mikes1531
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Post by mikes1531 on Dec 7, 2015 14:39:03 GMT
Adding insult to injury... Having failed to get a bid into today's boat loan opportunity, I requested a withdrawal so that I can put the money I had set aside for that to work elsewhere. No sooner than I had submitted my request, I found out that my account had been credited with the proceeds from the early repayment of Loan #1232112995. So FS lenders now have a further £300k unemployed. With no upcoming loan announcements other than the renewal in half an hour that I'm already in, I guess I need to submit another withdrawal request.  |
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hendragon
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Post by hendragon on Dec 7, 2015 15:04:32 GMT
as long as FS keep the ability to sell at a premium in the SM I really can't see this getting any better for the small investors.
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mikes1531
Member of DD Central
Posts: 6,452
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Post by mikes1531 on Dec 7, 2015 16:32:10 GMT
as long as FS keep the ability to sell at a premium in the SM I really can't see this getting any better for the small investors. Unless fundingsecure make some adjustments to their model -- limits on investments and no premiums on the SM -- it looks like they are becoming a magnet for deep-pocketed flippers, turning their back on those of us who helped them get to where they are today. Oh, well. It was good while it lasted. I guess it's time to take a closer look at other platforms.
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hendragon
Member of DD Central
Posts: 631
Likes: 619
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Post by hendragon on Dec 7, 2015 16:38:28 GMT
as long as FS keep the ability to sell at a premium in the SM I really can't see this getting any better for the small investors. Unless fundingsecure make some adjustments to their model -- limits on investments and no premiums on the SM -- it looks like they are becoming a magnet for deep-pocketed flippers, turning their back on those of us who helped them get to where they are today. Oh, well. It was good while it lasted. I guess it's time to take a closer look at other platforms. There does seem to be a point in the life of some platforms, perhaps related to how much they have grown, where the original and smaller investors get elbowed out of the way by those with larger and deeper pockets. I hope FS has not arrived at this point. To my mind AC and FC in particular are already there.
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Post by mrclondon on Dec 7, 2015 17:03:45 GMT
as long as FS keep the ability to sell at a premium in the SM I really can't see this getting any better for the small investors. Unless fundingsecure make some adjustments to their model -- limits on investments and no premiums on the SM -- it looks like they are becoming a magnet for deep-pocketed flippers, turning their back on those of us who helped them get to where they are today. Oh, well. It was good while it lasted. I guess it's time to take a closer look at other platforms. As I've previously noted I intend to sell all my loans as they approach the 5 month mark. Being locked out of the primarary market by the scrum of flippers (I have a very slow broadband connection) means I'm unlikely to be participating in many new loans on FS going forwards. Like you I was one of FS founder investors (I came on board on their 3rd loan IIRC) and have maintained a sizable 5 figure balance since then. Fortunately I can deploy that capital on other platforms for a similiar return so I just hope fundingsecure have fully thought through the strategy of replacing loyal lenders such as us with flippers and the niave mugs that buy off them. There is no guarantee FS will get our money back when they eventually decide flippers are damaging their business.
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hendragon
Member of DD Central
Posts: 631
Likes: 619
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Post by hendragon on Dec 8, 2015 12:48:46 GMT
Unless fundingsecure make some adjustments to their model -- limits on investments and no premiums on the SM -- it looks like they are becoming a magnet for deep-pocketed flippers, turning their back on those of us who helped them get to where they are today. Oh, well. It was good while it lasted. I guess it's time to take a closer look at other platforms. As I've previously noted I intend to sell all my loans as they approach the 5 month mark. Being locked out of the primarary market by the scrum of flippers (I have a very slow broadband connection) means I'm unlikely to be participating in many new loans on FS going forwards. Like you I was one of FS founder investors (I came on board on their 3rd loan IIRC) and have maintained a sizable 5 figure balance since then. Fortunately I can deploy that capital on other platforms for a similiar return so I just hope fundingsecure have fully thought through the strategy of replacing loyal lenders such as us with flippers and the niave mugs that buy off them. There is no guarantee FS will get our money back when they eventually decide flippers are damaging their business. This is probably an unintended consequence of the introduction of the SM. Given the way FS have behaved in the past imho they will be unwilling to let this continue. It might be better to reserve judgement until FS have had time for thought, and hopefully, action.
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mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
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Post by mikes1531 on Dec 8, 2015 21:05:27 GMT
As I've previously noted I intend to sell all my loans as they approach the 5 month mark. Being locked out of the primarary market by the scrum of flippers (I have a very slow broadband connection) means I'm unlikely to be participating in many new loans on FS going forwards. Like you I was one of FS founder investors (I came on board on their 3rd loan IIRC) and have maintained a sizable 5 figure balance since then. Fortunately I can deploy that capital on other platforms for a similiar return so I just hope fundingsecure have fully thought through the strategy of replacing loyal lenders such as us with flippers and the niave mugs that buy off them. There is no guarantee FS will get our money back when they eventually decide flippers are damaging their business. This is probably an unintended consequence of the introduction of the SM. Given the way FS have behaved in the past imho they will be unwilling to let this continue. It might be better to reserve judgement until FS have had time for thought, and hopefully, action. I expect it is the result of the new SM. And I sincerely hope that fundingsecure fix the issue of flipping by removing the opportunity to sell parts at a premium. And do so sooner rather than later, before their reputation as a platform that's attractive for investors is ruined.
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