pikestaff
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Post by pikestaff on Jun 24, 2014 19:31:12 GMT
What do people think of this one? Unusually for AC the main security is debtors with a pretty high LTV, but the debtors are insured.
One of the uses of the money is to repay existing p2b loans (on TC) which have a slightly lower average rate, although their most recent TC loan was a bit more expensive. I was happy to support on TC but I'm a bit worried about the fast rate of expansion.
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Post by Ton ⓉⓞⓃ on Jun 24, 2014 21:11:33 GMT
First Tranche
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gnasher
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Post by gnasher on Jun 25, 2014 7:19:46 GMT
I will keep the same money invested in this, moving it out of TC when it is repaid and purchasing on AM here, assuming that there will be big underwriting positions when it closes which seems likely. Relatively happy about this as the money will be on a platform I prefer at a marginally better rate, with hopefully only a short dead period.
As to the rapid expansion.... um .... not sure. I will not be taking the opportunity to increase my exposure.
The other interesting aspect of this is how the balance of business between AC and TC develops. AC is looking like an innovative, dynamic platform of the future, and TC, well isn't. The only advantage they have had is better deal flow, however if that changes in ACs favour ......
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Post by Ton ⓉⓞⓃ on Jun 25, 2014 9:30:33 GMT
I will keep the same money invested in this, moving it out of TC when it is repaid and purchasing on AM here, assuming that there will be big underwriting positions when it closes which seems likely. Relatively happy about this as the money will be on a platform I prefer at a marginally better rate, with hopefully only a short dead period. As to the rapid expansion.... um .... not sure. I will not be taking the opportunity to increase my exposure. The other interesting aspect of this is how the balance of business between AC and TC develops. AC is looking like an innovative, dynamic platform of the future, and TC, well isn't. The only advantage they have had is better deal flow, however if that changes in ACs favour ...... I was wondering, are the two deals here and the one on TC at the same rate? How long have they held the loan? I guess there's been no problems?
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Post by mrclondon on Jun 25, 2014 12:55:58 GMT
I was wondering, are the two deals here and the one on TC at the same rate? How long have they held the loan? I guess there's been no problems? On TC its four £200k loans, each 2 year interest only, drawn Oct 13, Dec 13, Jan 14 & Apr 14, all reverse auctions with the first 3 ending at average rates of between 9 and 9.5 % with the most recent ending at just less than 10.5%. I'm only in the most recent one, but I'm not aware of any payment issues on any of the loans. The only thing worthy of note is that on TC the loan was introduced by Ludg** given that this company and the loan introducer T**** & E***** F****** are under common ownership / directors. Not an issue here given AC do their own detailed DD on all loans unlike TC who primarily rely on the introducer to do the DD.
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Post by Ton ⓉⓞⓃ on Jun 25, 2014 21:58:38 GMT
Why is the Borrower refinancing so quickly?
The growth is dizzying just as has been said.
I understand from the credit report any one pound will be recycled three times in a year, how can that be if the deals are 60 & a few 90 days in length. Does that mean there's lots of dead time?
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Post by mrclondon on Jun 25, 2014 22:05:25 GMT
Why is the Borrower refinancing so quickly? Primarily lack of confidence that TC lenders can deliver the extra £1.2m they are looking for ... the one thing that has been re-iterated by them several times on the TC forums is the fact that AC's underwriting gives them the confidence to persue their business strategy knowing the funding will be available in tranches as required. The implication is that AC have effectively promised them £2m of underwriting will be made available if so required. As with so many things, formal underwriting has been promised by TC but has yet to materialise. And it has to be a re-finance to give us first charge security.
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Post by mietek on Jun 25, 2014 22:48:23 GMT
TC. Shows all payments made on time.
it is expected that £1 will turn 4 times per annum. However it is cautious to suggest 3 times. This give a worst case scenario and therefore should exceed budgets.
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wysiati
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Post by wysiati on Jun 26, 2014 12:00:54 GMT
Why is the Borrower refinancing so quickly? Primarily lack of confidence that TC lenders can deliver the extra £1.2m they are looking for ... the one thing that has been re-iterated by them several times on the TC forums is the fact that AC's underwriting gives them the confidence to persue their business strategy knowing the funding will be available in tranches as required. The implication is that AC have effectively promised them £2m of underwriting will be made available if so required. As with so many things, formal underwriting has been promised by TC but has yet to materialise. And it has to be a re-finance to give us first charge security. mrclondonApologies for asking but when you refer to 'us' is that just an expression of affinity/clumsy wording, or do you have more formal/direct ties which would, as applied to other forum participants, make you a representative of AC?
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Post by mrclondon on Jun 26, 2014 12:08:55 GMT
mrclondonApologies for asking but when you refer to 'us' is that just an expression of affinity/clumsy wording, or do you have more formal/direct ties which would, as applied to other forum participants, make you a representative of AC? us = me and you as lenders AC is our agent and execute the security on behalf of lenders NOT on behalf of themselves. For the record I have no affliation with any P2P platform.
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wysiati
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Post by wysiati on Jun 26, 2014 12:22:36 GMT
Thanks for the clarification w.r.t affiliations.
I am familiar with the role of AC and lenders, respectively, but some previous statements bordering on patronage did perhaps make me overthink the semantics of this latest contribution.
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Post by Ton ⓉⓞⓃ on Jun 27, 2014 16:51:01 GMT
Have the other tranches for this deal appeared already or do I need glasses? IN EDIT 1st-loan no 104 1000k 2nd-loan no 107 250k 3rd-loan no 108 250k 4th-loan no 109 250k
No 5 is missing
IN EDIT 1 to 4 all fully u/w. (underwriten) as lynnanthony says
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Post by marek63 on Jun 29, 2014 12:16:19 GMT
I am moving our chunk of funds from TC to AC for this loan. The CEO is extremely approachable and businesslike and open to any questions directly. I have no links with the company, just found them to pass the smell test for me. Their business needs ongoing working capital, and the underwritten nature of AC gives them certainty.
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j
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Post by j on Jun 30, 2014 17:08:09 GMT
I don't get the point behind listing the other tranche loans so early (barring the one drawing down in August) apart from showing that they are already underwritten. The ones in OCT/NOV will surely have a long way to go before they are live & I doubt any of us would commit funds so early when draw down is a number of months away?!
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pikestaff
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Post by pikestaff on Jun 30, 2014 17:12:32 GMT
I don't see the point either, although they are only in preview. Perhaps they had to do this in order to tie up the underwriting commitment?
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