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Post by honeybadger on Jun 25, 2021 6:51:13 GMT
I've had nothing reinvested since the Great Queue Debacle, not tweaked a thing and left it as is.
Annoying.
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mogish
Member of DD Central
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Post by mogish on Jun 25, 2021 7:50:03 GMT
Only small amount left in both gbba accounts .
Seems we all have to work harder than ever to find a decent return. Pity.
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alibaba
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Post by alibaba on Jun 25, 2021 8:19:39 GMT
Unfortunately i don't have only a small amount in GBBA accounts, 7k in GBBA1, 35k in GBBA2, and 7 k in GEA.
On a separate note it appears to me that retail investors have been cynically used by AC and a number of other p2p sites as a way of exploring how to set up a business with the intention of attracting institutional investors at the expense of retail investors,
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alanh
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Post by alanh on Jun 25, 2021 10:18:26 GMT
Even quieter now. Guess everyone has cashed up and gone to LP or elsewhere? Yes its all winding down. The access accounts totalled £215m a year ago, they are now down to £138m so in a few months they will be gone completely apart from the final rump of defaulted/untradeable loans which the final lenders out of the door will presumably be stuck in hoping for some sort of recovery.
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mogish
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Post by mogish on Jun 25, 2021 11:35:14 GMT
Even quieter now. Guess everyone has cashed up and gone to LP or elsewhere? Yes its all winding down. The access accounts totalled £215m a year ago, they are now down to £138m so in a few months they will be gone completely apart from the final rump of defaulted/untradeable loans which the final lenders out of the door will presumably be stuck in hoping for some sort of recovery. Another case of loyalty does not pay.in fact this case , it may mean your loyalty actually costs. Whatever happened to the days of honesty and building businesses on good customer service.
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ashtondav
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Post by ashtondav on Jun 25, 2021 12:20:04 GMT
Hang on a moment. If (I agree it’s an “if”) lending resumes in the next month or so it won’t take long for the AAs to be taking money again. The “we’re all doomed” scenario is that retail lending NEVER resumes. I think even AC might have communicated an intended exit from the retail market. And surely they would not still be accepting new and transferred ISA money (or would they?)
But in the short term where does one splash the money which is piling up from Zopa, FC, AC etc? I’m heading for loanpad but even they’ve started increasing their LTVs. I am beginning to think it will be the new year before we leave the C19 economics behind.
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m2btj
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Post by m2btj on Jun 25, 2021 12:45:48 GMT
I removed the ash AC transferred from my standard AA from the platform. I still have just under £5k of my IFISA AA sitting in cash account & not earning. I wasn't too pleased to see that AC decided to return IFISA monies too. If I also withdraw this, I will lose the tax wrapper. I have no ISA allowance left for this tax year. I'll give it another week & then move it to another platform.
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corto
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one-syllabistic
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Post by corto on Jun 25, 2021 14:29:43 GMT
I removed the ash AC transferred from my standard AA from the platform. I still have just under £5k of my IFISA AA sitting in cash account & not earning. I wasn't too pleased to see that AC decided to return IFISA monies too. If I also withdraw this, I will lose the tax wrapper. I have no ISA allowance left for this tax year. I'll give it another week & then move it to another platform. You can move cash from the ISA to standard and from there to your bank account. You can later (within this tax year) return it. It's a flexible ISA. The tax wrapper remains intact.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jun 25, 2021 14:43:03 GMT
Assetz Capital
Assetz Capital is offering a summer rate reduction of 0.45 basis points across all its loan products until 31st July 2021.
The promotion reduces the lender’s annual rates across its bridging, commercial mortgages/investment, SME-secured, development finance and residential refurbishment offerings.
To secure this offer, borrowers must have accepted terms and paid fees to instruct professionals on the back of a valid decision in principle, prior to the end of July.
“We are delighted to make this promotion available to our brokers and their borrowers,” said Mark Standley, national commercial director at Assetz Capital.
“The initiative is designed to help our brokers win more business as we are finalising our CBILS pipeline and launch a refreshed and sharper proposition across our traditional product sets following the pandemic.
“We are now supporting property secured loans up to 75% LTV between £150,000 and £10m on a wider range of solutions and competitive pricing, while retaining the same high standards of personal service and reliability.
“Direct feedback from our intermediary network has helped to shape our new proposition, and so a 45-basis point reduction until the end of July is our way of saying thank you.”
This follows a rise in demand for the lender’s bridging loans in recent months after launching a new 0.65% (currently discounted to 0.61%) bridging product in April.
Assetz Capital has lent approximately £1.5bn since its inception in 2013 to UK SMEs and housebuilders.
Source twitter, "bridging and commercial"
I wonder where all the bridging loan business went?
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alanh
Posts: 556
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Post by alanh on Jun 26, 2021 9:54:55 GMT
Hang on a moment. If (I agree it’s an “if”) lending resumes in the next month or so it won’t take long for the AAs to be taking money again. The “we’re all doomed” scenario is that retail lending NEVER resumes. I think even AC might have communicated an intended exit from the retail market. And surely they would not still be accepting new and transferred ISA money (or would they?) But in the short term where does one splash the money which is piling up from Zopa, FC, AC etc? I’m heading for loanpad but even they’ve started increasing their LTVs. I am beginning to think it will be the new year before we leave the C19 economics behind. You completely misunderstand what is going on. The loan book has not shrunk by nearly £100m because AC are "intending to exit from the retail market", its because of the mass exit of lenders fed up with arbitrary rule changes and raids on the cash in their accounts. All trust in this company seems to have completely evaporated and their credibility is long gone, hence the continued shrinkage of the access accounts.
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ashtondav
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Post by ashtondav on Jun 26, 2021 10:47:27 GMT
Ok, so if lenders are quitting why can’t my idle funds be invested?
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corto
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Post by corto on Jun 26, 2021 10:49:34 GMT
If people were mass exiting, shouldn't it be easier to buy on the MLA?
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alanh
Posts: 556
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Post by alanh on Jun 26, 2021 11:18:27 GMT
Ok, so if lenders are quitting why can’t my idle funds be invested? Try taking a step back and look at the big picture. Whilst your idle funds are no doubt of significance to you, the more relevant question you should be asking is "why has nearly £100m exited this platform?". Unless you are Warren Buffet your idle funds are not the thing that is going to determine the future success or failure of AC.
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iRobot
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Post by iRobot on Jun 26, 2021 12:21:45 GMT
Ok, so if lenders are quitting why can’t my idle funds be invested? Try taking a step back and look at the big picture. Whilst your idle funds are no doubt of significance to you, the more relevant question you should be asking is "why has nearly £100m exited this platform?". Unless you are Warren Buffet your idle funds are not the thing that is going to determine the future success or failure of AC. My 10¢ worth.... This: because £100m has been repaid and (practically) no new AA / retail loans have been originated to replace them. Further retail / AA demand would appear to be there as evidenced by those willing to experience cash drag and be in a queue to get their funds deployed. This: correct. As with any provider that takes a commodity and repackages for onward consumption, that provider is going to survive by finding the most appropriate suppliers of that commodity to meet the needs of its' clients. Additionally, the selection of both suppliers and clients will need to align with that providers' own strategic view on the medium to long-term economic outlook. It seems to me that, right now, the combination of those factors results in the exclusion of retail as a supplier. Will it change? Time will tell, but whilst the " queuing system for new investment into the Access Accounts" warning banner remains, it's fair to presume it's not going to change any time soon. As I see it, AC will either formally announce the winding down of all its' retail offerings or it will remove the banner with some fanfare and an accompanying pipeline of new loans. If the latter happens, only then can we judge how popular the AAs and other retail offerings have remained. For the reason given above, I don't regard the fall in AA balances as being an accurate barometer of general retail lender appetite for AC retail products.
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Post by Ton ⓉⓞⓃ on Jun 26, 2021 12:25:58 GMT
Assetz Capital Assetz Capital is offering a summer rate reduction of 0.45 basis points across all its loan products until 31st July 2021. The promotion reduces the lender’s annual rates across its bridging, commercial mortgages/investment, SME-secured, development finance and residential refurbishment offerings. To secure this offer, borrowers must have accepted terms and paid fees to instruct professionals on the back of a valid decision in principle, prior to the end of July. “We are delighted to make this promotion available to our brokers and their borrowers,” said Mark Standley, national commercial director at Assetz Capital. “The initiative is designed to help our brokers win more business as we are finalising our CBILS pipeline and launch a refreshed and sharper proposition across our traditional product sets following the pandemic. “We are now supporting property secured loans up to 75% LTV between £150,000 and £10m on a wider range of solutions and competitive pricing, while retaining the same high standards of personal service and reliability. “Direct feedback from our intermediary network has helped to shape our new proposition, and so a 45-basis point reduction until the end of July is our way of saying thank you.” This follows a rise in demand for the lender’s bridging loans in recent months after launching a new 0.65% (currently discounted to 0.61%) bridging product in April. Assetz Capital has lent approximately £1.5bn since its inception in 2013 to UK SMEs and housebuilders. Source twitter, "bridging and commercial" I wonder where all the bridging loan business went?
AC has more details here blog dated June 24, 2021
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