Post by brummiefred on May 4, 2023 16:12:46 GMT
We are pleased to confirm that, ahead of schedule, we are starting to return Access Accounts cash to investors from the week commencing 1st May 2023.
Lenders will be aware that Access Account withdrawals were not possible for a period since the 15th of December 2022 in order to ensure that sufficient funds are maintained to meet the funding requirement of development loans held by lenders in the Access Accounts. We had previously estimated that it would take until around June 2023 to reach the point where we were able to allow capital repayments to be distributed to Access Account investors as they occurred. Following lots of activity, we have now completed on a considerable number of loan redemptions and have now fully covered all future loan funding requirements. We now have a surplus to distribute, with further monthly payments now expected each month alongside interest payments.
Access Account capital distributions will be made pro-rata across all Access Account investors, with funds going back to investors’ Cash Accounts.
As no new loan investments are coming to the platform, we would ask that all lenders take steps to withdraw all funds held in their Cash Accounts in a timely manner to maximise investment returns elsewhere. We cannot make any payments automatically so please request the withdrawal on your investment dashboard as usual.
For Standard Accounts this involves making a withdrawal request to your verified bank account in the normal way. For IFISA accounts this will involve creating an ISA Transfer Out request, via your chosen new ISA Manager, so that you can move funds to another IFISA provider and keep funds within the IFISA wrapper – please see the IFISA FAQ Section on the investor platform for further information. If you do not wish to keep funds in the ISA wrapper, then you are free to withdraw them to your verified bank account but please consider whether that would result in the loss of tax-free status. Please note that Assetz Capital cannot provide any form of tax advice so if you are uncertain of the tax treatment of your IFISA you should seek advice from a qualified professional.
As previously indicated, we are looking to introduce the following changes to the existing withdrawals process:
A de Minimis level of an amount of £5 for any withdrawal, with the exception to this rule being if it is the withdrawal of the final remaining balance on a lender’s account. This is for cost saving purposes that will help minimise the Lender Fee;
Withdrawals will be processed less frequently moving to weekly in the first instance.
We are actively looking to define a process which allows Assetz Capital to distribute cash balances on lenders’ accounts to their verified bank accounts regularly, so a lender does not need to log on to make a withdrawal. We will aim to provide further details in or before the next lender update.
Lenders will be aware that Access Account withdrawals were not possible for a period since the 15th of December 2022 in order to ensure that sufficient funds are maintained to meet the funding requirement of development loans held by lenders in the Access Accounts. We had previously estimated that it would take until around June 2023 to reach the point where we were able to allow capital repayments to be distributed to Access Account investors as they occurred. Following lots of activity, we have now completed on a considerable number of loan redemptions and have now fully covered all future loan funding requirements. We now have a surplus to distribute, with further monthly payments now expected each month alongside interest payments.
Access Account capital distributions will be made pro-rata across all Access Account investors, with funds going back to investors’ Cash Accounts.
As no new loan investments are coming to the platform, we would ask that all lenders take steps to withdraw all funds held in their Cash Accounts in a timely manner to maximise investment returns elsewhere. We cannot make any payments automatically so please request the withdrawal on your investment dashboard as usual.
For Standard Accounts this involves making a withdrawal request to your verified bank account in the normal way. For IFISA accounts this will involve creating an ISA Transfer Out request, via your chosen new ISA Manager, so that you can move funds to another IFISA provider and keep funds within the IFISA wrapper – please see the IFISA FAQ Section on the investor platform for further information. If you do not wish to keep funds in the ISA wrapper, then you are free to withdraw them to your verified bank account but please consider whether that would result in the loss of tax-free status. Please note that Assetz Capital cannot provide any form of tax advice so if you are uncertain of the tax treatment of your IFISA you should seek advice from a qualified professional.
As previously indicated, we are looking to introduce the following changes to the existing withdrawals process:
A de Minimis level of an amount of £5 for any withdrawal, with the exception to this rule being if it is the withdrawal of the final remaining balance on a lender’s account. This is for cost saving purposes that will help minimise the Lender Fee;
Withdrawals will be processed less frequently moving to weekly in the first instance.
We are actively looking to define a process which allows Assetz Capital to distribute cash balances on lenders’ accounts to their verified bank accounts regularly, so a lender does not need to log on to make a withdrawal. We will aim to provide further details in or before the next lender update.