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This is a simple guide on how to create a bit on Ablrate Secondary Market, this is transcribed from the video above. To start you’ll need to navigate to the secondary market, and you can do that by going to the dashboard and clicking on the secondary market.
That will take you to the page where all the loans that are available on the secondary market are listed. So I’m looking to buy some of a loan but I’m not prepared to buy any of the available offers. You would, therefore, create your own bid which is essentially a wanted ad on the Ablrate platform, to do this simply click the “Create Bid”. So, in this case, let’s say I’m looking to buy a pound’s worth, all you do is simply put in the amount you would like to buy. The price I would like to pay is based on 100% of the outstanding capital. So let’s say that I am looking to bid 99% then I’m prepared to pay 99p in every pound of remaining capital or ninety-nine pounds for every hundred pounds of remaining capital. If I’m paid a discount on the remaining capital obviously my yield would be increased slightly.
So if a loan is paying 10% for sake of argument I’m going to get a little more because I’ve paid less for the capital. So I’ve got to decide based on the prices available in the marketplace where if I’m likely to have someone sell to me. Next step is to enter a date when this bid is going to expire. We don’t want bids to be on the system forever and a day because your money gets tied up so you can set a level as to when you would like your bid to expire. On interest-only loans, you can have it going over a month. On amortising loans, you’ll only be able to have a bid for a certain period of time up until the next payment date.
What happens now is the system will give you essentially an authorization that that’s being done so you’ll see that on the yellow notification and you’ll notice that it says it’s in the list in grey but is viewable as normal to others.
You can go to current investments then go Active Bids Offers and Pledges and you’ll see secondary bids and you’ll be able to see the bids you have made. You can click on details and you can amend that bid which will bring up the various different parameters all over again or you can simply cancel that bid.