adrianc
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Post by adrianc on Jan 12, 2016 13:01:53 GMT
Aw, wasn't that lovely? The P***n S******y loan that's closed - it was almost like the end of a good ol' Fashioned Competitive auction. A whole three lending points knocked off in the last couple of minutes, and having to rebid. I'd forgotten that "Will it or won't it?" feeling.
<happy sigh>
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alanp
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Post by alanp on Jan 12, 2016 13:48:41 GMT
I've only been on LC for a few weeks but this is the first one where my top rate bid has been outbid. A sign that the lender base is growing maybe?
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adrianc
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Post by adrianc on Jan 12, 2016 14:06:55 GMT
A sign that the lender base is growing maybe? Let's hope so. T*******i looks like it's going to overflow very soon, too. £1,320 needed and 3 days to go.
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SteveT
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Post by SteveT on Jan 12, 2016 14:40:51 GMT
It was mainly just because S*****r chucked in another £5k at 10.41 this morning (at 8%!), taking his stake up to 50% of the total loan (£25k of £50k) and knocking out all the top bids in the process. I don't call that a "good ol' Fashioned Competitive auction" !
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alanp
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Post by alanp on Jan 12, 2016 18:22:36 GMT
It was mainly just because S*****r chucked in another £5k at 10.41 this morning (at 8%!), taking his stake up to 50% of the total loan (£25k of £50k) and knocking out all the top bids in the process. I don't call that a "good ol' Fashioned Competitive auction" ! I wondered whether that might be the underlying cause and don't agree with it as an approach, all it does is penalise the wider investing community. Would it not be better if that type of top-up on the last day was delayed and added post the auction closing if there is still a shortfall?
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adrianc
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Post by adrianc on Jan 13, 2016 10:21:28 GMT
T*******i looks like it's going to overflow very soon, too. £1,320 needed and 3 days to go. And there it goes. But, of course, £18,500 of S******r in there at a quick glance - in a £35k loan.
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ablender
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Post by ablender on Jan 13, 2016 13:31:15 GMT
There were other similar problems with s********r in earlier loans.
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min
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Post by min on Jan 14, 2016 16:59:01 GMT
All 3 of my bids knocked out. I suspect that S*****r is getting the rate to one that LC know the borrower will accept.
This is the one aspect of LC that I don't like. FK are more transparent about it by publishing a reserve.
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grahamg
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Post by grahamg on Jan 14, 2016 17:17:24 GMT
All 3 of my bids knocked out. I suspect that S*****r is getting the rate to one that LC know the borrower will accept. This is the one aspect of LC that I don't like. FK are more transparent about it by publishing a reserve. A new player p*****a joined in with 11000 at 10.05% result over 100 ordinary bids got knocked out about £9000, everything over 10.25%. Bids over £1000 = £31820 . You will need to go 10% to stay in
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min
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Post by min on Jan 14, 2016 19:07:23 GMT
All 3 of my bids knocked out. I suspect that S*****r is getting the rate to one that LC know the borrower will accept. This is the one aspect of LC that I don't like. FK are more transparent about it by publishing a reserve. A new player p*****a joined in with 11000 at 10.05% result over 100 ordinary bids got knocked out about £9000, everything over 10.25%. Bids over £1000 = £31820 . You will need to go 10% to stay in I have put in 2 x £20 x 10% bids. Had 3 x £20 bids knocked out. I know that LC say that they don't bid but think they're being a little economical with the truth. (Please don'r sue me LC)
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grahamg
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Post by grahamg on Jan 14, 2016 20:42:35 GMT
A new player p*****a joined in with 11000 at 10.05% result over 100 ordinary bids got knocked out about £9000, everything over 10.25%. Bids over £1000 = £31820 . You will need to go 10% to stay in I have put in 2 x £20 x 10% bids. Had 3 x £20 bids knocked out. I know that LC say that they don't bid but think they're being a little economical with the truth. (Please don'r sue me LC) The rate was carefully chosen to knock out just the required funds at max rate
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min
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Post by min on Jan 14, 2016 22:34:10 GMT
I have put in 2 x £20 x 10% bids. Had 3 x £20 bids knocked out. I know that LC say that they don't bid but think they're being a little economical with the truth. (Please don'r sue me LC) The rate was carefully chosen to knock out just the required funds at max rate Exactly. I think the term is rate fixing.
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kaya
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Post by kaya on Jan 23, 2016 12:44:39 GMT
Can anyone confirm with certainty that a late large bid actually knocked out all top bids, or did it just fill the loan at that time? It is surely nonsensical to suggest that the loan amount be completed after the end of the auction (when a bid has no validity), but if loans are being 'over-filled' by the saviour of LC, then personally I'll not be joining in the scrum of re-bidding. All leaves me quite cold really, not fuzzily warm at all!  |
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SteveT
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Post by SteveT on Jan 23, 2016 16:17:40 GMT
Can anyone confirm with certainty that a late large bid actually knocked out all top bids, or did it just fill the loan at that time? It is surely nonsensical to suggest that the loan amount be completed after the end of the auction (when a bid has no validity), but if loans are being 'over-filled' by the saviour of LC, then personally I'll not be joining in the scrum of re-bidding. All leaves me quite cold really, not fuzzily warm at all! If you're referring to the P***n S******y auction, my bids were knocked out at the same time that S******r's last £5k went in at 8%. I wasn't watching the auction so can't say whether the loan had still to fill but I'm pretty sure his £5k knocked out the top bids. That was the day I gave up on LC.
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kaya
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Post by kaya on Jan 23, 2016 16:40:18 GMT
I missed the completion of the auctions that ended aroung this time, and cannot even remember who that borrower is, though my bids were knocked out. In another auction around this time my top bids were left in, so nothing similar happened there. The auctions closing next week will be watched closely! If the saviour of LC simply filled the loan the day before the end, and left the rest of us to fight it out, that would be quite acceptable, but if all the top bids get knocked off by a large undercut, that will be a knockout for me!
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