SS Secondary Market

Dear SS

With the new SM market obviously now very much in play, either the ability to sort the Live Loans page by percentage available, or even to have a filter button that removes all 0% (fully funded) loans would be very useful, especially as the number of loans on the page grows. Another one to add to your no doubt growing list of snags, requests and updates.

Any possibility that savingstream can reduce the minimum investment amount to say £50 (lower would be better but can live with £50 for now). With the SM now in action, there are & will be a lot of units to pick up & a £50 figure would allow members a wider opportunity to diversify into more loans which in turn means better liquidity for all.

I made three withdrawal requests for the proceeds of some of the monies released by SM sales during the course of yesterday evening (some of it I've re-distributed into other loans for diversification of repayment profile purposes).  All three have shown up in my bank account in the past half hour, so not much of a delay really, if at all.  It has previously shown up pretty much immediately, but I've always done it during the working day before, so that could be the only difference in this case.  Maybe it just took enough money to have arrived with SS overall to be able to process the withdrawal request, rather than money from my specific purchasors, in which case that seems very fair treatment to me.

So far so good with the secondary market experiment for me.  I've shifted approx £14K so far, with the proportion of it that I wanted to liquidate already back in my bank account.  Just need to wait and see whether I get the interest payments I expect at the end of the loans and I'll be happy.  The only ones I see causing any confusion are the property bridges, as the interest showing accrued on those parts includes the interest I already was paid 2 days ago.  Wouldn't be too difficult to work out on the whole loan part, but now I've sold some partials, it gets a bit messy there.

Agree with this, for people toe dipping or with small overall investments this would be useful, but I can understand it might make for more work for SS. I think it was £50 for a short while last night as I bought half of a £100 offering, but this morning was restricted to £100 chunks.

Units on SM seem to have dried up a little bit now but that's understandable considering the initial flurry of activity when everyone got rid of the units they did not want which in turn where soaked up by those who wanted to diversify. More loans will hopefully mean more activity & diversification with time

Not following you here?  You sell, say, a £500 loan part and you get it when it's sold.  Were you expecting that if someone purchased £50 of it you would receive that straight away?  I think they made it pretty clear that you waited till the whole part you've put up for sale was sold.  You can put it up in £50 chunks if you want to get at smaller portions quickly.  In practice, every loan part I've put up, regardless of size, has been fully sold within a day, and usually very quickly (with the exception of the last part I sold in property bridge 2 which took about 24 hours or so, but it was over the bank holiday, so not too surprised).

For a purchaser in the SM to buy a part, they need to have 'free' cash in their account.  So as soon as the purchase goes through, their cash becomes locked up in the loan part and the ownership of the free cash should transfer from them to be seller.  As such, there should be no need for SS to wait for any money to 'arrive', except insofar as there are GoCardless delays, for which SS have to maintain working capital.  If there are such delays and insufficient working capital, then the system would start picking up the characteristics of a Ponzi scheme, and SS have to avoid that at all costs.  It's not enough to be squeaky clean, SS have to look squeaky clean as well!