niceguy37
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Post by niceguy37 on Oct 21, 2014 11:41:17 GMT
I've transferred cash to my Manual Loan Investments Account, and adjusted some loan targets in an attempt to buy some available loans but can't see any purchases in my Account Statement. The statement just shows "Inter account transfer to product Manual Loan Investment Account(1)", so I can't see what or if I've managed to buy something.
Similarly, I managed to make a sale and the awaiting investment balance went up, but there is no corresponding entry in my statement. I think it is essential to have a complete transactional record of sales and purchases as well as other financial transactions.
Good work on the new site, though.
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niceguy37
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Post by niceguy37 on Oct 21, 2014 11:37:17 GMT
Just looking at my favorite loan, Aberystwyth. But it has two sets of Lender Interest of £5133.33 for each month. I should also mention that it's page indicated that it's been going for 8 months??? I think the problem is that the first interest is for 2015 and the second for 2014. I would guess that the repayments are not sorted correctly.
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niceguy37
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Post by niceguy37 on Oct 21, 2014 7:14:44 GMT
Midnight not a firework in sight - when the 21st launch is running on AC time not GMT.Eh? No one launches a site at midnight! I need my beauty sleep and want the rest of my team to be available to support the site as it goes live and in the hours after. We'll be launching later this morning after a final round of checks and sign offs from all stakeholders. Excellent. Good luck!
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niceguy37
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Post by niceguy37 on Oct 20, 2014 15:46:34 GMT
Why does this happen, I can never understand it? People snap it up to pick up the one day's interest in case it repays tomorrow (if it repays today they get zero). If it doesn't repay by tomorrow we are back in the same old situation (if not worse) where you run the risk of loss of income and capital. All the risk for next to no rewards - baffling. When units a removed from the aftermarket, there's no way to know if they where sold or just removed by the seller. I had £1500 up for sale which sold in one go. I'd guess someone with deep pockets wanted to park £50K for a week or two, and is confident the loan will repay shortly.
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niceguy37
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Post by niceguy37 on Oct 14, 2014 16:22:19 GMT
Most (all except 'Midlands Trade Finance Provider') of the loans have an LTV below 75% so I wouldn't call them high. The South Coast P&M loan has a LTV of 80%. The wind turbines at 10% used to sell very quickly... True. Then again, that was back when they were a novelty. Right now there are £3M of wind turbine loan units available, and a further £4M of underwriter holdings in wind turbine loans that have not drawn down yet. That may have changed the supply/demand ratio significantly. I expect that many people who would like to invest in wind turbines would prefer to have exposure to, and benefit from, the HMG guaranteed index-linked income stream they generate rather than simply lending to a developer and having no upside potential. And the risk of early repayment if circumstances improve e.g. after the turbine is up and running, and first FIT payment received, surely the risk level will be reduced, and the borrower might be tempted to refinance at a lower rate.
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niceguy37
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Post by niceguy37 on Oct 14, 2014 14:00:33 GMT
My 5-year loans range from 8.0% down to 7.1%, but all for 2012. I had significant amounts at 8.5% but sadly they were repaid early.
The problem with 5 year loans on RS is the punitive cost of selling up. I expect the BoE rates might gradually creep up, and we have to take our chances with that, but what concerns me are the regulatory changes. For example we might soon be able to invest in P2P through ISas or even pensions such as SIPPs, and we've don't know if we'll be able to transfer our existing investments into these more tax-efficient opportunities.
At least on Assetz Capital should can offer your investments on the secondary market, at cost and without fees, and usually be able to find a willing buyer (unless the underwriter is in the middle of selling off his or her position, and even then a discount of a penny per £100 will generally get you to the front of the queue). It provides a lot of flexibility and comfort.
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niceguy37
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Post by niceguy37 on Oct 14, 2014 12:49:43 GMT
Update. Refinance now expected by Friday 17. Like buses these loans, wait for ages and then 3 potentially come along at once. This , H***ney & LTL 7 all this week! Just need the new site & it will be like Xmas Hopefully the inflow of repayments will help shift some of the aftermarket backlog. It is encouraging to see the results of AC's firmer stance on some of the bridging loans.
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niceguy37
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Assetz Capital (AC)
cwt 121
Oct 10, 2014 16:09:20 GMT
Post by niceguy37 on Oct 10, 2014 16:09:20 GMT
Just noticed that its not available on the AM, looks like its all sold, if so that was quick. I'd guess that the underwriter(s) have to put it on the Aftermarket manually, so perhaps it'll appear in due course.
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niceguy37
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Post by niceguy37 on Oct 10, 2014 12:26:09 GMT
Someone just bought 6 units off me. I'd forgotten I put them on sale. Sorry - I'd assumed they were intended for sale. If you're bothered I can ask the admin to sell them (the £500 I bought) back to you, but it's probably not worth the hassle since it'll probably be repaid imminently.
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niceguy37
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Post by niceguy37 on Oct 10, 2014 12:18:36 GMT
Wait and see it definitely is!
Perhaps we'll be able to up the new AI such that it buys a given loan only if there is a set discount. I'm afraid we'll just have to see how clever and how effective it is at buying the loans we want, or finding sellers for our discards.
I guess AC are trying to gear up for the hopeful flood of Nisa investors, and to do away with the major aggravation of drawdown delays. Both commendable goals.
As with any new system there are bound to be a few teething problems, and then a few opportunities for refining and improving things.
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niceguy37
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Post by niceguy37 on Oct 10, 2014 11:25:30 GMT
The South Manchester repayment, plus the State of the Nation address, have certainly put some liquidity and movement into the Secondary Market. Things are looking up!
Probably just in time, with the new website imminent, and there are always some people who don't like change and vote with their feet.
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niceguy37
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Post by niceguy37 on Oct 9, 2014 13:26:54 GMT
I wonder why they need so much more than the last loan, which was only a few months ago.
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niceguy37
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Post by niceguy37 on Oct 8, 2014 13:36:28 GMT
Excellent comments from all the above contributors... Regarding the disappointing but expected usual ' update ' from AC, I have some comments and questions and concerns over the current position and action, or lack of, from AC and question their diligence in allowing this loan to get to where we are. Firstly, regarding the alleged refinancing with Aldermore, I find it difficult to believe that refinancing is STILL progressing after five months without proof or any evidence or supporting documentation provided to lenders. Aldermore's refinancing originally had a deadline of 19th June , so effectively the application with Aldermore for refinancing must of commenced weeks before this date. Are we really to believe that the application legal process has taken five months so far ? and if so why ?. Apparently AC have been ' told ' that repayment is expected by the end of the month. Lenders have been told this before that payment will be made by the end of June or by the beginning of Oct. Each time we have been 'updated' by AC informing us that they 'see' no reason why repayment should not happen as scheduled. Well, how about start looking a little bit more closely and obtaining actual assurances. AC should be demanding supporting documentation from the borrower to what they are being 'told' prior to deadline days. Has AC seen any recent documentation from Aldermore to support the borrowers claims of slow progress ?. are they able to confirm this with Aldermore ? as the first charge holder they must have been in communication with them and, if so, give us some details. I personally believe that AC's softly softly approach to borrowers who default together with their empty warnings of dates for demand letters being issued ect. could lead borrowers to believe that they can relax regarding any action being taken. What happens if we come the end of the month the alledged refinancing is still progressing ? will AC decide on our behalf to reserve the right to demand as waiting for refinancing to complete will be a quicker option for repayment. I believe in AC being a fairer option for borrowers that traditional lenders but after five months of grace and extension for this loan maybe it is time for some action. Issue the demand letter , the borrower can still progress with the refinancing but at least we will have some form of progress and timetable for repayment. Default interest is being applied and the apparent LTV is good but only in so far as what we are told. Has AC visited the property since the loan drawdown ? What proof is there that the refurb work has been completed other than the borrorwer's word. Is this the reason for the delay I believe that we should be given access any to supporting documentation for the refinancing, completion of project and property details as I am uneasy now with the current situation and with not being able to do my own due diligence regarding this property. This is what I would request in any future update rather that the same old placation. Copied to AH and DR Good points made and I have thought for some time it would be cleaner and easier if AC simply allowed another loan for a further 6 months assuming everything stacks up. Certainly those lenders/investors that wished to exit would be able to do so cleanly. From the list of 'extensions' on the AM it is obvious that a BL for just 6 months is far too optimistic. Easier I would have thought to have these for say a 12 month term with a minimum of 6 months payable interest to investors in the unlikely event of an early repayment. Probably though a case of me being wise after the event. IMHO there's no fundamental problem with the 6 month bridging loan. We get a useful default interest, which must compensate the risk somewhat, but also it ought to focus the borrower's mind. But lenders would be more comfortable if there were site visits / valuations / evidence of refinance offers etc, to be sure that work is done, progress is being made and security margins are comfortable, from the 5th or 6th month mark. Also the default interest needs to be paid weekly or monthly as it accrues, rather than rolled up against the eventual repayment. My concern in giving a borrower 12 months when they think they need 6 might fit with our experience with this current batch of bridging loans, but it doesn't entitle us after 6 months to step up the interest rate, the level of oversight and the possibility of calling in the big guns if needed.
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niceguy37
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Post by niceguy37 on Oct 8, 2014 8:12:07 GMT
Soon we'll need another table like Ton's on drawdowns, to monitor loans that are suffering a delay ! I hope the new site highlights clearly loans which are not in performing status, that would be useful. I have so many delayed loans now that I am losing count. I'm hoping the new site includes better monitoring screens - perhaps a centered around a Dashboard with a Loan Screen, showing all loans, and a range of remembered checkbox filter buttons: By Status: eg Upcoming / Pre-Bid / In Auction / Awaiting Drawdown / Performing / OverDue / Recovery / Written Off By User Rating: (entered by user when they first review the loan, so they only have to look at the loan in detail once, and record a brief note on their rating as an aide de memoire) Loans could be highlighted in Red or Orange if they were late, with days overdue etc clearly shown. And users could have the option of email alerts if loans were repaid early / overdue etc. But I'm not convinced this is coming as this is mainly a cosmetic change to the user interface rather than a major functional modification (which is my understanding of what's coming). Not long - we hope - till we see the new site!
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niceguy37
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Post by niceguy37 on Oct 7, 2014 16:06:55 GMT
Have nothing new to add - just inserting this comment so I get an email from the forum when there is some real news. I doubt if AC would email me. There's a lot of money gunged up in various bridging loans so hopefully there will be deluge soon. It will be very interesting to see if AC's firmer stance on some of these bridging loans has an effect, and over what timescales.
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