jo
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Post by jo on Nov 25, 2013 16:28:41 GMT
Bit like having a first class air ticket (you get a drink before takeoff). Yeah but you don't normally get to close down all the pubs so others can't also have a drink  Think you'll find that if the flight's full, you can get bumped (I have!) 
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oldgrumpy
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Post by oldgrumpy on Nov 25, 2013 16:34:32 GMT
"perhaps a few of the posters have not read Chris' comments (Page 1) on why Assetz needed to fill this loan quick."
I thought that was for the previous loan (BOLTON)
"Especially as requested email confirming start of auction didn't arrive till 20 minutes later, by which time it had filled".
That is a clear message to Assetz. Sending an emailing saying an auction has started is useless. This facility should be replaced with an email sent out (an hour/two hours) before the auction starts, stating the auction is about to start.
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Post by andrewholgate on Nov 25, 2013 16:40:09 GMT
All
The Gold Club has never been a secret, but in hindsight it has been poorly advertised. For those that don't know, if you have invested over £10k with AC you are admitted to the Gold Club that allows some priority in the bidding process. It has been very successful in allowing us to get loans fulfilled, especially at a time when we were struggling to do so. Filling loans in the initial stage of our business was a concern and in order to keep lenders happy we had to rely on the bigger investors. The whole reason the Gold Club was created was to fill loans in our start up phase. To that end, we have been a victim of our own success.
What has happened with the current bridging loans is that they have come from a new source for us and we have been keen to show we can move quickly on them, thus ensuring a future supply of loans from this source. This meant we had to approach a number of our larger investors to pre-pledge funds to ensure the deals would happen and ensure the continuity of supply in future months. A number of these investors will also be selling their stakes on the aftermarket further freeing up loan units for other investors. The plan for future loans will be to have short term auctions undertaken without the need for pre-filling.
The Gold Club and pre-filling still has a place though and it will not be scrapped completely. The L***S CP loan was stagnant until an underwriter filled the loan .
By Monday I will have a better view of how the Gold Club will work in future. In the meantime, I do apologise if some people feel this is unfair or elitist in anyway. All my actions have been to ensure, in the initial stages, the ongoing viability of the platform and, latterly, consistent good deal flow for our lenders.
As you will have seen from the previous forum, I do act on your concerns and I do work with your suggestions. To that end, I will give more details by Monday 2nd December as to how this will work in the future.
In the meantime, please PM me or email me at andrew@assetzcapital.co.uk if you want to discuss anything further. I will not comment further on the Gold Club until we have made a decision on how it works in the future.
Andrew
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Nov 25, 2013 16:49:13 GMT
Glad you put it so succinctly Andrew, leaving little room for the whingers. Now we all know where we stand and we can look forward to the next chapter on Monday.
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Post by bracknellboy on Nov 25, 2013 16:56:10 GMT
Andrew, personally I fully understand why you have done this. The thing which would definitely kill you is having loans which fail to fill: that will deter lenders and deter borrowers and lead to a deathly spiral. As you evolve, both in the types of loans and the number of lenders and money behind them increases, it is inevitable that you will also want to evolve how you approach things. It is also inevitable that you will have some unforeseen side effects along the way: e.g. pre bidding that was so successful that your run of the mill punters got about 3 minutes to get their bids in. Its difficult to view that as anything but a success for you, but I'm also sure you would view it as a bit of a hiccup and not quite your ideal outcome either. So I'm sure you'll consider any lessons there might be.
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Post by bengilbert on Nov 25, 2013 17:00:16 GMT
I can see why there might be a bit of bad feeling about the loans today but it may work out for the best, if it helps to secure a stream of further deals from the same source. I also take it at face value when Assetz say they're trying to get the balance right for the sake of lenders as a whole, and anyone following this forum and the old one knows that Andrew engages with what people are saying. They may have miscalculated but that's only because the amount of interest they're now getting from lenders seems to have gone up a lot.
Interesting to see how quickly the £77,000 baby tomorrow gets filled.
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oldgrumpy
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Post by oldgrumpy on Nov 25, 2013 17:01:13 GMT
Well said Brackers.
Let's get past tomorrow's mini bridge loan (won't last long) then leave this for a while.
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Post by yorkshireman on Nov 25, 2013 17:09:55 GMT
All What has happened with the current bridging loans is that they have come from a new source for us and we have been keen to show we can move quickly on them, thus ensuring a future supply of loans from this source. This meant we had to approach a number of our larger investors to pre-pledge funds to ensure the deals would happen and ensure the continuity of supply in future months. That’s all well and good but just make sure that you have a source of lenders as well, you will need the smaller investors at some stage of the game so keep us onside.
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TFTO
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Post by TFTO on Nov 25, 2013 17:37:52 GMT
All The Gold Club has never been a secret, but in hindsight it has been poorly advertised. For those that don't know, if you have invested over £10k with AC you are admitted to the Gold Club that allows some priority in the bidding process. It has been very successful in allowing us to get loans fulfilled, especially at a time when we were struggling to do so. Filling loans in the initial stage of our business was a concern and in order to keep lenders happy we had to rely on the bigger investors. The whole reason the Gold Club was created was to fill loans in our start up phase. To that end, we have been a victim of our own success. What has happened with the current bridging loans is that they have come from a new source for us and we have been keen to show we can move quickly on them, thus ensuring a future supply of loans from this source. This meant we had to approach a number of our larger investors to pre-pledge funds to ensure the deals would happen and ensure the continuity of supply in future months. A number of these investors will also be selling their stakes on the aftermarket further freeing up loan units for other investors. The plan for future loans will be to have short term auctions undertaken without the need for pre-filling. I was wondering if these "large investors" pay the 0.35% charge when they list these loans on the secondary market? It seems a bit unfair for the rest of us if they don't! Chris.
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Post by chris on Nov 25, 2013 17:56:00 GMT
I was wondering if these "large investors" pay the 0.35% charge when they list these loans on the secondary market? It seems a bit unfair for the rest of us if they don't! Chris. Currently the system doesn't allow for variations in that fee on a per user basis, so everyone is paying the same rate.
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agent69
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Post by agent69 on Nov 25, 2013 19:17:49 GMT
Count +1 for the annoyed people.
This thread is going the same way as many on FC, where there is lots of moaning about instant filling loans
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Post by thereverend on Nov 25, 2013 21:20:08 GMT
I am a new member and also missed out because of a misunderstanding between me and an AC rep. I had £10k to drop into the Manchester bridge but not cleared funds in time. My response : get over it! There will be more loans along later this week and now you will know to be at your PC when it opens. It took 20 mins to fill these loans. Who was it that said, "if you snooze, you loose."?
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Post by jackpease on Nov 26, 2013 11:01:40 GMT
What do we reckon? 58 seconds to fill that last one?
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Nov 26, 2013 11:04:26 GMT
Well what on earth happened there? Did all those bids really get in within a few seconds? It's certainly a lesson for next time!  <Thinks>...mmm! It was only 37 bids, so quite feasible. |
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Post by bracknellboy on Nov 26, 2013 11:05:45 GMT
No idea what happened there. It looked like AC had throttled pre bidding to 52% of the total. I refreshed at almost bang on 11, added a bid value, pressed the key and it gave me a page error. I think because it was already full. How did the rest manage to bid @ band on 11:00 when the ability to even load a bid ready to press isn't there until the start. I guess the 3 seconds I dithered 'cos of a mis type did for me.
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