|
|
Post by chris on Jun 9, 2016 6:27:34 GMT
Excuse me if I'm being thick here, but I just can't get my head around what's going on with this loan. It has been repaid today according to AC , but investors have not yet been paid out. OK fair enough - understood. Also the loan is being refinanced for a further 12 months. OK understood too, I think. I just don't understand why there is over 600k on the SM all of a sudden ?? Are investors suddenly wanting to sell their holdings just before AC distribute the repayment ?? If so, why ?? Or will the 600k e disappear once AC have distributed the repayment ?? More importantly I'm very tempted to buy a chunk , but given that I'm almost certainly missing something, I'll hold back, at least until I get to grips with what's actually going on here. Also the loan is currently showing as 0% interest, but I assume that's just an platform glitch. Any guidance, (preferably in simple English !) gratefully received. Thanks. Sell now get funds reinvested before rush or at least into QAA before repayment blows cap & creates Q. 0% is because term end reached, system drops it to zero if no time remaining As ilmoro says the platform has no information about any further interest accruing so it has to assume that the loan is about to be repaid. Therefore as no further interest will be accrued, at least until new information is entered into the system, the only safe thing to do is reflect that by showing a 0% interest rate. If the loan doesn't repay then someone in the admin team will enter new information into the loan to reflect the rate at which interest is accruing and that will then be retroactively applied and displayed to lenders.
|
|
|
|
Post by chris on Jun 9, 2016 7:04:28 GMT
#90 North Loth. WT has fully repaid today (after a part repay yesterday) and funds will be distributed to lenders shortly. £1.6m loan in total I feel another AC withdrawal coming on  The timing isn't great but I'm promised there will be several loans drawing down tomorrow, and we do have a big deal in the works for the GEIA that will bring substantial volumes in 60 - 90 days if successful. Second day of the board meeting is today so I'll seek more clarity that we can release publicly.
|
|
SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
|
Post by SteveT on Jun 9, 2016 7:14:15 GMT
I feel another AC withdrawal coming on The timing isn't great but I'm promised there will be several loans drawing down tomorrow, and we do have a big deal in the works for the GEIA that will bring substantial volumes in 60 - 90 days if successful. Second day of the board meeting is today so I'll seek more clarity that we can release publicly. Sorry but 7% / 8% / 9% is of no interest (!) when there are a variety of decent asset-backed loans to be had on other platforms at 10% / 11% / 12% (and a couple of riskier punts at 14%). I'd be better off sticking it in the GBBA than investing via the MLIA at 7% - 8%. The highest rates currently shown in the Upcoming Loans are a couple at 9.96% (?!) which might be of borderline interest when they get closer to launch, but there are so many good AC loans paying back currently that I doubt my funds flow direction is going to reverse any time soon.
|
|
|
|
Post by chris on Jun 9, 2016 7:31:51 GMT
The timing isn't great but I'm promised there will be several loans drawing down tomorrow, and we do have a big deal in the works for the GEIA that will bring substantial volumes in 60 - 90 days if successful. Second day of the board meeting is today so I'll seek more clarity that we can release publicly. Sorry but 7% / 8% / 9% is of no interest (!) when there are a variety of decent asset-backed loans to be had on other platforms at 10% / 11% / 12% (and a couple of riskier punts at 14%). I'd be better off sticking it in the GBBA than investing via the MLIA at 7% - 8%. The highest rates currently shown in the Upcoming Loans are a couple at 9.96% (?!) which might be of borderline interest when they get closer to launch, but there are so many good AC loans paying back currently that I doubt my funds flow direction is going to reverse any time soon. Then do just that - it's your decision after all. We believe our rates are competitive at the risk point and quality of customer we are after and have an excess of lender funds at the moment so there is no rate lift due to shortage of liquidity. Where we find good quality borrowers at the higher rates with loans that we feel are of suitable quality to pass our credit policy then we'll list them, such as with Du**ield. However finding them isn't so easy when there are other P2P platforms going after those same deals with much lower rates than 12% (which really means 15+% to the borrower) or even offering them unsecured loans on deals we'd only just about consider with good security. Even SS appear to be preparing for reducing lender rates despite the type of loan they specialise in.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Jun 9, 2016 9:04:42 GMT
N.Lothian money now in our accounts. For one of my accounts, the entire sum made it into the QAA. For my other account, none of it did!
|
|
dermot
Member of DD Central
Posts: 863
Likes: 517
|
Post by dermot on Jun 9, 2016 9:15:32 GMT
N.Lothian money now in our accounts. For one of my accounts, the entire sum made it into the QAA. For my other account, none of it did! Bum! Does that mean 30DAA/QAA is full again? I was about to park some holiday money for a month in 30DAA.
|
|
|
|
Post by chris on Jun 9, 2016 10:05:48 GMT
If you expand the QAA / 30DAA box when capacity is down to a couple of percent of the total then it shows the capacity remaining. It's down to £0 now.
|
|
|
|
Post by mrclondon on Jun 9, 2016 11:03:08 GMT
#112 Montrose WT has dropped to 0% yield which is usually indicative that full redemption is in progress, and that is also the implication of the current state of the repayments tab. Another £1m plus loan bites the dust.
|
|
|
|
Post by pepperpot on Jun 9, 2016 11:10:17 GMT
#90 North Loth. WT has fully repaid today (after a part repay yesterday) and funds will be distributed to lenders shortly. £630k on the SM. I assume people trying to get out and into the QAA before the cap is hit. Just realised that the main seller there was probably GEIA, when the rate goes to zero it no longer qualifies for the account. Same on Montose now.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Jun 9, 2016 12:08:03 GMT
Montrose funds now returned to our accounts. My second AC withdrawal request of the day  |
|
Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
|
Post by Investboy on Jun 9, 2016 16:17:17 GMT
<...> Even SS appear to be preparing for reducing lender rates despite the type of loan they specialise in. : Do you know something we don't? That is very interesting comment... What did you base it on?
|
|
|
|
Post by chris on Jun 9, 2016 16:22:47 GMT
<...> Even SS appear to be preparing for reducing lender rates despite the type of loan they specialise in. : Do you know something we don't? That is very interesting comment... What did you base it on? Lender speculation on their section of this forum, combined with a bit of guess work about needing to tighten their credit criteria in coming months to appease lenders spooked by the current default and any others within the huge batch of loans due to repay within the next 3 months, and increasing competition in their space from platforms with cheaper funding lines. No special knowledge or insight, just a bit of idle speculation.
|
|
gnasher
Member of DD Central
Posts: 207
Likes: 146
|
Post by gnasher on Jun 9, 2016 17:35:44 GMT
..... and a new field "Monthly Rate" has appeared against each loan. All currently set to 1%, but why would it be there if nothing was going to change?
|
|
|
|
Post by chris on Jun 9, 2016 17:46:19 GMT
..... and a new field "Monthly Rate" has appeared against each loan. All currently set to 1%, but why would it be there if nothing was going to change? Yeah that's what I was hinting towards by lender speculation. They also changed the wording to "up to 12%", etc.
|
|
Investboy
Member of DD Central
Trying to recover from P2P revolution
Posts: 564
Likes: 201
|
Post by Investboy on Jun 9, 2016 21:57:04 GMT
..... and a new field "Monthly Rate" has appeared against each loan. All currently set to 1%, but why would it be there if nothing was going to change? Yeah that's what I was hinting towards by lender speculation. They also changed the wording to "up to 12%", etc. I'm on SS forum too and I'm aware of new addition of 1% a month. But that means nothing, on the contrary any change to rate that will be different than 12% (not divisible by 12) will make this change even worse. Imagine monthly rate: 0.92% (11%pa), 0.83% (10%pa) or 0.75% (9%pa)- that does not look good visually. But I've missed the "up to 12%" - and this may actually be a sign of future change. The defaulted loan - it was bound to happen one day. Its just the matter how will they handle it and what the recovery will be. So far they have 100% track record but I agree with small sample of 1 defaulted loan. Time will tell. Anyway, enough about SS on AC forum. PS. Kudos to you chris and AC team as your communication is great, pretty much top of the P2P platforms I'm in. Some other platforms have a lot to learn from you (excluding nanopences)
|
|
