ali
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Post by ali on Mar 7, 2017 18:16:42 GMT
Sorry if it's not the highest quality Many thanks, agent69. Plenty good enough quality to see that they're actually making better progress on the six houses near to us than I had expected.
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ali
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Post by ali on Mar 7, 2017 10:48:10 GMT
Might be worth having a look at Wilkinson Grant first. Use the latest pictures published by SS (on the main loan, not tranche 6) to identify the property. Think I've been past it before.
Development known as R**** C**** located on O** R**** L*** Exeter
Right, sorry. I wasn't thinking about helping you to find it. I was thinking it might be useful to compare how Wilkinson Grant describe the property with the reality on the ground. The pictures that they and SS are using would appear to include some "artistic license", but it would be useful to find out how much.
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ali
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Post by ali on Mar 7, 2017 10:08:06 GMT
My biggest concern is that SS don't provide a surveyors report, so we have no idea what the hell is going on. .
I'll try to pop round at lunch time to see what progress looks like.
Might be worth having a look at Wilkinson Grant first. Use the latest pictures published by SS (on the main loan, not tranche 6) to identify the property.
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ali
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Post by ali on Mar 3, 2017 13:49:01 GMT
The ratings and default probabilities are calculated and issued by credit agencies based mostly on publicly available information. Our minimum rate takes into account more information than is publicly available - data that we've gathered from the seller's bank account statement, the relationship with the debtor and public information found elsewhere etc. Thanks kristjan. I'll need to think about that. I'm not entirely happy with a platform deciding for me that a loan is low-risk. Perhaps best if I just increase my bid limit.
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ali
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Post by ali on Mar 3, 2017 12:40:04 GMT
kristjan can you explain how the minimum interest rates work, please. I assumed it was based on some combination of the buyer/seller credit ratings and probability of default, but that doesn't seem to be the case with QA036 and QA037 having the same ratings and default rates but different minimum interest rates: Invoice | Rating (buyer)
| PD (buyer)
| Rating (seller)
| PD (seller)
| Minimum interest rate
| INV-0006 | A | 2% | B | 7% | 11% | 4609 | A | 1% | BB | 2% | 9% | 1552 | AA | 1% | BB | 7% | 8% | QA036 | AA | 1% | B | 8% | 9% | QA037 | AA | 1% | B | 8% | 8% |
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ali
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Post by ali on Mar 2, 2017 20:09:19 GMT
So what happens if they need more funds? Defult it and sell a part built development?; I can't see that happening. SS to fund the extra needed? A N Other? Couple of more options 1. Developer finds funds elsewhere (deposits?) 2. Get a new valuation and hope it is higher Cafe open, so some income there Or take out a 2nd charge loan with a higher LTV and (presumably) a higher interest rate to compensate. Probably on a different platform than SS.
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ali
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Post by ali on Feb 27, 2017 13:08:54 GMT
Just to note that the discrepancy on my account is now sorted. Thanks ablrate
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ali
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Post by ali on Feb 27, 2017 8:35:33 GMT
If you have any issues with the SM please let us know as soon as possible and we will be able to look through your account. The integrity of the reporting system is, of course, absolutely paramount and even if you suspect something may not be right do let us know. Even if nothing is wrong it will help us determine how better to display information Can I refer you to my query by email of the 9th September which was acknowledged on the 13th as follows: I haven't had a resolution or a revert. Let me know if there is anything else you need to know.
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ali
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Post by ali on Feb 22, 2017 9:25:00 GMT
But seems to work in a very odd way. Invoice #INV-0006 went for 11%, fair enough. But it would appear that the autobidder only placed bids for people who were not prepared to lend at below 11%, which seems very wrong. Instead people who have autobid set below 11% should have been treated as if it was set to 11%. The autobidder rate is the lowest rate at which an investors is willing to participate in an auction. If the minimum rate for an auction is 10%, the bid will be made at 10%. However, if you did not manage to get invested in one particular invoice, it is because the demand for that invoice outstripped supply (more investors making bids means not everyone will get in). If I understand you correctly, anybody who had their autobid rate set at, or below, 17% had the chance to bid. Because this was a tiny invoice, only a few of those people who had a chance to bid were actually chosen (at random) to bid. Those that were chosen to bid had their bids adjusted so that the rate was the minimum of their set autobid rate and 11%. If that's a correct understanding, then that makes a lot of sense. It might help to reduce confusion to add a line to the invoice just above the bid table saying something like "12 investor bids selected at random from the 104 investors who made an automatic bid. For brevity, unselected bids are not shown below."
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ali
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Post by ali on Feb 21, 2017 23:11:38 GMT
I should also note that we are changing the minimum interest rate for invoices in a few weeks from now. Riskier companies will have a higher minimum rate. This is to compensate investors for higher risks that they are taking. This feature is now live. But seems to work in a very odd way. Invoice #INV-0006 went for 11%, fair enough. But it would appear that the autobidder only placed bids for people who were not prepared to lend at below 11%, which seems very wrong. Instead people who have autobid set below 11% should have been treated as if it was set to 11%.
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ali
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Post by ali on Feb 17, 2017 7:16:28 GMT
Site is currently down for maintenance. Was this mainenance announced? Yes, it was mentioned in a recent email: This loan has coincided with the deployment of a new sign up process on the system, which is part of the new lender verification and bank account verification system. Existing lenders are unaffected, but it will mean, however, that we will have to take down the system for 1 hour - 2 hours maximum while this update is uploaded. This update also carries with it some minor changes in the Secondary Market that streamlines how some of the data is dealt with by our platform. The developers are yet to give us a window, but it is expected to be late this evening or very early tomorrow morning, so if you see the site offline for maintenance, you will know why.
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ali
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Post by ali on Feb 14, 2017 10:18:42 GMT
Thanks for implementing this, however I don't seem to be able to access or download the report. The link is there but when I click it nothing happens. Nothing is downloaded or opened. I can open it quite happily. Don't know how much use it's going to be given that it's for the calendar year rather than April 6th to April 5th needed for UK tax reporting.
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ali
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Post by ali on Feb 13, 2017 13:54:17 GMT
I can see that X will help, but Y and Z seem just the kind of thing that a bot would excel at getting right and humans will occasionally hit by being too fast. causing some irritation. Y shouldn't be an issue with new loans (assuming the bid limits are sensible), it's really just renewals where there's very little to go around. With Z, a "normal" lender may hit lucky occasionally and buy a loan-part within a second or two of it appearing, but they're unlikely to be able to do it regularly unless they know in advance that a part is about to be listed (ie. "husband and wife" accounts selling and re-buying parts between themselves). That's the thing that I suspect could cause some complaints... I guess it depends on just how small Ed is thinking of. I frequently get Y values below 5s (without using any bots, I hasten to add). I doubt that I'm the fastest user out there given the speed of my Internet connection.
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ali
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Post by ali on Feb 13, 2017 13:46:07 GMT
Acknowledged. However, we will look to set the limits to ensure non-bot users are not captured. Of course the bot users can 'learn' what X, Y & Z are and adjust their scripts accordingly, however we will still be maintaining a log to identify those users and manually intervene to block them. We are also seeking legal advice to adjust our Ts&Cs so that we can include penalties for these types of breaches. I would mention that this use of scripts have been identified from a few users who have recently joined. Regards, Ed. Of course, the 'obvious' penalty would be asking/telling those few users to just 'unjoin' the platform (and/or compulsory sell their holdings) Perhaps a tad excessive! I'd be looking at refusing to take any new money from them for a period (a month maybe). Edit: Thinking about it, that isn't quite enough to prevent somebody gaming the system. Perhaps there is no alternative than to refuse to allow new loan parts to be purchased for a period.
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ali
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Post by ali on Feb 13, 2017 13:01:10 GMT
Afternoon, I have been discussing this at length this morning with The Shuang and we are going to implement velocity checks and lock-outs on the system. In summary, the system will monitor in real-time and compare bidding time to the previous one every time a bid is placed. If a bid is attempted to be placed within 'X' seconds of the previous bid then an error message will pop up with something like 'high velocity bidding blocked'. Just finishing some other development work at the moment but should have this implemented by the end of this week. We will also implement a similar system to cater for bids placed at launch of a new loan (i.e. 'Y' seconds after 4pm on the PM), and also time difference between sale & purchase on the SM (i.e. 'Z' seconds between). Once launched, we may need a little time to optimise what X, Y & Z is set to to get it right but this should solve some of these problems. Kind regards, Ed IN EDIT: We will also maintain a log of the ones that get blocked. I can see that X will help, but Y and Z seem just the kind of thing that a bot would excel at getting right and humans will occasionally hit by being too fast. causing some irritation.
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