMT
Hi
There is a note in the S*** one and I have just added a note to the crates one (the other crates one no longer trades as it was moved over)
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Steerpike
Member of DD Central
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Post by Steerpike on Feb 9, 2016 16:59:11 GMT
Not missing anything in the notes but they are paused because they are amortising and there's a glitch in the secondary market for amortising loans that can lead to confusion. While the XIRR shown to buyers and sellers is right, as is the amount of money paid and received, the displayed markups/discounts and apportionment between accrued interest and capital at sale time are not. Ablrate sent an email about the pausing of amortising loans a few weeks back. Ah yes, thank you, I remember now, I think that this issue cropped up quite a while ago and I must have assumed that it was fixed.
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webwiz
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Post by webwiz on Feb 20, 2016 21:57:49 GMT
How does the yield calculation work? If I create a bid at 100% it calculates the yield at more than the rate of interest.
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Post by ablrateandy on Feb 20, 2016 22:42:56 GMT
The rate of interest as the headline that is shown is the nominal rate, but the AER shown on the bid is an AER.
ie. if you have a 12% loan paying monthly then that is actually a 12.683% AER because every payment that you receive can be re-invested. When you are investing anywhere, always look at the AER... because a 12% yield paid monthly for example is a much better yield than a 12% yield with only one annual payment.
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webwiz
Posts: 1,133
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Post by webwiz on Feb 21, 2016 8:06:13 GMT
Thanks. Is there any reason why you don't quote the AER on new loans?
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Post by ablrateandy on Feb 21, 2016 9:02:49 GMT
Nope. I sometimes do but not all of the time. I'll start putting it on the termsheet regularly.
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SteveT
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Post by SteveT on Apr 6, 2016 18:25:45 GMT
ablrateandy I'm possibly being a bit slow this evening, but the SM for the SE*B amortizing loan shows the best Offer at 99% (12.499% AER) and the best Bid at 100% (11.571% AER). Why hasn't the (much smaller) Bid been satisfied from the Offer (or from the 2 Offers at 100% for that matter)? [Unless all were posted by the same lender, but that would seem strange!]
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jfm
Member of DD Central
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Post by jfm on Apr 6, 2016 19:33:49 GMT
I'm possibly being a bit slow this evening, but the SM for the SE*B amortizing loan shows the best Offer at 99% (12.499% AER) and the best Bid at 100% (11.571% AER). Why hasn't the (much smaller) Bid been satisfied from the Offer (or from the 2 Offers at 100% for that matter)? [Unless all were posted by the same lender, but that would seem strange!] Thanks for the tip SteveT ! I've sorted that - bought at 99 and sold to the other one at 100 3 satisfied parties, especially me
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