jonah
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Post by jonah on Jun 13, 2017 4:55:35 GMT
jjc the sales are continuing. Chunks are in small pieces though so I'm thinking that it is going to other lenders, not QAA.
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duck
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Post by duck on Jun 13, 2017 5:21:28 GMT
.....Reason I ask is because I would have expected the GBBA, as soon as 331 stopped meeting the criteria, to sell its units off to the QAA pot (where a lot of money has come in over the last month)... That was my line of thinking as well since sales out have taken place in this way previously (#157). That loan sold out in a long series of sales but they all took place at the same time until the value held was zero. Not this time, the initial sale of #331 on my wife's account took place on the 7th of June (£1.32) then some other transactions then a sale of £2.07 (still on 7th June). There have subsequently been 13 sales between the 7th June and yesterday with the highest being £12.52 but most being £1 or £2 and a few pence. The balance in my wife's account stands at £375.16. If as I suspect the QAA is buying this loan could it be that the QAA max level has been reached and that this 'max level' takes priority over loans 'no longer GBBA eligible' so it is only buying this (and other) loans as it has space? That said, the pattern of sales suggests other investors buying. The same strange 'sale process' has also been taking place on the other loans that I mentioned in my previous post. Do 312, 325 & 391 ring an bells for anybody? EDIT largest sale now showing at £20.36 (made late yesterday) with another smaller one following soon after.
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Post by chielamangus on Jun 13, 2017 7:43:08 GMT
It appears the LTV has risen above 75%, because Loan #331 has relinquished it's security of plots 1,3 & 8 to new loan #477. I don't think lenders voted for this, but AC did make the vote fairly convoluted, by suggesting that a 2nd charge can leapfrog a 1st charge, as long as the loan isn't in default.
Talking of happy , & the numerous aquatic creatures we seem to have sploshing around here duck agent69 jonah , dermot the dolphin have you noticed sizeable differences in the chunks of 331 your GBBA accounts are selling off eg bigger initially smaller now (& are they still selling 331 down?) Reason I ask is because I would have expected the GBBA, as soon as 331 stopped meeting the criteria, to sell its units off to the QAA pot (where a lot of money has come in over the last month) – makes sense for AC’s bottom line. Only subsequently would the QAA then (if it had had its full of 331, I think it was holding a lot of it already btw) put the units up on the market. That would explain the sudden big increase in 331 units all made available in one fell swoop. I had three GBBA sales of 331 yesterday, two for about £1.70 and one for over £20. I have to say I hadn't twigged the security had been reduced - I have been happily buying this one in the MLIA because of both the security and the GBBA involvement. I think I'd better think it out again. I never know how much of any loan I have in the GBBA (only put small amounts in anyway) but from the last interest payments it seems I had around £370 in 331 before the recent sell-off started.
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Post by chielamangus on Jun 13, 2017 7:55:09 GMT
The same strange 'sale process' has also been taking place on the other loans that I mentioned in my previous post. Do 312, 325 & 391 ring an bells for anybody? My GBBA is selling 331, 312 & 325. There was a big sale of 391 on April 30.
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Post by chielamangus on Jun 13, 2017 8:01:03 GMT
I used to think that loans in the GBBA would give greater liquidity because of all that buying power. I now realise that, because of the unpredictability of AC's qualifying criteria, that one could be left with very illiquid loans indeed.
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duck
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Post by duck on Jun 13, 2017 8:11:42 GMT
.....the initial sale of #331 on my wife's account took place on the 7th of June (£1.32) ..... Are we convinced that the date of the 7th is not connected to this ?
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dermot
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Post by dermot on Jun 13, 2017 9:24:25 GMT
It appears the LTV has risen above 75%, because Loan #331 has relinquished it's security of plots 1,3 & 8 to new loan #477. I don't think lenders voted for this, but AC did make the vote fairly convoluted, by suggesting that a 2nd charge can leapfrog a 1st charge, as long as the loan isn't in default.
I think the jumping 2nd charge kermit was raised in the pink pages but lenders, in their good wisdom, seemed happy with it. Unlikely to be an issue, but perhaps the relinquished security should have been explained in the lender vote. (With the benefit of hindsight we now know the likely reason for this unusual configuration was the borrower wanting, or perhaps already having contractual agreement for, a much lower rate on 477). Talking of happy , & the numerous aquatic creatures we seem to have sploshing around here duck agent69 jonah , dermot the dolphin have you noticed sizeable differences in the chunks of 331 your GBBA accounts are selling off eg bigger initially smaller now (& are they still selling 331 down?) Reason I ask is because I would have expected the GBBA, as soon as 331 stopped meeting the criteria, to sell its units off to the QAA pot (where a lot of money has come in over the last month) – makes sense for AC’s bottom line. Only subsequently would the QAA then (if it had had its full of 331, I think it was holding a lot of it already btw) put the units up on the market. That would explain the sudden big increase in 331 units all made available in one fell swoop. Also £1.1m of one loan is a lot for the GBBA to be holding (imo), particularly when it could be holding it in the significantly more profitable QAA. There could ofcourse be other issues playing a part, eg 331’s short legs & possibly 30D Promo money being held in a separate pot to QAA. Anyway just curious on how things have been working, as we can expect more of these types of movements in future from the IA fund management algorithms, which can impact individual loan liquidity very quickly. Tagging chielamangus who first spotted this Mostly a few pounds at a time, nothing big. Now I look in detail, many dozens of small sales of both 331 and 325, all less than a tenner - purchases into others have been almost exclusively in amounts of a few pence - or less. Some of that I've pulled out and put 348 in MLIA currently for sale at a 1% discount, some into the new PSIA - where it is being hoovered up by our old friend 227 and a few bits into 347 and 380, plus other smaller scraps. I see huge chunks of 331 in MLIA.
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oldgrumpy
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Post by oldgrumpy on Feb 16, 2018 16:28:17 GMT
Massive part repayment of principal within the last hour. That's another 12% loan which will have to be replaced with a far lower rate  . |
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happy
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Post by happy on Feb 16, 2018 16:51:31 GMT
Massive part repayment of principal within the last hour. That's another 12% loan which will have to be replaced with a far lower rate . Not many left now are there but don't get too grumpy. I've just opened a nice bottle of Malbec, it will certainly help ease the disappointment somewhat 
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Post by roandy55 on Feb 16, 2018 16:53:19 GMT
Massive part repayment of principal within the last hour. That's another 12% loan which will have to be replaced with a far lower rate . It looks as if their phase 2 loan #477 has repaid in full as well. My GBBA1 account has been backed up for a couple of weeks now, money waiting to invest but nothing seems to be moving apart from a few odd bits of shrapnel.
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Post by madmitch on Feb 17, 2018 13:53:33 GMT
AKAIK, GBBA1 was closed to new investment when GBBA2 launched.
I found my GBBA1 had been set to "...withdraw repayments...", this is unalterable.
Are you sure your GBBA1 is accepting funds for investment?
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amphoria
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Post by amphoria on Feb 17, 2018 14:51:31 GMT
AKAIK, GBBA1 was closed to new investment when GBBA2 launched. I found my GBBA1 had been set to "...withdraw repayments...", this is unalterable. Are you sure your GBBA1 is accepting funds for investment? Repayments of capital appear to stay in the GBBA1 but repayments of interest go to the Cash Account. In other words, the total amount invested will not increase now that the account is closed to new investment.
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Post by roandy55 on Feb 17, 2018 16:54:31 GMT
Many thanks. I have been hanging on as my GBBA1 still appears to be making the occasional purchase of tiny loan parts, but if nothing significant moves I can see I have an option to make an instant withdrawal from GBBA1 to my cash account which I can then move across to my IFISA. I also have my QAA set to invest idle funds all, so I am still earning some interest at least.
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loadsahope
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Post by loadsahope on Feb 17, 2018 18:52:16 GMT
AKAIK, GBBA1 was closed to new investment when GBBA2 launched. I found my GBBA1 had been set to "...withdraw repayments...", this is unalterable. Are you sure your GBBA1 is accepting funds for investment? Repayments of capital appear to stay in the GBBA1 but repayments of interest go to the Cash Account. In other words, the total amount invested will not increase now that the account is closed to new investment. Ah - that explains it - been wondering. Thanks!
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