It does lead to a bit of abuse to the platform if investors invest and then put up for sale on the SM before they get the cashback, knowing that they will get the cashback a drawdown.
The issue was cashback was still advertised for SM sales and on the purchasing page, you had no idea that you was buying from the PM or SM. Future CB loans will not have this issue.
Apart from the statement saying fully funded, secondary market active displayed instead of the percentage available. Its on the small side so easy to miss I guess for the new to site.
Minor shareholder in AC, Brickowner, Welendus, W.alpha, Propifi, Orca, Ccube, Ass.XChange ABL
PLEASE NOTE : All opinions and observations made on this forum are my own view and made in a personal capacity. I have no links to any platform nor am I a financial professional so nothing posted should be consider financial advice or promotion. I accept no responsibility or liability for the accuracy, content, completeness, legality, or reliability of the information contained in my posts.
Well you, for one, knew you were buying SM parts since you'd already posted here to register your frustration at missing out on 4%.
I didn't, I'm new to Collateral and think the Primary market and SM are not very distinct. I invested about 10mins before the email clarifying the situation was sent.
I am an established Collateral investor and I would agree, if you were in a hurry to invest you may well not have spotted the secondary market banner which doesn't appear on the investment page. In addition I think the cash-back information was still on the site (could possibly be wrong there), and the e-mail did not arrive as soon as the loan filled.
I also think there was/is a lack of clarity as to whether you needed to still hold the loan at drawdown in order to receive the cash-back.
Note: As I was neither a seller nor purchaser on the SM I have no vested interest here other than a desire for clarity.