TheDriver
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Post by TheDriver on Jun 24, 2016 19:16:06 GMT
Today's loan became fully funded with 5 minutes to go, and a minute later ALL the top-rate bids and more were swept away. Since then the loan has been drawn down, so the bid-list is no longer available; I've been offline, but does anyone know what bid(s) were made in those last few minutes?
TIA
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Steerpike
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Post by Steerpike on Jun 24, 2016 19:37:17 GMT
There were two £2.5K bids 5 minutes before the end of the auction.
My bid was knocked out.
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TheDriver
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Post by TheDriver on Jun 24, 2016 20:07:57 GMT
thanks . . . and were those sniping retail bids at just under max interest, or rate-modifying ones from underwriters?
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Steerpike
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Post by Steerpike on Jun 24, 2016 20:14:01 GMT
Unfortunately, I can't be sure that I have remembered the exact rate but my recollection is that probably this was an underwriter and both bids were at 9.5%
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dawn
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Post by dawn on Jun 24, 2016 21:18:25 GMT
There were two £2.5K bids 5 minutes before the end of the auction. My bid was knocked out. Mine too  . I promptly withdrew all my available cash - wasn't much (~£80) but I'm fed up of playing that game
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TheDriver
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Post by TheDriver on Jun 24, 2016 22:09:48 GMT
. . . and mine, which was an early bid not at top rate, and I checked had a several £k cushion of sacrificial bids ahead of it in the event of underbidding this morning. I accept the hazard of being underbid - even when it's too late to react - but if Steerpike 's recollection is accurate those bids will have lowered the composite interest rate by about 1/3 %, at the expense of alienating dozens of lenders; better to have reduced the rate of their existing bids to achieve that effect if it was critical.
I had considered putting my similar remaining liquidity into this loan at a slightly lower rate this morning to have flipped in a few months, but if both bids had been accepted would have had little left to put into any imminent opportunities - now have twice that amount sitting idly in cash with no other new investments on offer - #annoying!
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Post by GSV3MIaC on Jun 25, 2016 13:44:40 GMT
There were two £2.5K bids 5 minutes before the end of the auction. My bid was knocked out. Mine too . I promptly withdrew all my available cash - wasn't much (~£80) but I'm fed up of playing that game Yep, 'give me automated rebidding, or give me decent sized bid steps, or even both' - I've got too much life (and too little of it left) to hover over the stupid keyboard whenever an auction is closing (or opening) at any one of several P2P sites.
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
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Post by TheDriver on Jun 28, 2016 10:39:07 GMT
Well this is strange . . . . within a week of the loan closing and being drawn down, about a quarter of it is on the SM (LE) at an indicative rate of over 10%; who would want to sell that quickly? especially as it costs more than 2 weeks interest in selling fee!
Therefore someone (or more) people put money in and will now be left with less than they started with!?! - at least on whatever portion sells before the end of next week. Seems bizarre to me, to add to the puzzle of the late knock-out bids. What's going on? lendingcrowd , or anyone else with a theory.
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Post by nanniema on Jun 28, 2016 15:16:35 GMT
Unless, perish the thought, they were underwriter's late bids that knocked out the top bids and knocked down the average rate.
These loans could then be fed back on the SM to give the impression of liquidity.
If you want to know who the late bidders were go to the notification of new loan email and click on the name of the company. Sorry they seem to have closed this particular opportunity. Two names to look out for, among others, are S******r and L****n.
Because I too am fed up with this gaming by LC I am keeping my loan balance just above the £1000 required for the £100 bonus.
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. I promptly withdrew all my available cash - wasn't much (~£80) but I'm fed up of playing that game 
