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Post by Ton ⓉⓞⓃ on Apr 8, 2014 10:30:27 GMT
Just opened.
IN EDIT 3 year amortising loan - 15% per annum - 40% loan to value
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markr
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Post by markr on Apr 8, 2014 10:42:00 GMT
I chucked in a pre-bid and was surprised to be first (although I was "th" according to the site)...  Is there really much point opening for pre-bids less than an hour before converting them to real bids, though?
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Post by Ton ⓉⓞⓃ on Apr 8, 2014 11:17:22 GMT
I chucked in a pre-bid and was surprised to be first (although I was "th" according to the site)... Is there really much point opening for pre-bids less than an hour before converting them to real bids, though? Congrats on being first, I only made 22nd I was too busy telling others that an interesting proposal was just put up. I've put on several pre-bids but so far they haven't been applied to the loan. Has your really fast 1st pre-bid gone on the system? 17mins after start time and I'm still waiting chris, oh no chris is busy having a baby. It maybe my fault, as it normally is, as I used both systems to put the bids on, I'm thinking the two systems maybe fighting with each other to do the same job.
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markr
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Post by markr on Apr 8, 2014 11:21:31 GMT
Congrats on being first, I only made 22nd I was too busy telling others that an interesting proposal was just put up. ... Has your really fast 1st pre-bid gone on the system? Thank you  Nope, I deleted the pre-bid and placed a real one when I noticed the auction had been open for 20 minutes and was 5% filled with real bids but my pre-bid was still sat there!
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mikes1531
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Post by mikes1531 on Apr 8, 2014 11:22:08 GMT
I chucked in a pre-bid and was surprised to be first (although I was "th" according to the site)... Is there really much point opening for pre-bids less than an hour before converting them to real bids, though? Did you withdraw your pre-bid before the auction went live? I ask because, looking at the list of bids, it doesn't look like any pre-bids were processed at the usual time of five minutes before the auction opened. I wonder whether the implementation of AI has affected the way pre-bids are dealt with?
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markr
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Post by markr on Apr 8, 2014 11:34:21 GMT
I chucked in a pre-bid and was surprised to be first (although I was "th" according to the site)... Is there really much point opening for pre-bids less than an hour before converting them to real bids, though? Did you withdraw your pre-bid before the auction went live? No, it was very much live and accepting real bids. Even now, it is rapidly filling with real bids but is still 1.2% filled by pre-bids. I don't know what's happening to them since I deleted mine, but it doesn't look like they are converting. More concerning is some of them may have been placed by AI (mine wasn't I placed it manually), and their owners will be miffed if they haven't realised! EDIT: "Rapidly filling" was perhaps an overstatement since it seems to have stalled at 8%.
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Post by Ton ⓉⓞⓃ on Apr 8, 2014 11:57:39 GMT
8% filled is good to my mind, at the rate proposals are hitting the site Lenders will run out of money... I'm starting to suffer from lenders fatigue.
I appreciate this rate is lower than the bridge they had last year but still this is quite a high rate, and clearly AC are charging them more than the 15% we see. Is this loan that risky or is it just that the street of London are paved with gold, and lawyers are wealthy?
IN EDIT After 1hr 22% filled
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markr
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Post by markr on Apr 8, 2014 12:03:17 GMT
Something definitely a bit odd with pre-bids. I decided this is a fairly small loan with a good rate so it should move in the aftermarket, so thought I'd chuck a bit more in to get some cashback. I didn't realise it thought I wanted to place a pre-bid until I got this...  |
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Post by jevans4949 on Apr 8, 2014 12:07:47 GMT
What do people think of this investment? I would be more impressed if they were applying AFTER repaying the existing loan - due next Monday. Some of the small print seems to imply the case they were seeking to finance at that time hasn't concluded; are they just rolling it over? With a service company, you have to recognise that you are really making a bet on the genius of the principal(s) of the business. I guess that's why the rate is so high.
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 8, 2014 12:20:50 GMT
I was watching this at 11.55 and the pre-bids definitely didn't convert to bids,and I suspect still haven't.
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j
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Post by j on Apr 8, 2014 12:22:30 GMT
8% is good to my mind, at the rate proposals are hitting the site Lenders will run out of money... I'm starting to suffer from lenders fatigue. I appreciate this rate is lower than the bridge they had last year but still this is quite a high rate, and clearly AC are charging them more than the 15% we see. Is this loan that risky or is it just that the street of London are paved with gold, and lawyers are wealthy? If you work out the repayments over the full term of the loan, it works out at a net rate, before tax, of 12.6% pa. Quite lower than the advertise 15%. Considering the very small margin of ltv once you take out debentures, the rate is not as attractive. I'm not knocking down the loan in any way as I will probably invest. Their older loan, if you look at the repayments tab, always paid on time & they've come back for a second loan, which engenders more confidence in the firm but, you need to take all above into account when deciding how much to bid.
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 8, 2014 12:27:31 GMT
Is my memory playing tricks on me,or would AC normally put an initial bidding limit on a loan of this size?
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j
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Post by j on Apr 8, 2014 12:28:14 GMT
8% is good to my mind, at the rate proposals are hitting the site Lenders will run out of money... I'm starting to suffer from lenders fatigue. I appreciate this rate is lower than the bridge they had last year but still this is quite a high rate, and clearly AC are charging them more than the 15% we see. Is this loan that risky or is it just that the street of London are paved with gold, and lawyers are wealthy? If you work out the repayments over the full term of the loan, it works out at a net rate, before tax, of 12.6% pa. Quite lower than the advertise 15%. Considering the very small margin of ltv once you take out debentures, the rate is not as attractive. I'm not knocking down the loan in any way as I will probably invest. Their older loan, if you look at the repayments tab, always paid on time & they've come back for a second loan, which engenders more confidence in the firm but, you need to take all above into account when deciding how much to bid. Blimey....someone with a combined bid of £50k!!
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j
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Penguins are very misunderstood!
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Post by j on Apr 8, 2014 12:29:59 GMT
Is my memory playing tricks on me,or would AC normally put an initial bidding limit on a loan of this size? I think the limit might have been on loans lower than £250k. Since this is on the edge! That rule probably doesn't apply...........me thinks 
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Post by Ton ⓉⓞⓃ on Apr 8, 2014 12:41:44 GMT
I was watching this at 11.55 and the pre-bids definitely didn't convert to bids,and I suspect still haven't. I just checked and those £3100 pre-bids are still there, I sent off a PM to Andrew. With the proposal it is a rollover, in fact a conversion into a term loan. They just don't say that. We are relying on firm staying just as effective as is it, this guy(s) aren't building house but cases in law.
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