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Post by ogwellian on Jun 17, 2016 9:53:30 GMT
One of the knock on benefits to this is that MT's SM came alive (apart from those stubborn 10%ers) and I could stock up and diversify.
I expect many from SS were robbing MT to pay SS.
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locutus
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Post by locutus on Jun 17, 2016 10:06:31 GMT
on one hand there is only ~ £3m of a ~ £100m live loanbook on the SM. so 3% on the other hand there are ~ 60 loans out of ~ 75 live loans on the SM. so 80% having regard to the fact that money on SM doesn't earn interest, then this ultimately creates a cap (i.e. there is no point having your money on the SM way back in the queue because it won't sell and it won't earn interest) so the 80% statistic would seem to be a far more useful indicator also if, theoretically (due to world financial crash or something), everyone decided to sell everything, then SS keep all interest on entire loanbook until capital is one day repaid? seems harsh Minor correction. The loan book is closer to £121 million.
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archie
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Post by archie on Jun 17, 2016 10:10:59 GMT
One of the knock on benefits to this is that MT's SM came alive (apart from those stubborn 10%ers) and I could stock up and diversify. I expect many from SS were robbing MT to pay SS. Yes, very handy, I picked up a fair bit on MT too. 
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Post by jackpease on Jun 17, 2016 10:12:54 GMT
I think the timing of the 7 day rule and the 9 loans was a total disaster. They should have allowed people time to get used to the everyday workings of the new rule before releasing so many loans in one go. I used to have the 6P sign on my office rule as reminder.......for those of you who have never heard of it, it means "Proper Planning Prevents P!** Poor Performance I suspect that the nine loans were very last minute -maybe after the 7 day rule - and SS was the only platform willing and able to fund them. I would dispute what is happening is a disaster. I think its brilliant, it's back to the early days when there were permanently loans on offer and we got to do due diligence and choose our loans and choose our risk. It's been clear that in recent months that the shortage has mean't people have just grabbed anything however short and dodgy. Far from a disaster, i see SS working brilliantly, risk in very much in yer face, reward is there for those that want the risk, and if people have filled their boots too much and need to sell quick then they have not understood the risk. I am enjoying it for the first time since early days. This is true p2p excitement. Jack P
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locutus
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Post by locutus on Jun 17, 2016 10:22:47 GMT
I think the timing of the 7 day rule and the 9 loans was a total disaster. They should have allowed people time to get used to the everyday workings of the new rule before releasing so many loans in one go. I used to have the 6P sign on my office rule as reminder.......for those of you who have never heard of it, it means "Proper Planning Prevents P!** Poor Performance I suspect that the nine loans were very last minute -maybe after the 7 day rule - and SS was the only platform willing and able to fund them. I would dispute what is happening is a disaster. I think its brilliant, it's back to the early days when there were permanently loans on offer and we got to do due diligence and choose our loans and choose our risk. It's been clear that in recent months that the shortage has mean't people have just grabbed anything however short and dodgy. Far from a disaster, i see SS working brilliantly, risk in very much in yer face, reward is there for those that want the risk, and if people have filled their boots too much and need to sell quick then they have not understood the risk. I am enjoying it for the first time since early days. This is true p2p excitement. Jack P I agree. The fact that SS can successfully launch £12 million of loans in a single day is a significant achievement. Other companies can take weeks to get a few hundred thousand out the door. It speaks volumes about the platform and actually increases my confidence.
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Liz
Member of DD Central
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Post by Liz on Jun 17, 2016 10:45:13 GMT
I think the timing of the 7 day rule and the 9 loans was a total disaster. They should have allowed people time to get used to the everyday workings of the new rule before releasing so many loans in one go. I used to have the 6P sign on my office rule as reminder.......for those of you who have never heard of it, it means "Proper Planning Prevents P!** Poor Performance I suspect that the nine loans were very last minute -maybe after the 7 day rule - and SS was the only platform willing and able to fund them. I would dispute what is happening is a disaster. I think its brilliant, it's back to the early days when there were permanently loans on offer and we got to do due diligence and choose our loans and choose our risk. It's been clear that in recent months that the shortage has mean't people have just grabbed anything however short and dodgy. Far from a disaster, i see SS working brilliantly, risk in very much in yer face, reward is there for those that want the risk, and if people have filled their boots too much and need to sell quick then they have not understood the risk. I am enjoying it for the first time since early days. This is true p2p excitement. Jack P Brilliant post. SM liquidity is good at attracting new members and for the long term growth of the platform. Note:Savingstream liked your post, so are reading 
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Post by Deleted on Jun 17, 2016 11:02:35 GMT
on one hand there is only ~ £3m of a ~ £100m live loanbook on the SM. so 3% on the other hand there are ~ 60 loans out of ~ 75 live loans on the SM. so 80% having regard to the fact that money on SM doesn't earn interest, then this ultimately creates a cap (i.e. there is no point having your money on the SM way back in the queue because it won't sell and it won't earn interest) so the 80% statistic would seem to be a far more useful indicator also if, theoretically (due to world financial crash or something), everyone decided to sell everything, then SS keep all interest on entire loanbook until capital is one day repaid? seems harsh Your are making up statistics that make little sense. In a queued system, some people (like me) know things can move (or not) in certain loans, according to the demand. So, people might put on sale two or more loan parts in different loans, just to be sure to sell at least one and will cancel the second sale once the first is done.... Do not aggregate too much data in the coming week or so. Until the current glut is over you might see effects which are not what you think.
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Post by savingstream on Jun 17, 2016 11:11:42 GMT
We are reading everything, we take it on board and try to implement where we can. There is just so much to comment on, we have decided that limited engagement is the best policy whilst we concentrate on running the business properly.
Update coming out today.
More loans coming through within the next 24/48 hours plus more next week. Recommend people liquidate other investments and start bringing funds over if you wish to participate.
We are really pleased to see the activity on the SM, a genuinely liquid/real time market.
The default is looking fine, administrators running it well (and in profit). Many interested parties, asking price not looking heavy.
£2m being paid back to day from PBL 72 which should help oil the SM.
Largest ever P2P loan (we think) completing on Monday...
All in all, a pretty good week, a bit hairy, but overall a good one.
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puffin
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Post by puffin on Jun 17, 2016 11:52:23 GMT
Thanks SS!
I know it has been VERY busy, so understand that reason for less communications at this time.
BTW super congratulations on this weeks activities!
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ped
Member of DD Central
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Post by ped on Jun 17, 2016 11:54:56 GMT
We are reading everything, we take it on board and try to implement where we can. There is just so much to comment on, we have decided that limited engagement is the best policy whilst we concentrate on running the business properly. Update coming out today. More loans coming through within the next 24/48 hours plus more next week. Recommend people liquidate other investments and start bringing funds over if you wish to participate. We are really pleased to see the activity on the SM, a genuinely liquid/real time market. The default is looking fine, administrators running it well (and in profit). Many interested parties, asking price not looking heavy. £2m being paid back to day from PBL 72 which should help oil the SM. Largest ever P2P loan (we think) completing on Monday... All in all, a pretty good week, a bit hairy, but overall a good one. Thank for the great update SS. More than happy you are concentrating on the business over commenting on here, always good to here from you. Keep the big loans coming helps build confidence.
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mickj
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Post by mickj on Jun 17, 2016 11:57:47 GMT
We are reading everything Not sure how you do that, I struggle to keep up, last few days have been.........
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oldgrumpy
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Post by oldgrumpy on Jun 17, 2016 12:00:49 GMT
The upgraded SS website performance has been impressive over the last couple of days!! |
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Post by mrclondon on Jun 17, 2016 12:16:16 GMT
More loans coming through within the next 24/48 hours plus more next week. Recommend people liquidate other investments and start bringing funds over if you wish to participate.
Great news. Several large loans on AC are in the process of redeeming - some now flagged as definitely today, others still flagged as "pretty certain to be this week". Certainly some (most ?) of my stakes in those AC loans will find its way to SS (with some diverted to FS and MT)
I know some of SS's competitors are looking at the loan origination numbers (on AltFi) for SS in relation to their own figures, and scratching their heads. To get a £12m plus loan filled and ready for drawdown so quickly in the current inevitably somewhat nervous pre-referendum climate is pretty astounding, and I really doubt any other p2p platform could have achieved that. Well done savingstream.
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trevor
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Post by trevor on Jun 17, 2016 14:57:33 GMT
Thanks for the reassurances SS. I lend to 10 platforms and you have 30% of my cash, next best is 20%. I will be keeping 30% with you.
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adrianc
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Post by adrianc on Jun 17, 2016 15:58:58 GMT
Ooof!
Anybody seen the update email that's just gone out?
Wow. Another £15m next week...? <blink> If they're happy with the SM now, they'll be delighted then! I really hope there's some juicy repayments coming...
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