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Post by jackpease on Oct 27, 2016 9:38:44 GMT
 And the snap poll reveals... 94% refusal! Jeez.... Erm... could one of the 4 please send me what you are allocted, please  I'm one of the four and will report back. Asked for £300 - expect to get half of that - don't mind if I get all of it - this will be REALLY interesting to see what influence this forum has. Eg if the loan is oversubscribed then it suggests this forum's opinions are not seen by the masses. Very interesting! Jack P PS: Why am i investing in this loan? Because i invest in SS FC property loans and I think this is of equivalent quality but yields 1% more! okay as one of the four i got my £300. So can we now assume that this forum and/or polls are completely unrepresentative of the real world then :-) I shall pop £50 on the SM to see how long it lasts Jack P
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SteveT
Member of DD Central
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Post by SteveT on Oct 27, 2016 9:41:26 GMT
856 lenders shortly after launch, so well down on the usual 2,000 or so but not the 90%+ rejection amongst forum poll voters. Average holding around £370.
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Post by pepperpot on Oct 27, 2016 9:41:48 GMT
856 investors, popular! I reckon they only needed 200-300 hundred to fill it. So chances are a £1m 9% loan could fill. Say goodbye to small 12% loans.
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Post by jackpease on Oct 27, 2016 9:41:54 GMT
>>>I shall pop £50 on the SM to see how long it lasts
Jack P[/quote]
Sold in one minute!
J
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Post by savingstream on Oct 27, 2016 9:42:27 GMT
"Interestingly", if I expand my live loan part, it shows annual interest of 12%. System issue, it seems... Thanks for pointing this out. IT are on it.
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Post by savingstream on Oct 27, 2016 9:43:26 GMT
"Interestingly", if I expand my live loan part, it shows annual interest of 12%. System issue, it seems... Fixed. If you see anymore, please don't hesitate to point them out.
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SteveT
Member of DD Central
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Post by SteveT on Oct 27, 2016 9:44:25 GMT
>>>I shall pop £50 on the SM to see how long it lasts Jack P Sold in one minute! J Try again when it's close to negative days 😉
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sandbrain
Member of DD Central
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Post by sandbrain on Oct 27, 2016 9:45:32 GMT
Well I put £250 on the SM and it went in seconds. Am comfortable keeping £500.
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sam i am
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Post by sam i am on Oct 27, 2016 9:48:03 GMT
856 lenders so about 40% of the take up that I would have expected had this been at 12%. SS would probably consider that a reasonable result given that the interest rate is significantly below what we are used to. However I suspect that SS would have struggled to fill this had the loan been significantly larger. I predict we won't be seeing 9% interest for loans over £1m just yet although we may see larger loans at 10-11%.
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Post by jackpease on Oct 27, 2016 9:51:48 GMT
Steve T said: >>>Try again when it's close to negative days 😉 but the 12% is no guarantee of offloading overdue loans! My 'enthusiasm' for the 9% is prompted by the inevitability that the 12% couldn't last forever and if SS didn't do this it'd disappear up its proverbial. Basic laws of supply and demand suggest that further 9%s are inevitable and if there is a mass switch elsewhere eg MT no doubt their rates will drop also. Even with the recent huge loan that caused the deluge on the secondary market, I've been buying and selling like mad in the last few days and SS is working for me just fine. Jack P
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lobster
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Post by lobster on Oct 27, 2016 9:52:59 GMT
I'm sure there will be plenty of folk snapping this up on the SM without even noticing that it's 9%. savingstream you might want to consider putting the "9%" in bold on the SM screen , until lenders get used to the fact that not all loans are 12% any more |
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elliotn
Member of DD Central
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Post by elliotn on Oct 27, 2016 9:56:52 GMT
It's the end. As we know it.
Who said turkeys would not vote for Christmas?
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SteveT
Member of DD Central
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Post by SteveT on Oct 27, 2016 9:59:52 GMT
I'm sure there will be plenty of folk snapping this up on the SM without even noticing that it's 9%. savingstream you might want to consider putting the "9%" in bold on the SM screen , until lenders get used to the fact that not all loans are 12% any more Especially those using the "tiles" view on a mobile device, where the rate really ought to be shown on the front tile, not just in the loan details.
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am
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Post by am on Oct 27, 2016 10:06:04 GMT
This reminds me of FC's foray into asset finance. They tried an asset finance loan (for forestry equipment), which flopped. My opinion is that it didn't flop because people weren't interested in the asset class, but because people didn't understand the terms (FC should have explained how it worked), because the loan was 100%+ (it was for the whole cost, but the borrower got to reclaim the VAT, so effectively getting a working capital injection), and because the ability of the borrower to repay wasn't clear. Lendy have done the same thing - introduced a new "asset class" without making sure that's everything is crystal clear.
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Post by dualinvestor on Oct 27, 2016 10:26:53 GMT
I wonder how many of the 856 are "accidental" investors in the loan because they either did not amend their pre-fund amounts or were not aware the offering was at 9%. There could be a variety of reasons for the latter, including conflicting information coming from Savingstream, examples of which have been cited over the last couple of days including post launch, but I suspect it would mainly be because a large number of people have not paid attention to the detail.
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