warn
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Post by warn on May 27, 2015 7:57:35 GMT
i.e. does it have one? The most recent qualifying loan was the Anaerobic thingy, and nothing for quite a while before that, and nothing in the upcomings. Without a new loan rate of, say, one a month, it'll wither and die on the vine. Are there plans to keep it going, do we think?
Just wondering.
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oldgrumpy
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Post by oldgrumpy on May 27, 2015 8:31:06 GMT
AC have had all sorts of mighty plans especially since the very optimistic loan flow forecasts from a certain high ranking executive late last summer, and the continued assurances since. Had those predictions materialised, GEIA and the bespoke scheme and certainly the main lending platform would be thriving by now. What has increased far more than predicted is difficulty with loans actually paying back at the end (and some during) their course. I have (probably) lost more on this platform than any other (though I am nowhere near in negative territory it has to be said) because of Plumber, and I do see certain other loans where security may be shaky.
Confidence may shaky too, but a year ago it was high.
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Post by andrewholgate on May 27, 2015 9:16:25 GMT
OK, I got some things wrong. Mea culpa et paenitet me. I am not going to make statements that I cannot keep in future.
First point to make is that competition in this market is even more fierce and we lost some deals to others at a lower price. I stand by my principles and will not take deals just for the sake of volume. I run a business and that business needs to make money, plus lenders need to make a return commensurate with the risk. We came under fierce criticism when rates were dropping, yet we still need to offer competitive rates to borrowers. There is a fine balance.
Second point is that we have increased head count substantially in recent weeks and these people will take a little while to bed in. However, the pipeline looks strong and we have been listing 2-3 deals per week for underwriters in May and I expect that to be 3-5 per week in June and steadily increasing. Time will tell.
I can assure you the account has a future. We have worked hard in recent weeks to secure new deals for the account. These will be coming on to the platform soon.
Keep calm, I hear your concerns and I am working hard to resolve them.
A
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warn
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Post by warn on Jun 4, 2015 5:52:00 GMT
...I can assure you the account has a future. We have worked hard in recent weeks to secure new deals for the account. These will be coming on to the platform soon. Keep calm, I hear your concerns and I am working hard to resolve them. A Apologies for my tardy acknowledgement. Thank you for the reassuring comments, and I look forward to more Green loans soon.
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jo
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Post by jo on Jun 5, 2015 9:32:05 GMT
As an aside, today I calculated the standalone XIRR on the GEIA component of an account I operate:
Opened account in early Jan 2015, fairly regular trickle deposits, current XIRR 6.4%.
Interestingly, the total portfolio (of which the GEIA component is exactly 50%) displays on the website an average interest rate of 8.9% but has an overall XIRR of 5%.
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Post by Jack Barlow on Jun 5, 2015 10:53:02 GMT
jo, did you factor in half a month of unpaid accrued interest? If not, I estimate that it would take your GEIA XIRR up to about 7%, assuming your fund is currently fully invested.
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jo
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Post by jo on Jun 5, 2015 12:20:32 GMT
jo, did you factor in half a month of unpaid accrued interest? If not, I estimate that it would take your GEIA XIRR up to about 7%, assuming your fund is currently fully invested. I didn't, it's a valid point but I just find it less time consuming to work with displayed account balances.
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tonyr
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Post by tonyr on Jun 6, 2015 17:28:35 GMT
jo, did you factor in half a month of unpaid accrued interest? If not, I estimate that it would take your GEIA XIRR up to about 7%, assuming your fund is currently fully invested. I didn't, it's a valid point but I just find it less time consuming to work with displayed account balances. Well, I guess I may need to reconsider my stance that the GEIA has no future - in one case at least it has performed as advertised. If only the current huge backlog of loans would drawdown I guess there would be large amount of Cumbrian AD added to the GEIA which would improve GEIA liquidity.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jun 10, 2015 11:17:39 GMT
There is a new Conwy WT in upcoming loans.  |
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jonah
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Post by jonah on Jul 4, 2015 9:47:43 GMT
I put a few pounds into geia this week. This was part of my normal cash, basically to earn a little interest whilst money went into targeted loans. It seems that 80% of money went in pretty fast but that last 20% took another day or so. When I tried to remove the 20% and move it into the manual account, geia unhelpfully rebalanced down to 80% invested again!
that said, looking on the bright side, I had two concerns with this account. The first (time to get cash in and out) is still a work in progress, but there is positive news on the second. For the PF to be viable, there needs to be sufficient loans involved. Ideally with a steady turn over to help with rebalancing. Therefore the addition of a new solar loan targeted for August is great news. If this and the WT for July both happen and the one a month or so rate continues, that should provide the diversity needed.
fingers crossed.
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Post by Ton ⓉⓞⓃ on Jul 4, 2015 20:01:03 GMT
<<snip>>... Therefore the addition of a new solar loan targeted for August is great news. If this and the WT for July both happen and the one a month or so rate continues, that should provide the diversity needed. fingers crossed. The criteria for inclusion are several one being generating power. This loan is to fund the prep./investigation for that, I wonder if officially it should be included. A question has been asked in this regard. It would be nice and simple if the loan page or cr would just mention if it were due to be included. All being well their next loan should definitely be included, the loan to build and operate it. Some of the WT's take about a year of going thru' all the procedures, pp etc. any ideas how long solar farms might take to get full clearance?
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jonah
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Post by jonah on Jul 15, 2015 5:13:58 GMT
The answer to the above question on the AC site says that it is geia eligible. The WT has had under writer funds called and there is another WT (188) on the upcoming list. This is starting to look like around one a month. That would seem to provide around the needed diversity depending on the size of the PF.... Add in the new upcoming page chris mentioned in another thread on the numbers for that PF and that question should also be answered. so potentially some positive geia steps in the near future. |
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jjc
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Post by jjc on Jul 17, 2015 10:41:18 GMT
It may be the early drawdown hasn't been spotted by some lenders, but loan 180 is now available. As one of the best (in wind resource terms) WT sites seen so far, with sound DSC/LTV etc cover I'm surprised immediate uptake wasn't larger. Have GEIA account holders received notification loan 180 is now available? If I was a GEIA lender I'd be upping my target considerably now. If a good number did so it could take a big chunk out of the loan very quickly, perhaps GEIA folk are just not used to this type of situation!
Whilst nice to see some green pipeline I'd guess it's unlikely there'll be much, if any, of the 2 upcoming (much smaller) green deals available for GEIA accounts.
Does AC time any GEIA marketing activities around new green loan releases?
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jonah
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Post by jonah on Jul 19, 2015 12:14:13 GMT
Based in part on the increasing eligible loans which should help with diversity but also the suggested regular updated provision details page, I decided to take advantage of the 'faster payments' process and put a small amount in GEIA. The money went into GEIA just after 10am yesterday.
The good news is that 100% of my money was matched and against loans within the day I transferred the cash. This is great as it helps towards meeting the 7% interest which it 'says on the tin'. It also seems to have found a spare penny somewhere! (I suspect fractional interest from previous toes in this particular water added together).
The less good news was how it had spread the cash...
112 11.31
106 4.02
125 2.42
90 20.02
160 13.25
93 4.31
145 3
83 0
180 40
77 1.69
Based on parsing the transaction logs, I have the above percentages (column 2) in the above loans (column 1). Given at least 10 active loans, I was surprised to see 40% in one of them and over 20% in another.
Of course, this may further settle in due course, but after 45 different transactions yesterday there hasn't been a single one today. So, will GEIA wait until a trigger event such as a change in investment level or a new loan / loan closed before trying to get below 20% on those 2 loans?
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ramblin rose
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Post by ramblin rose on Jul 20, 2015 8:56:13 GMT
Based in part on the increasing eligible loans which should help with diversity but also the suggested regular updated provision details page, I decided to take advantage of the 'faster payments' process and put a small amount in GEIA. The money went into GEIA just after 10am yesterday. The good news is that 100% of my money was matched and against loans within the day I transferred the cash. This is great as it helps towards meeting the 7% interest which it 'says on the tin'. It also seems to have found a spare penny somewhere! (I suspect fractional interest from previous toes in this particular water added together). The less good news was how it had spread the cash... 112 11.31 106 4.02 125 2.42 90 20.02 160 13.25 93 4.31 145 3 83 0 180 40 77 1.69 Based on parsing the transaction logs, I have the above percentages (column 2) in the above loans (column 1). Given at least 10 active loans, I was surprised to see 40% in one of them and over 20% in another. Of course, this may further settle in due course, but after 45 different transactions yesterday there hasn't been a single one today. So, will GEIA wait until a trigger event such as a change in investment level or a new loan / loan closed before trying to get below 20% on those 2 loans? Conversely I find that behaviour to be entirely positive news; it's the first time I've heard of the GEIA behaving sensibly. I would much prefer that deposits be spread as best they can be initially, with balancing occuring as and when loan availability allows, rather than have some arbitrary percentage rule cause some of the money to sit idling in the account earning nothing. There is money of my mother's waiting to be diversified away from where it currently resides, with the GEIA being a prime candidate for her, but as it's been so irrational to date I've steered clear. Your experience is music to my ears; if it carries on like that it would convince me to advise her in this direction, but not convinced enough quite yet.
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