markr
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Post by markr on Nov 27, 2013 21:01:49 GMT
Hi all
There's been some talk on the thread about secondary market premiums of gold membership. I can't find anything about this on the Assetz Capital website so can someone confirm how it works. Is anyone who deposits £10000 automatically in it? It seems one perk of membership is getting in early on auctions but is there any other benefits? I'm currently a toe-in-the-water investor in Assetz but want to increase my investment so may look to getting £10k in there if I can.
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Post by mrclondon on Nov 27, 2013 21:12:07 GMT
Essentially a few days advance warning of loans before they hit the website, sometimes accompanied by only partially finished credit reports that are not brilliant, sometimes the finished article. And the ability to pre-bid, sometimes with a higher minimum than would be required later on the website. No great advantage apart from bidding on loans that are likely to fill quickly if you know you won't have internet access when they open on the website. From the Bridging Loan thread on Monday: All The Gold Club has never been a secret, but in hindsight it has been poorly advertised. For those that don't know, if you have invested over £10k with AC you are admitted to the Gold Club that allows some priority in the bidding process. It has been very successful in allowing us to get loans fulfilled, especially at a time when we were struggling to do so. Filling loans in the initial stage of our business was a concern and in order to keep lenders happy we had to rely on the bigger investors. The whole reason the Gold Club was created was to fill loans in our start up phase. To that end, we have been a victim of our own success. What has happened with the current bridging loans is that they have come from a new source for us and we have been keen to show we can move quickly on them, thus ensuring a future supply of loans from this source. This meant we had to approach a number of our larger investors to pre-pledge funds to ensure the deals would happen and ensure the continuity of supply in future months. A number of these investors will also be selling their stakes on the aftermarket further freeing up loan units for other investors. The plan for future loans will be to have short term auctions undertaken without the need for pre-filling. The Gold Club and pre-filling still has a place though and it will not be scrapped completely. The L***S CP loan was stagnant until an underwriter filled the loan . By Monday I will have a better view of how the Gold Club will work in future. In the meantime, I do apologise if some people feel this is unfair or elitist in anyway. All my actions have been to ensure, in the initial stages, the ongoing viability of the platform and, latterly, consistent good deal flow for our lenders. As you will have seen from the previous forum, I do act on your concerns and I do work with your suggestions. To that end, I will give more details by Monday 2nd December as to how this will work in the future. In the meantime, please PM me or email me at andrew@assetzcapital.co.uk if you want to discuss anything further. I will not comment further on the Gold Club until we have made a decision on how it works in the future. Andrew
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bugs4me
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Post by bugs4me on Nov 27, 2013 22:44:30 GMT
Hi all There's been some talk on the thread about secondary market premiums of gold membership. I can't find anything about this on the Assetz Capital website so can someone confirm how it works. Is anyone who deposits £10000 automatically in it? It seems one perk of membership is getting in early on auctions but is there any other benefits? I'm currently a toe-in-the-water investor in Assetz but want to increase my investment so may look to getting £10k in there if I can. I stand to be corrected but I understand it is automatic after you have actually invested £10k plus not simply parked it at AC. So initially you may still be part of the 'scrum' until you get the 10k invested.
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markr
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Post by markr on Dec 1, 2013 21:10:40 GMT
I stand to be corrected but I understand it is automatic after you have actually invested £10k plus not simply parked it at AC. So initially you may still be part of the 'scrum' until you get the 10k invested. Thanks. Hmm, that leads to a bit of a chicken-and-egg situation. I'm struggling to get even a modest amount lent out because I miss so many auctions so to get 10k lent out is going to be tricky. But it looks like the gold membership is changing anyway so hopefully I'll be able to get parts in more loans.
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mikes1531
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Post by mikes1531 on Dec 1, 2013 22:40:58 GMT
I'm struggling to get even a modest amount lent out because I miss so many auctions so to get 10k lent out is going to be tricky. Well, there's been no rush to fill the current opportunity, so you can take as much of that as you'd like! 
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