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Post by andrewholgate on Sept 12, 2014 12:03:06 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 I'm always looking for new loans and have just appointed a sales director and a new sales manager. I will find out As far as I know, the IT team have a few more tweaks but the plan is for Sept.
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Post by andrewholgate on Sept 12, 2014 12:04:01 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. Wood Green??
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Post by andrewholgate on Sept 12, 2014 12:06:30 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.....  Those loans all came from one broker and needless to say they have been difficult and time consuming. The nature of the loans is is that they need to sell or refinance by the end of the term and things can happen that delay that. Those things are out of our hands and frustrating, however we have no concerns that they will result in losses for the lenders.
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Post by andrewholgate on Sept 12, 2014 12:07:25 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. Noted and I will take action.
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Post by andrewholgate on Sept 12, 2014 12:08:08 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!  Noted and I am taking action.
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Post by andrewholgate on Sept 12, 2014 12:11:04 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.) Chris answered Q1 Q2 - They are drawn up under Scottish law and would be protected. Any security taken in Scotland is also drawn under Scottish law. The bigger question would be will these loans still be viable in a country that has no central bank, no FCA, limited reserves and a GDP similar to Greece and Ireland. We watch and wait to see what happens.
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Post by andrewholgate on Sept 12, 2014 12:12:55 GMT
Just on the aftermarket questions. I am looking at how we make the market more flexible for users. I have a number of ideas and we are chewing on these at present. Watch this space!
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Post by chris on Sept 12, 2014 12:31:51 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? Just to clarify this for everyone else's benefit. Interest is currently accrued on a per loan unit basis rounded down to the penny. So on any given day each loan unit can effectively be up to 1p low in terms of accrued interest shown on the system or deferred when sold. When many loan units are held this amplifies the effect - hold 100 loan units and your accrued interest can be up to £1 out from where you may expect. This effect will also tend to cluster as the effective date your loan units started accruing interest will be the same from the second month they are held (for loans with monthly repayments) even if they were bought sporadically throughout the previous month. We're going to keep an eye on j's figures but believe them to be correct as he wasn't allowing for this effect. Will keep you posted if we spot any issues. The new platform addresses this effect in a couple of ways which should mean it's a thing of the past when everything is finalised.
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Post by Jack Barlow on Sept 12, 2014 12:32:53 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? EDIT: Posted before seeing chris's post above. j1, I think you're assuming that the accrued interest payments displayed on our dashboards reflect the actual payments that will be made. They don't. The displayed figures are just an estimate (they use the wrong rounding), whereas all of the actual payments made (whether it's a standard interest payment or a deferred interest payment) are calculated consistently and as AC has intended*. chris has said in a previous thread that the estimated accrued interest that is displayed on our dashboards will be made consistent with the actual payments on the new website. *The previously flagged errors in the deferred interest calculations up to April 2014 have still not been fixed, but chris has promised that this will be sorted once the new website is up and running. There's a lot for the new website to live up to but I'm sure it'll be worth the wait.
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j
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Post by j on Sept 12, 2014 12:42:48 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? EDIT: Posted before seeing chris's post above. j1, I think you're assuming that the accrued interest payments displayed on our dashboards reflect the actual payments that will be made. They don't. The displayed figures are just an estimate (they use the wrong rounding), whereas all of the actual payments made (whether it's a standard interest payment or a deferred interest payment) are calculated consistently and as AC has intended*. chris has said in a previous thread that the estimated accrued interest that is displayed on our dashboards will be made consistent with the actual payments on the new website. *The previously flagged errors in the deferred interest calculations up to April 2014 have still not been fixed, but chris has promised that this will be sorted once the new website is up and running. There's a lot for the new website to live up to but I'm sure it'll be worth the wait. I was working, wrongly, on the assumption that if you held £500 in one loan, with 5*£100 units, the daily interest is calculated per £500 not 5*£100. Couple that with the fact that rounding to the nearest penny was DOWN, Chris' explanation when he PM'd me made much more sense as to why the difference. Much clearer now
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j
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Penguins are very misunderstood!
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Post by j on Sept 12, 2014 12:44:11 GMT
Any plans to allow sale of part-units (ie £100 units can be divided into 5*£20 & only £40 sold)?
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Post by chris on Sept 12, 2014 12:46:09 GMT
Any plans to allow sale of part-units (ie £100 units can be divided into 5*£20 & only £40 sold)? Yes. New loan model facilitates this. Will also automatically merge loan units together. So buy 5 £20 loan units and you'll end up with one £100 loan unit.
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Post by chris on Sept 12, 2014 12:55:16 GMT
Any plans to allow sale of part-units (ie £100 units can be divided into 5*£20 & only £40 sold)? Yes. New loan model facilitates this. Will also automatically merge loan units together. So buy 5 £20 loan units and you'll end up with one £100 loan unit. To add further clarity, if you buy five £100 loan units they will be merged into a £500 loan unit. As loan units can be split arbitrarily there's no need to break them apart into small chunks any more.
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Post by Ton ⓉⓞⓃ on Sept 12, 2014 12:58:47 GMT
There's a lot for the new website to live up to but I'm sure it'll be worth the wait. I was working, wrongly, on the assumption that if you held £500 in one loan, with 5*£100 units, the daily interest is calculated per £500 not 5*£100. Couple that with the fact that rounding to the nearest penny was DOWN, Chris' explanation when he PM'd me made much more sense as to why the difference. Much clearer now To be honest j was right to raise it because it's an issue of presentation. How it looks. For most lenders the reason they're on AC is not for the fun or the idea of backing British industry, they're here for the Interest so out of everything it has to be reflected correctly or if not annotated with an explanation that anyone can understand.
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pikestaff
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Post by pikestaff on Sept 12, 2014 13:14:43 GMT
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! I picked up some S M yesterday while it was still tradeable. It's strange how there was plenty of all the bridges on the market before they defaulted, but now next to nothing. Perhaps it's just because people don't realise they need new sale mandates for the "new" loans.
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