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Post by honda2ner on Apr 29, 2020 15:35:25 GMT
Any news on the CBILS accreditation process? Also any key milestones that have been achieved, yet to be achieved and what (if anything) is holding them up would be great. Any guesses on timings would also be good, rest assured we won't hold you too them, just to loosen tongues, this thread is open to speculation and gut feelings so shouldn't be taken seriously. My understanding of CBILS is that firms would have to apply through AC for the loan so it's not a silver bullet but it may make the majority of loans much more secure. As these CBILS are going to borrowers that AC have already loaned to and know a great deal about I expect that once accredited the process is relatively fast? I'm no expert but from a very quick read up I liked the 12 months fees and interest paid by the government part, that should make the borrower, lender and AC much happier. The only loser is us, the taxpayer. I've included the 'Without Prejudice' in the title just in case the massively unhelpful legal threats or FOS complaints are forcing AC to keep quiet. Talk to us please stuartassetzcapital even if the news isn't good, I know you are busy but the fact that you engage on here is worth a lot in judging platform risk. I'm sure you already know this but if you say nothing everyone will assume the worst. |
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Mousey
Member of DD Central
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Post by Mousey on Apr 29, 2020 15:38:03 GMT
Sorry, what exactly do you think 'Without Prejudice' means?
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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 29, 2020 15:55:42 GMT
Any news on the CBILS accreditation process? Also any key milestones that have been achieved, yet to be achieved and what (if anything) is holding them up would be great. Any guesses on timings would also be good, rest assured we won't hold you too them, just to loosen tongues, this thread is open to speculation and gut feelings so shouldn't be taken seriously. My understanding of CBILS is that firms would have to apply through AC for the loan so it's not a silver bullet but it may make the majority of loans much more secure. As these CBILS are going to borrowers that AC have already loaned to and know a great deal about I expect that once accredited the process is relatively fast? I'm no expert but from a very quick read up I liked the 12 months fees and interest paid by the government part, that should make the borrower, lender and AC much happier. The only loser is us, the taxpayer. I've included the 'Without Prejudice' in the title just in case the massively unhelpful legal threats or FOS complaints are forcing AC to keep quiet. Talk to us please stuartassetzcapital even if the news isn't good, I know you are busy but the fact that you engage on here is worth a lot in judging platform risk. I'm sure you already know this but if you say nothing everyone will assume the worst. FYI AIUI CBILS is not open to retail lender participation so the loans wouldn't appear on the platform.
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Post by honda2ner on Apr 29, 2020 16:19:05 GMT
Any news on the CBILS accreditation process? Also any key milestones that have been achieved, yet to be achieved and what (if anything) is holding them up would be great. Any guesses on timings would also be good, rest assured we won't hold you too them, just to loosen tongues, this thread is open to speculation and gut feelings so shouldn't be taken seriously. My understanding of CBILS is that firms would have to apply through AC for the loan so it's not a silver bullet but it may make the majority of loans much more secure. As these CBILS are going to borrowers that AC have already loaned to and know a great deal about I expect that once accredited the process is relatively fast? I'm no expert but from a very quick read up I liked the 12 months fees and interest paid by the government part, that should make the borrower, lender and AC much happier. The only loser is us, the taxpayer. I've included the 'Without Prejudice' in the title just in case the massively unhelpful legal threats or FOS complaints are forcing AC to keep quiet. Talk to us please stuartassetzcapital even if the news isn't good, I know you are busy but the fact that you engage on here is worth a lot in judging platform risk. I'm sure you already know this but if you say nothing everyone will assume the worst. FYI AIUI CBILS is not open to retail lender participation so the loans wouldn't appear on the platform. I know, it's the health of the borrowing firm and the AC platform that interest me. If I knew a borrower had access to and drew down a CBIL I would be reassured and far more likely to invest in that firms loan through the AC platform.
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Post by oppsididitagain on Apr 29, 2020 16:28:09 GMT
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Post by Harland Kearney on Apr 29, 2020 16:35:20 GMT
Sorry, what exactly do you think 'Without Prejudice' means? Without spam posts/rambling about the pool no doubt!
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rrrupert
Member of DD Central
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Post by rrrupert on Apr 29, 2020 19:02:30 GMT
Apparently the "legal structure is not one of being a balance sheet lender" counts against them and is slowing accreditation. But they are working thru the process with government and have plenty of funding lined up if/when they get accreditation.
My summary from a recent shareholders missive from a/c.
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Post by davee39 on Apr 29, 2020 19:17:48 GMT
Who wouldn't be prepared to fund a 100% Govt backed loan?
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Post by Ton ⓉⓞⓃ on Apr 29, 2020 20:28:00 GMT
Any news on the CBILS accreditation process? Also any key milestones that have been achieved, yet to be achieved and what (if anything) is holding them up would be great. Any guesses on timings would also be good, rest assured we won't hold you too them, just to loosen tongues, this thread is open to speculation and gut feelings so shouldn't be taken seriously. My understanding of CBILS is that firms would have to apply through AC for the loan so it's not a silver bullet but it may make the majority of loans much more secure. As these CBILS are going to borrowers that AC have already loaned to and know a great deal about I expect that once accredited the process is relatively fast? I'm no expert but from a very quick read up I liked the 12 months fees and interest paid by the government part, that should make the borrower, lender and AC much happier. The only loser is us, the taxpayer. I've included the 'Without Prejudice' in the title just in case the massively unhelpful legal threats or FOS complaints are forcing AC to keep quiet. Talk to us please stuartassetzcapital even if the news isn't good, I know you are busy but the fact that you engage on here is worth a lot in judging platform risk. I'm sure you already know this but if you say nothing everyone will assume the worst.
It used to be that if you were dealing with the FCA and make a public comment on those discussions or negotiations it was a sure way to ruin/end them. I appreciate this isn't the FCA (directly) but I suspect the same might apply to a degree. If a statement is made it may well be agree first.
So I'd say no news is verging on good news.
But I don't know anything...
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Post by honda2ner on Apr 29, 2020 21:44:51 GMT
Any news on the CBILS accreditation process? Also any key milestones that have been achieved, yet to be achieved and what (if anything) is holding them up would be great. Any guesses on timings would also be good, rest assured we won't hold you too them, just to loosen tongues, this thread is open to speculation and gut feelings so shouldn't be taken seriously. My understanding of CBILS is that firms would have to apply through AC for the loan so it's not a silver bullet but it may make the majority of loans much more secure. As these CBILS are going to borrowers that AC have already loaned to and know a great deal about I expect that once accredited the process is relatively fast? I'm no expert but from a very quick read up I liked the 12 months fees and interest paid by the government part, that should make the borrower, lender and AC much happier. The only loser is us, the taxpayer. I've included the 'Without Prejudice' in the title just in case the massively unhelpful legal threats or FOS complaints are forcing AC to keep quiet. Talk to us please stuartassetzcapital even if the news isn't good, I know you are busy but the fact that you engage on here is worth a lot in judging platform risk. I'm sure you already know this but if you say nothing everyone will assume the worst.
It used to be that if you were dealing with the FCA and make a public comment on those discussions or negotiations it was a sure way to ruin/end them. I appreciate this isn't the FCA (directly) but I suspect the same might apply to a degree. If a statement is made it may well be agree first.
So I'd say no news is verging on good news.
But I don't know anything...
Thread was never after finer details, just 'it's still looking good and confident that it can/will be achieved, we need to achieve A through F and have completed A, B & C, working on D, E & F in a timescale of 4-6 weeks' would be sufficient. That alone might be enough to change my behaviour and if not I will be lining up my ducks so that in 4-6 weeks I will have funds in place to invest once the CBILS loans reduce the risks. At the moment I don't know whether to line up a few quid or a few grand this week, next week or next month so whatever happens I will be slow to respond.
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Post by martinde21 on Apr 30, 2020 16:51:13 GMT
Hi
Thanks for the link to the accredited banks. I see mostly traditional banks, a couple of challengers and one P2P (Funding Circle). I strongly suspect that quite a few FinTechs and other P2P lenders are going through accreditation still at a slower pace, due to their business models.
I don't see the absence of news from AC on this as bad news. I would personally be thrilled if they are accredited: it would be a big boost to the brand and help cash flow I suspect.
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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 30, 2020 18:51:47 GMT
Hi Thanks for the link to the accredited banks. I see mostly traditional banks, a couple of challengers and one P2P (Funding Circle). I strongly suspect that quite a few FinTechs and other P2P lenders are going through accreditation still at a slower pace, due to their business models. I don't see the absence of news from AC on this as bad news. I would personally be thrilled if they are accredited: it would be a big boost to the brand and help cash flow I suspect. Thincats also have accredited
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Post by Harland Kearney on May 6, 2020 8:40:09 GMT
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savernake
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Post by savernake on May 6, 2020 10:39:28 GMT
That's brilliant news. Congratulations to Stuart and his team at AC. This can only be good for the long-term health of the platform. It's just a shame the BBB regulations don't allow us retail lenders to have a piece of the action! I hope we'll soon receive another video update from Stuart explaining what this means for retail lenders.
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Post by oppsididitagain on May 6, 2020 16:42:09 GMT
To free up liquidity, don't we want/need companies already with debt on AC to switch to CBILS, and make capital repayments to AC ?
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