jlend
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Post by jlend on Sept 10, 2020 7:27:38 GMT
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Post by bradley02 on Sept 10, 2020 19:45:49 GMT
My understanding is that the lender fee removal and Access Account interest rate increases are ' on the table ' to be reviewed and adjusted at an appropriate, achievable, realistic time. This is not news, Stuartassetzcapital has posted similar to this. After investing with AC for seven years, I am confident in Stuart and the board navigating a successful route through this crisis, as long as it takes in these uncertain times. Although not directly connected to Cbils, I am happy to support AC in plans to secure their business and, more importantly, my investment through their business strategy ( fees and rate reductions included ) and content to give the company the required time to grow out of this financial downturn. As much as I hope no AC investor is unnecessarily panicked into selling their Access Account funds at a discount, if they do not need to, I am continuing to increase my holdings, with a long term view, my investment in the Access Accounts. Enjoyed the good years with AC and happy to support them through this 'blip'
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jlend
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Post by jlend on Sept 25, 2020 8:58:13 GMT
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jlend
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Post by jlend on Feb 3, 2021 14:44:20 GMT
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jlend
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Post by jlend on Mar 3, 2021 13:47:45 GMT
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p2pfan
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Post by p2pfan on Mar 3, 2021 14:54:45 GMT
How does this new scheme compare to the existing CBILS set-up? I want these darn government handout schemes to end as quickly as possible. They compete with P2P lenders loans and, as the government free money schemes are so generous, a few P2P platforms have told me they're directly responsible for them not launching as many loans. They're also one of the major contributing factors to loan interest rates offered to P2P lenders being reduced.
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ilmoro
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'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 Mar 3, 2021 15:45:16 GMT
How does this new scheme compare to the existing CBILS set-up? I want these darn government handout schemes to end as quickly as possible. They compete with P2P lenders loans and, as the government free money schemes are so generous, a few P2P platforms have told me they're directly responsible for them not launching as many loans. They're also one of the major contributing factors to loan interest rates offered to P2P lenders being reduced. Not alot of difference, top limit is higher at £10m but still 80% gov guarantee and all the other rules
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jlend
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Post by jlend on Mar 3, 2021 16:17:26 GMT
How does this new scheme compare to the existing CBILS set-up? I want these darn government handout schemes to end as quickly as possible. They compete with P2P lenders loans and, as the government free money schemes are so generous, a few P2P platforms have told me they're directly responsible for them not launching as many loans. They're also one of the major contributing factors to loan interest rates offered to P2P lenders being reduced. Keep and eye out on the BBB website for the full details when they get round to publishing them. www.british-business-bank.co.uk/
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jlend
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Post by jlend on Mar 4, 2021 9:00:28 GMT
Recovery Loan Scheme
The Recovery Loan Scheme will launch on 6 April 2021, following the closure of the current Covid-19 debt schemes – the Coronavirus Business Interruption Loan Scheme (CBILS), the Coronavirus Large Business Interruption Loan Scheme (CLBILS) and the Bounce Back Loan Scheme (BBLS) – on 31 March 2021. The Recovery Loan Scheme is scheduled to run until 31 December 2021, but this is subject to review.
The new scheme aims to help businesses affected by Covid-19 and can be used for any legitimate business purpose, including managing cashflow, investment and growth. It is designed to appeal to businesses that can afford to take out additional debt finance for these purposes.
Details of the scheme include:
Up to £10m facility per business: The maximum value of a facility provided under the scheme will be £10m per business. Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.
Turnover limit: There will be no turnover restriction for businesses accessing the scheme.
Wide range of products: Businesses will be able to choose from a variety of products: term loans, overdrafts, asset finance and invoice finance facilities.
Term length: Term loans and asset finance facilities are available for up to six years, with overdrafts and invoice finance available for up to three years.
Interest and fees to be paid by the business from the outset: Businesses will be required to meet the costs of interest payments and any fees associated with the facility.
Access to multiple schemes: Businesses who have taken out a CBILS, CLBILS or BBLS facility will be able to access the new scheme, although the maximum they are allowed to borrow will depend on their lender’s assessment and scheme requirements.
Credit checks for all applicants: Lenders will be required to undertake credit and fraud checks for all applicants. When making their assessment, lenders may overlook concerns over short-to-medium term performance owing to the pandemic. The checks and approach may vary between lenders.
Further information on the Recovery Loan Scheme will be made available on the British Business Bank website.
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jlend
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Post by jlend on Mar 15, 2021 20:55:34 GMT
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Post by Ton ⓉⓞⓃ on Mar 15, 2021 21:37:26 GMT
Am I right in thinking it's the death of BBLS but the other two carry on pretty much as they did before but with the name RLS?
BBLS had to go tho.
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p2pfan
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Post by p2pfan on Mar 15, 2021 22:17:52 GMT
Am I right in thinking it's the death of BBLS but the other two carry on pretty much as they did before but with the name RLS?
BBLS had to go tho.
BBLS definitely had to go. Every businessperson I've come across has no intention of ever paying them back and sales of certain types of luxury cars have gone up thanks to them. The borrowers perceive these loans to be grants that never have to be repaid (and ultimately won't have to be, because extremists and their mouthpiece the Guardian will vociferously complain if what they deem the "evil" government and their banking buddies try robustly to get these loans repaid from "poor" and "vulnerable" borrowers who will go to town with their sob stories).
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jlend
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Post by jlend on Mar 16, 2021 11:36:51 GMT
Am I right in thinking it's the death of BBLS but the other two carry on pretty much as they did before but with the name RLS?
BBLS had to go tho.
Personally I think this is the biggest change that borrowers will see. - With CBIL the government paid the interest and fees for the first 12 months. - With the Recovery Loan Scheme borrowers have to pay fees and interest from the start. No sign that p2p lenders can directly benefit. The full details of the scheme and who will offer it is yet to be published on the British Business Bank website. I suspect AC already have a view on how much of an impact this will have on the competitiveness of p2p lending. Worst case only borrowers who cannot get a Recovery Loan Scheme loan will be fed into the p2p queue. This may be enough to meet the demand of p2p lenders.
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zlb
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Post by zlb on Mar 30, 2021 15:33:19 GMT
CBILS loans, on c2f, look like the previously higher risk loan types they had (typically 12-14% interest), so I'm not interested in an entire portfolio of that kind of risk - the Government guarantee to pay the interest is no reassurance there, for me. They went through a very rocky patch of rubbish DD so there's still that risk too, unless CBILS lending has more stringent rules?
But with AC, will CBILS lending be separate from other investment? Will they all be lumped in with the AAs for example? How will the risk differ for the current, what some still refer to as 'retail' investing? Are they pulling in institutional lenders?
Why is the sector with so many losses and failed platforms being trusted with this? Is it because CBILS is perceived to be high risk / high loss, or simply that p2p platforms had the infrastructure in place?
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dead-money
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Post by dead-money on Mar 30, 2021 17:04:39 GMT
CBILS loans, on c2f, look like the previously higher risk loan types they had (typically 12-14% interest), so I'm not interested in an entire portfolio of that kind of risk - the Government guarantee to pay the interest is no reassurance there, for me. They went through a very rocky patch of rubbish DD so there's still that risk too, unless CBILS lending has more stringent rules? But with AC, will CBILS lending be separate from other investment? Will they all be lumped in with the AAs for example? How will the risk differ for the current, what some still refer to as 'retail' investing? Are they pulling in institutional lenders? Why is the sector with so many losses and failed platforms being trusted with this? Is it because CBILS is perceived to be high risk / high loss, or simply that p2p platforms had the infrastructure in place? CBILS Lending is institutionals only, no P2P retail participation allowed. Many developers have jumped from drawing down further tranches on P2P loans to CBILS loans, so to some extent it's taken the pressure off AAs for future tranche funding.
The downside is that's there's close to zero new P2P loans in the pipeline and minimal loan parts available to buy on MLA marketplace. (Not relevant if you aren't a MLA lender)
NB The AAs aren't participating in future loans, only the MLA lenders, at least until the recently announced 'Exit' account is created for the 'awkward squad'.
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