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Post by chielamangus on Mar 18, 2017 11:16:13 GMT
I have read through most of the threads here and scoured the BC website and nowhere can I get a clear idea of how the whole thing operates. The size and choice of investment sounds haphazard and subject to the whims of some person at BC. Is there any place where one can find a clear explanation of how the PM and SM works?
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Greenwood2
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Post by Greenwood2 on Mar 18, 2017 20:12:23 GMT
Loans come through when they do, although they are now saying they will (usually) be posted on Fridays. For small loans you need to be quick. SM like most is when someone wants to sell, so luck if you spot one. Choice is really invest or not when you see something available. Notification of a successful bid is via email and can be a bit slow (can be really irritating if money is tied up), it's a small site not set up like the big ones.
On the PM there is a pecking order, auto bidders with at least 3 loans worth of funds available, then lenders with funds on the site already and then funds transferred in specifically for the loan. There is a logic...
If you bid more than the £5000 minimum you may get a partial allocation.
Edit: But yes ring for further info, although you may need to wait for a call back. And I've had no problem with email correspondence.
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littleoldlady
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Post by littleoldlady on Apr 1, 2017 11:09:25 GMT
I have registered but it seems the only way to get invested is to send £15k and select auto-invest and then wait. It seems they already have enough investors so they are not likely to improve matters. I will not bother.
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Greenwood2
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Post by Greenwood2 on Apr 1, 2017 12:36:05 GMT
I've only ever bid manually, but there is a pecking order and auto bidders get first go (unless the loan is very small), funded accounts get next then lenders who fund when they see the loan. New loans are now (mostly?) on Fridays although not every Friday and the Secondary Market requires a little luck to spot one first. Minimum £5000 bid unless there is an odd bit left. I think first time bidders also get a bit of priority.
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seeingred
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Post by seeingred on Apr 7, 2017 8:20:06 GMT
New loan last night, Dundee, farm and stables, refinance of an existing loan (not a BC loan) first charge 1% per month. 276k left as of now.
No email notification received, as usual with BC it's unclear for hours after you try to invest whether you get the investment or not!
There was one on the SM last night but now gone.
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littleoldlady
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Post by littleoldlady on Apr 10, 2017 11:40:36 GMT
Got an email about this one and immediately sent my first deposit. Not credited to my e-wallet for 2 and a half days then I tried to invest it and it went into limbo. Not impressed.
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phil
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Post by phil on Apr 10, 2017 12:14:11 GMT
Got an email about this one and immediately sent my first deposit. Not credited to my e-wallet for 2 and a half days then I tried to invest it and it went into limbo. Not impressed. Was the 2.5 days including weekend? Every time I have deposited it has been credited around midday the following day, except weekends. When you invest it does go into limbo until your portion of the loan is allocated to you, assuming it's not oversubscribed.
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SteveT
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Post by SteveT on Apr 10, 2017 12:57:16 GMT
Got an email about this one and immediately sent my first deposit. Not credited to my e-wallet for 2 and a half days then I tried to invest it and it went into limbo. Not impressed. When you click to lend your available funds in a new loan, you should receive a "New investment pending" email from Bridgecrowd more or less instantly (followed some time later by another to say whether or not you've been successful). Check your spam folder, as it took me a while to spot where mine were going.
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Monetus
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Post by Monetus on Apr 10, 2017 14:56:48 GMT
The thing I really like about BC is the fact that they seem VERY adept at recoveries and defaults and don't take any messing around from borrowers. The same can't be said for some of the other platforms that I currently invest in Also residential property is much easier to shift than say... a Wind Turbine or Power Boat. It gives me confidence that if issues occur (which is inevitable) that I have an excellent chance of seeing my money again which makes me rate them very highly. I am currently looking to increase my investment here and pleased to see that we should be seeing increased deal flow soon.
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littleoldlady
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Post by littleoldlady on Apr 10, 2017 18:04:05 GMT
Got an email about this one and immediately sent my first deposit. Not credited to my e-wallet for 2 and a half days then I tried to invest it and it went into limbo. Not impressed. Was the 2.5 days including weekend? Every time I have deposited it has been credited around midday the following day, except weekends. When you invest it does go into limbo until your portion of the loan is allocated to you, assuming it's not oversubscribed. Yes it was over a weekend but they sent the email touting the loan on Fri night/Sat am so it seems reasonable to expect them to work at that time. Otherwise send the email at a time when they can process deposits. luckily I did get part of the loan so all's well...
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phil
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Post by phil on Apr 10, 2017 23:32:54 GMT
I'm glad you got the loan part. I also got the email Fri night but the loan had been available on the site since Thursday afternoon. They put 3 loans out on Thurs, a total of £1.5m and a combination of factors, including the large amount offered, means you were able to pick up a loan part today.
Other weeks you wouldn't be so lucky, if the loan total is 700k or 800k it can go within a couple of hours leaving no time for you to deposit and have the funds processed into your account.
In short, to avoid disappointment, I wouldn't wait for an email before funding your account, I would pre-fund. Even then, if you do pre-fund your account, you would be advised not to rely on the email notification. I found the simplest way is to place enough funds for three loans and ask them to auto-invest, this way you are guaranteed to get your investments hassle free. However even this has a pitfall as they don't auto-invest in the smaller loans so I also keep a regular eye on the site in case a smaller loan comes up that I can invest in manually.
I have the same opinion as Monetus, this is a good platform, for me the auto-invest has worked well, they are quick of the mark to deal with defaults, just don't expect them to jump to it instantly if you make a deposit after they put the loan on the site otherwise you could well be disappointed.
Good luck, Phil
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littleoldlady
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Post by littleoldlady on Apr 11, 2017 7:53:19 GMT
I'm glad you got the loan part. I also got the email Fri night but the loan had been available on the site since Thursday afternoon. They put 3 loans out on Thurs, a total of £1.5m and a combination of factors, including the large amount offered, means you were able to pick up a loan part today.
Other weeks you wouldn't be so lucky, if the loan total is 700k or 800k it can go within a couple of hours leaving no time for you to deposit and have the funds processed into your account.
In short, to avoid disappointment, I wouldn't wait for an email before funding your account, I would pre-fund. Even then, if you do pre-fund your account, you would be advised not to rely on the email notification. I found the simplest way is to place enough funds for three loans and ask them to auto-invest, this way you are guaranteed to get your investments hassle free. However even this has a pitfall as they don't auto-invest in the smaller loans so I also keep a regular eye on the site in case a smaller loan comes up that I can invest in manually.
I have the same opinion as Monetus, this is a good platform, for me the auto-invest has worked well, they are quick of the mark to deal with defaults, just don't expect them to jump to it instantly if you make a deposit after they put the loan on the site otherwise you could well be disappointed.Good luck, Phil Having £15k earning no interest is going to dilute your net return isn't it? I got burnt using auto-invest on LI so am reluctant to use it on BC. I will probably just sit on the one investment for the time being. TBH £5k chunks is a bit rich for me anyway.
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Greenwood2
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Post by Greenwood2 on Apr 11, 2017 10:24:08 GMT
Or wait and only fund for big loans that take a few days to fill.
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Post by bridgecrowd on Apr 11, 2017 16:01:20 GMT
Got an email about this one and immediately sent my first deposit. Not credited to my e-wallet for 2 and a half days then I tried to invest it and it went into limbo. Not impressed. Hi, Our current transfer window stands at: If funds are sent over the weekend they will show up in your account by Monday midday. If you transfer funds after 5pm they should show up in your account by 11am the following day. If you transfer funds after 11am they should show up in your account by 6pm that day.
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phil
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Post by phil on Apr 11, 2017 18:28:19 GMT
Having £15k earning no interest is going to dilute your net return isn't it? I got burnt using auto-invest on LI so am reluctant to use it on BC. I will probably just sit on the one investment for the time being. TBH £5k chunks is a bit rich for me anyway. Don't be pedantic, £15K sat in my bank account earns next to nothing so I'm hardly going to start whining about net return if £15k is sat in my Bridgecrowd Ewallet for a week or two.
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