james21
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Post by james21 on May 26, 2017 18:31:06 GMT
I see a loan has been posted, but why are they doing it outside of business hours?
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oldgrumpy
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Post by oldgrumpy on May 26, 2017 18:42:54 GMT
Ask them.
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james21
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Post by james21 on May 26, 2017 18:49:59 GMT
I have; they claim that some folk dont have access to the internet at 11:00. That loan of only £50k took 40 mins to fill. Obviously there is not the demand they claim
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r00lish67
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Post by r00lish67 on May 26, 2017 19:11:52 GMT
I have; they claim that some folk dont have access to the internet at 11:00. That loan of only £50k took 40 mins to fill. Obviously there is not the demand they claim OK, I don't get it, what point is trying to be made here - That 40 minutes to fill a £50k loan is too slow? That there should be some restriction on P2P opening hours? Struggling to relate to either of those ideas. Edit: Re-reading, apologies if I come off as narky in the above, I just am genuinely curious.
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james21
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Post by james21 on May 26, 2017 19:27:44 GMT
Many investors prefer to spread the risk by putting in smaller amounts over many loans, FS post nearly all at 11:00 but sometimes 15:00, or 16:00, so as a regular investor you know what to expect. By putting a loan up at 19:00 it throws out the routine as investors are not expecting such a time and will miss the opportunity especially when the loan amount is less than £200k. By saying that they do it because some folk cant access the internet at 11:00 does not make sense because this loan took 40 mins to fill, so demand is limited, had it been put up at 11:00 it would have gone in a minute. If they want to allow folk that dont have access at 11:00 then all they need to do is put a 24hr restriction on and still put it up at 11:00
FS should be consistent in their posting procedure
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r00lish67
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Post by r00lish67 on May 26, 2017 19:46:21 GMT
Many investors prefer to spread the risk by putting in smaller amounts over many loans, FS post nearly all at 11:00 but sometimes 15:00, or 16:00, so as a regular investor you know what to expect. By putting a loan up at 19:00 it throws out the routine as investors are not expecting such a time and will miss the opportunity especially when the loan amount is less than £200k. By saying that they do it because some folk cant access the internet at 11:00 does not make sense because this loan took 40 mins to fill, so demand is limited, had it been put up at 11:00 it would have gone in a minute. If they want to allow folk that dont have access at 11:00 then all they need to do is put a 24hr restriction on and still put it up at 11:00 FS should be consistent in their posting procedure Take your point. I don't personally agree, but fair enough. I would say that I'm not sure this was ever a '1 minuter', it's a second tranche of a loan that had its first £250k tranche only reissued 10 days ago, 65% LTV, and looks like they're dragging their heels with starting development. I haven't done any DD so perhaps you know something I don't, but on the face of it I think 40 mins is pretty rapid, and only because of their IFISA boosting demand and the smallness of the tranche. Not one I was clamouring for I have to say.
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mason
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Post by mason on May 26, 2017 21:18:01 GMT
I have; they claim that some folk dont have access to the internet at 11:00. That loan of only £50k took 40 mins to fill. Obviously there is not the demand they claim Initially announcing it as second charge probably put some people off. Lack of available funds would have been a problem for others (I speculatively sent a deposit immediately on receiving the correction email and that has just been credited, coincidentally as I was writing this message - I feel a bit sorry for whomever is working so late this evening). Personally, I have no issue with FS mixing it up a bit, but I agree with you that one thing they could do is place restrictions on some of the smaller property loans.
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peteuk
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Post by peteuk on May 27, 2017 0:02:00 GMT
Imho it could be lack of staff ,it could be they just like working late, or it could be no time to do any DD ,remember this is a pawnbroker type site where on small loans the only valueation is a quick phone call to the local estate agent. Remember scottish boatyard, wind turbine,rishton whitehaven,domain names,buyer beware its easy to lend money the hard part is getti g it back
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markr
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Post by markr on May 27, 2017 9:08:00 GMT
Maybe the borrower didn't want to wait. Given FS don't have a time machine, if a loan request comes in on the Friday afternoon before a bank holiday, the next available 11am is the following Tuesday. I got the coming soon email a bit after 5pm and given it needed a correction suggests a bit of a rush to get it away before the weekend.
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peteuk
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Post by peteuk on May 27, 2017 9:25:19 GMT
Lend in haste Repent at leisure!
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oldgrumpy
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Post by oldgrumpy on May 27, 2017 9:33:46 GMT
I have some in this, but I will not hold to term. There is history to consider.
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stokeloans
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Post by stokeloans on May 27, 2017 15:01:48 GMT
I wish they'd stagger all their loan launches
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