jlend
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Post by jlend on Feb 8, 2021 13:15:47 GMT
Horses for courses probably spent approx £1500 to get out £125k and lost 1% interest to put £125k into 1st charge loans all < 50% LTV in Somo at an average 9% pa; so I broke even in 3 months, and I was happy to be in a better product imho. Ultimately we will see. Pleased nobody in AAs had lost money ... different story for those in GBBA & manual lending where the dodgy valuations have cost investors dearly. ....but won't the GBBA holders eventually get paid by the provision funds? Value of GBBA1 PF at 31st December 2020 0.00m to cover outstanding lending of 3.4m Value of GBBA2 PF at 31st December 2020 0.56m to cover outstanding lending of 30.1m I doubt there is much chance for GBBA1. I am not in GBBA2, others will have a better idea based on capital valuations of the remaining loans.
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blender
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Post by blender on Feb 8, 2021 14:08:15 GMT
GBBA: Gone Bust - B*gg*r All?
I hope not for no.2.
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Post by hornetbrad on Feb 8, 2021 14:23:22 GMT
Silly question but I just sold all my holdings at the weekend on the SM - what happens to this month's interest earned up this point, ie for 1st to 7th Feb?
Does the new owner of my loans get it all, or is the interest at the end of the month pro-rated; ie first week's worth to me, the rest to the new owner?
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Post by Ace on Feb 8, 2021 14:41:19 GMT
You'll get your pro-rata interest.
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ian
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Post by ian on Feb 8, 2021 15:33:19 GMT
....but won't the GBBA holders eventually get paid by the provision funds? Value of GBBA1 PF at 31st December 2020 0.00m to cover outstanding lending of 3.4m Value of GBBA2 PF at 31st December 2020 0.56m to cover outstanding lending of 30.1m I doubt there is much chance for GBBA1. I am not in GBBA2, others will have a better idea based on capital valuations of the remaining loans. Nobody is fully sure .... given AAs are purchasing loans in the GBBA, loan terms are being renegotiated with enhanced interest to AC but not to investors, its hard to argue the PF is not a total fund to cover all bar manual lending. If AC screw otter the GBBA holders it’s only a matter of time before the AA holders are next.
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Post by Ace on Feb 8, 2021 15:51:06 GMT
Value of GBBA1 PF at 31st December 2020 0.00m to cover outstanding lending of 3.4m Value of GBBA2 PF at 31st December 2020 0.56m to cover outstanding lending of 30.1m I doubt there is much chance for GBBA1. I am not in GBBA2, others will have a better idea based on capital valuations of the remaining loans. Nobody is fully sure .... given AAs are purchasing loans in the GBBA, loan terms are being renegotiated with enhanced interest to AC but not to investors, its hard to argue the PF is not a total fund to cover all bar manual lending. If AC screw otter the GBBA holders it’s only a matter of time before the AA holders are next. If AC were to screw a water-otter, would we end up with more liquid Assetz? Sorry, I'm getting my coat now 🥴
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blender
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Post by blender on Feb 12, 2021 12:49:32 GMT
If AC were to screw a water-otter, would we end up with more liquid Assetz? Sorry, I'm getting my coat now 🥴 If they do that I'm calling the RSPCA. Maybe they should stick with flogging a dead horse. That's not cruel if the Equine Account is already dead.
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ian
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Post by ian on Feb 16, 2021 11:25:34 GMT
Loan #1090 has been redeemed, £1,549K including interest This disappeared off the marketplace quickly- was it predominantly held in the access accounts ?
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cb25
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Post by cb25 on Feb 16, 2021 11:27:50 GMT
Loan #1090 has been redeemed, £1,549K including interest This disappeared off the marketplace quickly- was it predominantly held in the access accounts ? Sorry, don't know
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iRobot
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Post by iRobot on Feb 16, 2021 11:47:56 GMT
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iRobot
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Post by iRobot on Feb 16, 2021 11:50:07 GMT
With as far as I can tell no tiddly distributions to AA since the last chunky distribution plus a steady flow of redemptions the cash element of the AAs is creeping up. I've received various 'tiddlers' practically every day since the last 'whopper' on Feb 6th. (QAA)
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ian
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Post by ian on Feb 16, 2021 12:47:50 GMT
One thing that has been noticeable is the amount of sales from the GBBA2 presumably into the access account
To give you an insight based on my account balance has reduced by 21.5% since 1/1/21 practically all sold into the access accounts. Over 10% of that occurred in the past 2 weeks.
Possibly surplus cash will be used to buy out all the remaining GBBA loans prior to any further cash distributions who knows.
I’m not sure if anyone can get a breakdown of funds & cash in all the accounts Access, Green & GBBA dates 1/2; 1/ 2 & now
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johns
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Post by johns on Feb 16, 2021 13:27:08 GMT
Silly question but I just sold all my holdings at the weekend on the SM - what happens to this month's interest earned up this point, ie for 1st to 7th Feb? Does the new owner of my loans get it all, or is the interest at the end of the month pro-rated; ie first week's worth to me, the rest to the new owner? ..but weren't you left with your share of defaulted loans? Very roughly, I estimate my holdings in defaulted loans is roughly 10% of my total in the QAA. Surely, trading in the SM wouldn't include selling on defaults?
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Post by Ton ⓉⓞⓃ on Feb 16, 2021 14:14:00 GMT
..but weren't you left with your share of defaulted loans? Very roughly, I estimate my holdings in defaulted loans is roughly 10% of my total in the QAA. Surely, trading in the SM wouldn't include selling on defaults? Currently it does. But AC have warned (many months ago), this will probably change. Not exactly my understanding - it depends on the PF's having enough cash in them when/if they don't then there's a lock-in of some sort, probably just the loans where they've gone over the amount that CAN be ring-fenced by the relevent PF Here's my copy of the PF's recently d=ditto for the previous months/quarter(?)'s value
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jlend
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Post by jlend on Feb 17, 2021 12:20:10 GMT
Are suspended loans being purchased by the AAs too? Peeps, go easy on the assumptions-squared. Firstly, there’s an assumption by the original poster that AAs might be buying GBBA2 holdings. For my pint’s worth - coz that’s all I’ve got left in AAs, that’s £4 or so for those that can’t remember how much a pint costs - I’m not convinced that AAs are buying GBBA2 holdings. Secondly, by definition any loan with trading suspended isn’t being bought or sold! Just FYI. I only have suspended loans in the old investment accounts so don't know what is happening from personal experience as it doesn't impact me. I asked the help desk and this was there reply in case it is of any use. Anyone who wants more info is probably best off asking the help desk follow up questions. Question: "Since the access accounts stopped operating in normal market conditions, have the access accounts being buying loan parts from the GBBA accounts or the Manual account?" Answer: "Whilst the historic accounts are closed for new investment, you are able to sell the holdings via the Marketplace to other investors in the AAs and MLA. This is subject to demand of other investors buying those holdings from you and as a result withdrawal timeframes cannot be forecasted."
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