dermot
Member of DD Central
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Post by dermot on May 7, 2020 9:05:29 GMT
There was a (rerun) vote on an offer from the borrower for loan #436 last month, vote finishing on 1st May.
Wondering what happened, I looked just now but cannot find any sign of #436 on AC at all, neither have I had an email with the vote result.
Anybody?
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cb25
Posts: 3,523
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Post by cb25 on May 7, 2020 9:08:24 GMT
There was a (rerun) vote on an offer from the borrower for loan #436 last month, vote finishing on 1st May. Wondering what happened, I looked just now but cannot find any sign of #436 on AC at all, neither have I had an email with the vote result. Anybody? It's on the (Marketplace/) Repaid Loans queue.
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Post by oppsididitagain on May 7, 2020 9:24:41 GMT
There was a (rerun) vote on an offer from the borrower for loan #436 last month, vote finishing on 1st May. Wondering what happened, I looked just now but cannot find any sign of #436 on AC at all, neither have I had an email with the vote result. Anybody? This was part of the RED loans The borrower had submitted an offer to repay the loans. which was accepted. (not sure if this was one of AC - non voted count as acceptance style votes) - Option A: 67%. YES - Option B: 33%. NO Also Im not sure if there was a capital loss on this, shocking if there was as it had less than 50% LTV when launched. There was definitely a loss or interest, but AC still managed to take a lot of monitoring fee's.. leaving lenders out of pocket.
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Post by Jack Barlow on May 7, 2020 12:49:45 GMT
not sure if this was one of AC - non voted count as acceptance style votes AIUI there has only been one AC vote where abstention counted as a ‘for’ vote i.e. the recent global forbearance vote where AC made the amended count rules very clear in the corresponding vote text. There was no such text in the Red vote and so I’ve no reason to believe AC have done other than apply their normal vote rules. This seems to be supported by the discussion in the thread here: p2pindependentforum.com/post/383900/thread. Also Im not sure if there was a capital loss on this, shocking if there was as it had less than 50% LTV when launched. There was definitely a loss or interest, but AC still managed to take a lot of monitoring fee's.. leaving lenders out of pocket. Regarding the recovery from these five loans, all outstanding capital was recovered along with 24.5% of the outstanding interest, so no need to be shocked. For context, I think it’s worth looking at the performance of these loans since their tranched drawdown between July 2016 and March 2017. A total of £1.80M was borrowed and returned along with £286K interest out of £416K interest billed. So overall 69% of billed interest was received, representing a total return of 15.9% on capital invested. AC received total fees of £39.5K over the lifetime of the loans, 14% of what lenders received in interest. The individual performance across all five loans was fairly similar but looking at the OP’s loan #436 specifically the total interest received was 12.6% of capital borrowed, received at an IRR of 7.2%. This seems like a good result to me. I’ll be more than happy if my other defaulted (and non-defaulted) AC loans have a similar outcome.
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mikes1531
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Post by mikes1531 on May 11, 2020 20:00:45 GMT
Also Im not sure if there was a capital loss on this, shocking if there was as it had less than 50% LTV when launched. There was definitely a loss or interest, but AC still managed to take a lot of monitoring fee's.. leaving lenders out of pocket. Regarding the recovery from these five loans, all outstanding capital was recovered along with 24.5% of the outstanding interest, so no need to be shocked. For context, I think it’s worth looking at the performance of these loans since their tranched drawdown between July 2016 and March 2017. A total of £1.80M was borrowed and returned along with £286K interest out of £416K interest billed. So overall 69% of billed interest was received, representing a total return of 15.9% on capital invested. AC received total fees of £39.5K over the lifetime of the loans, 14% of what lenders received in interest. The individual performance across all five loans was fairly similar but looking at the OP’s loan #436 specifically the total interest received was 12.6% of capital borrowed, received at an IRR of 7.2%. This seems like a good result to me. I’ll be more than happy if my other defaulted (and non-defaulted) AC loans have a similar outcome. The info above shows the result for investors who invested at the time the loan was written, but masks the significant performance variation between those investors who got out just before SM trading was suspended and those who bought in at that time and were invested until the final distribution.
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