rxdav
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Post by rxdav on Nov 23, 2018 12:55:54 GMT
You’ll be free to go to the head of the queue whenever you choose, simply by offering the best price available. 🙂 Having just come through the Liverpool SM glacier and out the other end I'm just pleased that I've finally managed to sell a stake in my holding at par.
While I support the idea of discounting I do feel for people near the top of the current queue who may get bumped down once discounting is introduced.
sarahcount: If you have no objection to telling me, how long did it take from listing to sale (ish)? Well done for ditching your loan part - I should have been quicker off the mark but wasn't. I will certainly have my finger on the 'sell at discount button' as soon as it becomes available - but I suspect there may be something of a stampede in that regard!! If MT are hoping those who sell at a discount just to get the hell out will be reinvesting in their other loans then I think they might be a tad disappointed.
I note there is currently 42.57% (£1,064,346) of this highly popular loan available - and I have some £217K in front of me - so I might well be one of those people you feel for in due course!?
www.youtube.com/watch?v=S9MeTn1i72g - apt methinks!?
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sarahcount
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Post by sarahcount on Nov 23, 2018 13:25:36 GMT
Having just come through the Liverpool SM glacier and out the other end I'm just pleased that I've finally managed to sell a stake in my holding at par.
While I support the idea of discounting I do feel for people near the top of the current queue who may get bumped down once discounting is introduced.
sarahcount: If you have no objection to telling me, how long did it take from listing to sale (ish)? Well done for ditching your loan part - I should have been quicker off the mark but wasn't. I will certainly have my finger on the 'sell at discount button' as soon as it becomes available - but I suspect there may be something of a stampede in that regard!! If MT are hoping those who sell at a discount just to get the hell out will be reinvesting in their other loans then I think they might be a tad disappointed.
I note there is currently 42.57% (£1,064,346) of this highly popular loan available - and I have some £217K in front of me - so I might well be one of those people you feel for in due course!?
www.youtube.com/watch?v=S9MeTn1i72g - apt methinks!?
I didn't make a note of how long it took to go through the glacier and now that the loan part is sold I don't think I can recover that information. Suffice to say it was a long time.
I have a loan part for sale on another loan and I listed that one many months ago and it is nowhere near the top.
What surprised me was that people are buying into loans with long queues at all.
They must see something in the loans to indicate that they will come good in the end and are not bothered to bide their time and come back when discounts are available.
Personally I'm comfortable with the MT property loans which I still hold (even some which are in default) - but am just reducing my exposure to property. Got far too excited with the whole thing but am keeping hold of the loans that I like.
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picnicman
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Post by picnicman on Nov 23, 2018 13:31:18 GMT
At least those in this loan (myself included) are still receiving interest without any issues - the same cannot be said for another well known platform where no interest is paid for loans on the SM. Just saying it is not all bad. Cheers P
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elliotn
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Post by elliotn on Nov 23, 2018 13:39:49 GMT
When this loan was taken it was envisaged the units would sell they didn't. So the developer looked to amend the plans to try to make them more saleable. This required a planning change (not moneything's fault or do they have any control of) would you allow a business to try to make them more appealing or would you foreclose? To refinance isn't a quick job especially with the amount of finance required. Not everything is straight forward or goes to plan in life. There is offers for defiance so an exit plan is in place just not to your timescales. Thanks for that johni - and I suggest it reinforces my previous suggestion that P2P loans should come with a 'health warning' - my earlier suggestion was:
'Whilst you might think you are entering into a formal contract please be aware that whatever the loan proposal might say it's really only guesswork so don't take it seriously. Furthermore, once we've pocketed your cash don't expect it back until we decide when you'll get it back - and that might be a lot, lot longer than you ever expected - if ever'.
Only a rough draft - but it does rather seem to fit the bill here methinks!?
The perfect advert why FCA will restrict lender to borrower loans to the financially sophisticated. (I can wait for your verbose, sarcastic, ill- informed drivel in reply.)
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rxdav
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Post by rxdav on Nov 23, 2018 14:11:22 GMT
Thanks for that johni - and I suggest it reinforces my previous suggestion that P2P loans should come with a 'health warning' - my earlier suggestion was:
'Whilst you might think you are entering into a formal contract please be aware that whatever the loan proposal might say it's really only guesswork so don't take it seriously. Furthermore, once we've pocketed your cash don't expect it back until we decide when you'll get it back - and that might be a lot, lot longer than you ever expected - if ever'.
Only a rough draft - but it does rather seem to fit the bill here methinks!?
The perfect advert why FCA will restrict lender to borrower loans to the financially sophisticated. (I can wait for your verbose, sarcastic, ill- informed drivel in reply.) No elliotn - you simply aren't worth the effort - and besides, you know all there is to know (as you regularly inform us mere mortals) - you must be soooooooooo sophisticated eh !?
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Post by GSV3MIaC on Nov 23, 2018 14:13:53 GMT
If you have no objection to telling me, how long did it take from listing to sale (ish)? Well done for ditching your loan part - I should have been quicker off the mark but wasn't. I will certainly have my finger on the 'sell at discount button' as soon as it becomes available - but I suspect there may be something of a stampede in that regard!! If MT are hoping those who sell at a discount just to get the hell out will be reinvesting in their other loans then I think they might be a tad disappointed. I note there is currently 42.57% (£1,064,346) of this highly popular loan available - and I have some £217K in front of me - so I might well be one of those people you feel for in due course!?
I track this (and other) sales queues and it seems to be moving (with leaps and pauses) at around £200 to £500 per day, so there is not much chance of selling out from your queue position before it actually pays back, or defaults. At a 5% discount, I suspect it would move rather faster, at least initially (heck at 5% discount, I might even buy more myself). There is a certain element of self-fulfilling prophesy, especially with a par price .. "if no queue then buy, if long queue then don't" .. whereas with a discount structure the algorithm defaults more to 'if offered at fat discount then buy, if at large premium then sell'.
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rxdav
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Post by rxdav on Nov 23, 2018 14:23:15 GMT
If you have no objection to telling me, how long did it take from listing to sale (ish)? Well done for ditching your loan part - I should have been quicker off the mark but wasn't. I will certainly have my finger on the 'sell at discount button' as soon as it becomes available - but I suspect there may be something of a stampede in that regard!! If MT are hoping those who sell at a discount just to get the hell out will be reinvesting in their other loans then I think they might be a tad disappointed. I note there is currently 42.57% (£1,064,346) of this highly popular loan available - and I have some £217K in front of me - so I might well be one of those people you feel for in due course!?
I track this (and other) sales queues and it seems to be moving (with leaps and pauses) at around £200 to £500 per day, so there is not much chance of selling out from your queue position before it actually pays back, or defaults. At a 5% discount, I suspect it would move rather faster, at least initially (heck at 5% discount, I might even buy more myself). There is a certain element of self-fulfilling prophesy, especially with a par price .. "if no queue then buy, if long queue then don't" .. whereas with a discount structure the algorithm defaults more to 'if offered at fat discount then buy, if at large premium then sell'.
Thanks for that information GSV3MIaC - it pretty much confirms what I had intuitively believed to be the case but had no empirical evidence to substantiate. I also concur with your assessment of the effects of what is essentially sentiment driven trading. Is 5% the known maximum discount or have you just cited that as an example (needless to say I've just multiplied my stake by 5% to ascertain the likely hit!!)?
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boundah
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Post by boundah on Nov 23, 2018 15:06:35 GMT
I suggest it reinforces my previous suggestion that P2P loans should come with a 'health warning' There's a warning at the bottom of every page: 'You may not get back the full amount you lend and/ or the interest you expect. Loans are made to smaller companies over a period of up to 5 years and as such, loans can be illiquid'. Also on the loan particulars for each loan: 'All lending carries a degree of risk and your capital is at risk if you choose to lend on the MoneyThing platform. Please read our Risk Statement before lending against this loan'. It's hardly MT's fault if people can't be bothered to read these before sticking their money in.
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rxdav
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Post by rxdav on Nov 23, 2018 15:12:15 GMT
There's a warning at the bottom of every page: 'You may not get back the full amount you lend and/ or the interest you expect. Loans are made to smaller companies over a period of up to 5 years and as such, loans can be illiquid'. Also on the loan particulars for each loan: 'All lending carries a degree of risk and your capital is at risk if you choose to lend on the MoneyThing platform. Please read our Risk Statement before lending against this loan'. It's hardly MT's fault if people can't be bothered to read these before sticking their money in. Many thanks boundah - after all my years in P2P I hadn't spotted that - what am I like eh !?
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Post by GSV3MIaC on Nov 23, 2018 16:25:12 GMT
I track this (and other) sales queues and it seems to be moving (with leaps and pauses) at around £200 to £500 per day, so there is not much chance of selling out from your queue position before it actually pays back, or defaults. At a 5% discount, I suspect it would move rather faster, at least initially (heck at 5% discount, I might even buy more myself). There is a certain element of self-fulfilling prophesy, especially with a par price .. "if no queue then buy, if long queue then don't" .. whereas with a discount structure the algorithm defaults more to 'if offered at fat discount then buy, if at large premium then sell'.
Thanks for that information GSV3MIaC - it pretty much confirms what I had intuitively believed to be the case but had no empirical evidence to substantiate. I also concur with your assessment of the effects of what is essentially sentiment driven trading. Is 5% the known maximum discount or have you just cited that as an example (needless to say I've just multiplied my stake by 5% to ascertain the likely hit!!)?
5% (discount) is just what most of the (not obviously impaired) loans on ABLRATE seem to be offered/selling at. There isn't £1m on offer of course, since only the eager to sell would bother to list them. The maximum discount over there is 25% .. there is one (badly dented) loan on offer at that sort of discount, and no droves of takers. I don't see any reason why 714 would go anywhere near that low, unless the place is falling down.
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rxdav
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Post by rxdav on Nov 23, 2018 16:49:35 GMT
Thanks for that information GSV3MIaC - it pretty much confirms what I had intuitively believed to be the case but had no empirical evidence to substantiate. I also concur with your assessment of the effects of what is essentially sentiment driven trading. Is 5% the known maximum discount or have you just cited that as an example (needless to say I've just multiplied my stake by 5% to ascertain the likely hit!!)?
5% (discount) is just what most of the (not obviously impaired) loans on ABLRATE seem to be offered/selling at. There isn't £1m on offer of course, since only the eager to sell would bother to list them. The maximum discount over there is 25% .. there is one (badly dented) loan on offer at that sort of discount, and no droves of takers. I don't see any reason why 714 would go anywhere near that low, unless the place is falling down.
Thanks GSV3MIaC - as I suspected the 5% figure was a guesstimate - but you're likely correct, we'll see shortly. ABL was one of my platforms before I decided to exit - and IMHO were (likely still are?) the best P2P platform out there. Interesting to note that a loan which is seemingly considered a duffer (or 'badly dented' to use your description - I rather like that) is still not selling even at a 25% discount - bit of a worry that (particularly if you hold it!). Whilst 714 might not go that low on it's fundamentals I fear the volume of sells when the floodgates are opened may force it down there - again, we'll see. Fortunately, I'm only trapped in Hotel California loans for relatively modest sums and have already redeployed the bulk of what was a chunky five figure sum in P2P at its zenith. I would be almost home and free were I not a COL causality where I had (have?) a significant sum - I just hope to live long enough to see it returned - or what's left of it after the BDO vultures have torn their fill of flesh from the carcass.
Have a good weekend.
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boundah
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Post by boundah on Nov 23, 2018 17:21:32 GMT
Whilst 714 might not go that low on it's fundamentals... Oh dear. I know you're a bit of a stickler for correct grammar, rxdav - how on earth did this get through your rigorous quality control?
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boundah
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Post by boundah on Nov 24, 2018 17:15:34 GMT
P.S. The 'Oh dear' should be followed by a comma - not a full stop (it doesn't constitute a sentence) - I think the appropriate modern acronym at this point is 'lol' ? Oh dear (again). Maybe you need to spend more time with Fowler's and less with the Eagles? Otherwise you could just look up 'oh dear' in the OED. You'll notice it's an interjection, which (as I'm sure you know) can stand alone. Anyway, back to Res Dev in Liverpool...
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boundah
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Post by boundah on Nov 24, 2018 18:54:48 GMT
Oh dear (again). Maybe you need to spend more time with Fowler's and less with the Eagles? Otherwise you could just look up 'oh dear' in the OED. You'll notice it's an interjection, which (as I'm sure you know) can stand alone. Anyway, back to Res Dev in Liverpool... Oh dear! You just can't stop yourself can you boundah?
Now I have written the above to show how an interjection should be punctuated - with an exclamation mark (check the OED - which you seem to trust).
That seems to leave us with two possibilities: 1. If you meant it as an interjection you incorrectly punctuated it or 2. It wasn't meant as an interjection and you're trying to save face by back-pedalling (but clearly failing miserably in the process). So, which is it?
Ever heard that old maxim boundah: 'when you find yourself in a hole, stop digging!'? I rather suspect you didn't get a First in English eh? I suspect this exchange is getting a little boring for those more interested in Liverpool. However, I'm always happy to take on those who criticise others' grammar when they themselves are less than perfect. A First in English is not needed, just an interest in language and a slightly obsessive nature. It may be best if we continue by PM rather than on public forum, as I wouldn't want you to make a fool of yourself. Just for the record, in case anyone is interested enough to have followed so far: interjections do not have to be punctuated, not even 'oh dear'. Examples proliferate - I suggest you work a little harder on that Fowler's.
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Post by Deleted on Nov 24, 2018 19:04:22 GMT
Is this conversation for real?
I thought this development had been built and burnt down again based on the sudden action on the thread.
Alas it turns out some people are playing grammatical one upmanship like over-educated teennagers! No doubt my English will be fodder for the fire. I despair!
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