adrianc
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Post by adrianc on Mar 12, 2016 10:38:32 GMT
I would really like to find an SME-lending platform that I can trust.
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SteveT
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Post by SteveT on Mar 12, 2016 11:35:04 GMT
I would really like to find an SME-lending platform that I can trust. Are you lending on AC? A good flow of SME loans coming through these days but, crucially, with asset backing and not just PGs. Existing loans can be accumulated steadily via the shrapnelator too with pretty much zero effort.
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adrianc
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Post by adrianc on Mar 12, 2016 11:38:42 GMT
I would really like to find an SME-lending platform that I can trust. Are you lending on AC? No, I'm not. I'm not quite sure why I've never really considered AC - perhaps one reason is that their forum here is closed, so I can't get a feel for them before signing up. Is there a referral bonus system? If so, anybody fancy sending me a PM?
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SteveT
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Post by SteveT on Mar 12, 2016 12:48:57 GMT
No, I'm not. I'm not quite sure why I've never really considered AC - perhaps one reason is that their forum here is closed, so I can't get a feel for them before signing up. Is there a referral bonus system? If so, anybody fancy sending me a PM? Not aware of a referral bonus on AC, and can't see anything obvious on the platform. There's relatively little conversation conducted on the AC private board unless a specific loan hits problems, so the public board probably gives you 80-90% of dialogue in recent months.
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SteveT
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Post by SteveT on Mar 12, 2016 12:58:10 GMT
adrianc, suggest start the AC experience by browsing this (pinned) thread, especially the "How it works" summary: p2pindependentforum.com/post/43867/threadAC is probably one of the lowest-effort platforms to use once you understand how it all works, but it can look complicated initially. Hey, chris, what do we get for snagging you another one? 
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ilmoro
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Post by ilmoro on Mar 12, 2016 13:04:18 GMT
No, I'm not. I'm not quite sure why I've never really considered AC - perhaps one reason is that their forum here is closed, so I can't get a feel for them before signing up. Is there a referral bonus system? If so, anybody fancy sending me a PM? Not aware of a referral bonus on AC, and can't see anything obvious on the platform. There's relatively little conversation conducted on the AC private board unless a specific loan hits problems, so the public board probably gives you 80-90% of dialogue in recent months. There isnt a referral scheme. Its been raised a few times and something was rumoured to have been discussed by the board but nothing has ever materialised. Might be something they have to revisit if their loan flow continues its recent growth trend but then they also have significant institutional funding that potentially can pick up any slack if required. Given how 'reserved' AC are in terms of compliance I wonder if they have concerns that a referral scheme would attract less 'sophisticated' customers. Maybe when IFISA actually launch referral schemes will become more prominent and an important tool in attracting the increased retail business in an enhanced competitive environment.
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registerme
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Post by registerme on Mar 12, 2016 13:10:13 GMT
adrianc , suggest start the AC experience by browsing this (pinned) thread, especially the "How it works" summary: p2pindependentforum.com/post/43867/threadAC is probably one of the lowest-effort platforms to use once you understand how it all works, but it can look complicated initially. Hey, chris , what do we get for snagging you another one? Agreed. I really like it now that I have got my head around it.
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Post by chris on Mar 12, 2016 13:25:51 GMT
adrianc , suggest start the AC experience by browsing this (pinned) thread, especially the "How it works" summary: p2pindependentforum.com/post/43867/threadAC is probably one of the lowest-effort platforms to use once you understand how it all works, but it can look complicated initially. Hey, chris , what do we get for snagging you another one? Heh. There's no scheme in place at the moment but the board has just approved a marketing team project to devise one for the board to approve down the road. Probably another month or two and something will be in place. How about I do something instead - what one feature would lenders like me to prioritise to make the platform better for them? It would have to be something implementable within a reasonable time frame (i.e. less than 1 man week); it would have to have little to no on going cost (so no large banking fees or anything like that); and it should not require board level approval (no changes to our terms and conditions, etc.). I know there are a handful of requested features that are still on our to do lists around improving MLIA functions, and those are on my to do list to be completed within the next two months, but I'll get one member of our team to drop everything either next week or the week after to implement a user nominated feature. Don't mind how you decide which feature but SteveT I am putting you in change of choosing and your final decision, subject to my approval that it meets the above criteria, is what will stand.
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registerme
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Post by registerme on Mar 12, 2016 14:21:33 GMT
Beer?
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SteveT
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Post by SteveT on Mar 12, 2016 14:56:10 GMT
How about I do something instead - what one feature would lenders like me to prioritise to make the platform better for them? It would have to be something implementable within a reasonable time frame (i.e. less than 1 man week); it would have to have little to no on going cost (so no large banking fees or anything like that); and it should not require board level approval (no changes to our terms and conditions, etc.). I know there are a handful of requested features that are still on our to do lists around improving MLIA functions, and those are on my to do list to be completed within the next two months, but I'll get one member of our team to drop everything either next week or the week after to implement a user nominated feature. Don't mind how you decide which feature but SteveT I am putting you in change of choosing and your final decision, subject to my approval that it meets the above criteria, is what will stand. Nice idea. This one gets my vote: p2pindependentforum.com/post/96834/thread(If your man has any of his 1 week left, my next would be the old chestnut of setting a "target holding" for loans, ie. automatic top-up orders whenever capital is repaid)
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Post by Butch Cassidy on Mar 12, 2016 15:49:49 GMT
adrianc , suggest start the AC experience by browsing this (pinned) thread, especially the "How it works" summary: p2pindependentforum.com/post/43867/threadAC is probably one of the lowest-effort platforms to use once you understand how it all works, but it can look complicated initially. Hey, chris , what do we get for snagging you another one? Heh. There's no scheme in place at the moment but the board has just approved a marketing team project to devise one for the board to approve down the road. Probably another month or two and something will be in place. How about I do something instead - what one feature would lenders like me to prioritise to make the platform better for them? It would have to be something implementable within a reasonable time frame (i.e. less than 1 man week); it would have to have little to no on going cost (so no large banking fees or anything like that); and it should not require board level approval (no changes to our terms and conditions, etc.). I know there are a handful of requested features that are still on our to do lists around improving MLIA functions, and those are on my to do list to be completed within the next two months, but I'll get one member of our team to drop everything either next week or the week after to implement a user nominated feature. Don't mind how you decide which feature but SteveT I am putting you in change of choosing and your final decision, subject to my approval that it meets the above criteria, is what will stand. EASY: 1.Stop prolonged loan suspensions - Destroys liquidity & investor confidence, you have the most sophisticated trading system known to mankind but at the first sign of trouble immediately prevent investors from using it.
& 2. speed up decision making/implementation - I know of very few organisation that take so long over everything that they do, from loan sourcing/drawdowns, recovery, voting all aspects are mired in delays - I suspect the over cautious compliance based approach shoulders much of the blame but to be a winner in the P2P marketplace over the next few years will require innovation, decisive & competent platform procedures.
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SteveT
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Post by SteveT on Mar 12, 2016 15:53:34 GMT
EASY: 1.Stop prolonged loan suspensions - Destroys liquidity & investor confidence, you have the most sophisticated trading system known to mankind but at the first sign of trouble immediately prevent investors from using it.
& 2. speed up decision making/implementation - I know of very few organisation that take so long over everything that they do, from loan sourcing/drawdowns, recovery, voting all aspects are mired in delays - I suspect the over cautious compliance based approach shoulders much of the blame but to be a winner in the P2P marketplace over the next few years will require innovation, decisive & competent platform procedures.
Neither of those are things Chris's team are going to be able to fix with some clever coding!
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Post by chris on Mar 12, 2016 16:12:19 GMT
EASY: 1.Stop prolonged loan suspensions - Destroys liquidity & investor confidence, you have the most sophisticated trading system known to mankind but at the first sign of trouble immediately prevent investors from using it.
& 2. speed up decision making/implementation - I know of very few organisation that take so long over everything that they do, from loan sourcing/drawdowns, recovery, voting all aspects are mired in delays - I suspect the over cautious compliance based approach shoulders much of the blame but to be a winner in the P2P marketplace over the next few years will require innovation, decisive & competent platform procedures.
Neither of those are things Chris's team are going to be able to fix with some clever coding! Yup. But in the interests of furthering the discussion. 1. Is being discussed and will be addressed anyway. At the moment we're steering towards having a separate market listing for distressed loans so that lenders have to explicitly go looking for them, and that once that's set up we'll allow trading in them at a discount. That's not yet finalised nor signed off by the board but is currently my own favourite approach out of those suggested. 2. To be a winner in the P2P marketplace over the next few years you also need to not be shut down by the FCA or sued out of existence by a disgruntled lender or two who end up having a legitimate claim that you acted improperly and lost them money as a result. We may not be perfect, and the level of transparency we provide tends to allow lenders to see the mistakes we make instead of them being hushed up or swept under a rug, but we are cautious and calculated in our strategy for a reason. As the direction the FCA are going to take becomes more clear it's possible we'll be able to be a little less cautious. Don't forget much of we are doing is for the right reasons. Recovery is slow for a reason, if we don't follow correct procedures and processes then courts can ultimatley side with borrowers and lender capital is lost. Lender votes were introduced to avoid us being termed a collective investment scheme and shut down. HMRC have since clarified that P2P will be specifically exempted from being a CIS which technically means we could scrap votes altogether, but that then leaves us open to other legal challenges from lenders. P2P is carving new territory and much of the rules and regulations are being written and adapted as we go. There isn't one clear cut way of doing things, and whilst we're amongst the least cavalier of the platforms when it comes to rules and regulation that hasn't stopped us being one of the most innovative across the rest of the business. Long may that continue!
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Post by loanstar on Mar 12, 2016 16:30:00 GMT
Looking at AC it would seem investors are happy with 6.5% for BTL with LTV of approx 50% and between 9% to 13% for bridging loans with a LtV of just over 70%.
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mikeb
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Post by mikeb on Mar 12, 2016 18:12:40 GMT
Let me optimize that for you  I reject 100% of A/A+ loans now. I did so from the moment that fixed-rate-below-my-minimum bidding was introduced. I continue to hold the A/A+ from before "the great change" as we will not see their like again. Recycling into B-C-D's only, as and when they appear.
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I reject 100% of A/A+ loans now. I did so from the moment that fixed-rate-below-my-minimum bidding was introduced.