grahamg
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Post by grahamg on Feb 23, 2016 15:47:53 GMT
E******** C****** Ltd.
"Although we have had numerous applications for this amount and above we didn't feel it was the right time until now to launch a loan of this size on the auction. We look forward to many more deals like this in the future."
Well with the best will in the world this one seems to be predictably going nowhere. I never see more than 100 or so active bidders (Thats when LC don't accidentally knock half out with in house bids) and a couple of hundred loan parts on any loan and the sub 1K bids never exceed about 15-20K.
So thats 180K for the in house/underwriters to fill of which there now seem to be 4 or 5.
My disappointment continues. Despite a claimed 1700 registered lenders they are not lending so where are they?
A fundamental reform of the SM removing fees (which can't possibly bring in significant revenue) and allowing lenders to control rates would help as nothing is currently transparent.
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Post by GSV3MIaC on Feb 23, 2016 21:29:18 GMT
My issues are (at least) three-fold.
1) Too small interest rate step (0.05%) .. if I'm going to get knocked out I'd like the step to be significant (0.25% or more) .. or .. I'd like dynamic autobidding so I can bid 'down to' some floor level without having to manually rebid 99 times.
2) The SM .. buying or selling .. completely opaque (and, as mentioned, too expensive). Buying you never know what you're actually going to be offered, selling you have no idea how/when/why your part will get sold, vs the others out there.
3) The in house 'leap in at the last minute and knock people out' bidding is annoying too (would be less so if issue 1 was not there).
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adrianc
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Post by adrianc on Feb 23, 2016 23:06:34 GMT
3) The in house 'leap in at the last minute and knock people out' bidding is annoying too (would be less so if issue 1 was not there). Getting ever-more ridiculous. T**n**y - 13hrs to go, and just filled. Of the £50k requested, £30k is in three £10k bids, plus another £15.7k from five other bidders with a second bid from one of the £10k bidders. Yep, £45.7k of the £50k is from just eight bidders... And they're all at much lower rates than they could be. I am officially giving up, and just waiting for November and the anniversary of my money going in, so I can take it all out without risking losing the bonus. If the parts sell... Actually, I may not. I'm starting to wonder if lendingcrowd is a viable platform.
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Post by bonfemme on Feb 24, 2016 6:09:06 GMT
I too am very disappointed at how things have transpired. I had been very enthusiastic when discovering this platform and hopeful LC would step into the void left by FC when they fixed rates. The cost of wooing new investors last year will go straight down the pan unless things change very soon. We all know what those changes should be so why can't Lending Crowd see the bleeding obvious too.
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min
Member of DD Central
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Post by min on Feb 24, 2016 7:32:57 GMT
My issues are 3) The in house 'leap in at the last minute and knock people out' bidding is annoying too (would be less so if issue 1 was not there). Agreed on this one. It's tantamount to rate fixing. At least with FK they publish a reserve so you know in advance what final rate is likely to be. Does anyone know if a borrower has rejected an offer on LC? I expect the answer is no and that LC and borrower have agreed a reserve upfront but we're not being told. Agree with others that LC looked interesting but in practice has been a big disappointment. With regard to the coach company, they are local to me. Have been around for years but there is a lot of competition in the area.Will put in a small bid but won't go overboard (or low).
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adrianc
Member of DD Central
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Post by adrianc on Feb 24, 2016 8:22:51 GMT
Does anyone know if a borrower has rejected an offer on LC? They've accepted even when the full amount hasn't been pledged.
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Post by nanniema on Feb 24, 2016 9:33:11 GMT
E******** C****** Ltd. "Although we have had numerous applications for this amount and above we didn't feel it was the right time until now to launch a loan of this size on the auction. We look forward to many more deals like this in the future." Well with the best will in the world this one seems to be predictably going nowhere. I never see more than 100 or so active bidders (Thats when LC don't accidentally knock half out with in house bids) and a couple of hundred loan parts on any loan and the sub 1K bids never exceed about 15-20K. So thats 180K for the in house/underwriters to fill of which there now seem to be 4 or 5. My disappointment continues. Despite a claimed 1700 registered lenders they are not lending so where are they? A fundamental reform of the SM removing fees (which can't possibly bring in significant revenue) and allowing lenders to control rates would help as nothing is currently transparent.
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Post by nanniema on Feb 24, 2016 9:43:00 GMT
Could not agree more with all the previous posts.
I too am waiting for next September, and then probably the rest of my life to withdraw my cash.
As for the 200k loan, five years is a long time to wait without any guarantee of being able to use the SM to get out of the loan at a time to suit me.
As for the underwriting control I've already made my feelings clear in previous posts.
I too am very disappointed especially as initially I was singing the praises of LC at every opportunity, and now feel a right idiot.
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Post by lionelrichtea on Feb 24, 2016 14:10:40 GMT
What an absolute joke the T****y *** auction has been. Three quarters of all bids rejected thanks to LC's crack in house bidders taking most of the loan. I look forward to seeing it on the secondary market at some rubbish rate.
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min
Member of DD Central
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Post by min on Feb 24, 2016 20:56:26 GMT
What an absolute joke the T****y *** auction has been. Three quarters of all bids rejected thanks to LC's crack in house bidders taking most of the loan. I look forward to seeing it on the secondary market at some rubbish rate. You can look forward to it- I won't be buying.
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Post by lionelrichtea on Feb 26, 2016 13:48:22 GMT
64% of bids rejected on B****n L*****d and what looks to be around 70% of accepted bids coming from in house.
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Post by bonfemme on Feb 27, 2016 7:28:39 GMT
64% of bids rejected on B****n L*****d and what looks to be around 70% of accepted bids coming from in house. I expect many people feel as I do. I will not rebid out of principal when these tactics are deployed. At this rate, they'll be funding 100pc of all loans they list.
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sildenafil
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200K Loan
Feb 29, 2016 13:27:59 GMT
via mobile
Post by sildenafil on Feb 29, 2016 13:27:59 GMT
£116,300 went to the same bidder in the last five minutes of the auction to miraculously fully fund their "biggest loan ever". Strange how this person only bid 10-10.25% when they could have had 12.95%...
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Steerpike
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Post by Steerpike on Feb 29, 2016 13:34:27 GMT
Nothing wrong with underwriters, I think that only one small bid was knocked out by the 12:57 top up.
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micky
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Post by micky on Feb 29, 2016 20:13:27 GMT
That's not surprising though as this was their largest loan.
It would be interesting to know how many people loaned to this one after being pushed out by LC's underwriters in the previous two loans. I'm finding their working practices really tiresome.
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