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Post by andrewholgate on Jan 22, 2015 10:17:48 GMT
news broke early in the FT that AC and FC will be partnering with RBS to help those customers that the bank can't. This is a landmark partnership and is different to that between FC and Santander in that it is purely referral of customers to us.
What at it does highlight is that AC is recognised as a leader in this space and has the ability to partner with huge financial institutions such as RBS. It also confirms the acceptance of P2P into the mainstream.
Im not commenting further today, but I'd like to thank all our lending customers who have helped to grow and shape AC. Without your support we couldn't have got to where we are today. The last two days have seen a huge shift in the public profile of AC and I am determined to continue to embrace the crowd. You will not be lost or forgotten.
Andrew
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unmadem
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Post by unmadem on Jan 22, 2015 10:41:08 GMT
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agent69
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Post by agent69 on Jan 22, 2015 13:09:56 GMT
AC and FC will be partnering with RBS to help those customers that the bank can't. Sounds a bit like AC get the less salubrious offerings. Hope it's not just the cast offs that the bank doesn't want
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oldgrumpy
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Post by oldgrumpy on Jan 22, 2015 13:26:12 GMT
AC and FC will be partnering with RBS to help those customers that the bank can't. Sounds a bit like AC get the less salubrious offerings. Hope it's not just the cast offs that the bank doesn't want Very likely, but with the bank's probable "computersaysno" mindset, and slow set-up times, there will be plenty of reasonable deals available. I wonder how many borrowers will turn to AC when AC's rates may well be higher than FC's and/or will require asset security, rather than FC's "we don't bother with security" attitude. It used to be that larger loans came AC's way - but now FC are issuing £500K A+ loans too. I wonder at what rate that one will settle, and will it be accepted? I presume FC will have informed them that "minrate 6%" will be unrealistic!
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Post by mrclondon on Jan 22, 2015 14:11:08 GMT
Might supply a very valuable kick start to AC's invoice finance venture, even if FC is the more attractive option to borrowers for term loans.
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Post by Deleted on Jan 22, 2015 14:14:17 GMT
Well I'm very pleased, Assetz has been far to money-supply focused for me so far, now at least there will be some demand coming through. Also a move away from (in) Sanity-dar has to be a good move, their credit control team (I know too many ex-members of it) have been a laugh in the industry for many years now. Still this much extra knitting is going to put even more strain on the business and its management and we "P" are likely to become lost in the mass, just look what is happening at FC to see the rubbish that is being offered over there, I suspect the majority of lenders do not even read the financials. You cannot complain that P2P (or in this case B2B) is boring. Anything happening on the Factor front? Seems to have gone a quiet over there. More borrowers, well done.  |
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Post by wiseclerk on Jan 22, 2015 14:55:31 GMT
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jo
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Post by jo on Jan 22, 2015 16:48:44 GMT
Sounds cool - but please, no SPVs with them!
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agent69
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Post by agent69 on Jan 22, 2015 18:58:26 GMT
Sounds cool - but please, no SPVs with them! 
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 22, 2015 19:07:31 GMT
Sounds cool - but please, no SPVs with them! I think I bought a C.D.O. that contained that SPV!
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mikes1531
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Post by mikes1531 on Jan 23, 2015 3:44:51 GMT
I wonder what the typical size loan request will be from this source. Are we going to see a lot of sub-£100k loans as a result? If so, we're going to need to manage them in a different way than we do now, as I can't imagine wanting to spend much time reading credit reports and doing DueDil for an application that I'd be lucky to acquire more than a £20 holding of.
Perhaps this will fit in nicely with the concept of the 'bespoke' investment account that AC presumably still are working towards delivering.
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jjc
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Post by jjc on Jan 25, 2015 20:42:04 GMT
Anything that helps bring in more loans is good news to me. But I personally don’t feel like getting into too celebratory a mood about this deal quite yet. Finger in the air we can probably only expect a major (sustained) increase in loans from the RBS deal to come through in about July (drawdown basis). That’s a long way away. And uncomfortably close to the holiday season. What can we expect from AC until then?
In the meantime.. redemptions.. I made some checks earlier this month & was slightly startled to see that about half my AC portfolio was likely to redeem in upcoming months. It’s a substantial sum of money that tbh I simply can’t see being realistically deployable again on AC with the new loan delivery process unless there is a very significant uplift in AC’s deal flow.
Granted big numbers have been mentioned for 2015 (£300m), encouraging as that may sound without some more beef (& bearing in mind the big shortfall from target in 2014) I feel wary about believing this, & even more wary about planning an investment strategy solely on the basis of such declarations..
Is anyone else finding it rather difficult to plan their investments (even basic step 1 considerations like number of loans & bid/loan) on AC this year? Happy to exchange thoughts with others whilst we wait for further news.
In the meantime one would expect the steady flow of large bids onto other platforms will continue.
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spockie
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Post by spockie on Jan 25, 2015 22:24:54 GMT
I think the new link-ups are positive. The number of lenders has grown and probably is too large for the current deal flow. However, they are doing something about it, and whilst it may take a while to fully kick in, and a few pennies may go to SS and FS in the meantime, it looks likely that there will be more loans in the future. I understand the frustrations of the large lenders who aren't underwriters and want a 10 grand chunk of a £150K loan, but it is difficult to see how AC can please everyone. Perhaps they could tip it a little further in favour of such folk, but a greater deal flow should solve a lot of problems.
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mikes1531
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Post by mikes1531 on Jan 25, 2015 22:33:05 GMT
Is anyone else finding it rather difficult to plan their investments (even basic step 1 considerations like number of loans & bid/loan) on AC this year? Yes! At this moment I have as much of the loans now available on the Aftermarket as I want. I'm in a number of the overdue bridging loans, and if any of them ever get settled I'm going to find myself with funds to invest and little or no investment options within AC. So that money, if it ever arrives, is likely to have to be moved somewhere other than AC. That's not my preference but, unless AC's flow of deals at competitive returns improves considerably, that's what I'm going to have to do.
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bugs4me
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Post by bugs4me on Jan 25, 2015 22:55:44 GMT
I think this is going to be a wait and see what happens. It could increase the deal flow to AC but will all of those be available to lenders/borrowers or will RBS be somewhere in the background acting in some form of underwriting capacity. I've never known a bank do anything for nothing irrespective as to external pressures being placed upon them - in this case HMG.
Andrew did mention that it would be purely a referral service so we have to take him at his word. But my cynical side is that banks are, well, banks and they do not change their profit opportunity spots overnight - I hope I'm wrong on that one.
Like many, I have more than a couple of maturing loans over the next few weeks and those funds will be requiring reinvestment. Looking at the upcoming loans things don't appear too bright as I suspect there are many in my position so we could all be after the same slice of cake. So more opportunities would certainly be welcome.
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