jo
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Post by jo on Sept 17, 2014 15:06:45 GMT
I understand your reticence,but have you considered asking for Shadow Bid status? At least you then only need to fund your bids when requested by AC,which is generally within a week of drawdown. Where can I read more about this? I've seen it mentioned on these boards but assumed it was primarily for 'playahs'!
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jonno
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Post by jonno on Sept 17, 2014 15:34:36 GMT
I understand your reticence,but have you considered asking for Shadow Bid status? At least you then only need to fund your bids when requested by AC,which is generally within a week of drawdown. Where can I read more about this? I've seen it mentioned on these boards but assumed it was primarily for 'playahs'! It does depend to some extent on your "level" of lending,but also on your "history" with AC-it does seem to be quite a flexible regime.Your best bet is to drop Dominic Riddles a line and discuss it with him.I've always found him very helpful.It's likely you'll get a shadow facility of around 25% of your portfolio value. Good luck.
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Post by Ton ⓉⓞⓃ on Sept 17, 2014 17:00:04 GMT
I understand your reticence,but have you considered asking for Shadow Bid status? At least you then only need to fund your bids when requested by AC,which is generally within a week of drawdown. Where can I read more about this? I've seen it mentioned on these boards but assumed it was primarily for 'playahs'! I think you have to hit 10k actually invested. Then you have 25% of that as shad-bids.
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baz657
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Post by baz657 on Sept 17, 2014 22:41:22 GMT
When I asked it was a min of £10k invested and they would then give you a shadow bid facility up to 25% of your total investment. From request to actually having the facility took less than a day - brilliant service.
I was warned however that it is one miss and you're out.
It might all be moot point soon if it's a correct reading between the lines of what we've been told about the new system (coming soon to a PC near you?).
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Post by Ton ⓉⓞⓃ on Sept 18, 2014 10:47:31 GMT
When I asked it was a min of £10k invested and they would then give you a shadow bid facility up to 25% of your total investment. From request to actually having the facility took less than a day - brilliant service. I was warned however that it is one miss and you're out. It might all be moot point soon if it's a correct reading between the lines of what we've been told about the new system (coming soon to a PC near you?). The total of money put into loans during auction by Lenders is just over £7million counting from Cumbria's auction (very roughly half of the money in AC has been added in this time period). If Lenders' money is 1% cheaper than normal underwriters' money then, whilst it's a lot of money, it's not so much that a new system might be devised that doesn't use it all. Of course shad-bids is only an unknown proportion of this. Not forgetting that running the Shad-bids must cost money and time. Right now I don't see it as hard for AC to run the system, I've only had one or two phone calls mainly for courtesy, overall I think only one loan was delayed by one day because of unfulfilled shad-bids. So I don't see any real need to get rid of them or to stop having Lenders take part in auctions and at the same time they're not vital. AC has the habit of developing and trying out new things to keep ahead of other p2p platforms so anything is possible. But I also think auctions are good psychology, are seen as being fair and are enjoyed as well as allowing crowd due dil. Just thinking out loud really.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Sept 18, 2014 12:50:27 GMT
When I asked it was a min of £10k invested and they would then give you a shadow bid facility up to 25% of your total investment. From request to actually having the facility took less than a day - brilliant service. I was warned however that it is one miss and you're out. It might all be moot point soon if it's a correct reading between the lines of what we've been told about the new system (coming soon to a PC near you?). The total of money put into loans during auction by Lenders is just over £7million counting from Cumbria's auction (very roughly half of the money in AC has been added in this time period). If Lenders' money is 1% cheaper than normal underwriters' money then, whilst it's a lot of money, it's not so much that a new system might be devised that doesn't use it all. Of course shad-bids is only an unknown proportion of this. Not forgetting that running the Shad-bids must cost money and time. Right now I don't see it as hard for AC to run the system, I've only had one or two phone calls mainly for courtesy, overall I think only one loan was delayed by one day because of unfulfilled shad-bids. So I don't see any real need to get rid of them or to stop having Lenders take part in auctions and at the same time they're not vital. AC has the habit of developing and trying out new things to keep ahead of other p2p platforms so anything is possible. But I also think auctions are good psychology, are seen as being fair and are enjoyed as well as allowing crowd due dil. Just thinking out loud really. I think the shadow bid system is good and necessary, but I have become frustrated with it this week. NWBL was supposed to drawdawn last week but it hasn't. Several investors were enticed by cashback, which has now been eroded by 50%. I would like a shadow-bid system that warned you of impending drawdown by email, and then penalised lenders at double the interest rate if they failed to settle on the day the loan goes live. This would save AC time and effort chasing non-settlers and would mean lenders get the full benefit of a shadow account. Obviously, AC would need to cover any immediate shortfall on the day of drawdown but I believe the underwriting covers this.
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mikes1531
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Post by mikes1531 on Sept 18, 2014 14:23:30 GMT
I think the shadow bid system is good and necessary, but I have become frustrated with it this week. NWBL was supposed to drawdawn last week but it hasn't. There have been instances where shadow bids were called and then the loan didn't draw down as expected. Shadow bidders would not have been amused by that. I'm looking forward to seeing the new system, but the delayed release is frustrating.
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Post by Ton ⓉⓞⓃ on Sept 18, 2014 14:52:03 GMT
<snip>I think the shadow bid system is good and necessary, but I have become frustrated with it this week. NWBL was supposed to drawdawn last week but it hasn't. Several investors were enticed by cashback, which has now been eroded by 50%. I would like a shadow-bid system that warned you of impending drawdown by email, and then penalised lenders at double the interest rate if they failed to settle on the day the loan goes live. This would save AC time and effort chasing non-settlers and would mean lenders get the full benefit of a shadow account. Obviously, AC would need to cover any immediate shortfall on the day of drawdown but I believe the underwriting covers this. I was fooled into settling NWBL too. He said it would be really appreciated if you could settle NWBL and Wood Green, only for them both to hit a stone in the road. Normally I never settle but let them take the money from my a/c. Never again, well not for the last few days that they may or may not have.
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Post by chris on Sept 18, 2014 16:01:52 GMT
I think the shadow bid system is good and necessary, but I have become frustrated with it this week. NWBL was supposed to drawdawn last week but it hasn't. There have been instances where shadow bids were called and then the loan didn't draw down as expected. Shadow bidders would not have been amused by that. I'm looking forward to seeing the new system, but the delayed release is frustrating. The delayed release is frustrating for us as well. We're aiming at moving goal posts as the industry and our thinking is evolving very rapidly and there are new regulations coming into effect shortly as well that we need to prepare the system for. We're counting down in days into a week or two now rather than weeks and months, should be sooner rather than later.
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Post by Dominic on Sept 19, 2014 13:30:02 GMT
I've been given the nod that West London (110) is poised to draw Monday 22nd Sept.
If you have a shadow-bid I have sent you an email to request settlement
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unmadem
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Post by unmadem on Sept 19, 2014 13:33:19 GMT
Shadow bids called in for W*st L*nd*n Pr*p*rty Investment Loan - (Auction 110) drawdown expected early wc 22nd sept.
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Post by Dominic on Sept 19, 2014 15:47:02 GMT
I've been given the nod that West London (110) is poised to draw Monday 22nd Sept. If you have a shadow-bid I have sent you an email to request settlement What about North Wales? It was meant to draw last week but an S106 was lacking. This problem was meant to be solved but it still hasn't drawn. What is the problem? An update was posted earlier under the "Steps to Drawdown" tab. Essentially there's a delay around Barclays' redemption fee & release of security. Frustrating. Our solicitors advise that DD should take place early next week.
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unmadem
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Post by unmadem on Sept 19, 2014 16:13:52 GMT
I've been given the nod that West London (110) is poised to draw Monday 22nd Sept. If you have a shadow-bid I have sent you an email to request settlement I suspect not all the money on shadow bids will be there by Monday since gocardless has been removed as an option to pay and it is almost the weekend meaning that any sat/sun transactions will not hit your AC account till Tuesday. Then you have to remember to log in and settle the shadow bids.
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Vero
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Post by Vero on Sept 19, 2014 16:18:41 GMT
What about North Wales? It was meant to draw last week but an S106 was lacking. This problem was meant to be solved but it still hasn't drawn. What is the problem? An update was posted earlier under the "Steps to Drawdown" tab. Essentially there's a delay around Barclays' redemption fee & release of security. Frustrating. Our solicitors advise that DD should take place early next week. It would be nice if you would take the time to include dates in "Steps to Drawdown" updates.
The final sentence of Drawdown Update 2 is
"Our solicitors advise drawdown will occur early next week"
however neither drawdown update mentions anything resembling a date. In this context the statement is meaningless.
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Post by Dominic on Sept 19, 2014 16:36:02 GMT
I've been given the nod that West London (110) is poised to draw Monday 22nd Sept. If you have a shadow-bid I have sent you an email to request settlement I suspect not all the money on shadow bids will be there by Monday since gocardless has been removed as an option to pay and it is almost the weekend meaning that any sat/sun transactions will not hit your AC account till Tuesday. Then you have to remember to log in and settle the shadow bids. If we can see that funds have cleared in the AC account (and they usually do clear same-day) then we will be able to work around this.
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