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Post by Ton ⓉⓞⓃ on Sept 25, 2015 23:43:32 GMT
I'm no expert on this but, I learnt to compose my posts in the forum "create post" window in Preview, but if I'm copying from another post to use the BBcode editor or I get the extra lines. I think it's something to do with the ampersand (&-amp- symbol gets mistaken for page break or new line. I've never really found out or understood it. EDIT So if you are copying/pasting use BBcode but NOT Preview as Preview will loose any links and mess with the formating. The Preview/BBcode button is at the bottom of the page when you are composing a new post.
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Post by Ton ⓉⓞⓃ on Sept 25, 2015 23:03:42 GMT
I've looked briefly at this platform, am I right in thinking there are fees and what are they, Anyone?
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Post by Ton ⓉⓞⓃ on Sept 23, 2015 14:11:26 GMT
To an extent I find that my money is "trapped" in the QAA. Let me explain. I moved a largish amount in when it was introduced using the direct to QAA reference on the website, I only did this to avoid a 2 step process of CA first then MLIA and auto sweep into QAA as the QAA was filling up fast. Now all that money appears as my "Direct Investment" pot. If I want to use that to invest in the MLIA, which is my purpose for all of that money over time, I have to move some of it back to my CA, then assign it to MLIA. When I have done that of course it is outside the QAA as that money is now at the back of the queue. This serves as a disincentive to me to use that money in my MLIA cash pot to wait for invesment opportunities, hence decreases the churn in the QAA - not a good thing I would say. Mine is swept in from cash, but I'm simply moving money from there to the QAA queue to cover the loans as the Underwriting is called, because your money is first taken from the queue then from swept MLIA idle funds in the QAA. So today I moved a few hundred from idle Cash held in the QAA to the queue to cover the drawdown in the next couple of days.
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Post by Ton ⓉⓞⓃ on Sept 22, 2015 14:28:21 GMT
Personally I was under the impression that there was several million just rotting idly before QAA launched, so if over the last couple of weeks or so all these accounts holders click to put their idle money into the account... It could be a long wait given the max is 1million, as we all know we need loans, but even with them I think it will still be a job to get and keep your money in the QAA given we don't really know the length of the queue.
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Post by Ton ⓉⓞⓃ on Sept 22, 2015 14:23:25 GMT
Midlands Trade Finance Provider #104 has a 1% discount again
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Post by Ton ⓉⓞⓃ on Sept 13, 2015 7:24:38 GMT
<Requote of original post removed by Admin> Your post is somewhat insulting and below the level we allow on here Please be polite and constructive (this is a rule)and discuss within the rules of the forum. You are making some bold statements which I assume you back up with reasoned argument and discussion. Admin Note:
p2pwiz appears to have deleted all three of his/her posts. Given the potentially libellous nature of one of his/her posts, the requotes and discussion of p2pwiz's posts have been hidden from public view.
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Post by Ton ⓉⓞⓃ on Sept 12, 2015 23:23:27 GMT
Currently the first tranche of Midlands Trade #104: £36,759.67 -1.0% discount It's now down to £33,747.91, so either the sellers have changed their mind(s) or the discount is helping some people sell. I'm still not buying, though. Are you waiting for a bigger discount or perhaps don't like the proposition? Or need liquidity?
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Post by Ton ⓉⓞⓃ on Sept 12, 2015 23:11:57 GMT
I'm bidding for tranche 2 and 3 at a 1% discount if any use to anyone instead Can I ask why those tranches? The mysteries of AC... But now the only one of the Midland Trade with a discount is the first and largest one, 33747.91 @1% discount out of a total of 480,509.10 So I've just tried buying some and I'm surprised to see that it bought the units even thought it was 8 minutes past midnight, when there always used to be market lock down , ie no buys/sells... In Edit. I've just tried another small buy at a 00:15hrs and the market seems to be in night time lockdown (2nd Edit: It took about 7minutes to buy it, but a third buy was almost instant I'm forgetting that it's taking the money from the QAA) But I'm also finding that there is often a tool tip that refuses to disappear, I've had it a few times since the launch; the tool tip that says Colin don't know if that's important, I'm assuming Chris is on Hols.
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Post by Ton ⓉⓞⓃ on Sept 11, 2015 20:15:01 GMT
Just noticed that someone has put a discount of 1% on £70.92 For the Expat Lend to Let Loan#172, any takers? I can't see that now, so I'd guess there was a taker. Unless, of course, the seller changed their mind. Has anyone seen any other discounted parts? I haven't, but I haven't looked everywhere. I took a piccy
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Post by Ton ⓉⓞⓃ on Sept 11, 2015 16:55:25 GMT
AC is producing a tutorial video on Mark Downs.
Collection of Useful Quotes on Mark Downs:
The other thing to note that may confuse is that the buy and sell instructions specify amounts as if the discount wasn't applied. Ie. if you have a buy instruction for £1,000 for par value or better and you happen to have some loan units available at a 10% discount then you will spend £1,000 to buy £1,111.11 of loan units. Likewise if you sell £1,000 loan units at 10% discount it will actually sell £1,111.11 of loan units to raise £1,000 of cash for you. The above subject is discussed further HEREThe size of Mark Downs starts at 1% with graduations of 0.5% all the way and beyond 50% to a discount of 99.5% that's a lot for asset backed loans... I'm reviewing this with my fellow directors today. 0.01% discounts are a bit over the top and just allow sellers to circumvent the allocation algorithms by trying to out do other lenders by the tiniest of fractions. This can also mean bypassing the underwriters and QAA when they're trying to sell down a loan without actually having to offer anything beyond the tiniest of discounts. 1% was chosen to make sure that lenders offering a discount have to overcome that hurdle to do so, rather than just play with bypassing the algorithms as a matter of routine. We're thinking of allowing 0.5% and possibly even 0.25% but no promises on that yet. See your point on discounting beyond 50%, will discuss that as well and most likely will change it. but following on from the board discussion Chris said... We've discussed the discounts and it's been decided that the current options will remain. Discounts aren't provided so that lenders can idly jump the queue or circumvent the balancing / prioritisation algorithms that have been put in place to keep the market balanced for the benefit of all lenders. A 1% discount, which as pointed out represents something in the region of 1 month of interest on average, is about right for someone looking for a speedy exit from an otherwise good loan. It's a hurdle but not an overly onerous one which is why we chose that level in the first place. Distressed loans have the option for higher discounts being offered. It should also be remembered that we don't charge lenders any fees for exiting a loan, such as a sale fee or even a fee based on breaching the amount of time you'd agreed to lend the funds. Such fees can greatly affect the cost to lenders. We'll keep this under review but for now the existing figures will remain in place. Presently Lenders are allowed one buy/sell order on each loan, in the future we'll probably be allowed more as Chris says below: When we enable it. Think I mentioned before it was disabled for now and would be enabled in a couple of weeks. Want to let everyone get used to it first before we add that layer of confusion. Any other useful quotes etc just post and I'll try and add them in here if need be, but on the whole it seems a relatively simple system. With the quotes above if you click on the date you should be taken to the original... Sept2015
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Post by Ton ⓉⓞⓃ on Sept 11, 2015 16:44:45 GMT
It might be handy to have a thread where Underwriters/Lenders can highlight/list where they are selling at a discount (and perhaps a premium at some point?).
Just noticed that someone has put a discount of 1% on £70.92 For the Expat Lend to Let Loan#172, any takers?
Below I've put a few quotes, from Chris mainly, that might help explain the new discounting system. I've precised some Lenders questions I hope that's okay.
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Post by Ton ⓉⓞⓃ on Sept 10, 2015 17:19:49 GMT
Can someone please explain to me exactly how this is supposed to work. Yesterday I transferred £25k into QAA (so i was within the first 100k deposited, both on the first attempt and then after the roll back). Now it says I have a direct investment of £25k in the QAA. It does not however show any amount 'awaiting investment' or 'currently invested' as it does on the GBBA or GEIA. When I look at 'Your transactions' I can see my deposit but no other transactions. Does this mean a) my £25k is in the account earning interest straight away or b) I am 100% uninvested and in a queue? There doesn't seem to be any explanation as to how this is working (or if there is I can't find it). My QAA looks like this So £894.83 has been swept in as idle funds and I also made a direct deposit of £10. Both the £894.83 and the tenner are earning 3.75%. The queu is not visible but Chris says that in some way it will be made so, if you are in the queue you are NOT earning interest. AIUI. Edit. The AC page on QAA is here www.assetzcapital.co.uk/our-investor-accounts/qa-account/?affil=QAA001
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Post by Ton ⓉⓞⓃ on Sept 10, 2015 14:26:10 GMT
Oops? chris!!! Atleast we now know who broke the Aftermarket (Sorry market).
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Post by Ton ⓉⓞⓃ on Sept 10, 2015 13:30:41 GMT
At noon I transfer money from my bank direct to the QAA, and I've also sweep all loose change+ into the a/c. Seems to be working. Can you give a little more detail? Well, on my dashboard under the QAA account there's a "INVEST IDLE FUNDS ACTION: NONE"; I click this and try to change it to any of the other options, and it says its done it - but on page refresh, it still says NONE, and there's still <£0.01 in other accounts, like the GEIA and GBBA, not being swept up into the QAA. I can't seem to get it to change from NONE. What happens if you rest your cursor over the other accounts "Awaiting Investment" figures? When I do this I get two tool tips telling me where that money is. Do you get that?
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Post by Ton ⓉⓞⓃ on Sept 10, 2015 13:10:52 GMT
At noon I transfer money from my bank direct to the QAA, and I've also sweep all loose change+ into the a/c. Seems to be working. Can you give a little more detail? Well, on my dashboard under the QAA account there's a "INVEST IDLE FUNDS ACTION: NONE"; I click this and try to change it to any of the other options, and it says its done it - but on page refresh, it still says NONE, and there's still <£0.01 in other accounts, like the GEIA and GBBA, not being swept up into the QAA. I can't seem to get it to change from NONE. Perhaps chris knows...
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