|
|
Post by frank121 on May 16, 2024 17:11:42 GMT
Do we know what the scheme was that the local authorities are pulling out of I personally have no idea; however it sounds like only one scheme has been pulled - as the update implies the provider may be able to use the other properties for other schemes etc.
Also the partner is registered as a goverment social housing provider (as of Apr 24) so I would think they will selected for other schemes going forward. (just not for this property at this point in time)
Maybe AE will provide more info as time goes on; or you could contact them as they are normally very helpfull.
|
|
dave4
Member of DD Central
Cynical is a hobby not a lifestyle
Posts: 1,056
Likes: 616
|
Post by dave4 on May 17, 2024 10:29:15 GMT
Any thoughts on today's update regarding the properties in Nottingham. Update, only 1 notts property affected. So only half as worrying.
|
|
firedog
Member of DD Central
Posts: 367
Likes: 461
|
Post by firedog on May 24, 2024 12:24:26 GMT
The big news in the latest update: Stuart Law has resigned as director.
Might encourage some new investors!
|
|
|
|
Post by frank121 on May 24, 2024 12:45:55 GMT
The big news in the latest update: Stuart Law has resigned as director. Might encourage some new investors! Indeed let's hope so. I also noticed they changed their office address earlier this year too. Now all they need is a rebranding!
Registered office address changed from Assetz House Assetz House Manchester Green Manchester M22 5LW United Kingdom to New Derwent House 69 to 73 Theobalds Road London WC1X 8TA on 5 January 2024
|
|
eeyore
Member of DD Central
Posts: 797 
Likes: 805
|
Post by eeyore on May 24, 2024 13:01:23 GMT
The full announcement is in AE's May Investor Update email distributed today: "On 7 May 2024 Stuart Law resigned as Director and Chairman of Assetz Exchange". It's part of a reorganisation of the ownership structure which will complete in August. The announcement concludes with "it is the management's belief that the proposed new ownership structure has the potential to significantly benefit the business", so it sounds to me as if the grumbling about the ties to AC has been heard and acted upon...
|
|
|
|
Post by overthehill on May 24, 2024 13:30:59 GMT
The full announcement is in AE's May Investor Update email distributed today: " On 7 May 2024 Stuart Law resigned as Director and Chairman of Assetz Exchange". It's part of a reorganisation of the ownership structure which will complete in August. The announcement concludes with " it is the management's belief that the proposed new ownership structure has the potential to significantly benefit the business", so it sounds to me as if the grumbling about the ties to AC has been heard and acted upon...
Still won't entice me, made from the same mould.
|
|
p2pfan
Member of DD Central
Full-Time Investor
Posts: 781 
Likes: 889
|
Post by p2pfan on May 24, 2024 16:19:34 GMT
The full announcement is in AE's May Investor Update email distributed today: " On 7 May 2024 Stuart Law resigned as Director and Chairman of Assetz Exchange". It's part of a reorganisation of the ownership structure which will complete in August. The announcement concludes with " it is the management's belief that the proposed new ownership structure has the potential to significantly benefit the business", so it sounds to me as if the grumbling about the ties to AC has been heard and acted upon...
Still won't entice me, made from the same mould.
Agree. I wouldn't go anywhere near Assetz Exchange. Stuart Law has infected this business and it has his DNA imprinted on it. Believe me, Assetz Exchange will end in tears, just like Assetz Capital. Don't say you weren't warned.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
|
Post by ilmoro on May 24, 2024 16:49:36 GMT
Still won't entice me, made from the same mould.
Agree. I wouldn't go anywhere near Assetz Exchange. Stuart Law has infected this business and it has his DNA imprinted on it. Believe me, Assetz Exchange will end in tears, just like Assetz Capital. Don't say you weren't warned. Sorry but that is pretty unfair. AIUI the actual Assetz & Stuart involvement is not significant.
|
|
|
|
Post by frank121 on May 24, 2024 17:06:10 GMT
Agree. I wouldn't go anywhere near Assetz Exchange. Stuart Law has infected this business and it has his DNA imprinted on it. Believe me, Assetz Exchange will end in tears, just like Assetz Capital. Don't say you weren't warned. Sorry but that is pretty unfair. AIUI the actual Assetz & Stuart involvement is not significant.
I understand it to be the same way and Stuart was a non controlling director. I am however very happy to see they are breaking their ties with him. Everyone will have their own opinion; but even as a burned AC investor - I took a punt last year on AE and so far I am very happy with them. Once you dig under the covers to understand how their business model and investments work you may be surprised. I think their setup is unique and they seem to be very transparent on all the details. There is however a lot of to get your head round if you want to understand it well but the chaps at AE are very helpful at taking time to explain things in as much detail as you so wish. As with all P2P it's risky; but I think AE are worth considering as part of a diverse portfolio. I know many will just be sick by looking at the name and logo and will never go beyond that and that's fair enough!
|
|
firedog
Member of DD Central
Posts: 367
Likes: 461
|
Post by firedog on May 24, 2024 17:32:45 GMT
Agree. I wouldn't go anywhere near Assetz Exchange. Stuart Law has infected this business and it has his DNA imprinted on it. Believe me, Assetz Exchange will end in tears, just like Assetz Capital. Don't say you weren't warned. Sorry but that is pretty unfair. AIUI the actual Assetz & Stuart involvement is not significant. Yeah, without evidence to the contrary – and there's nothing helpful included in that criticism – that reads like an egregious comment. I'm happy with AE, not just for the modest returns, but for the social value of what they are doing. I think my money is making a positive impact, not a sentiment I ever got with my dalliance with AC (or, to be fair, my Vanguard ETFs!) I do hope they change their name to better reflect what they do and to rid themselves of the only ties now with AC.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,315
Likes: 11,523
|
Post by ilmoro on Jun 28, 2024 10:31:58 GMT
Two AE properties have been realised this week (baring a final £1 held while the SPV are wound up)
Both made modest capital gains (3% & 11% net) on top of monthly interest payments ... my XIRR for them are 7.5 & 8.77% (discounting the outstanding £1)
|
|
loadsahope
Member of DD Central
Posts: 84
Likes: 44
|
Post by loadsahope on Jun 28, 2024 11:49:17 GMT
Somewhat a special case though in that they were new-build showhomes, which is no longer Assetz's business. They had relatively low overheads and no significant spend from the reserve. With more recent purchases it is likely to take a lot longer before there is any capital gain.
|
|
|
|
Post by frank121 on Jun 28, 2024 12:45:30 GMT
Somewhat a special case though in that they were new-build showhomes, which is no longer Assetz's business. They had relatively low overheads and no significant spend from the reserve. With more recent purchases it is likely to take a lot longer before there is any capital gain. Yes, I wanted to make the same point. Indeed it's a special case where very low FCC costs and minimal spend. It would need a significant increase in property value to cover the additional costs on most other properties in order to make a gain. Having said that, the newer properties are not intended to be sold over the sort term - rather rented long term to housing providers.
|
|
firedog
Member of DD Central
Posts: 367
Likes: 461
|
Post by firedog on Jun 28, 2024 16:20:36 GMT
Do AE still cap the capital gains? ISTR there was some sort of 3% limit, though I'm wondering if this was my fevered imagination a while back
|
|
loadsahope
Member of DD Central
Posts: 84
Likes: 44
|
Post by loadsahope on Jun 28, 2024 16:32:24 GMT
Somewhat a special case though in that they were new-build showhomes, which is no longer Assetz's business. They had relatively low overheads and no significant spend from the reserve. With more recent purchases it is likely to take a lot longer before there is any capital gain. Yes, I wanted to make the same point. Indeed it's a special case where very low FCC costs and minimal spend. It would need a significant increase in property value to cover the additional costs on most other properties in order to make a gain. Having said that, the newer properties are not intended to be sold over the sort term - rather rented long term to housing providers.
And the new new properties have annual rental increases written into the contracts, which the showhomes didn't. So there they should still provide a decent return.
|
|
