Post by dave4 on Dec 22, 2021 18:05:47 GMT
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Seasonal opening hours:
24th December - 09:00 – 16:00
25th - 28th December - Closed
29th - 31st December - 10:00 – 16:00
1st - 3rd January - Closed
4th January - Normal hours resume - 09:00 – 17:30
Withdrawal & Designated Bank Accounts (DBAs) processing
Please note that during the Christmas and New Year period, withdrawals of cash to your bank account and set up of new Designated Bank Accounts will be operating as normal, except for bank holidays.
Withdrawal requests may take up to two working days to be processed (excluding the day of submission), but may take longer if information we require is missing or incorrect. For more information about this, please visit the Manage Funds section in your dashboard.
As we reach the end of 2021, I wanted to speak directly to all our retail investors again and reflect on the last two years, as well as give you an overview of our plans for the future.
We've created a video update, which you can watch by clicking on the image above. Plus we've also included the key points for you in this email.
Current Market Conditions
In years gone by, many people speculated that peer-to-peer lending couldn’t withstand a global recession. I never understood that as any professional lender such as ourselves had the same people that other professional lenders had in previous cycles and so well run businesses should see perfectly good results after a cycle. And so it was with us. However, various other platforms have left the market for one reason or another over the last year or two, and with some larger ones having shifted by becoming purely institutionally funded or even one becoming a bank.
Whilst like the rest of the country we had to weather the difficult period recently, we sit here today having proved that the Assetz Capital model works and has withstood the biggest economic crash of a generation whilst continuing to pay very fair interest.
Access Account Performance
Facing economic conditions not seen since the 1920s, an investor in our 90-day Access Account between 1st April 20 – 31st March 21 still received a gross return of 4.30%.
As with all investments, there’s a balance of risk and reward. It’s important to remember that investments in peer-to-peer loans are not covered Financial Services Compensation Scheme and your capital is at risk.
We facilitated the withdrawal of well over £100m of cash over the pandemic, with our new Access Account Marketplace, and ensured that every penny requested to be withdrawn from the platform, at a time when people might have needed the money to be repaid earlier than planned, was sent to our lenders as soon as possible. Although this was slower than we wanted, it happened much faster than the invested loans would have paid back which felt great to deliver.
Provision Funds
Over the last two years, we’ve seen continued growth in the size of our provision funds. There was always going to be a potential risk during the pandemic that the provision fund cash wasn’t going to be enough to be ‘ring-fenced’ against potential future losses, but I can confirm it withstood the test and is in a healthy position and growing currently thanks to our conservative approach and success with past recoveries.
The Provision Funds we offer do not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The funds have absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Provision Funds when considering whether or how much to invest.
Please see also our Provision Fund policy
Our Borrowers
We also supported our borrowers through the tough times; the SMEs up and down the country that are the lifeblood of our economy. Your capital meant new houses could be built and those businesses were given the best chance to thrive. So far, we’re all having a huge impact together. We’ve funded well around £1.5 billion to UK businesses, which in turn has funded the building of around 1 in every 12 new homes built by SME housebuilders in the last couple of years. We’ve all supported the growth of so many types of businesses from manufacturers to care homes, wholesalers to hotels, pubs, student accommodation and much more. And we’re not finished yet.
To help those that wanted to withdraw cash over the pandemic as quickly as we could, we ceased lending via our retail investors and pivoted to institutional lending for a period. We were delighted to be accredited by the British Business Bank as a lender under the CBILS where we issued loan facilities totalling some £330m to UK SME Businesses – lending at around twice our previous run rate over that time. We were then accredited for the Recovery Loan Scheme too and will go back to just normal institutional lending from next year onwards.
Retail Lending
Thanks to your unwavering support, we are now by far the largest active retail peer-to-peer lender in the UK. We’ve learnt plenty of lessons over the last year and end 2021 in a strong, sustainable position having delivered another profitable year. We remain committed to provide investments to you in growing volumes again to help provide the type of interest rates that you enjoy receiving and we want the queue to come back into the Access Accounts to be mostly eliminated or reduced to just a short period. The same applies to getting more loans into the Manual Lending Account as well.
Access Account Update
We are aiming to maintain our target interest rates by continuing with the current queuing system to the Access Accounts. This will enable us to deliver appealing rates for you, while offering attractive, competitive rates to high quality borrowers.
For loyal investors you will simply reap the rewards on your existing investment. For new investors, we expect the queues to come in the Access Accounts to become short. There are plenty of loans building in our pipeline for our retail investors and growing numbers will be released each month.
Assetz Impact Report
Since I founded the Assetz group of companies in 1999 and then set up Assetz Capital in 2013, we’ve empowered more than 40,000 lenders, both retail and institutional, to lend around £1.5 billion in the creation of more than 6,000 homes.
Our work in housing and other sectors such as the care industry is having a positive effect on those that need it most, and demonstrating the impact you have on helping solve some big challenges is incredibly important to us. It’s what sits at the heart of fairer growth for all and what drives us.
We are looking forward to releasing our Impact Report in the new year, where you’ll be able to see exactly what your investments have achieved to date and our plans for the future.
If you’re interested in receiving an early copy of the Impact Report, please join our waiting list by entering your details in the link below.
Join the waiting list here
Having weathered the toughest of financial storms recently, I am more convinced than ever that we have model that delivers fairer growth for all.
Thank you for your continued support. I hope you have a Happy Christmas, and I will speak to you again in the New Year.
Best wishes,
Stuart Law
CEO & Co-Founder
Seasonal opening hours:
24th December - 09:00 – 16:00
25th - 28th December - Closed
29th - 31st December - 10:00 – 16:00
1st - 3rd January - Closed
4th January - Normal hours resume - 09:00 – 17:30
Withdrawal & Designated Bank Accounts (DBAs) processing
Please note that during the Christmas and New Year period, withdrawals of cash to your bank account and set up of new Designated Bank Accounts will be operating as normal, except for bank holidays.
Withdrawal requests may take up to two working days to be processed (excluding the day of submission), but may take longer if information we require is missing or incorrect. For more information about this, please visit the Manage Funds section in your dashboard.
As we reach the end of 2021, I wanted to speak directly to all our retail investors again and reflect on the last two years, as well as give you an overview of our plans for the future.
We've created a video update, which you can watch by clicking on the image above. Plus we've also included the key points for you in this email.
Current Market Conditions
In years gone by, many people speculated that peer-to-peer lending couldn’t withstand a global recession. I never understood that as any professional lender such as ourselves had the same people that other professional lenders had in previous cycles and so well run businesses should see perfectly good results after a cycle. And so it was with us. However, various other platforms have left the market for one reason or another over the last year or two, and with some larger ones having shifted by becoming purely institutionally funded or even one becoming a bank.
Whilst like the rest of the country we had to weather the difficult period recently, we sit here today having proved that the Assetz Capital model works and has withstood the biggest economic crash of a generation whilst continuing to pay very fair interest.
Access Account Performance
Facing economic conditions not seen since the 1920s, an investor in our 90-day Access Account between 1st April 20 – 31st March 21 still received a gross return of 4.30%.
As with all investments, there’s a balance of risk and reward. It’s important to remember that investments in peer-to-peer loans are not covered Financial Services Compensation Scheme and your capital is at risk.
We facilitated the withdrawal of well over £100m of cash over the pandemic, with our new Access Account Marketplace, and ensured that every penny requested to be withdrawn from the platform, at a time when people might have needed the money to be repaid earlier than planned, was sent to our lenders as soon as possible. Although this was slower than we wanted, it happened much faster than the invested loans would have paid back which felt great to deliver.
Provision Funds
Over the last two years, we’ve seen continued growth in the size of our provision funds. There was always going to be a potential risk during the pandemic that the provision fund cash wasn’t going to be enough to be ‘ring-fenced’ against potential future losses, but I can confirm it withstood the test and is in a healthy position and growing currently thanks to our conservative approach and success with past recoveries.
The Provision Funds we offer do not give you a right to a payment so you may not receive a pay-out even if you suffer loss. The funds have absolute discretion as to the amount that may be paid, including making no payment at all. Therefore, investors should not rely on possible pay-outs from the Provision Funds when considering whether or how much to invest.
Please see also our Provision Fund policy
Our Borrowers
We also supported our borrowers through the tough times; the SMEs up and down the country that are the lifeblood of our economy. Your capital meant new houses could be built and those businesses were given the best chance to thrive. So far, we’re all having a huge impact together. We’ve funded well around £1.5 billion to UK businesses, which in turn has funded the building of around 1 in every 12 new homes built by SME housebuilders in the last couple of years. We’ve all supported the growth of so many types of businesses from manufacturers to care homes, wholesalers to hotels, pubs, student accommodation and much more. And we’re not finished yet.
To help those that wanted to withdraw cash over the pandemic as quickly as we could, we ceased lending via our retail investors and pivoted to institutional lending for a period. We were delighted to be accredited by the British Business Bank as a lender under the CBILS where we issued loan facilities totalling some £330m to UK SME Businesses – lending at around twice our previous run rate over that time. We were then accredited for the Recovery Loan Scheme too and will go back to just normal institutional lending from next year onwards.
Retail Lending
Thanks to your unwavering support, we are now by far the largest active retail peer-to-peer lender in the UK. We’ve learnt plenty of lessons over the last year and end 2021 in a strong, sustainable position having delivered another profitable year. We remain committed to provide investments to you in growing volumes again to help provide the type of interest rates that you enjoy receiving and we want the queue to come back into the Access Accounts to be mostly eliminated or reduced to just a short period. The same applies to getting more loans into the Manual Lending Account as well.
Access Account Update
We are aiming to maintain our target interest rates by continuing with the current queuing system to the Access Accounts. This will enable us to deliver appealing rates for you, while offering attractive, competitive rates to high quality borrowers.
For loyal investors you will simply reap the rewards on your existing investment. For new investors, we expect the queues to come in the Access Accounts to become short. There are plenty of loans building in our pipeline for our retail investors and growing numbers will be released each month.
Assetz Impact Report
Since I founded the Assetz group of companies in 1999 and then set up Assetz Capital in 2013, we’ve empowered more than 40,000 lenders, both retail and institutional, to lend around £1.5 billion in the creation of more than 6,000 homes.
Our work in housing and other sectors such as the care industry is having a positive effect on those that need it most, and demonstrating the impact you have on helping solve some big challenges is incredibly important to us. It’s what sits at the heart of fairer growth for all and what drives us.
We are looking forward to releasing our Impact Report in the new year, where you’ll be able to see exactly what your investments have achieved to date and our plans for the future.
If you’re interested in receiving an early copy of the Impact Report, please join our waiting list by entering your details in the link below.
Join the waiting list here
Having weathered the toughest of financial storms recently, I am more convinced than ever that we have model that delivers fairer growth for all.
Thank you for your continued support. I hope you have a Happy Christmas, and I will speak to you again in the New Year.
Best wishes,
Stuart Law
CEO & Co-Founder
