puddleduck
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Post by puddleduck on Jun 23, 2020 14:11:15 GMT
AC are about to re-start lending again, albeit from the MLA only at the moment.
Taken from Seedrs...We have never closed to retail new investment over this challenging period, unlike many others, and are just about to restart retail lending in the Manual Lending Account. If retail want us, we want retail !
No mention of whether the Access accounts will be used as a funding source alongside MLA - MLA only would make sense if the priority is to service withdrawal requests from the Access accounts.
Restarting lending has to be very good news for investors though.
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Post by lynnanthony on Jun 23, 2020 16:25:12 GMT
AC are about to re-start lending again, albeit from the MLA only at the moment. Taken from Seedrs... We have never closed to retail new investment over this challenging period, unlike many others, and are just about to restart retail lending in the Manual Lending Account. If retail want us, we want retail !No mention of whether the Access accounts will be used as a funding source alongside MLA - MLA only would make sense if the priority is to service withdrawal requests from the Access accounts. Restarting lending has to be very good news for investors though.
How does funding new loans from Access accounts help service withdrawal requests? Or even, how does not funding new loans from Access accounts help service withdrawals?
Aren't access account withdrawals serviced from loans paying off and from lenders investing in existing loans?
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Post by stuartassetzcapital on Jun 23, 2020 16:37:32 GMT
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iRobot
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Post by iRobot on Jun 23, 2020 17:51:27 GMT
Stuart - do you have a link to AC's statement rather than coverage of it, please? Your link is to an article which is behind a paywall, and I've no intention of subscribing. Must say, I find it slightly odd that AC's email on the 17th of June stated: " We’ve continued to pause all new retail lending whilst we focus on new initiatives to improve liquidity in the Access Accounts and to continue to fund existing tranche drawdowns on your existing loan book." only for another statement to get coverage in an article dated the following day with the headline: 'Assetz Capital prepares to reopen platform to retail money' - but no doubt that is explained in the article. Or perhaps it's just an indication of the fast moving nature of the situation. Just wondering if the imminent(?) opening of the AA SM will distract MLA lenders? Or will the opportunity to lend directly on specific loans in the MLA pull money away from the AA SM and cause discounts to rise? Which comes first might have some bearing on things .... new monies going to fund MLA releases or new monies going toward releasing existing investors wishing the exit. Hmmmn ...
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Post by stuartassetzcapital on Jun 23, 2020 18:09:38 GMT
Chief executive Stuart Law (pictured) told Peer2Peer Finance News that the platform is likely to restart lending in the manual lending product in July and will subsequently restart lending in its access accounts when liquidity returns. Law said the loans will have lower loan-to-values and higher interest rates.
“We always knew when the next cycle came our retail lending would restart in the manual lending account,” he said.
“We’re going to put the first few loans to investors in the next couple of weeks. We’ve taken time to assess where we’re at, update our guidelines and work on our coronavirus business interruption loan scheme (CBILS) lending.
“And we’re now ready to offer new loans to retail investors under the new guidelines in our manual loans, but not under CBILS because that requires institutional funding.”
Any interplay between new AA investment and new MLA investment is unknown but it is known that the investors in the two accounts can be quite different so interplay probably limited.
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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 Jun 23, 2020 18:30:50 GMT
Stuart - do you have a link to AC's statement rather than coverage of it, please? Your link is to an article which is behind a paywall, and I've no intention of subscribing. Must say, I find it slightly odd that AC's email on the 17th of June stated: " We’ve continued to pause all new retail lending whilst we focus on new initiatives to improve liquidity in the Access Accounts and to continue to fund existing tranche drawdowns on your existing loan book." only for another statement to get coverage in an article dated the following day with the headline: 'Assetz Capital prepares to reopen platform to retail money' - but no doubt that is explained in the article. Or perhaps it's just an indication of the fast moving nature of the situation. Just wondering if the imminent(?) opening of the AA SM will distract MLA lenders? Or will the opportunity to lend directly on specific loans in the MLA pull money away from the AA SM and cause discounts to rise? Which comes first might have some bearing on things .... new monies going to fund MLA releases or new monies going toward releasing existing investors wishing the exit. Hmmmn ... incognito is your friend
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iRobot
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Post by iRobot on Jun 23, 2020 19:44:59 GMT
Stuart - do you have a link to AC's statement rather than coverage of it, please? Your link is to an article which is behind a paywall, and I've no intention of subscribing. Must say, I find it slightly odd that AC's email on the 17th of June stated: " We’ve continued to pause all new retail lending whilst we focus on new initiatives to improve liquidity in the Access Accounts and to continue to fund existing tranche drawdowns on your existing loan book." only for another statement to get coverage in an article dated the following day with the headline: 'Assetz Capital prepares to reopen platform to retail money' - but no doubt that is explained in the article. Or perhaps it's just an indication of the fast moving nature of the situation. Just wondering if the imminent(?) opening of the AA SM will distract MLA lenders? Or will the opportunity to lend directly on specific loans in the MLA pull money away from the AA SM and cause discounts to rise? Which comes first might have some bearing on things .... new monies going to fund MLA releases or new monies going toward releasing existing investors wishing the exit. Hmmmn ... incognito is your friend Yeah - as are switching out browsers and VPNs  I would have preferred to have seen AC's original and full statement though. That article might have simply cherry picked stuff they thought was media-worthy, leaving much detail behind and with it some useful info.
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Post by honda2ner on Jun 23, 2020 19:47:45 GMT
The silence on the AA SM is deafening considering it's supposed to be live at the end of June, this needs to happen first whether the AAs and MLA are closely linked or not. Some AA investors are suffering so they really need to see AC's full attention on the SM and not distracted by restarting lending. The fact that restarting lending might gobble up liquidity from the MLA is not a good look.
Restarting lending is good news for everyone AFTER the AA SM is here. An update on the SM would be timely to offset ACs lead-footed diplomacy.
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Post by stuartassetzcapital on Jun 23, 2020 19:48:32 GMT
That was all there was. It was part of a verbal call.
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Post by df on Jun 23, 2020 19:54:35 GMT
Stuart - do you have a link to AC's statement rather than coverage of it, please? Your link is to an article which is behind a paywall, and I've no intention of subscribing. Must say, I find it slightly odd that AC's email on the 17th of June stated: " We’ve continued to pause all new retail lending whilst we focus on new initiatives to improve liquidity in the Access Accounts and to continue to fund existing tranche drawdowns on your existing loan book." only for another statement to get coverage in an article dated the following day with the headline: 'Assetz Capital prepares to reopen platform to retail money' - but no doubt that is explained in the article. Or perhaps it's just an indication of the fast moving nature of the situation. Just wondering if the imminent(?) opening of the AA SM will distract MLA lenders? Or will the opportunity to lend directly on specific loans in the MLA pull money away from the AA SM and cause discounts to rise? Which comes first might have some bearing on things .... new monies going to fund MLA releases or new monies going toward releasing existing investors wishing the exit. Hmmmn ... Opens for me in full length and I'm not subscribing.
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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 Jun 23, 2020 20:12:49 GMT
Stuart - do you have a link to AC's statement rather than coverage of it, please? Your link is to an article which is behind a paywall, and I've no intention of subscribing. Must say, I find it slightly odd that AC's email on the 17th of June stated: " We’ve continued to pause all new retail lending whilst we focus on new initiatives to improve liquidity in the Access Accounts and to continue to fund existing tranche drawdowns on your existing loan book." only for another statement to get coverage in an article dated the following day with the headline: 'Assetz Capital prepares to reopen platform to retail money' - but no doubt that is explained in the article. Or perhaps it's just an indication of the fast moving nature of the situation. Just wondering if the imminent(?) opening of the AA SM will distract MLA lenders? Or will the opportunity to lend directly on specific loans in the MLA pull money away from the AA SM and cause discounts to rise? Which comes first might have some bearing on things .... new monies going to fund MLA releases or new monies going toward releasing existing investors wishing the exit. Hmmmn ... Opens for me in full length and I'm not subscribing. You get a few free IIRC
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jlend
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Post by jlend on Jun 23, 2020 20:28:15 GMT
That was all there was. It was part of a verbal call. Are you able to give us an idea about how many CBIL loans AC have done so far?
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Post by stuartassetzcapital on Jun 23, 2020 20:34:38 GMT
The silence on the AA SM is deafening considering it's supposed to be live at the end of June, this needs to happen first whether the AAs and MLA are closely linked or not. Some AA investors are suffering so they really need to see AC's full attention on the SM and not distracted by restarting lending. The fact that restarting lending might gobble up liquidity from the MLA is not a good look. Restarting lending is good news for everyone AFTER the AA SM is here. An update on the SM would be timely to offset ACs lead-footed diplomacy. We announced a few days ago in an email message that it’s in testing at the end of the month and hope to release shortly afterwards.
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Post by elf on Jun 23, 2020 21:04:38 GMT
The linked article also states the following: “We just want to get our investors back to sensible liquidity again. When that’s happening, I’d expect to go back to lending in our access accounts.” So the question is: what does normal liquidity mean in that context? I think most of those wishing to exit access accounts would define it as being able to leave at par as applied until early march, or at the very least have all capital redemptions in their access loan book returned to them as it is repaid rather than being retained as at present for future tranches. However Assetz may claim the new secondary market provides exit liquidity to investors and therefore that access funds can be used to restart further loans shortly after this market commences. There would be no way then of ever having capital returned from access accounts unless accepting whatever (possibly large) discount that needs to be offered, assuming that the demand from other investors even exists. It was stated in a previous update from Assetz that they are looking at an IPO and it is no doubt helpful to that cause to have a pool of circa £200 million of retail money that can be held indefinitely under the accounts' terms of reference. Maybe this is being cynical but with what has gone on so far I would welcome a clear commitment that new loans will not be made with access money until the pre March 12th conditions are restored and if that liquidity has to be suspended again at any point thereafter then new loan lending would also immediately stop (from access).
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rscal
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Post by rscal on Jun 24, 2020 5:51:09 GMT
The linked article also states the following: “We just want to get our investors back to sensible liquidity again. When that’s happening, I’d expect to go back to lending in our access accounts.” So the question is: what does normal liquidity mean in that context? I think most of those wishing to exit access accounts would define it as being able to leave at par as applied until early march, or at the very least have all capital redemptions in their access loan book returned to them as it is repaid rather than being retained as at present for future tranches. However Assetz may claim the new secondary market provides exit liquidity to investors and therefore that access funds can be used to restart further loans shortly after this market commences. There would be no way then of ever having capital returned from access accounts unless accepting whatever (possibly large) discount that needs to be offered, assuming that the demand from other investors even exists. It was stated in a previous update from Assetz that they are looking at an IPO and it is no doubt helpful to that cause to have a pool of circa £200 million of retail money that can be held indefinitely under the accounts' terms of reference. Maybe this is being cynical but with what has gone on so far I would welcome a clear commitment that new loans will not be made with access money until the pre March 12th conditions are restored and if that liquidity has to be suspended again at any point thereafter then new loan lending would also immediately stop (from access). This would make the AAs pay down over 0-5 years at best. Did there used to be an option to have principal returned from AAs to Cash? I'm not certain that was the case actually.
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