mrsb
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Post by mrsb on Mar 29, 2020 19:43:29 GMT
I guess that AC regard silence as less damaging than communicating (obviously without lying).
Their use of the word "proportion" and its derivatives is offensive. They'd go some way to extinguishing rage if they amended the blog to delete the language that offends the OED. That includes the remark about it being unfair to grant disproportionate access to allocated cash.
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Post by Harland Kearney on Mar 29, 2020 19:48:47 GMT
It is called Assetz Capital not Ponzi capital......Borrowers who can't pay up need to be repossessed. If AC can't do that then need to get rid of AC as the platform. The management no longer seem to want to engage with people regularly on these boards whereas previously they were very active. The repossession of a property is death to your capital in almost all reguards. It is a last resort option. In most cases security is good at bringing up a shortfall due to say partial repayment half way though a loans life and a triggered credit event or worse death in some cases. Additionally running lots of legal fees into the AC turnover isn't going to look pretty and is certainly one of the largest issues which have befell other dead platforms. Borrowers will usally seek to re-finace with another lender, and AC generally gives ground for this. Re-finance is often one of the most common types of repayment when a sale doesnt' come to fruitation before the loans redemption. In many terms, we are already a bridge between a developer looking to later re-finance a finished project with a bank when the asset has acceptble value for them to take them on as a risk, rather than undeveloped projected value figures. Allow the forebarance is always best, the property isn't walking away anywhere in these times.
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alanh
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Post by alanh on Mar 29, 2020 19:56:05 GMT
I guess that AC regard silence as less damaging than communicating (obviously without lying). Their use of the word "proportion" and its derivatives is offensive. They'd go some way to extinguishing rage if they amended the blog to delete the language that offends the OED. That includes the remark about it being unfair to grant disproportionate access to allocated cash. Yes. If they are going to misappropriate some investors cash and give it to others then at least have the decency to not specifically state that its "unfair to grant disproportionate access to allocated cash"
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corto
Member of DD Central
one-syllabistic
Posts: 851
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Post by corto on Mar 29, 2020 20:06:34 GMT
I guess that AC regard silence as less damaging than communicating (obviously without lying). Their use of the word "proportion" and its derivatives is offensive. They'd go some way to extinguishing rage if they amended the blog to delete the language that offends the OED. That includes the remark about it being unfair to grant disproportionate access to allocated cash. At the moment there's a heated debate going. Nothing for them to respond to. Words .. like butterflies in the sky; or is it bats?
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mrsb
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Post by mrsb on Mar 29, 2020 20:12:59 GMT
Que?
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alender
Member of DD Central
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Post by alender on Mar 29, 2020 20:37:53 GMT
It is called Assetz Capital not Ponzi capital......Borrowers who can't pay up need to be repossessed. If AC can't do that then need to get rid of AC as the platform. The management no longer seem to want to engage with people regularly on these boards whereas previously they were very active. The repossession of a property is death to your capital in almost all reguards. It is a last resort option. In most cases security is good at bringing up a shortfall due to say partial repayment half way though a loans life and a triggered credit event or worse death in some cases. Additionally running lots of legal fees into the AC turnover isn't going to look pretty and is certainly one of the largest issues which have befell other dead platforms. Borrowers will usally seek to re-finace with another lender, and AC generally gives ground for this. Re-finance is often one of the most common types of repayment when a sale doesnt' come to fruitation before the loans redemption. In many terms, we are already a bridge between a developer looking to later re-finance a finished project with a bank when the asset has acceptble value for them to take them on as a risk, rather than undeveloped projected value figures. Allow the forebarance is always best, the property isn't walking away anywhere in these times. I have found that the threat of legal action against a company that owes you money tends to concentrate their minds, you go from the back of the queue for their available funds to the front (hopefully not a pool), if you want other creditors to take preference over you just be tolerant to the borrower. If the borrower have good reason as to why you should defer the repayments I am sure they will not be shy in telling you, the only acceptable reason is that you are likely to get more money back if you wait, AC must be sure this is the case if they are going to extend the loan.
Does anyone know if the directors of AC are adding in more of their own money into AC to help through the crisis, if they expect lenders to support AC they should do so themselves by adding some additional funds, this will give lenders confidence that the directors believe AC will survive instead of just asking lenders to be patient after all they will have been well paid by AC over the years.
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Post by mrclondon on Mar 30, 2020 0:01:19 GMT
I keep buying little bits... only have a limited amount of funds available for the purpose though, so largely limited to the speed at which existing loans are repaying or other funds are released from elsewhere (including from any other platforms/investments that don't have sufficiently good re-investment opportunities themselves).
I think some of the heavy discounts are from people who overestimate how fast the market can react to the availability of such bargains... as of 24 March when bg last posted the relevant chart, discounted loans were overall being bought up (or delisted) faster than new ones were being listed for sale, but it just takes time to clear the backlog... As per my comment on that thread, there's just no point in listing masses for sale right now - they aren't selling. So the apparent backlog clearing is an illusion. I've had a few hundred sell at 10% discount - they will never clear - maybe because nobdy is putting in new money to buy. For some strange reason what ever approach to a situation I decide upon, it is almost always far removed from what "the crowd" are doing.
In my case, all loan repayments (interest & capital) are being immediately reinvested in MLA, along with the withdrawals from the few hundred of the ex swept cash in QAA as and when. Some of the loans I've looked at the discounts are way in excess of my estimate of the impact on the business from hibernating for a few months .... assuming commonsense prevails and lenders don't vote to foreclose on them before they can restart operations.
I'm not putting new money into AC at present, simply because I feel it is essential to maintain a larger than normal buffer of cash in my current account to pay bills over the coming months. In terms of the bigger picture, I think there is scope for further sell offs of equity, back to and below the levels of ten days ago. The market has absorbed the details of the various stimulus packages and rebounded, but there is going to be minimal sustained good news for some considerable time. And to the extent that panic is contagious I suspect that discounts in MLA will widen before they start to close. However, I will re-enter both equity and p2p markets (incl new funds into AC's MLA) in due course, but expect to do so at lower levels than today. In present circumstances missing the 1% bonus for new funds is not a major concern, when discounts are many times higher.
Clearly having sold almost all my equity exposure before the market turned, I can take a more philosphical view than many as far as p2p goes. Whilst I can understand that some will decide they need to increase their cash availability in the current circumstances, and decide p2p is the where its going to have to come from, some of the discounts (and amounts) being offered strike me as being excessive in the sense that I believe pricing over the coming months will trend back to par far quicker than equity markets will to their mid February peak.
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Mikeme
Member of DD Central
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Post by Mikeme on Mar 30, 2020 7:34:14 GMT
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Mikeme
Member of DD Central
Posts: 428
Likes: 331
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Post by Mikeme on Mar 30, 2020 7:42:20 GMT
It is called Assetz Capital not Ponzi capital......Borrowers who can't pay up need to be repossessed. If AC can't do that then need to get rid of AC as the platform. The management no longer seem to want to engage with people regularly on these boards whereas previously they were very active. The repossession of a property is death to your capital in almost all reguards. It is a last resort option. In most cases security is good at bringing up a shortfall due to say partial repayment half way though a loans life and a triggered credit event or worse death in some cases. Additionally running lots of legal fees into the AC turnover isn't going to look pretty and is certainly one of the largest issues which have befell other dead platforms. Borrowers will usally seek to re-finace with another lender, and AC generally gives ground for this. Re-finance is often one of the most common types of repayment when a sale doesnt' come to fruitation before the loans redemption. In many terms, we are already a bridge between a developer looking to later re-finance a finished project with a bank when the asset has acceptble value for them to take them on as a risk, rather than undeveloped projected value figures. Allow the forebarance is always best, the property isn't walking away anywhere in these times. Thanks for explaining the reality so clearly. Capital much more important than interest. AC are in an ideal position to receive funding and make loans on behalf of the governments support packages. Pubs,hotels,restaurants will reopen. Building will restart supporting manufacturing industry.
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mark
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Post by mark on Mar 30, 2020 10:02:56 GMT
Firstly no one has lost any money/interest yet. What do countries and banks do when they have a run? without notice restrict outflows. My favourite analogy toilet rolls, they put a limit on to stop the greedy uncaring selfish idiots taking the lot> Brief but a comprehensive accurate assessment.
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alanh
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Post by alanh on Mar 30, 2020 10:37:58 GMT
Firstly no one has lost any money/interest yet. What do countries and banks do when they have a run? without notice restrict outflows. My favourite analogy toilet rolls, they put a limit on to stop the greedy uncaring selfish idiots taking the lot> Brief but a comprehensive accurate assessment. Hmmmm...I don't ever recall banks taking all the money out of the large investors accounts and doling it out to all the smaller ones. Presumably this is illegal and there are regulations in place to stop it happening at a bank?
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cb25
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Post by cb25 on Mar 30, 2020 10:42:45 GMT
Brief but a comprehensive accurate assessment. Hmmmm...I don't ever recall banks taking all the money out of the large investors accounts and doling it out to all the smaller ones. Presumably this is illegal and there are regulations in place to stop it happening at a bank? Has any money been taken out of your account? I'm waiting on a reasonable sum of money, but it hasn't gone anywhere, it's just sitting in the queue/pool.
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alanh
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Post by alanh on Mar 30, 2020 10:51:41 GMT
Hmmmm...I don't ever recall banks taking all the money out of the large investors accounts and doling it out to all the smaller ones. Presumably this is illegal and there are regulations in place to stop it happening at a bank? Has any money been taken out of your account? I'm waiting on a reasonable sum of money, but it hasn't gone anywhere, it's just sitting in the queue/pool. I suggest you read the other posts on the forum. Assetz are using the funds of large investors to bail out small investors, thereby locking them into the so called access accounts for years whilst at the same time allocating them a larger and larger percentage of non-performing loans.
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Mikeme
Member of DD Central
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Post by Mikeme on Mar 30, 2020 10:56:06 GMT
Brief but a comprehensive accurate assessment. Hmmmm...I don't ever recall banks taking all the money out of the large investors accounts and doling it out to all the smaller ones. Presumably this is illegal and there are regulations in place to stop it happening at a bank? No all banks have that option to prevent a run and failure Our borrowers,AC and our capital is more important than a bit of interest.  Remember exchange controls? Always done without notice. The restrictions are always fixed amounts not a % of investment and at the low end of investment to make sure everyone gets a bit. no one has lost any money/interest yet. What do countries and banks do when they have a run? without notice restrict outflows. A bank run occurs when a large number of customers of a bank or other financial institution withdraw their deposits simultaneously over concerns of the bank's solvency. As more people withdraw their funds, the probability of default increases, prompting more people to withdraw their deposits.5 Dec 2019
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mark
Posts: 163
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Post by mark on Mar 30, 2020 11:00:18 GMT
It is called Assetz Capital not Ponzi capital......Borrowers who can't pay up need to be repossessed. If AC can't do that then need to get rid of AC as the platform. The management no longer seem to want to engage with people regularly on these boards whereas previously they were very active. In all honesty, what would be the advantage of Assetz Capital management 'engaging' at present with the numerous and various, contructive and destructive posters and posts. At this stage there is no advantage or point A running commentary on what they are working on from day to day and putting in place in a fast changing interconnected situation that requires coordination with other institutions takes time. A lot of time. In addition, any attempt to answer questions at this fluid unsettled stage would start an endless, time consuming, unanswerable stream of whataboutery !! Actions speak........ I believe that we have to wait and see. Give Assetz Capital's management time to get this right, as I am confident that they will, THEN investors will be able to make informed judgements on their actions and not assumptions on the basis of incomplete information
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