mikes1531
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Post by mikes1531 on Apr 29, 2014 19:19:52 GMT
On a side note - not sure if SS are testing the system, or whether underwritten funds have been released, but an amount has become available to invest on an older loan (1995 S*******r C******e 55). NO they're not, just bought one unit! I don't know how much there was available in the beginning, but there is £3,800 as I write this. It would be helpful if savingstream would let us know where these parts for sale came from. Since the loan was taken up fully before, it seems rather unlikely that an underwriter has released any parts at this time. Perhaps one of the SS/Lendy principals had parts in this loan and their parts are being sold off as a system test. Or a lender was invited to act as guinea pig. Another possibility could be that the loan wasn't as large before and the borrower wanted to raise more funds. One possibility that I probably shouldn't mention, but which just popped into my mind... Does anyone here remember the play/film 'The Producers'?
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Post by davee39 on Apr 29, 2014 19:25:01 GMT
One obvious feature needed is the ability to sort live loans by % available.
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mikes1531
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Post by mikes1531 on Apr 29, 2014 19:34:30 GMT
One obvious feature needed is the ability to sort live loans by % available. Or another, which was less of an issue before the SM came along... The ability to sort parts in my dashboard by name, so that I can see how much of a loan I already have in order to decide whether I want to acquire more of it if parts appear on the SM. Even better would be the ability to collapse all dashboard parts of a given loan onto a single line. Aside from meaning that I wouldn't have to do mental arithmetic in order to see what my total holding of that loan was, this would keep the size of my dashboard display down to a manageable level -- especially necessary if I'm going to switch to £100 parts from here forward.
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mikes1531
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Post by mikes1531 on Apr 29, 2014 20:17:48 GMT
-- especially necessary if I'm going to switch to £100 parts from here forward. If everyone starts bidding multiples of the minimum amount and as you say, each bid is registered separately, the database will become vast in a very short period of time, which would simultaneously put a huge strain on the server and ultimately the end user speed - a situation that has plagued FC, TC and probably others, so I can't see it being an attractive proposition for the platform, personally. If lenders do behave as I speculated they might, and savingstream are concerned about the load that might put on their infrastructure and website performance, then SS will have a real incentive to adjust their system to allow larger loan parts to be subdivided when a lender wants to put just part of one up for sale. With the current system as described, one problem that I don't think has been mentioned before is that a lender with a single large part of a given loan is faced with an 'all-or-none' sale option. Or they can take their chances by putting the whole part up for sale on the SM and hope to buy back the portion they wish to retain before it is snapped up by other lenders. And that all presumes that the system isn't set up now to prevent the repurchase of one's own SM loan parts. I sure do hope a clever programmer didn't include that restriction thinking they were helping with system efficiency -- or, for that matter, for any other reason.
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Post by savingstream on Apr 29, 2014 20:17:34 GMT
This is a £5k loan extension we have made to this borrower, he had initially borrowed £50,000 against an asset valued at £110,000, he asked for an additional £5k for the remaining term, which brings the LTV to 50%.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Apr 30, 2014 9:27:02 GMT
This is a £5k loan extension we have made to this borrower, he had initially borrowed £50,000 against an asset valued at £110,000, he asked for an additional £5k for the remaining term, which brings the LTV to 50%. So savingstream diluted the loan's security without putting the proposal to the lending syndicate, and with no consent fee attached? As I've always understood it, with SS, they are actually the lenders, and we only have our amounts notionally attached to the loan, so we aren't the lending syndicate. We are actually lending to SS who are paying us the interest, and that makes a difference. Unless, of course, things have changed without me noticing - wouldn't be the first time.
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Post by wiseclerk on Apr 30, 2014 9:39:24 GMT
I am not an investor at Saving Stream.
Having read this thread I must say that the proposed model for the secondary market sounds unusual and complicated from my perspective. I understand you got feedback from a panel of your users when you decided upon the model?
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Post by savingstream on Apr 30, 2014 9:58:24 GMT
We have decided to put on hold, going live with the secondary market, given the level of user feedback received on here.
We are currently limited by the technical constraints of the system. It was originally designed to simply deal with fixed loan part values at a fixed rate for a fixed amount of time.
The addition of something as complex as a secondary market (with all the options it has thrown up) has raised technical issues with the system being able to support these requirements.
The question we wanted to raise is, should we go live with what we have (as per the Secondary Market infographic) and inform users that a more comprehensive secondary market solution will be offered in the future. This way, we are giving people a method of accessing funds now, should they need to.
Alternatively we could hold going live with a secondary market until the platform is written in such a way as it can cope with the more complex user requirements, such as selling variable size loan parts and calculating interest for daily decreasing loan part values.
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Post by pepperpot on Apr 30, 2014 10:11:39 GMT
The ability to liquidate funds is a very beneficial step in whatever form it takes, I would be disappointed to not see it go live as planned. It can always be updated at some point in the future to make it more user friendly and feature laden if needed.
I am, however, speaking from a slightly biased point of view in that I hold multiple small parts and can juggle my exposure as I see fit. Others may want to hold out for a new improved version??
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alison
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Post by alison on Apr 30, 2014 11:02:04 GMT
I too would prefer an interim secondary market solution asap as an improvement over the present situation.
A more sophisticated approach can wait for another day.
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Post by marek63 on Apr 30, 2014 11:12:50 GMT
Go live with something simple (ideally ask a few people to test it for you first before you go LIVE live) then work on complicated. The ability to liquidate and diversify will make the platform vastly more attractive.
Perhaps if someone wants to split a loan part into a few smaller chunks they could manually request you to do this for them in the short term if this is possible. You will learn much more by going beta and getting feedback than just waiting for perfection
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star dust
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Post by star dust on Apr 30, 2014 11:22:00 GMT
Go live now with an interim solution, but put in a 'health warning' that newer version due in x months that will cater for the selling of parts of loans. Some might prefer to wait if they hadn't needed or wanted to sell out their whole loan chunk.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Apr 30, 2014 11:24:51 GMT
Yes, I would agree with the previous 3 posts - simple and imperfect would be a step in the right direction at this point, so I'd prefer it going live as envisaged and then update later, over time.
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Investor
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Post by Investor on Apr 30, 2014 13:59:11 GMT
In agreement with all so far. Better to have something in place as a secondary marketplace even if it may not meet every single investors unique and disparate requirement ;-).
Still believe the Keep It Simple Stupid philosophy should continue to be applied to the website, I do not invest in any of the secondary marketplaces on other P2P sites based on the levels of unnecessary complexities involved in many of them.
Thanks for the prompt returns on PBL001 and PBL002 today.
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Post by davee39 on Apr 30, 2014 14:46:17 GMT
I have no current plans to use the market, but would like to see it sooner rather than later. So go live with the current plan and then take the time needed to improve it.
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