ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 6, 2020 9:39:16 GMT
This is the crux of the matter.
Can one of you provide clarity on what you are planning to do with repaid loans - I am an investor, this is MY CASH and I WANT YOU to pay this CASH back to me. You do realise that their participation here is a privilege not a right and subject to FCA rules? The more you pester them the less likely they are to post on the board at all which means we all lose out
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bg
Member of DD Central
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Post by bg on Apr 6, 2020 10:03:01 GMT
Looks at the upcoming loans section There are £3.6m loans that are due to be drawndown in April How are AC planning to fund these? Wow, this is a new low. You are now complaining about something AC 'could' do in the future. Are you also complaining to your bank just in case they decide to use your savings account balance to pay a dividend to shareholders? May as well, just in case. AC are under no obligation to explain how they are going to fund future loans to you. I imagine its a very dynamic situation and they have various funding sources. Nor should they be criticised for having a loans pipeline (something this forum asked to be visible), these loans can take weeks/months to arrange. Look at the agreements signed column if you don't believe this. I'd also mention that government guidelines are that all property transactions should be delayed until the lockdown is lifted. That includes transactions that have already exchanged, they advise that both the seller and buyer should agree to delay completion. I can't imagine developers want to draw money when they can't do anything with it. It may well be that most/all of these loans are delayed or cancelled. Just a thought.
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iRobot
Member of DD Central
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Post by iRobot on Apr 6, 2020 10:20:17 GMT
Are you saying there is £65m of loans due for repayment in the next 3 months? Not exactly. £65m is just one line of that table. Combining all lines of that table and adding in the suspended loans indicates there were (pre-forbearance) c. £88.6m in loans due within the next three months. Keep in view though that some £83.1m of that are in Property Development or Property Investment, so unless sales or refinance activity was already very close to completing, it's unlikely any further progress would be made by any party in the near future.
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alanh
Posts: 556
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Post by alanh on Apr 6, 2020 10:24:42 GMT
Looks at the upcoming loans section There are £3.6m loans that are due to be drawndown in April How are AC planning to fund these? Wow, this is a new low. You are now complaining about something AC 'could' do in the future. Are you also complaining to your bank just in case they decide to use your savings account balance to pay a dividend to shareholders? May as well, just in case. AC are under no obligation to explain how they are going to fund future loans to you. I imagine its a very dynamic situation and they have various funding sources. Nor should they be criticised for having a loans pipeline (something this forum asked to be visible), these loans can take weeks/months to arrange. Look at the agreements signed column if you don't believe this. I'd also mention that government guidelines are that all property transactions should be delayed until the lockdown is lifted. That includes transactions that have already exchanged, they advise that both the seller and buyer should agree to delay completion. I can't imagine developers want to draw money when they can't do anything with it. It may well be that most/all of these loans are delayed or cancelled. Just a thought. Lets hope they are cancelled. One thing Assetz should not be doing is forcibly reinvesting locked in investors money (that they have now introduced a fee on) into new loans when there is a huge queue of people waiting to exit. Look at Ratesetter - they have reduced new lending dramatically in order to aid investor withdrawals. What is Assetz policy? Do they care to tell us?
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bg
Member of DD Central
Posts: 1,368
Likes: 1,929
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Post by bg on Apr 6, 2020 10:30:21 GMT
Wow, this is a new low. You are now complaining about something AC 'could' do in the future. Are you also complaining to your bank just in case they decide to use your savings account balance to pay a dividend to shareholders? May as well, just in case. AC are under no obligation to explain how they are going to fund future loans to you. I imagine its a very dynamic situation and they have various funding sources. Nor should they be criticised for having a loans pipeline (something this forum asked to be visible), these loans can take weeks/months to arrange. Look at the agreements signed column if you don't believe this. I'd also mention that government guidelines are that all property transactions should be delayed until the lockdown is lifted. That includes transactions that have already exchanged, they advise that both the seller and buyer should agree to delay completion. I can't imagine developers want to draw money when they can't do anything with it. It may well be that most/all of these loans are delayed or cancelled. Just a thought. Lets hope they are cancelled. One thing Assetz should not be doing is forcibly reinvesting locked in investors money (that they have now introduced a fee on) into new loans when there is a huge queue of people waiting to exit. Look at Ratesetter - they have reduced new lending dramatically in order to aid investor withdrawals. What is Assetz policy? Do they care to tell us? Absolutely but they haven't used Access account funds to fund any new loans since the freeze. In fact they haven't originated any new loans since then. No point in kicking up a stink about them using our money to fund new loans when it hasn't even happened.
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Post by scepticalinvestor on Apr 6, 2020 10:39:55 GMT
Lets hope they are cancelled. One thing Assetz should not be doing is forcibly reinvesting locked in investors money (that they have now introduced a fee on) into new loans when there is a huge queue of people waiting to exit. Look at Ratesetter - they have reduced new lending dramatically in order to aid investor withdrawals. What is Assetz policy? Do they care to tell us? Absolutely but they haven't used Access account funds to fund any new loans since the freeze. In fact they haven't originated any new loans since then. No point in kicking up a stink about them using our money to fund new loans when it hasn't even happened.
I'm not so sure about that.
As alanh said, it isn't unreasonable to expect AC to give an indication of their approach/policy on this matter, similar to what RS has done. There's no harm in AC getting a feel of the reasoned opposition to them moving in that direction. What's the point of crying after it happens?
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cb25
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Post by cb25 on Apr 6, 2020 10:41:54 GMT
Absolutely but they haven't used Access account funds to fund any new loans since the freeze. In fact they haven't originated any new loans since then. No point in kicking up a stink about them using our money to fund new loans when it hasn't even happened.
I'm not so sure about that.
As alanh said, it isn't unreasonable to expect AC to give an indication of their approach/policy on this matter, similar to what RS has done. There's no harm in AC getting a feel of the reasoned opposition to them moving in that direction. What's the point of crying after it happens?
Which new loans have they funded?
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Post by scepticalinvestor on Apr 6, 2020 10:43:15 GMT
I'm not so sure about that.
As alanh said, it isn't unreasonable to expect AC to give an indication of their approach/policy on this matter, similar to what RS has done. There's no harm in AC getting a feel of the reasoned opposition to them moving in that direction. What's the point of crying after it happens?
Which new loans have they funded?
"I'm not so sure about that" was meant for this "No point in kicking up a stink" (I've now highlighted the part in my comment to make that clearer)
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iRobot
Member of DD Central
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Post by iRobot on Apr 6, 2020 12:04:59 GMT
Looks at the upcoming loans section There are £3.6m loans that are due to be drawndown in April How are AC planning to fund these? I have. It's empty.  Looking at the pipeline loans, however, and I see 67 loans of varying ages. The eight marked with an estimated drawdown of April may well go the way of the others; the accompanying text to the section even acknowledges the potential for loans listed there not to proceed. Also, none of the eight have due diligence docs available yet, so even ignoring the wider environment, I doubt they'd be going anywhere soon. If they do ever actually hit the Upcoming Loans section, then might be a reasonable time to wonder how they're to be funded.
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