TheDriver
Member of DD Central
Slightly bonkers
Posts: 493 
Likes: 190
|
Post by TheDriver on Jul 5, 2016 18:09:20 GMT
Well, LC are at it again; loan almost filled, then in comes £5k at a low rate from an underwriter - WHY? It lowered the averaged interest rate by nearly 0.5%, but knocked out a dozen or so retail bids which if rebid will just knock out other retail lenders. At least there are a couple of days left to decide whether to play along or just leave them to it, with the average rate already within 0.5% of the underwriting level!
|
|
adrianc
Member of DD Central
Posts: 9,978
Likes: 5,131
|
Post by adrianc on Jul 6, 2016 16:01:21 GMT
Well, LC are at it again; loan almost filled, then in comes £5k at a low rate from an underwriter - WHY? It lowered the averaged interest rate by nearly 0.5%, but knocked out a dozen or so retail bids which if rebid will just knock out other retail lenders. At least there are a couple of days left to decide whether to play along or just leave them to it, with the average rate already within 0.5% of the underwriting level! I didn't spot this one on the block - I've been ignoring the loans for precisely this reason... Is this F*** C***** C***, who've just repaid their other loan?
|
|
|
|
Post by lionelrichtea on Jul 6, 2016 18:34:02 GMT
No, it's a different company to the one that repaid recently. The usual in house suspects taking 60%+ of the loan which is now over funded by over £9k! If M*****y is also in house then make that 85%.
|
|
TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Jul 6, 2016 18:57:08 GMT
Hi adrianc ; it's a different name so presumably not the same company, and anyway it's for a lot less dosh. The details will still be available until 1pm tomorrow unless it's closed early, so you can look for yourself.
There seems to be an auction frenzy going on now, being more than 25% overfunded (half retail after yesterday's underwriting pushed it well over the top) but the underbids being mostly from new bidders rather than re-bids - although I see one rebid 2.5% lower than the original! Now very close to rejecting anything over 12% - maybe will have by the time I post this - and less than £3k from dumping the highest of the underwriters! Wonder what will happen if it gets there? which might happen when lenders read their bid-rejection emails - over 70 so far.
Not quite sure what makes this one so tempting - I passed on it, so presumably others can see something I don't!?!
|
|
|
|
Post by lionelrichtea on Jul 6, 2016 23:08:46 GMT
It's silly, really. Even 11.95% bids are starting to be rejected and the available interest rate is fast approaching that of an A rated loan rather than B+. The in house £5k from two days ago seems really unnecessary. It's now almost 30% overfunded with ~65% of bids from in house!
|
|
|
|
Post by lionelrichtea on Jul 7, 2016 12:39:38 GMT
10.85% was being rejected a couple of minutes before close!
|
|
TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
|
Post by TheDriver on Jul 7, 2016 13:32:03 GMT
Well that was interesting; I didn't see the final total bid figure, guessing either side of £50k, which is almost 50% overfunded! It's not possible to add the bids as showing, because all the partially rejected amounts are lost, so whatever it adds up to now is lower than the actual - it may be the bid amount shown was similarly anomalous?
In summary 214 bids from over just over 100 bidders (due to multiple bids), with more than 150 rejected! (Just under 60 accepted). Interestingly, most successful loans were won by single bids, and although many rejected bidders didn't bother to try again those that did tended to get rejected as they chased the rate down - one 22 times, all rejected! Bringing in a decent incremental rate - say 0.25% - rather than the current 0.05% would introduce a little sanity.
At least underwriting stayed at the same level around 65% rather than another late top-up, but I would have thought LC would benefit from more retail lenders to leverage their income - or perhaps their underwriters have more resources than they know what to do with, so want to grab as much as possible?!?
I'm even more interested what happens with the next loan, closing later this week.
|
|
|
|
Post by lionelrichtea on Jul 7, 2016 15:04:35 GMT
Total bid amount was around £65k when I checked a few minutes before close, so ~85% over funded.
|
|
|
|
Post by lionelrichtea on Jul 11, 2016 12:07:26 GMT
Last minute sniped out of another loan, feels like an eBay auction. Not sure I can be bothered using LendingCrowd any more if getting a decent interest rate needs so much attention.
|
|
arbster
Member of DD Central
Posts: 810
Likes: 426
|
Post by arbster on Jul 11, 2016 15:14:04 GMT
Last minute sniped out of another loan, feels like an eBay auction. Not sure I can be bothered using LendingCrowd any more if getting a decent interest rate needs so much attention. This is exactly the behaviour that many feel so nostalgic about on FC. However, FC had significantly higher deal-flow in their favour, amongst other things, which meant it made more financial sense to pay it so much attention.
|
|
