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Post by Duane Dibley on Mar 4, 2014 21:01:00 GMT
I don't think you are. Maybe the fact that some other loans are on the platform & may seem more secure? I don't really know, I'm making a bad guess most likely. I've opted out myself for other reasons that are unrelated to the prospects of the business or the 'extra' security now offered, which would have certainly been tempting for me to put a decent bid in, funds permitting. Personally I won't be participating in any more auctions directly until AC pull their finger out over loans that have been through the auction process and are still waiting for drawdown weeks later. Instead I'll just be continuing to pick up loan pieces on the secondary market, where at least your funds starting earning straight away. It's a shame but I think AC are in danger of sacrificing a good business model in their haste to get more and more auctions on the table before existing ones have been completed.
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Post by bracknellboy on Mar 4, 2014 21:50:59 GMT
Personally I won't be participating in any more auctions directly until AC pull their finger out over loans that have been through the auction process and are still waiting for drawdown weeks later. .... It's a shame but I think AC are in danger of sacrificing a good business model in their haste to get more and more auctions on the table before existing ones have been completed. I don't see the connection you are drawing. In what way is the act of putting more auctions up for grabs related to/impacting on the time taken to drawdown completed ones ?
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Post by Duane Dibley on Mar 4, 2014 22:42:17 GMT
In what way is the act of putting more auctions up for grabs related to/impacting on the time taken to drawdown completed ones ? Good question. Maybe it would be best addressed to Assetz Capital themselves. How much effort they are directing at getting new auctions up for grabs and how much effort they are putting in to completing existing ones can really only be answered by them.
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j
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Post by j on Mar 4, 2014 22:43:52 GMT
I don't think you are. Maybe the fact that some other loans are on the platform & may seem more secure? I don't really know, I'm making a bad guess most likely. I've opted out myself for other reasons that are unrelated to the prospects of the business or the 'extra' security now offered, which would have certainly been tempting for me to put a decent bid in, funds permitting. Personally I won't be participating in any more auctions directly until AC pull their finger out over loans that have been through the auction process and are still waiting for drawdown weeks later. Instead I'll just be continuing to pick up loan pieces on the secondary market, where at least your funds starting earning straight away. It's a shame but I think AC are in danger of sacrificing a good business model in their haste to get more and more auctions on the table before existing ones have been completed. If your strategy is simply picking uo units on aftermarket to make Money immediately then, it's a valid & successful one, but you'll very likely miss out on small to mid size loans (say up to £250k) as these rarely come on the aftermarket & if they do then it will be for very small amounts. Each strategy has its own merits & the best one is a mixture of both. At the end of the day, ou pick what you feel suits you best, taking into account draw downs & other limitations into the decision making process
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andy2001
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Post by andy2001 on Mar 4, 2014 22:54:53 GMT
Personally I won't be participating in any more auctions directly until AC pull their finger out over loans that have been through the auction process and are still waiting for drawdown weeks later. Instead I'll just be continuing to pick up loan pieces on the secondary market, where at least your funds starting earning straight away. It's a shame but I think AC are in danger of sacrificing a good business model in their haste to get more and more auctions on the table before existing ones have been completed. If your strategy is simply picking uo units on aftermarket to make Money immediately then, it's a valid & successful one, but you'll very likely miss out on small to mid size loans (say up to £250k) as these rarely come on the aftermarket & if they do then it will be for very small amounts. Each strategy has its own merits & the best one is a mixture of both. At the end of the day, ou pick what you feel suits you best, taking into account draw downs & other limitations into the decision making process I made shadow bids on loan 74 with a 15% interest rate, and only had to wait a few days after funding the bids for the loan to drawdown. May be hard to pick up this one on the aftermarket.
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Post by yorkshireman on Mar 4, 2014 23:48:06 GMT
I don't think you are. Maybe the fact that some other loans are on the platform & may seem more secure? I don't really know, I'm making a bad guess most likely. I've opted out myself for other reasons that are unrelated to the prospects of the business or the 'extra' security now offered, which would have certainly been tempting for me to put a decent bid in, funds permitting. Personally I won't be participating in any more auctions directly until AC pull their finger out over loans that have been through the auction process and are still waiting for drawdown weeks later. Perhaps a little less talking and more effective action on drawdowns is needed as I suggested on another thread yesterday?
Just a thought.
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mikes1531
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Post by mikes1531 on Mar 5, 2014 2:03:34 GMT
There's a few days to go on this one but it's only 20% funded with a 14% pa return. Am I missing something here? I suspect there's a bit of a "once bitten, twice shy" effect here. The first time this loan was available -- admittedly with a bigger loan and a higher LTV -- it failed to fill. IIRC, it was extended a number of times, so bidders had money tied up earning nothing for a fair while before the loan eventually was cancelled and the borrower sent back to the drawing board. Anyone who went through that is going to be reluctant to put a bid in this time around until closer to the end date of the auction, and only then if the loan is a lot closer to being fully funded either by normal bids or underwriters. And even if a bidder was unaware of the history, what is the incentive to put a bid in until the auction is much closer to its ending time?
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andy2001
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Post by andy2001 on Mar 11, 2014 17:22:57 GMT
This now has some underwriting. Will still need more.
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j
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Penguins are very misunderstood!
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Post by j on Mar 11, 2014 22:02:54 GMT
This now has some underwriting. Will still need more. I've got a feeling this will get through the line with more underwriting. It might take a short extension to do so. Most likely, some underwriters in Ipswich & 'Ackney might be trying to free more funds by selling units on AM to pour into this one.
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pikestaff
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Post by pikestaff on Mar 12, 2014 11:40:01 GMT
I think the recent changes in the market mean lots of lenders are waiting either to the very end or to pick up in the aftermarket. That's what I'm doing, anyway.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 12, 2014 16:52:19 GMT
I think the recent changes in the market mean lots of lenders are waiting either to the very end or to pick up in the aftermarket. That's what I'm doing, anyway. There certainly seems to be a heavy drift towards after market buying particularly with the apparent increase in underwriting. However Andrew has already hinted at heavy changes to the whole process which are to be announced at the "Lenders Day" on 22nd. So perhaps this is the time to sit out and wait and see.
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duck
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Post by duck on Mar 12, 2014 18:09:20 GMT
I have mixed feelings about the debate on draw down times.
Yes it would be great if loans were drawn down within a couple of days of auction completion but in reality could that every happen every time?
Assetz is still a new business, do we want to see it succeed long term? Personally the answer has to be yes. Does it help the business if 'we' sit back and wait for underwriters to up front every loan just so 'we' can make interest from day one? How does it look to businesses looking for a loan (or to place one) seeing 'no interest' from us lenders? Is sitting back the best way of ensuring a steady stream of good loans? Are the underwriters happy to continue on this basis long term?
I have no doubt that Assetz are taking this issue very seriously due to the long term implications for the business.
Personally I'm prepared to take a bit of a hit for the long term good so will continue to bid up front, am I alone in this?
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spockie
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Post by spockie on Mar 12, 2014 18:31:59 GMT
No, you're not alone. I see this as something I want to invest in long term, and am willing to take a small hit whilst Assetz hones its systems. I'm still making far more than I was on another P2P platform.
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j
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Penguins are very misunderstood!
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Post by j on Mar 12, 2014 19:44:51 GMT
No, you're not alone. I see this as something I want to invest in long term, and am willing to take a small hit whilst Assetz hones its systems. I'm still making far more than I was on another P2P platform. One way is for AC to offer a certain percentage of what they offer as underwriters fees as cash back to normal members. That might encourage smaller members to invest earlier. I bid quite early on a number of loans in the past & got stung many times (last one was 'Ackney) by very long draw downs & a few non-uptakes by borrowers & refuse to commit more than a small amount on such loans until they become available on AM I fully share your sentiment & the ethical side of helping the platform but you've got to be realistic too!
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spockie
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Post by spockie on Mar 12, 2014 20:32:03 GMT
You have got to be realistic - you're right - and my patience whilst AC hone their systems won't extend indefinitely. However, I'm prepared to cut them a bit of slack for the time being, and it will be interesting to hear what the changes are that are being announced this Saturday. It does seem that all the new loans seem to have cashback built into them if drawdown extends, and they say new loans are further down the line towards drawdown before they go up on the site, so I hope we will see the difference over the next few weeks. I suppose we are all suffering from the last few loans that didn't have that mechanism built in that are still going through the system.
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