|
Post by Butch Cassidy on Sept 1, 2017 14:33:01 GMT
Actually I think it is the opposite complaint; GSV3MIaC used to run a FC bot called Biddie & it picked up bits of anything & everything that he wanted without him needing to be available, he's now clearly regretting sending it in to retirement & feeling some of the pain normal manual bidders did when the bots ate all the pies on FC before we could get a look in!
18 months ago on the "new feature requests" thread I posted "I would like to see new loans listed on the platform BEFORE GOING LIVE, this allows the proposition to be studied & relevant DD &/or Q&A to be undertaken" but you can't have everything you want.
I actually wrote it BECAUSE I felt that pain (and I had previously spent 12 months trying, with no success, to get FC to acknowledge the problem & level the playing field). I would much prefer the 'reasonable shares for all' approach seen on MT, Ly, or even Assetz (without the femtopence). There was no bot activity from me on this one, but unless ABL level the field then that is the temptation for 'next time', since I decline to hover over my keyboard 24/7. Stings don't it & I accept that you were a responsible user (or as close to it as a bot user gets!) I gave up trying to get FC to listen to investors years ago - seriously we are actually very close to the same position (except for your far superior coding skills, which I rather envy) I have always advocated a level playing field approach on every platform & for every type of investor, large/small, experienced/novice but I accept new, growing platforms are also learning what works for them (& what doesn't) so try not to be too hard on them if & when they misjudge a proposition. Abl is one of the few platforms that has yet to be exploited by the bots in my experience so please don't spoil it.
|
|
|
Post by GSV3MIaC on Sept 1, 2017 15:48:24 GMT
bg ... 45 minutes was plenty of time if you are online 24/7 or at your pc at 16:00, or whatever. Some folks can't be (or weren't). A bot would just , probably, go "15%, 3 months, i'll have some" and resell as required (although markups on 3 month loans do rather dent the apr). A smarter bot will look at more parameters (eg lack of the words "automotive", "flat" etc). A proxy bidder in Bangalore can be even cleverer. 8>. All i want is a chance to read the documents, and place a bid for "my share" ( however so defined) if i want some. Doesn't seem like an unreasonable request.
|
|
bg
Member of DD Central
Posts: 1,368
Likes: 1,929
|
Post by bg on Sept 1, 2017 15:55:08 GMT
bg ... 45 minutes was plenty of time if you are online 24/7 or at your pc at 16:00, or whatever. Some folks can't be (or weren't). A bot would just , probably, go "15%, 3 months, i'll have some" and resell as required (although markups on 3 month loans do rather dent the api). A smarter bot will look at more parameters (eg lack of the words "automotive", "flat" etc). A proxy bidder in Bangalore can be even cleverer. 8>. All i want is a chance to read the documents, and place a bid for "my share" ( however so defined) if i want some. Doesn't seem like an unreasonable request. Bid restrictions then......but that just gets back round to the argument that it upsets the BH's that ABL rely on to fill their loans.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Sept 1, 2017 17:57:21 GMT
ablrate what is going to happen with the SM on this one? Surely no trading should be allowed due to the short length?
|
|
|
Post by dan1 on Sept 1, 2017 19:30:15 GMT
ablrate what is going to happen with the SM on this one? Surely no trading should be allowed due to the short length? It'll probably be paused when the yields start going a little crazy, as per the crates loan due to mature in 2 days time - see here (btw I can't quite get my head around what difference the amortizing makes unless the calculation of the remaining capital isn't quite right).
|
|
metoo
Member of DD Central
Posts: 540
Likes: 410
|
Post by metoo on Sept 1, 2017 19:33:54 GMT
ablrate what is going to happen with the SM on this one? Surely no trading should be allowed due to the short length? Where does it say that in the T&Cs? Yields are clearly stated. All trades are manual between a willing seller and a willing buyer with time to assess the documents and the rate of return. It would be unfair to lock in investors who need access to their money or bought before they could digest the documents, unless there is a change in circumstances requiring trading to be suspended. Edit: crossed with dan1 .
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Sept 2, 2017 6:17:42 GMT
ablrate what is going to happen with the SM on this one? Surely no trading should be allowed due to the short length? Where does it say that in the T&Cs? Yields are clearly stated. All trades are manual between a willing seller and a willing buyer with time to assess the documents and the rate of return. It would be unfair to lock in investors who need access to their money or bought before they could digest the documents, unless there is a change in circumstances requiring trading to be suspended. Edit: crossed with dan1 . Not everyone understands SM and even with very small premium, there is chance here that less experienced investors on AB could lose out significantly
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Sept 2, 2017 6:29:22 GMT
Where does it say that in the T&Cs? Yields are clearly stated. All trades are manual between a willing seller and a willing buyer with time to assess the documents and the rate of return. It would be unfair to lock in investors who need access to their money or bought before they could digest the documents, unless there is a change in circumstances requiring trading to be suspended. Edit: crossed with dan1 . Not everyone understands SM and even with very small premium, there is chance here that less experienced investors on AB could lose out significantly They're unlikely to lose out " significantly"; even a 2% premium drives the AER down to just 7% over such a short term. Anyone who doesn't understand what AER means shouldn't be playing anywhere near Ablrate.
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Sept 4, 2017 9:30:44 GMT
They have just had a £216k E rated loan (5yrs @ 21.9%) listed at FC.
|
|
registerme
Member of DD Central
Posts: 6,235
Likes: 6,039
|
Post by registerme on Sept 4, 2017 9:36:29 GMT
They have just had a £216k E rated loan (5yrs @ 21.9%) listed at FC. Any security? EDIT: No asset security, but a PG.
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Sept 4, 2017 9:41:08 GMT
They have just had a £216k E rated loan (5yrs @ 21.9%) listed at FC. Any security? No security listed (beyond usual PG). The Abl loan hasn't been disclosed under existing loans, but I suspect their application was submitted before the loan drawdown. Expensive long term financing @21.9%+fees..........
|
|
registerme
Member of DD Central
Posts: 6,235
Likes: 6,039
|
Post by registerme on Sept 4, 2017 9:43:14 GMT
Expensive long term financing @21.9%+fees.......... No kidding. ablrate do you / did you know about this?
|
|
nick
Member of DD Central
Posts: 1,056
Likes: 825
|
Post by nick on Sept 4, 2017 9:48:13 GMT
Expensive long term financing @21.9%+fees.......... No kidding. ablrate do you / did you know about this? The Abl rate loan is only 4 months and refinancing via longer term debt was listed as the like exit so no real surprise, just the rate they are willing to accept. As a Abl lender, I believe the risk has reduced as they have raised additional funds and we are a preferential creditor.
|
|
r00lish67
Member of DD Central
Posts: 2,691
Likes: 4,048
|
Post by r00lish67 on Sept 4, 2017 10:29:16 GMT
No kidding. ablrate do you / did you know about this? The Abl rate loan is only 4 months and refinancing via longer term debt was listed as the like exit so no real surprise, just the rate they are willing to accept. As a Abl lender, I believe the risk has reduced as they have raised additional funds and we are a preferential creditor. I'm not sure I do, but If I do have the right end of the stick, and you're suggesting that the FC financing will replace the majority of the Abl loan (?), then won't this 4 day old loan have been rather a waste of time/money for Abl and the borrower?
|
|
marka
Member of DD Central
Posts: 224
Likes: 175
|
Post by marka on Sept 4, 2017 11:36:33 GMT
This has just been "paused" on ABL.
|
|