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Post by crabbyoldgit on Jun 17, 2023 7:36:18 GMT
One thing is totally for sure any loan requesting an extension is out of luck here, it will still be classed as performing so I will be in negative or near negative interest for huge risk.Add the smaller my capital stake is when the ship is deliberately crashed into administration any losses taken now will look small compared tothe administration fees later. The last few months I have been quietly disappointed with AC , but this is a total piss take and clearly signals the long term plan of AC.
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Post by overthehill on Jun 17, 2023 8:56:38 GMT
But but but Assetz Exchange would never blah blah blah and is a totally separate company blah blah blah ... !!!
It's not like there was no advanced warning.
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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
Posts: 11,315 
Likes: 11,523
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Post by ilmoro on Jun 17, 2023 11:09:52 GMT
One thing is totally for sure any loan requesting an extension is out of luck here, it will still be classed as performing so I will be in negative or near negative interest for huge risk.Add the smaller my capital stake is when the ship is deliberately crashed into administration any losses taken now will look small compared tothe administration fees later. The last few months I have been quietly disappointed with AC , but this is a total piss take and clearly signals the long term plan of AC. Well hopefully each request will be considered logically & rationally by lenders to avoid any cutting off noses to spite face Zero interest after fee is likely better than capital haircuts that tend to result from pulling the plug on loans precipitously Interest & capital generally paid ahead of fees on performing loans
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Post by garreh on Jun 17, 2023 13:19:52 GMT
AC state in the email: We are pleased to confirm that we continue to deliver distributions from the Access Accounts to lenders cash accounts, with c£2.5m being distributed at the start of this month and a further £2m expected to be distributed shortly. This will take Access Account cash distributions to c£10m to date.Since the last update, a further 18 loans with a value of circa £9.5M have been fully repaid, and with plots sales and other repayments, redemptions from end of February through to the end of May 2023 total circa £15.5M. That takes the cumulative redemptions since the platform was closed to new investments back in December 2022 to circa £26M.There is no longer a requirement to retain further loan redemptions to meet future commitments on development facilities as this is now covered. They've distributed £10m so far but received £26m, leaving a surplus of £16m, or 62% undistributed to lenders. It's pretty opaque why such a large surplus exists. Is it being kept to fulfill existing commitments, with the expectation that all future repayments from now can be distributed in full? Assetz Capital need to clarify why they are holding onto such a large amount of undistributed funds. Provide actual numbers of funding commitments. I would now expect that surplus to not exceed £16m, given their last sentence. |
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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
Posts: 11,315
Likes: 11,523
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Post by ilmoro on Jun 17, 2023 13:47:41 GMT
AC state in the email: We are pleased to confirm that we continue to deliver distributions from the Access Accounts to lenders cash accounts, with c£2.5m being distributed at the start of this month and a further £2m expected to be distributed shortly. This will take Access Account cash distributions to c£10m to date.Since the last update, a further 18 loans with a value of circa £9.5M have been fully repaid, and with plots sales and other repayments, redemptions from end of February through to the end of May 2023 total circa £15.5M. That takes the cumulative redemptions since the platform was closed to new investments back in December 2022 to circa £26M.There is no longer a requirement to retain further loan redemptions to meet future commitments on development facilities as this is now covered. They've distributed £10m so far but received £26m, leaving a surplus of £16m, or 62% undistributed to lenders. It's pretty opaque why such a large surplus exists. Is it being kept to fulfill existing commitments, with the expectation that all future repayments from now can be distributed in full? Assetz Capital need to clarify why they are holding onto such a large amount of undistributed funds. Provide actual numbers of funding commitments. I would now expect that surplus to not exceed £16m, given their last sentence. The £26m is total redemptions across all accounts not just the AA, AA redemptions are about 75% of that. After the indicated distribution the cash retained will be about £7m to cover just over £6m of future commitments (they havent needed to retain capital repayments for about since end of April which I pointed out to them ... entirely coincidently distributions began just after). They should be distributing repayments as they are made as they do with MLA ... probably a technical reason they cant
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rscal
Posts: 985
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Post by rscal on Jun 17, 2023 14:52:15 GMT
AC state in the email: They've distributed £10m so far but received £26m, leaving a surplus of £16m, or 62% undistributed to lenders. It's pretty opaque why such a large surplus exists. Is it being kept to fulfill existing commitments, with the expectation that all future repayments from now can be distributed in full? Assetz Capital need to clarify why they are holding onto such a large amount of undistributed funds. Provide actual numbers of funding commitments. I would now expect that surplus to not exceed £16m, given their last sentence. The £26m is total redemptions across all accounts not just the AA, AA redemptions are about 75% of that. After the indicated distribution the cash retained will be about £7m to cover just over £6m of future commitments (they havent needed to retain capital repayments for about since end of April which I pointed out to them ... entirely coincidently distributions began just after). They should be distributing repayments as they are made as they do with MLA ... probably a technical reason they cant Also spotted that amounts in 'Defaults/Recovery' have.... leaped from 33.4 to 38.6 between updates (65 to 71) I'm sure that too technical for them to mention but that's 5 @ 6.25 x 4 months they won't be taking home to the bank. The effort at transparency just gets 'better and better'
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Post by crabbyoldgit on Jun 17, 2023 16:24:22 GMT
One thing is totally for sure any loan requesting an extension is out of luck here, it will still be classed as performing so I will be in negative or near negative interest for huge risk.Add the smaller my capital stake is when the ship is deliberately crashed into administration any losses taken now will look small compared tothe administration fees later. The last few months I have been quietly disappointed with AC , but this is a total piss take and clearly signals the long term plan of AC. Well hopefully each request will be considered logically & rationally by lenders to avoid any cutting off noses to spite face Zero interest after fee is likely better than capital haircuts that tend to result from pulling the plug on loans precipitously Interest & capital generally paid ahead of fees on performing loans
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Post by crabbyoldgit on Jun 17, 2023 16:28:53 GMT
I would agree but the truth is I have lost all faith in the long term recovery of capital, so the simple option is do I think the capital hair cut from calling the loan in now will be less than the eventual capital loss due to administration fees if and whenever in the distant future in those circumstances a payout may occur.
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rscal
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Post by rscal on Jun 20, 2023 14:33:09 GMT
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ashtondav
Member of DD Central
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Post by ashtondav on Jun 21, 2023 11:20:42 GMT
“AssetzCapital have decided not to return any more outstanding funds to lenders. We will keep them as fees and to pay Bentley bonuses to our hard working employees we decide to retain. This change in our t&c is entirely legitimate. Have fun staying poor. Love Stuart and team”.
maybe we’ll get that one next month.
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rscal
Posts: 985
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Post by rscal on Jan 2, 2024 12:35:12 GMT
(Did the 'September' Quarterly Report ever surface?)
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Post by bob2010 on Jan 2, 2024 12:54:15 GMT
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rscal
Posts: 985
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Post by rscal on Jan 2, 2024 12:58:30 GMT
Thank you. Sorry, brain farted. I have that in mail too.
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Post by bob2010 on Jan 26, 2024 13:40:07 GMT
Have they stopped with the quarterly updates?!
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Post by bob2010 on Jan 31, 2024 17:47:17 GMT
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