Steerpike
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Post by Steerpike on Sept 8, 2020 15:24:21 GMT
One wonders if hosting P*** L*****’s T***** Pro Golf Tour this month will be profitable.
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Mick
Be nice... People respond.
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Post by Mick on Sept 8, 2020 15:49:45 GMT
One wonders if hosting P*** L*****’s T***** Pro Golf Tour this month will be profitable. I would think so, But Not for US! But I'm sure a glass will be raised in Jest at us little people.
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ian
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Post by ian on Sept 11, 2020 7:10:06 GMT
Given the latest update it will be interesting to see wether the proposal will include a haircut for investors. Lets hope not.
It’s worth bearing in mind - AC have earned well from this loan. In the round including fees AC planned to earn circa 21.5% pa interest from this loan. The loan of £4.5m was to generate a gross profit of £1.5m with £5.97m to be returned in 18 months. With interest paid to investors at say 7% of £475k, There was a good £1m profit in this deal for AC.
I hope that there is a satisfactory conclusion - Given Stuart has indicated profits are up at AC I would question how much provision out of their earnings is now being set aside to fund the provision fund.
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ilmoro
Member of DD Central
'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 11, 2020 10:42:27 GMT
Given the latest update it will be interesting to see wether the proposal will include a haircut for investors. Lets hope not. It’s worth bearing in mind - AC have earned well from this loan. In the round including fees AC planned to earn circa 21.5% pa interest from this loan. The loan of £4.5m was to generate a gross profit of £1.5m with £5.97m to be returned in 18 months. With interest paid to investors at say 7% of £475k, There was a good £1m profit in this deal for AC. I hope that there is a satisfactory conclusion - Given Stuart has indicated profits are up at AC I would question how much provision out of their earnings is now being set aside to fund the provision fund. Im struggling to see those numbers. AC fees up to Jan 21 will be around £850k, minus costs, so cant see £1m profit there. (Fees for the intital 18m were £325,000, good sum seemingly unpaid) Interest paid to investors would be considerably higher than £475k as you need to factor in the full return paid to MLA lenders who hold 30% of the loan, so near £600k plus some if not all of the differential on the other 70% will have gone into the provision funds. If no further payments are made to PF after the initial 18m then AC might make £1m over the life time of the loan, minus operating costs, but that would require full repayment as AC only get their fees ahead of capital not any interest differential on auto accounts.
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ian
Posts: 342
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Post by ian on Sept 11, 2020 12:13:11 GMT
Given the latest update it will be interesting to see wether the proposal will include a haircut for investors. Lets hope not. It’s worth bearing in mind - AC have earned well from this loan. In the round including fees AC planned to earn circa 21.5% pa interest from this loan. The loan of £4.5m was to generate a gross profit of £1.5m with £5.97m to be returned in 18 months. With interest paid to investors at say 7% of £475k, There was a good £1m profit in this deal for AC. I hope that there is a satisfactory conclusion - Given Stuart has indicated profits are up at AC I would question how much provision out of their earnings is now being set aside to fund the provision fund. Im struggling to see those numbers. AC fees up to Jan 21 will be around £850k, minus costs, so cant see £1m profit there. (Fees for the intital 18m were £325,000, good sum seemingly unpaid) Interest paid to investors would be considerably higher than £475k as you need to factor in the full return paid to MLA lenders who hold 30% of the loan, so near £600k plus some if not all of the differential on the other 70% will have gone into the provision funds. If no further payments are made to PF after the initial 18m then AC might make £1m over the life time of the loan, minus operating costs, but that would require full repayment as AC only get their fees ahead of capital not any interest differential on auto accounts. Loan was for £4.5m for 18 months with £5.97m total payable including fees. Loan was held by various accounts largest / mid holding GBBA @ 7% X 1.5 years = £427.5k. AC should have made £1m on the deal. Loan Breakdown:- 1. Principle Loan £3.5m 2. Capex £1M 3. Retained Interest £1.289 4. Fees £178k 5. Total £5.970m Total interest rate > 21%
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,924
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Post by ilmoro on Sept 11, 2020 13:29:29 GMT
Im struggling to see those numbers. AC fees up to Jan 21 will be around £850k, minus costs, so cant see £1m profit there. (Fees for the intital 18m were £325,000, good sum seemingly unpaid) Interest paid to investors would be considerably higher than £475k as you need to factor in the full return paid to MLA lenders who hold 30% of the loan, so near £600k plus some if not all of the differential on the other 70% will have gone into the provision funds. If no further payments are made to PF after the initial 18m then AC might make £1m over the life time of the loan, minus operating costs, but that would require full repayment as AC only get their fees ahead of capital not any interest differential on auto accounts. Loan was for £4.5m for 18 months with £5.97m total payable including fees. Loan was held by various accounts largest / mid holding GBBA @ 7% X 1.5 years = £427.5k. AC should have made £1m on the deal. Loan Breakdown:- 1. Principle Loan £3.5m 2. Capex £1M 3. Retained Interest £1.289 4. Fees £178k 5. Total £5.970m Total interest rate > 21% Nope, still all the problems in your figures Ive pointed out above. Another is the premium AC would have paid to the UW out of their margin (this loan prdeates AA acting a significant UW, which also destorts the average rate as minimal amounts would have been held by low rate accounts)
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puddleduck
Member of DD Central
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Post by puddleduck on Sept 14, 2020 11:45:02 GMT
Looks like Assetz Exchange are going to be providing development finance. 13 plots to be purchased according to today's email.
My bargepole is primed and ready.
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Post by davee39 on Sept 14, 2020 11:51:04 GMT
Excellent news and lots to debate, but not in the public forum!
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ian
Posts: 342
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Post by ian on Sept 14, 2020 11:54:17 GMT
Looks like Assetz Exchange are going to be providing development finance. 13 plots to be purchased according to today's email. My bargepole is primed and ready. Is the email on AC or ACE .... wasn’t aware of the latter !
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puddleduck
Member of DD Central
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Post by puddleduck on Sept 14, 2020 11:57:45 GMT
Looks like Assetz Exchange are going to be providing development finance. 13 plots to be purchased according to today's email. My bargepole is primed and ready. Is the email on AC or ACE .... wasn’t aware of the latter ! Email from Assetz Exchange just now
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Post by stuartassetzcapital on Sept 14, 2020 12:25:52 GMT
Looks like Assetz Exchange are going to be providing development finance. 13 plots to be purchased according to today's email. My bargepole is primed and ready. AE only funds in house managed development work, third party developers are not permitted as that is AC territory.
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ian
Posts: 342
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Post by ian on Sept 14, 2020 12:27:30 GMT
Looks like Assetz Exchange are going to be providing development finance. 13 plots to be purchased according to today's email. My bargepole is primed and ready. AE only funds in house managed development work, third party developers are not permitted as that is AC territory. Is there info coming out via AC today
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Post by stuartassetzcapital on Sept 14, 2020 12:57:00 GMT
AE only funds in house managed development work, third party developers are not permitted as that is AC territory. Is there info coming out via AC today No. This isn’t that loan, just close by to the site. There is an AC update and vote in flight for this loan I understand.
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theprisoner
Assetz Capital reported this review for breaching of Trustpilot guidelines.
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Post by theprisoner on Sept 15, 2020 16:47:29 GMT
From the latest batch of questions and answers:
Strangely, I thought the number of lenders expressing "growing sentiment" stood at considerably more than just "a small handful". Or is this in fact the "small handful" who control the outcome of any vote, and presumably therefore the ones that AC actually need to take notice of?
Hope springs eternal however, lets see how the wording of the next vote is carefully phrased.
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Post by davee39 on Sept 15, 2020 20:00:23 GMT
Phrasing of the next vote
The borrower has sent us the following bul****.
Because we trust him implicitly, and he has never let us down, we are able to strongly recommend you agree to it by voting A.
Vote result: 85% 'A', '15%', come back next year.
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