|
|
#441
Oct 16, 2017 7:58:52 GMT
Post by chielamangus on Oct 16, 2017 7:58:52 GMT
My other point on this loan was the quality (or lack thereof) of the latest monitoring report. These people really should have some proficiency in the basic language of communication - in this country it is still English. I have come across better English from low level civil servants in countries from Bulgaria to Lithuania. Perhaps the writer should go there for some language lessons.
|
|
|
|
#441
Oct 16, 2017 8:21:55 GMT
Post by chris on Oct 16, 2017 8:21:55 GMT
#441 has moved slightly outside the LTV criteria for the GBBA (by 1%) so it has delisted itself. New diversification algorithm is tied to a big release near the end of Q4. How does that work then? Headline LTGDV is still 70 per cent and there were no additional advances made over the weekend, nor any other changes that were visible to us. Since AC is a market maker, the least that should be done to introduce a semblance of fairness is to tell us what your rules are and what information suddenly came along to induce the change in the classification. No idea, it's an automated process and I'm just looking up the reason the system is giving for not investing in that loan. Ask our support desk if you need more details. The actual mandate for the account is stricter than published so that we can manage the provision fund and risk. AIUI as long as we are implementing the published rules as a minimum then we can implement stricter rules on top of that and change them as we see fit without need to notify lenders. Our chief risk / compliance officer oversees that process to make sure TCF is followed. In this instance at lower interest rates a more strict than published LTV is followed and the loan has moved outside of that. I can't tell you why without delving into the history and working it through. GBBA operates on LTV rather than LTGDV as that was what was written in the original mandate and would require a series 2 to change (again AIUI, the support desk could give a definitive answer).
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
#441
Oct 16, 2017 9:37:12 GMT
via mobile
Post by jlend on Oct 16, 2017 9:37:12 GMT
441 is currently 30% of my GBBA total.
Looking forward to seeing what happens with the new algorithm.
|
|
IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
|
#441
Oct 16, 2017 12:14:13 GMT
via mobile
Post by IFISAcava on Oct 16, 2017 12:14:13 GMT
441 is currently 30% of my GBBA total. Looking forward to seeing what happens with the new algorithm. This is why I (96% so far) sold out of GBBA - can end up with high proportions in illiquid loans and no mechanism (discounting) of easily offloading.
|
|
|
|
#441
Oct 18, 2017 19:31:53 GMT
Post by Ton ⓉⓞⓃ on Oct 18, 2017 19:31:53 GMT
That one's gonna get deleted.
Possibly (last 7 words). Not been following closely but wonder if AC's IAs have been hoarding loans recently (to serve up to IFISA investors). Recent MLIA pickings have been ridiculous of late &, tbf, AC have to have something on the buffet table to offer those new punters. Might a big GBBA release be a signal chris ' promised new algorithm is about to be unwrapped? It makes sense (I think) to do IFISA wrap launch & new GBBA/GEIA algo unwrap at the same time. <snip> AC has said/hinted about bigger changes. I think it's likely they'd launch a series two of each of these accounts with a more perfect diversification method (as used in QAA/30DAA), rather than improve something that looks set to die assuming interest rateson site stay where they are or drop.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Oct 18, 2017 21:06:42 GMT
I’m expecting a series 2 GBBA with lower interest rates any time now. Unfortunately.
|
|
cb25
Posts: 3,528 
Likes: 2,668
|
#441
May 17, 2018 12:52:02 GMT
Post by cb25 on May 17, 2018 12:52:02 GMT
AC activity update 17 May
"Lenders will be aware that this loan is due for repayment on 24th June 2018. The Borrower anticipates that the development will be complete and sales reservations will have been achieved by the end of the term of the facility. AC are currently discussing options with the Borrower around extension of the facility/refinance. Lenders will be updated on the outcome of these discussions ahead of the loan expiry date."
I used AC's Q&A:
Q: With regard to "AC are currently discussing options around extension of the facility/refinance with the Borrower. Lenders will be updated on the outcome of these discussions ahead of the loan expiry date", will lenders get a vote on any extension (should that occur) ?
A: In the event that an extension to the loan is requested by the Borrower, lenders will be asked to vote on whether this should be approved or other alternatives considered.
|
|
daveb4
Member of DD Central
Posts: 220
Likes: 116
|
Post by daveb4 on May 17, 2018 19:33:06 GMT
Bearing in mind this loan is double the size of my next largest loan in mine and my other halves and probably most of yours, GBBA2, voting against an extension is probably not appropriate in case of any losses and losing any potential PF. The loan will be extended.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
#441
May 17, 2018 21:15:59 GMT
Post by cb25 on May 17, 2018 21:15:59 GMT
Before voting for a particular option it's possible to ask AC whether it would rule out use of the PF (I've done this before, but can't remember the loan).
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 18, 2018 6:12:49 GMT
Before voting for a particular option it's possible to ask AC whether it would rule out use of the PF (I've done this before, but can't remember the loan). AC have stated a number of times in the past that where a voting choice affected any potential benefits via the PF then it would be made clear to voters at the time of the vote. So not a concern unless AC tell us otherwise.
|
|
cb25
Posts: 3,528
Likes: 2,668
|
#441
Jun 21, 2018 11:49:36 GMT
Post by cb25 on Jun 21, 2018 11:49:36 GMT
AC response (in Q&A yesterday) "The borrower will not be in a position to repay the loan by the expiry date of 23rd June 2018. However, he is in the advanced stages of arranging a refinance facility and Assetz Capital will be in a position to post a full Lender Update before the expiry date is reached."
|
|
daveb4
Member of DD Central
Posts: 220
Likes: 116
|
#441
Jun 25, 2018 19:47:44 GMT
Post by daveb4 on Jun 25, 2018 19:47:44 GMT
I will be a happy chappie when this loan goes as the highest amount as a percentage of my GBBA accounts by far. I appreciate not a 'bad' loan but far to high risk as a single loan for my portfolio.
|
|
dc848
Posts: 150
Likes: 92
|
Post by dc848 on Jul 11, 2018 17:46:30 GMT
Q&A says this will repay within the week. Be interesting to see how that affects the auto accounts. A few sighs of relief if nothing else, eh?
Fingers crossed that #227 doesnt swallow the funds.
|
|
jlend
Member of DD Central
Posts: 1,840
Likes: 1,465
|
#441
Jul 11, 2018 18:22:58 GMT
Post by jlend on Jul 11, 2018 18:22:58 GMT
Q&A says this will repay within the week. Be interesting to see how that affects the auto accounts. A few sighs of relief if nothing else, eh?
Fingers crossed that #227 doesnt swallow the funds.
It has been a solid payer of interest topping up the PF every month, so although it is good it will repay, it does mean less income for the PF each month
|
|
cb25
Posts: 3,528
Likes: 2,668
|
#441
Jul 17, 2018 10:43:48 GMT
Post by cb25 on Jul 17, 2018 10:43:48 GMT
Q&A says this will repay within the week. Be interesting to see how that affects the auto accounts. A few sighs of relief if nothing else, eh?
Fingers crossed that #227 doesnt swallow the funds.
So, where's the money ?
|
|
