iRobot
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Post by iRobot on Apr 18, 2020 11:57:05 GMT
Does anybody know of any other P2P operations who have been granted it as of yet? List of currently CBILS accredited lenders on the BBB website here - I only recognise FC on that list as being P2P, but don't take that as authoritative  NB: " We are accelerating accreditation for some existing lenders to be able to provide additional variants of the CBILS scheme, and accepting applications for new lenders to undergo accreditation. Please continue to monitor this page as we will update it as and when we confirm these new accreditations."
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Mikeme
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Post by Mikeme on Apr 18, 2020 12:09:25 GMT
Nobody has said they haven't got it yet. I'm sure we will hear news about it soon. It wont' be open to retail investors I don't think, they have bigger issues right now anyway. Funding Circle likely clinged onto this like anything to be granted it, to get some business into the drying up operation. They off load recoveries to third parties, locked SM; its clear they kicking retail investors into the head lights for a long time if not forever. If they had it they would take time to make a firm plan as to the way forward. They have received our support to go forwards ( most of us before someone says not me) . Making hard decisions then taking time to work through is the way.
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alanh
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Post by alanh on Apr 18, 2020 13:04:40 GMT
Or maybe you could look at this from another perspective - If a shambolic operation like FC can get get a slice of the action, what kind of a mess must AC be in not be allowed to participate? Nobody has said they haven't got it yet. I'm sure we will hear news about it soon. It wont' be open to retail investors I don't think, they have bigger issues right now anyway. Funding Circle likely clinged onto this like anything to be granted it, to get some business into the drying up operation. They off load recoveries to third parties, locked SM; its clear they kicking retail investors into the head lights for a long time if not forever.Does anybody know of any other P2P operations who have been granted it as of yet? A "drying up operation locking people in and kicking retail investors into the headlights for a long time if not forever?" - sounds like the perfect description of Assetz Capital. Oh hang on......just received another £1.16 of my investment back today. FC are a complete shambles but they look like geniuses compared to AC. I am actually getting a far greater amount of money back from the remnants of my 2 year old defaulted loan book on FC than I am getting back from AC.
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Post by Harland Kearney on Apr 18, 2020 13:29:25 GMT
Nobody has said they haven't got it yet. I'm sure we will hear news about it soon. It wont' be open to retail investors I don't think, they have bigger issues right now anyway. Funding Circle likely clinged onto this like anything to be granted it, to get some business into the drying up operation. They off load recoveries to third parties, locked SM; its clear they kicking retail investors into the head lights for a long time if not forever.Does anybody know of any other P2P operations who have been granted it as of yet? A "drying up operation locking people in and kicking retail investors into the headlights for a long time if not forever?" - sounds like the perfect description of Assetz Capital. Oh hang on......just received another £1.16 of my investment back today. FC are a complete shambles but they look like geniuses compared to AC. I am actually getting a far greater amount of money back from the remnants of my 2 year old defaulted loan book on FC than I am getting back from AC. Does that comes as a surprise to you in the current world circumstances? Given the nature of the secured assets loan book in SME's & property? It doesn't surprise me, but then again I'm not over weight in the asset class, so have less reason to be so cynical when the UK GDP is dropping -35% back in the real world. We will not see any large repayments for quite some months. I would say gauge 18 months from now, and then come back and post did you recieve more return from AC or Funding Circle in capital repayments. God forbid your right of course, we'd all lose a large ton of money then! Funding Circle were this way before COVID-19, long before. So not really, I never invested in Funding Circle as it was clear its loan orgination security was a total joke. Why do you FC look like geniuses? They couldn't even operate correctly during the longest bull run in history. 
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alanh
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Post by alanh on Apr 18, 2020 13:38:28 GMT
A "drying up operation locking people in and kicking retail investors into the headlights for a long time if not forever?" - sounds like the perfect description of Assetz Capital. Oh hang on......just received another £1.16 of my investment back today. FC are a complete shambles but they look like geniuses compared to AC. I am actually getting a far greater amount of money back from the remnants of my 2 year old defaulted loan book on FC than I am getting back from AC. Does that comes as a surprise to you in the current world circumstances? Given the nature of the secured assets loan book in SME's & property? It doesn't surprise me, but then again I'm not over weight in the asset class, so have less reason to be so cynical when the UK GDP is dropping -35% back in the real world. We will not see any large repayments for quite some months. I would say gauge 18 months from now, and then come back and post did you recieve more return from AC or Funding Circle in capital repayments. God forbid your right of course, we'd all lose a large ton of money then! Funding Circle were this way before COVID-19, long before. So not really, I never invested in Funding Circle as it was clear its loan orgination security was a total joke. Why do you FC look like geniuses? They couldn't even operate correctly during the longest bull run in history. Without going through the entire discussion again its clear that AC's management have made a series of catastrophic decisions unlike any other platform. They appear to have little idea of what to do or how to do it. Come back in 18 months? - what makes you think that AC are even going to be here in 18 months? I don't fancy their chances of getting to the end of 2020 at the moment.
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Post by Harland Kearney on Apr 18, 2020 13:47:36 GMT
Does that comes as a surprise to you in the current world circumstances? Given the nature of the secured assets loan book in SME's & property? It doesn't surprise me, but then again I'm not over weight in the asset class, so have less reason to be so cynical when the UK GDP is dropping -35% back in the real world. We will not see any large repayments for quite some months. I would say gauge 18 months from now, and then come back and post did you recieve more return from AC or Funding Circle in capital repayments. God forbid your right of course, we'd all lose a large ton of money then! Funding Circle were this way before COVID-19, long before. So not really, I never invested in Funding Circle as it was clear its loan orgination security was a total joke. Why do you FC look like geniuses? They couldn't even operate correctly during the longest bull run in history. Without going through the entire discussion again its clear that AC's management have made a series of catastrophic decisions unlike any other platform. They appear to have little idea of what to do or how to do it. Come back in 18 months? - what makes you think that AC are even going to be here in 18 months? I don't fancy their chances of getting to the end of 2020 at the moment. Yes 18 months is a reasonble time frame for the type of loan book AC process? What didn't you check what you were investing in? SME's and property developed backed by First Charge property security. It stands to reason that even if the worst windown it would take years to off load this loanbook. Even in the best conditions its going to take sometime for AC to correct the course of the access accounts if its going to restore liquidity. If it even happens. I'm not defending them I'm just saying how I think thing will play out. Going to be quite sometime.
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Post by angel19 on Apr 18, 2020 13:55:09 GMT
Funding Circle have recently been accredited for CBILs. As such they have paused new lending and the secondary market. They will only be offering loans through the Government's Coronavirus Business Interruption Loan Scheme (CBILS), and retail investors are not able to participate in these loans. In addition they have paused the secondary market as part of their ongoing work to protect investor returns through this period.
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savernake
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Post by savernake on Apr 18, 2020 13:56:54 GMT
Does anybody know of any other P2P operations who have been granted it as of yet? List of currently CBILS accredited lenders on the BBB website here - I only recognise FC on that list as being P2P, but don't take that as authoritative NB: " We are accelerating accreditation for some existing lenders to be able to provide additional variants of the CBILS scheme, and accepting applications for new lenders to undergo accreditation. Please continue to monitor this page as we will update it as and when we confirm these new accreditations." Looking through the list, we see the usual collection of banks but there are also quite a few obscure lenders I've never heard of. I can't believe some of those lenders with accreditation are bigger than AC? Perhaps AC were a bit slow getting their application in?
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iren
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Post by iren on Apr 18, 2020 14:09:10 GMT
Just had a email Funding Circle got CBILS granted to them. Surely if they can get it, AC can get it easily. Considering I mean, I truely question FC surviral this year at this point, there SC is completely shut down now, and defaults are soaring (have been before the crash) Not the board for FC comments, but they aren't even offering these loans to retail investors (looks like they winding down retail investors entirely at this point) Hopefully AC do get CBILS granted to them. Or maybe you could look at this from another perspective - If a shambolic operation like FC can get get a slice of the action, what kind of a mess must AC be in not be allowed to participate? Possibly, but it’s likely that applications are being prioritised using arbitrary filters and that FC’s public listing has put them further up the queue.
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alanh
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Post by alanh on Apr 18, 2020 15:20:25 GMT
Without going through the entire discussion again its clear that AC's management have made a series of catastrophic decisions unlike any other platform. They appear to have little idea of what to do or how to do it. Come back in 18 months? - what makes you think that AC are even going to be here in 18 months? I don't fancy their chances of getting to the end of 2020 at the moment. Yes 18 months is a reasonble time frame for the type of loan book AC process? What didn't you check what you were investing in? SME's and property developed backed by First Charge property security. It stands to reason that even if the worst windown it would take years to off load this loanbook. Even in the best conditions its going to take sometime for AC to correct the course of the access accounts if its going to restore liquidity. If it even happens. I'm not defending them I'm just saying how I think thing will play out. Going to be quite sometime. What I didn't check was the trustworthiness, integrity or competence of the management of Assetz Capital
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Post by angel19 on Apr 18, 2020 17:36:17 GMT
For accreditation I think AC will have to show they have money to lend. At the moment it seems many retail lenders are queueing for the door. AC have already told these lenders they will not be writing new business, but will use cash to fulfil existing commitments and create liquidity for the access accounts. The best chance AC have of benefitting from CBILs at the moment is if existing borrowers can manage to repay AC loans using a CBIL offering from another provider at better terms. That will at least improve AC liquidity and help them stay in the game for the future.
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Post by james1100 on Apr 18, 2020 17:52:46 GMT
Funding Circle and Assetz on the same page? They cannot be compared. FC have been restricting withdrawals for months (years?), certainly longer than the constraints on the access accounts. Their experienced property team has been sacked because of their woeful track record ...the London hotel. The fundamental problem here is people's expectations that the access accounts were some sort of bank deposit account, nobody ever pretended that was the case but it seems some forget CAVEAT EMPTOR
FC should get involved with CBILS - that makes some sort of sense for them (possibly saves them) - but it is the death knell for that platform for private investors.
AC on the other hand seems to me as a long term investor is actually pretty well run. Transparency, good underwriting and ongoing management is streets ahead of FC. Of course there will be haircuts, the world is facing a huge medical emergency and there will be consequences even to what seemed only 6 weeks ago to be good risks. But I have no reason or evidence presented to me to panic (yet).
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Post by Harland Kearney on Apr 18, 2020 18:17:51 GMT
Funding Circle and Assetz on the same page? They cannot be compared. FC have been restricting withdrawals for months (years?), certainly longer than the constraints on the access accounts. Their experienced property team has been sacked because of their woeful track record ...the London hotel. The fundamental problem here is people's expectations that the access accounts were some sort of bank deposit account, nobody ever pretended that was the case but it seems some forget CAVEAT EMPTOR FC should get involved with CBILS - that makes some sort of sense for them (possibly saves them) - but it is the death knell for that platform for private investors. AC on the other hand seems to me as a long term investor is actually pretty well run. Transparency, good underwriting and ongoing management is streets ahead of FC. Of course there will be haircuts, the world is facing a huge medical emergency and there will be consequences even to what seemed only 6 weeks ago to be good risks. But I have no reason or evidence presented to me to panic (yet). Unfontunely this was the point I was making, however you will likely be shot down for not giving a cynical all is lost post. It is way too early to be telling how the loan book will look in just 60 days from now, let alone 6-18 months. As a investor, I understand that this situation has a many months to run before its resolved. One year isn't out of the question and I think that applies to other platforms too, before any sort of normaility is strictly found in the question of liquidity. I'm happy I'm holding AC loans, and not Funding Circle, or the other platforms on this board, albiet possibly RS if I was near the front of the queue. However the underlying loans I wouldn't want to hold to the term we are on AC prepared to due to the first charge assets.
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agent69
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Post by agent69 on Apr 18, 2020 18:42:51 GMT
Funding Circle and Assetz on the same page? They cannot be compared. FC have been restricting withdrawals for months (years?), certainly longer than the constraints on the access accounts. Their experienced property team has been sacked because of their woeful track record ...the London hotel. The fundamental problem here is people's expectations that the access accounts were some sort of bank deposit account, nobody ever pretended that was the case but it seems some forget CAVEAT EMPTOR FC should get involved with CBILS - that makes some sort of sense for them (possibly saves them) - but it is the death knell for that platform for private investors. AC on the other hand seems to me as a long term investor is actually pretty well run. Transparency, good underwriting and ongoing management is streets ahead of FC. Of course there will be haircuts, the world is facing a huge medical emergency and there will be consequences even to what seemed only 6 weeks ago to be good risks. But I have no reason or evidence presented to me to panic (yet). Unfontunely this was the point I was making, however you will likely be shot down for not giving a cynical all is lost post. It is way too early to be telling how the loan book will look in just 60 days from now, let alone 6-18 months. As a investor, I understand that this situation has a many months to run before its resolved. One year isn't out of the question and I think that applies to other platforms too, before any sort of normaility is strictly found in the question of liquidity. I'm happy I'm holding AC loans, and not Funding Circle, or the other platforms on this board, albiet possibly RS if I was near the front of the queue. However the underlying loans I wouldn't want to hold to the term we are on AC prepared to due to the first charge assets. What's wrong with Abl or Unbolted? Both are performing better than AC, given that both continue to repay lenders as normal
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Post by Harland Kearney on Apr 18, 2020 18:49:54 GMT
Unfontunely this was the point I was making, however you will likely be shot down for not giving a cynical all is lost post. It is way too early to be telling how the loan book will look in just 60 days from now, let alone 6-18 months. As a investor, I understand that this situation has a many months to run before its resolved. One year isn't out of the question and I think that applies to other platforms too, before any sort of normaility is strictly found in the question of liquidity. I'm happy I'm holding AC loans, and not Funding Circle, or the other platforms on this board, albiet possibly RS if I was near the front of the queue. However the underlying loans I wouldn't want to hold to the term we are on AC prepared to due to the first charge assets. What's wrong with Abl or Unbolted? Both are performing better than AC, given that both continue to repay lenders as normal Nothing is wrong, only considering platforms where your forced to hold right now. (should of specfied that) If I was invested in any P2P other than AC, I'd be out of the door for sure in the current situation, at least no more than 5% exposure.
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