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Post by andrewholgate on Sept 11, 2014 8:46:40 GMT
My apologies for not being too active recently. If you list questions and concerns below, I will act on them over the next couple of days.
Andrew
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Post by Ton ⓉⓞⓃ on Sept 11, 2014 9:36:58 GMT
My apologies for not being too active recently. If you list questions and concerns below, I will act on them over the next couple of days. Andrew Have you been out and about garnering new loans? Can I ask what's happening with North Wales Bridge it's 2/5th drawn in my account? Can I ask if the New Site is expected to fully launch in Sept? Thanks
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mikes1531
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Post by mikes1531 on Sept 11, 2014 11:36:13 GMT
What is the state of the 'delay' interest on the Wood Green loan? It was set at 4% for four weeks starting 11/Aug, but that period ended a few days ago and nothing has been said since. Is the money I have tied up in my bids earning anything now? A general progress update seems overdue as well.
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jhma
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Post by jhma on Sept 11, 2014 12:22:10 GMT
Andrew General question(s), if I may, about short-term bridging loans.... Currently on the books are some four BLs which have not repaid on time. I'm starting to lose track but I think these are: A** H** I** L** (plus B** which has somewhat different circumstances --- and I sold anyway following AC's answer to my specific question). I won't refer to the individual comments in the forum and Q&As to which AC has responded to elsewhere. And of course the default interest will be welcome when (I hope) it is paid. But is this track record typical for the sector? What might be expected in a less frothy property market? Is this a learning experience? Will AC be adopting any different approaches in offering BL's in the future (you must be spending a lot of time on dealing with the effects of the non-payments). Comments/discussion welcome.....  |
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Post by Ton ⓉⓞⓃ on Sept 11, 2014 14:55:56 GMT
I'm sure Lenders are grateful for the often weekly updates in 'Steps to Drawdown' on the Overview tabs of loans.
Slight problem last time was that most if not all Updates were undated, so when it said 'this week' or 'next week' is wasn't clear to what date they were referring to. They could be hopelessly out of date or the most up to date, as atleast one update appeared at the bottom of the list whereas others appeared at the top of the list. In this way only 'seasoned' and regular views of these details would know what to make of it.
At the moment I'm fairly laid back about it, after all the loan will be drawn when it's drawn but some others might not see it that way.
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mikes1531
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Post by mikes1531 on Sept 11, 2014 20:59:44 GMT
I'm sure Lenders are grateful for the often weekly updates in 'Steps to Drawdown' on the Overview tabs of loans. I certainly am. Slight problem last time was that most if not all Updates were undated, so when it said 'this week' or 'next week' is wasn't clear to what date they were referring to. They could be hopelessly out of date or the most up to date, as atleast one update appeared at the bottom of the list whereas others appeared at the top of the list. In this way only 'seasoned' and regular views of these details would know what to make of it. For andrewholgate I would add that this point was made to AC a week ago via a Question on one of the affected loans (Wood Green). This seems to have been ignored by AC, as a week later "This question has not yet been answered, but Assetz Capital are working to source an answer."Surely it's not rocket science to be able to add a date to an entry in the Recent Activity logs! 
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Post by jevans4949 on Sept 12, 2014 1:58:33 GMT
Once the new lender interface is up and running, maybe Assetz should look at the design of the loans database, to allow features such as early part-repayments, extended completion dates and in-flight interest rate changes, to save all the messing about with closing and opening loans. In addition to a proper diary of events for drawdown delays, repayment delays, changes of circumstances, etc. Could Assetz cope with percentage-above-base-rate loans if they came back into fashion (assuming we actually get back a proper base rate sometime)?
On the referendum front, are Assetz loan contracts to Scottish projects drawn up under English or Scottish law? Come to that, could Assetz specify whether the companies involved registered in England or Scotland (or indeed elsewhere)?
(Sorry, not wanting to rant, just had a frustrating week so far.)
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Post by chris on Sept 12, 2014 6:41:50 GMT
Once the new lender interface is up and running, maybe Assetz should look at the design of the loans database, to allow features such as early part-repayments, extended completion dates and in-flight interest rate changes, to save all the messing about with closing and opening loans. In addition to a proper diary of events for drawdown delays, repayment delays, changes of circumstances, etc. Could Assetz cope with percentage-above-base-rate loans if they came back into fashion (assuming we actually get back a proper base rate sometime)? All already under development. See www.p2pindependentforum.com/post/21135/thread
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pikestaff
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Post by pikestaff on Sept 12, 2014 8:11:03 GMT
Is there any chance of making the overdue bridging loans tradeable on the aftermarket?
I see bridging loans becoming overdue as a fairly "normal" event and would like the opportunity to buy selectively, so as to benefit from the default interest. I'm sure there are people who'd like to sell, too!
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ilmoro
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Post by ilmoro on Sept 12, 2014 9:09:05 GMT
Is there any chance of making the overdue bridging loans tradeable on the aftermarket? I see bridging loans becoming overdue as a fairly "normal" event and would like the opportunity to buy selectively, so as to benefit from the default interest. I'm sure there are people who'd like to sell, too! Im sure the loan extensions are already tradeable. Both H & I have had units traded post renewal. EDIT: Some H***** on AM currently
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j
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Post by j on Sept 12, 2014 10:54:24 GMT
Is there any chance of making the overdue bridging loans tradeable on the aftermarket? I see bridging loans becoming overdue as a fairly "normal" event and would like the opportunity to buy selectively, so as to benefit from the default interest. I'm sure there are people who'd like to sell, too! Im sure the loan extensions are already tradeable. Both H & I have had units traded post renewal. EDIT: Some H***** on AM currently If a loan is late in repayment on any given month, you cannot trade it on AM& any units are suspended until matter is resolved (ie repayment made or some for of agreement reached). I think that's the type of units that pikestaff was alluding to
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j
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Penguins are very misunderstood!
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Post by j on Sept 12, 2014 11:00:05 GMT
More a question for chris. I know you're probably fed up with this issue as there have been many grumbles about miscalculation in interest but., there are still mistakes made. Yesterday, I purposely bought units in a loan I already hold & calculated what daily interest should be received after midnight. The figure shown on my account after midnight does not equate to what should have been accrued (it was less) - will happily supply specifics. That is not an issue if I hold till monthly repayment as from experience, come monthly repayment, the figures seem to correct themselves eventually. It is not good though if I say decide to sell in a few days time while the figures are still wrong. The seller ends up losing out  Are we any closer to resolving this issue regardless of when the new website launches? |
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Post by chris on Sept 12, 2014 11:02:15 GMT
More a question for chris. I know you're probably fed up with this issue as there have been many grumbles about miscalculation in interest but., there are still mistakes made. Yesterday, I purposely bought units in a loan I already hold & calculated what daily interest should be received after midnight. The figure shown on my account after midnight does not equate to what should have been accrued (it was less) - will happily supply specifics. That is not an issue if I hold till monthly repayment as from experience, come monthly repayment, the figures seem to correct themselves eventually. It is not good though if I say decide to sell in a few days time while the figures are still wrong. The seller ends up losing out Are we any closer to resolving this issue regardless of when the new website launches? Can you PM me the specifics please.
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pikestaff
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Post by pikestaff on Sept 12, 2014 11:32:40 GMT
Is there any chance of making the overdue bridging loans tradeable on the aftermarket? I see bridging loans becoming overdue as a fairly "normal" event and would like the opportunity to buy selectively, so as to benefit from the default interest. I'm sure there are people who'd like to sell, too! Im sure the loan extensions are already tradeable. Both H & I have had units traded post renewal. EDIT: Some H***** on AM currently If that's so, I'm happy to be corrected! Every time I've looked there haven't been any.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 12, 2014 11:47:30 GMT
Im sure the loan extensions are already tradeable. Both H & I have had units traded post renewal. EDIT: Some H***** on AM currently If that's so, I'm happy to be corrected! Every time I've looked there haven't been any. Seems to be a case of 'blink & you miss it'. Selection is growing though as S**** M******** has also now been extended, making 5 late bridges, with possibly L****** to come, so hopefully youll be able to pick some bits up. Looking for A****** myself!
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