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Post by bracknellboy on Dec 3, 2013 20:54:29 GMT
Well, was the full detail loaded up when the auction starter ? Or did it start without ? Its beginning to feel from these comments that I have entirely out of character rushed to bid before all the information was there. Ummmmm. Slight sense of (potential) buyers remorse right now..... :-)
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Post by mrclondon on Dec 3, 2013 21:06:13 GMT
Well, was the full detail loaded up when the auction starter ? Or did it start without ? Its beginning to feel from these comments that I have entirely out of character rushed to bid before all the information was there. Ummmmm. Slight sense of (potential) buyers remorse right now..... :-) Yes, the credit report available when the auction opened was anonomised (due to borrower being to ill too complete the sign off of what are fairly personal details) , but with some effort on google it was possible to identify both the building and the borrower. I was able to gain enough confidence that if the auction had been filling quickly towards 100% I would have jumped straight in. But once it slowed down, I decided to wait for the full details which have appeared today.
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Post by batchoy on Dec 3, 2013 21:26:40 GMT
The access above the ground floor also struck me as awkward and unhelpful. And putting five flats into just 2500 square feet strikes me as rather ambitious, especially as some of that space is bound to be lost to internal hall/lobby/stairs. I have no feel for achievable rents -- is £500/month reasonable for a 450 s.f. flat? The documents speak of student flats, 450 s.f. is more than adequate if you are looking at a studio flat type arrangement. As for the £500/m when I did my due diligence it seemed reasonable for a one bedroom property in Redditch town centre, however I had expected them to be a little larger and so £500/m is probably at the top end. Well, was the full detail loaded up when the auction starter ? Or did it start without ? Its beginning to feel from these comments that I have entirely out of character rushed to bid before all the information was there. Ummmmm. Slight sense of (potential) buyers remorse right now..... :-) Like mrclondon I did a little google research based on the anonymised credit report, however I also have unlimited access to a business credit rating service and as a result I had in just a few minutes more than enough information to be certain that I had the right person and the right property. In fact the amount and detail of information that I have, some of it quite personal, is quite frightening. With the result that I was quite happy to bid early on.
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Post by bracknellboy on Dec 3, 2013 21:46:35 GMT
That is a little frightening. The information, not the fact that you bid :-)
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mikes1531
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Post by mikes1531 on Dec 3, 2013 21:59:57 GMT
Well, was the full detail loaded up when the auction starter ? Or did it start without ? Its beginning to feel from these comments that I have entirely out of character rushed to bid before all the information was there. Ummmmm. Slight sense of (potential) buyers remorse right now..... :-) Yes, the credit report available when the auction opened was anonomised ... In reading the final report, I didn't note any differences other than the identification of the borrower and the property. But the important item missing at the time the loan became available to bid on was the valuation -- and that's a rather essential bit of info! I too am thinking I jumped in too early considering the missing data, though I probably wouldn't have bid any differently based on the final info. But I have to suggest that Assetz ought not to be allowing bidding to start when important info is missing. I don't think it would make any difference to the ultimate success of the application if the start had been delayed until everything was ready -- if they had a specific end of bidding time in mind, they could have shortened the duration of the listing so that it ended at the desired time even if it started late. As for the £500/m when I did my due diligence it seemed reasonable for a one bedroom property in Redditch town centre, however I had expected them to be a little larger and so £500/m is probably at the top end. I expect that being a brand new conversion is worth a bit of a premium. Did you factor that into your initial analysis?
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Post by batchoy on Dec 3, 2013 22:00:42 GMT
That is a little frightening. The information, not the fact that you bid :-) The thing is not to be come a director of a registered company. The service I have access to only brings together official information that is in the public domain, but when you combine it with google maps, streetview and directory enquiries services you start getting scary.
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mikes1531
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Post by mikes1531 on Dec 3, 2013 22:03:59 GMT
That is a little frightening. The information, not the fact that you bid :-) The thing is not to be come a director of a registered company. The service I have access to only brings together official information that is in the public domain, but when you combine it with google maps, streetview and directory enquiries services you start getting scary. Big Brother is watching -- except the info is now available to anybody!
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Post by batchoy on Dec 3, 2013 22:12:47 GMT
As for the £500/m when I did my due diligence it seemed reasonable for a one bedroom property in Redditch town centre, however I had expected them to be a little larger and so £500/m is probably at the top end. I expect that being a brand new conversion is worth a bit of a premium. Did you factor that into your initial analysis? When I looked there were a couple of newly refurbished unfurnished one bedroom flats going in the area one at £485/m and one at £510/m so £500/m seemed reasonable though they are possibly a little larger than what may be possible in this building.
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Post by mrclondon on Dec 5, 2013 19:50:57 GMT
On reflection I think this one may struggle at its current rate of 10.5%, although it has gained new momentum today. I may still contribute but would be happier at 12%. We'll see tomorrow whether being nearly 50% fulfilled will encourage more participation. If not, then an interest rate increase may be necessary to create some more enthusiasm. Two days later and its still stalled at 49%. This despite some seemingly (?) positive answers to questions (including one of mine) added to the auction. Whilst I would have preferred a detailed commentary confirming the state of the refurbishment at this stage, its clear we aren't going to get that until the loan is fully funded and the valuer is re-instructed. Chicken and Egg time.
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bugs4me
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Post by bugs4me on Dec 5, 2013 20:53:33 GMT
On reflection I think this one may struggle at its current rate of 10.5%, although it has gained new momentum today. I may still contribute but would be happier at 12%. We'll see tomorrow whether being nearly 50% fulfilled will encourage more participation. If not, then an interest rate increase may be necessary to create some more enthusiasm. Two days later and its still stalled at 49%. This despite some seemingly (?) positive answers to questions (including one of mine) added to the auction. Whilst I would have preferred a detailed commentary confirming the state of the refurbishment at this stage, its clear we aren't going to get that until the loan is fully funded and the valuer is re-instructed. Chicken and Egg time. Yes it seems stuck so they may have to nudge that return up a bit to get some enthusiasm back into the process. At 10.5% it was marginal anyway especially considering any delay in drawdown.
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mark
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Post by mark on Dec 6, 2013 9:23:42 GMT
Off topic. This forum and discussions about Assetz Capital issues has been quiet of late. Are there any other forums that contributers are aware of that discuss Assetz C matters and loans . Thanks in advance.
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Post by andrewholgate on Dec 6, 2013 9:44:42 GMT
Off topic. This forum and discussions about Assetz Capital issues has been quiet of late. Are there any other forums that contributers are aware of that discuss Assetz C matters and loans . Thanks in advance. Maybe we are getting things right??? 
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Post by pepperpot on Dec 6, 2013 12:27:18 GMT
Off topic. This forum and discussions about Assetz Capital issues has been quiet of late. Are there any other forums that contributers are aware of that discuss Assetz C matters and loans . Thanks in advance. Maybe we are getting things right??? Pride comes before a fall!!! Or a quote I always use to sum that up; Han Solo: That's great kid ... don't get cocky. 
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mikes1531
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Post by mikes1531 on Dec 6, 2013 13:02:16 GMT
Two days later and its still stalled at 49%. This despite some seemingly (?) positive answers to questions (including one of mine) added to the auction. Whilst I would have preferred a detailed commentary confirming the state of the refurbishment at this stage, its clear we aren't going to get that until the loan is fully funded and the valuer is re-instructed. Chicken and Egg time. Yes it seems stuck so they may have to nudge that return up a bit to get some enthusiasm back into the process. At 10.5% it was marginal anyway especially considering any delay in drawdown. I was thinking along similar lines, however Assetz have taken a different approach... they've brought in the underwriters! I don't know how much they have to pay them, or how that compares to the cost of a higher interest rate. If some lenders were holding back on bidding until closer to the ending time, or closer to the time when the offer was getting full, so as to be more confident that the loan was going to happen and thus reduce the chance that their money would be sitting idle for a considerable time, then this definitely should liven up the bidding.
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bugs4me
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Post by bugs4me on Dec 6, 2013 13:22:15 GMT
I was thinking along similar lines, however Assetz have taken a different approach... they've brought in the underwriters! I don't know how much they have to pay them, or how that compares to the cost of a higher interest rate. Underwriters will be earning more than the 10.5% on offer but their percentage will be reduced of course as others bid at the current going rate. The benefit is that the loan will now go ahead (subject to all the legals, etc).
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