nyneil
Member of DD Central
Posts: 349
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Post by nyneil on Jul 27, 2021 9:06:38 GMT
New launch 10am tomorrow. Well, that didn't hang around long! All gone in less than 5 mins.
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Post by mfaxford on Jul 27, 2021 9:07:14 GMT
New launch 10am tomorrow. and at 10:03 it's all gone. I wonder if the £3000 bid limit made any real difference.
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Post by Ace on Jul 27, 2021 9:08:24 GMT
New launch 10am tomorrow. Well, that didn't hang around long! All gone in less than 5 mins. I wonder if that was partly because the majority of the security was very easy to accurately value. EDIT: and very easy to sell.
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alibaba
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Post by alibaba on Jul 27, 2021 9:12:12 GMT
Just signed up to connective lending, made a few mistakes with the completion of AML checks, would like to say that I was impressed with their patience and understanding in ensuring that everything was in order, a good start and gives one some initial confidence in the site.
On a separate note the loans seem to fill very quickly, any tips on how to get invested quickly?
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Jul 27, 2021 9:14:17 GMT
Well, that didn't hang around long! All gone in less than 5 mins. I wonder if that was partly because the majority of the security was very easy to accurately value. EDIT: and very easy to sell. That influenced me but my small chunk only scratched the surface. If / when they start property loans, I can't see them flying off the shelf, unless they are sub 50% LTV.
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Jul 27, 2021 9:15:44 GMT
Just signed up to connective lending, made a few mistakes with the completion of AML checks, would like to say that I was impressed with their patience and understanding in ensuring that everything was in order, a good start and gives one some initial confidence in the site. On a separate note the loans seem to fill very quickly, any tips on how to get invested quickly? Be signed in a couple of minutes before the going live time and keep refreshing the page.
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Post by Badly Drawn Stickman on Jul 27, 2021 9:18:43 GMT
New launch 10am tomorrow. and at 10:03 it's all gone. I wonder if the £3000 bid limit made any real difference. Given it could have been taken up by just 5 investors I would suggest not. A sensible bid limit needs to allow the chance for all registered lenders to invest or is fairly pointless. I got what I wanted (a lot less than the bid limit) but suspect there are a good few annoyed people about now. The limit would only need to be applied for a few hours before allowing a free for all.
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Post by Ace on Jul 27, 2021 9:20:46 GMT
Just signed up to connective lending, made a few mistakes with the completion of AML checks, would like to say that I was impressed with their patience and understanding in ensuring that everything was in order, a good start and gives one some initial confidence in the site. On a separate note the loans seem to fill very quickly, any tips on how to get invested quickly? Unless you're a bot programmer there's not much you can do except keep refreshing the page around release time and dive in quickly when it goes live. I suppose you could take up the piano to learn some finger dexterity for the FFF rush 😉
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Post by Ace on Jul 27, 2021 9:24:19 GMT
I wonder if that was partly because the majority of the security was very easy to accurately value. EDIT: and very easy to sell. That influenced me but my small chunk only scratched the surface. If / when they start property loans, I can't see them flying off the shelf, unless they are sub 50% LTV. Very true. I'm of the opinion that the platform is at least as important as the loan in property lending. It will take a considerable time to build up confidence in that area.
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Jul 27, 2021 9:38:46 GMT
That influenced me but my small chunk only scratched the surface. If / when they start property loans, I can't see them flying off the shelf, unless they are sub 50% LTV. Very true. I'm of the opinion that the platform is at least as important as the loan in property lending. It will take a considerable time to build up confidence in that area. As there are already a number of property loan p2p platforms competing for funds, CL need to find some way of standing out from the crowd in terms of quality / risk. High risk with high rates will be a no no for me. Good security with sensible LTV & rate could tempt me (just a little to start with).
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nyneil
Member of DD Central
Posts: 349
Likes: 438
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Post by nyneil on Jul 27, 2021 9:43:14 GMT
Very true. I'm of the opinion that the platform is at least as important as the loan in property lending. It will take a considerable time to build up confidence in that area. As there are already a number of property loan p2p platforms competing for funds, CL need to find some way of standing out from the crowd in terms of quality / risk. High risk with high rates will be a no no for me. Good security with sensible LTV & rate could tempt me (just a little to start with). I also hope they have a good solicitor, drawing up contracts; there seems to be an emerging trend of dodgy borrowers employing lawyers to find flaws in the loan contract, so they can try to get out of repaying the loan :-(
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Post by connectivelending on Jul 27, 2021 9:51:52 GMT
and at 10:03 it's all gone. I wonder if the £3000 bid limit made any real difference. Given it could have been taken up by just 5 investors I would suggest not. A sensible bid limit needs to allow the chance for all registered lenders to invest or is fairly pointless. I got what I wanted (a lot less than the bid limit) but suspect there are a good few annoyed people about now. The limit would only need to be applied for a few hours before allowing a free for all. Dear Lenders, We apologise for anyone who missed out on today’s loan. The £3,000 limit was set due to the borrower requiring the funds early today. We made a judgement based on the number of lenders it would require to fill this loan while also trying to ensure a sufficient percentage was left in the loan for those looking to place smaller bids. Having read the comments, I agree a suitable solution is required to ensure fairness to all investors who take their time out of their day to invest with us. We are looking into the solution as mention in your comments of a limited time restriction before opening the funding and we hope to have this in place very shortly. Many thanks Noman.
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toffeeboy
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Post by toffeeboy on Jul 27, 2021 12:02:25 GMT
and at 10:03 it's all gone. I wonder if the £3000 bid limit made any real difference. Given it could have been taken up by just 5 investors I would suggest not. A sensible bid limit needs to allow the chance for all registered lenders to invest or is fairly pointless. I got what I wanted (a lot less than the bid limit) but suspect there are a good few annoyed people about now. The limit would only need to be applied for a few hours before allowing a free for all. I would have liked Tranche C but got what I wanted in Tranche B instead after having internet issues and having to switch to my phone. I agree completely that the bid limits need to be structured better if that is the route that they are taking, as you say Village Idiot the time limit doesn't need to be in place for very long as we all get the email to know when the loan is becoming available so can hopefully find two minuts to log in and nab a bit. If the loan needs filling quickly then the limit doesn't even have to be in place for an hour, it just takes away the FFF aspect for the majority and removes the need to ensure you are logged in hitting refresh bang on the launch time.
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Post by mfaxford on Jul 27, 2021 12:12:28 GMT
If the loan needs filling quickly then the limit doesn't even have to be in place for an hour, it just takes away the FFF aspect for the majority and removes the need to ensure you are logged in hitting refresh bang on the launch time. I like the idea suggested by trium, and again that could have a relatively short time on it. In this case maybe set to a couple of hours at which point the loan would have been fully funded and lenders getting a fair portion of the loan.
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Post by df on Jul 27, 2021 13:44:20 GMT
If the loan needs filling quickly then the limit doesn't even have to be in place for an hour, it just takes away the FFF aspect for the majority and removes the need to ensure you are logged in hitting refresh bang on the launch time. I like the idea suggested by trium , and again that could have a relatively short time on it. In this case maybe set to a couple of hours at which point the loan would have been fully funded and lenders getting a fair portion of the loan. Would've benefited me this time. I had no chance to do it at 10am... this is the first time I got nothing of CL loan My funds were credited at 7am so if I could pre-fund it then I could've got a slice.
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