oldgrumpy
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Post by oldgrumpy on Mar 27, 2014 23:51:43 GMT
Despite all this nonsense I got my bit  !! |
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mikes1531
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Post by mikes1531 on Mar 28, 2014 4:15:33 GMT
still, it appears to be filling with unbridled enthusiasm. Yea and neigh. For a small loan it really is taking its time. The £1500/lender limit for the first 24 hours turned out to be unnecessary. And even after that limit was lifted, it's still -- as I write this -- less than half funded. Perhaps it's just a case of investors using their currently available funds to top up their ISAs before 6/Apr. If not, then AC may be finding that their lenders aren't as deep-pocketed as they hoped.
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Post by oldnick on Mar 28, 2014 6:59:41 GMT
still, it appears to be filling with unbridled enthusiasm. Yea and neigh. For a small loan it really is taking its time. The £1500/lender limit for the first 24 hours turned out to be unnecessary. And even after that limit was lifted, it's still -- as I write this -- less than half funded. Perhaps it's just a case of investors using their currently available funds to top up their ISAs before 6/Apr. If not, then AC may be finding that their lenders aren't as deep-pocketed as they hoped. I also detect a tendency for lenders to be suspicious of sole traders in general: for example; the Aberystwyth restuaranteur and the London dentist. The chances of debt recovery becoming necessary must increase if continuing loan repayment depends upon one person's skills. There is also a tedency for the nature of some businesses to attract humerous (?) comments in posts to the forum: this loan and that of the dentist have suffered this way. How much that deters lenders from taking the proposition seriously is hard to tell. Aberystwyth didn't suffer from Basil Faulty jokes but still needed a second run at it, albeit with a better proposal second time around. Anyway there are still twelve days left and some people may still be wary of making prebids that might need withdrawing at the last minute. And then there's the underwriters...
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pikestaff
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Post by pikestaff on Mar 28, 2014 7:13:31 GMT
I think people may have been wary of the individuals' credit history, but there is now a good explanation of this in the Q&A - and it's reflected in the rate. I'm in.
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Post by batchoy on Mar 28, 2014 8:31:07 GMT
The issue for me is not that it is a sole trader but that it is a new business which looked over ambitious from the credit report, and there there was the issue of the credit records. These issues have been clarified in the Q&A and thus I am happier and I am in for a small amount.
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Post by bracknellboy on Mar 28, 2014 10:00:53 GMT
There is also a tedency for the nature of some businesses to attract humerous (?) comments in posts to the forum: this loan and that of the dentist have suffered this way. How much that deters lenders from taking the proposition seriously is hard to tell. I doubt it impacts negatively, unless the comments are specifically aimed at the credibility of the application. If anything, it could make lenders slightly more favorably disposed, and certainly must help to stirrup interest in it. I actually dismissed it to start with, but the stream of comments made me go back and take another look: I decided I might have had the blinkers on first time round.
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oldgrumpy
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Post by oldgrumpy on Mar 28, 2014 10:33:00 GMT
"....and certainly must help to stirrup interest in it."
Ooooohh dear, oh dear, oh dear!!!!!!
PS! Good one, Brackers! 
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kmac
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Post by kmac on Mar 28, 2014 11:23:38 GMT
But can a stirrup be mentioned? It is made of metal!
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Post by oldnick on Mar 28, 2014 11:25:29 GMT
There is also a tedency for the nature of some businesses to attract humerous (?) comments in posts to the forum: this loan and that of the dentist have suffered this way. How much that deters lenders from taking the proposition seriously is hard to tell. I doubt it impacts negatively, unless the comments are specifically aimed at the credibility of the application. If anything, it could make lenders slightly more favorably disposed, and certainly must help to stirrup interest in it. I actually dismissed it to start with, but the stream of comments made me go back and take another look: I decided I might have had the blinkers on first time round. In that case I'll snaffle a few more to spur more horse-play. Perhaps a straw pole to pick from the crop the favourite puns, and who needs nagging to do better?
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Post by bracknellboy on Mar 28, 2014 11:36:34 GMT
In that case I'll snaffle a few more to spur more horse-play. Perhaps a straw pole to pick from the crop the favourite puns, and who needs nagging to do better? Well lets just hope it all ends well and lenders don't end up saddled with a bad debt.
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Post by oldnick on Mar 28, 2014 11:41:13 GMT
In that case I'll snaffle a few more to spur more horse-play. Perhaps a straw pole to pick from the crop the favourite puns, and who needs nagging to do better? Well lets just hope it all ends well and lenders don't end up saddled with a bad debt. Well as long as the borrower sticks to the repayments like glue the loan shouldn't end up in the knackers yard.
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mikes1531
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Post by mikes1531 on Mar 28, 2014 13:17:48 GMT
The issue for me is not that it is a sole trader but that it is a new business which looked over ambitious from the credit report... I thought the business plan looked a bit optimistic, but I decided that since the value of the property exceeded the amount of the loan by a good margin the business plan didn't matter so much. While I'd hope that the borrower was successful, if the business failed it would be the borrower that would be the big loser because of the amount of their own money they were putting into the business, and AC should be able to get back all that they/we are owed. Am I being naively overoptimistic?
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Post by oldnick on Mar 28, 2014 14:11:47 GMT
The issue for me is not that it is a sole trader but that it is a new business which looked over ambitious from the credit report... I thought the business plan looked a bit optimistic, but I decided that since the value of the property exceeded the amount of the loan by a good margin the business plan didn't matter so much. While I'd hope that the borrower was successful, if the business failed it would be the borrower that would be the big loser because of the amount of their own money they were putting into the business, and AC should be able to get back all that they/we are owed. Am I being naively overoptimistic? More like realistically overpessimistic - which does not harm. Life often turns out better than we fear.
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j
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Post by j on Mar 29, 2014 19:52:46 GMT
A bid o £25k just went in  Now @ 75% |
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Post by jevans4949 on Mar 30, 2014 2:16:58 GMT
There is also a tedency for the nature of some businesses to attract humerous (?) comments in posts to the forum: this loan and that of the dentist have suffered this way. How much that deters lenders from taking the proposition seriously is hard to tell. Aberystwyth didn't suffer from Basil Faulty jokes but still needed a second run at it, albeit with a better proposal second time around. As the person who started this ... If any offence has been caused, or bidding has been affected negatively, then I apologise. However, I cannot see that any of the potential borrowers have been personally insulted by any comment. Where there have been negative comments, they have reflected the genuine misgivings of the potential lender; many comments have been framed in a positive spirit, or reflecting the hope that our trust in the project will not have been misplaced. I have placed a small bid in all the loans mentioned above, and wish all the borrowers well, as also the gents in Weston-super-Mare.
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!!
Now @ 75%