ablender
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Post by ablender on Apr 5, 2016 1:09:48 GMT
A few questions: Do you have a secondary market? How long have you been in this business? What is the size of your current loan book? How much is the transfer fee? Who is the Custodian that you mention in the FAQ? These for now, thanks. Crowdstacker gives a good deal of information on their website. There is no need to register to see this information. Answers to the questions raised by blender are found in the following sections of the website: www.crowdstacker.com/sites/default/files/amicus_investmentdocument_2016_online_sml_1.pdfHere is a brief summary. There is no secondary market but liquidity may be available with an arrangement fee payable. P2P ISA investment available from 6 April 2016. In business since 2009 with £500m lent since then. Current loan book approx. £40m. Limited choice of investments (£1,000 minimum), short-term loans of 12/18/36 months, secured on properties (90% residential, 10% commercial). Interest rates are broadly similar to Z and RS. Thanks eascogo for bringing this to my attention. Exploring a new platform does not always reveal all the information that is out there. Each platform has its own way of displaying data. Still there are a couple of questions which arise from the FAQ, for which I do not have answers, namely: How much is the transfer fee? Who is the Custodian that you mention in the FAQ? What strikes me is that after the introductory post by crowdstacker01, encouraging questions, she did not reply. Perhaps she will later.
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webwiz
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Post by webwiz on Apr 5, 2016 8:13:27 GMT
I would be interested in a IFISA in a new (to me) platform for a short term until one of my favourite platforms came up with one. However Crowdstacker has a minimum 12 month term at a relatively low interest rate so I will be better off sticking with my existing investments and paying the tax (ignoring the risk issue).
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Post by lb on Apr 5, 2016 8:24:39 GMT
I have checked out Crowdstacker previously.
Any site that is happy to advertise loans to a particular borrower as being secured against £45m of assets, when the borrower in question has a NAV of ~ £2m on their own prospectus, needs to be avoided like the plague.
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Post by propman on Apr 5, 2016 11:26:01 GMT
I have checked out Crowdstacker previously. Any site that is happy to advertise loans to a particular borrower as being secured against £45m of assets, when the borrower in question has a NAV of ~ £2m on their own prospectus, needs to be avoided like the plague. I haven't looked into this, but it is perfectly possible to raise loans secured on gross assets many times net assets. This is why secured borrowing often performs worse in a downturn than comparable risk unsecured (where net assets would be considered, although borrowing may well still exceed net assets as goodwill and profits to be realised on inventories are excluded from the balancesheet). Indeed many property loans are "limited-recourse", ie the borrowers only right is against the secured asset(s) and not any other remaining net assets of the borrower. As a result secured loans are often not providing security in addition to a reasonable covenant to repay the loan, but instead of one.
- PM
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Post by crowdstacker01 on Apr 5, 2016 16:09:44 GMT
Hi All, Apologies I'm jumping back in here after a day or so's absence from the forum. I'll try and address everyone's questions and points in turn.
Firstly with regards our FAQs on the site. Hopefully they do answer most questions posed in the this thread a pointed out by eascogo. The two outstanding Qs with responses:
Q. How much is the transfer fee? A. I think you are referring to creating an ISA account with us to either house this year's allowance, or moving money from a previous year's or years. We have no set up fee in either scenario.
Q. Who is the custodian? A. This is a firm called Reyker Securities. And it is worth noting that whilst your cash is held by this custodian it is held in an account which is covered by the FSCS. Once it is loaned out it will not be, but all interest payments, and principle repayments at the end of the loan term, will be returned to this account and again covered by the FSCS until you choose to reinvest it.
I'll make sure these FAQs are addressed more precisely on our site for the future.
With regards the 12 month term this is probably going to be a standard arrangement for any lending opportunity we offer. We want to build a platform which only features a few select investment opportunities. And that each opportunity is of a very high quality. The model therefore does not lend itself to short term lending.
I'm going to get some more information to address the point about lending against assets of £45m. Please bear with me.
Thanks
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Post by crowdstacker01 on Apr 5, 2016 16:44:04 GMT
I have the info I needed about the question referring to how the Amicus Loan is secured.
A deed of priority entered into with certain of Amicus’ creditors means that the assets to which a lenders loan is secured totalled over £45million as of January 2016. So the net assets is not the correct figure to look at in this circumstance.
Hope that helps. But if you have any further questions on this you are welcome to call the team on 020 7118 7570.
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Post by lb on Apr 7, 2016 8:51:23 GMT
I have the info I needed about the question referring to how the Amicus Loan is secured. A deed of priority entered into with certain of Amicus’ creditors means that the assets to which a lenders loan is secured totalled over £45million as of January 2016. So the net assets is not the correct figure to look at in this circumstance. Hope that helps. But if you have any further questions on this you are welcome to call the team on 020 7118 7570. Thanks crowdstacker01In that case can you let us know what the deed of priority will state i.e. what priority will investors on your site obtain over the £45m of assets? If it is not Senior (i.e. first call) then can you identify who is in the line before us and to what extent? Also we are now in April, so do you think it would be helpful to state the current value of assets at the time someone invests? Thank you
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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 Apr 7, 2016 11:41:51 GMT
We can confirm that our application was submitted within our allotted window. We are now waiting for a case officer to be designated (6 months) and then the review of our application documents before granting of our full permission (another 6 months). In the meantime, its business as usual. We employed an agency who are very experienced at these sort of things to assist us in the application process, so we are confident of it sailing through with minimal amendments. On those sort of timescales, which seem to reflect those so far exhibited with MT (10months & counting!) we arent going to see much in the way of IFISA before autumn even for the big boys (most of whom I think applied in Q3/4 2015) unless FCA fast tracks them (which might result in challenges over unfair treatment)
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james
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Post by james on Apr 7, 2016 16:33:40 GMT
And it is worth noting that whilst your cash is held by this custodian it is held in an account which is covered by the FSCS. Once it is loaned out it will not be, but all interest payments, and principle repayments at the end of the loan term, will be returned to this account and again covered by the FSCS until you choose to reinvest it. I'll make sure these FAQs are addressed more precisely on our site for the future. It would also be good to say whether the money is held in a deposit account, share account or some other type of account. The difference is the amount of FSCS protection, £75k for deposits, 50k for others.
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Post by crowdstacker01 on Apr 13, 2016 12:30:56 GMT
Hi all, I have some responses to your questions. Again apologies for the slight delay. (I need to work out how to cut and paste posts so everyone can see what I am responding to. In the mean time I have retyped them):
First question was: In that case can you let us know what the deed of priority will state i.e. what priority will investors on your site obtain over the £45m of assets? If it is not Senior (i.e. first call) then can you identify who is in the line before us and to what extent? Also we are now in April, so do you think it would be helpful to state the current value of assets at the time someone invests? Thank you
The debenture we have in place is a first ranking, all assets debenture over Amicus. During 2015 tax year, Amicus restructured its balance sheet which resulted in assets and liabilities in equal proportion being recognised. A priority agreement is in place and ensures that the junior creditors have agreed that we have a senior ranking position meaning that the assets on which a loan is secured totalled over £45 million as of January 2016.
We use the company’s latest annual financial statements in our Information Brochures. In this case the audited financial statements for year ending 31 December 2015. Occasionally, we may publish additional information if the company’s management wishes.
Second question was: It would also be good to <know> whether the money is held in a deposit account, share account or some other type of account. The difference is the amount of FSCS protection, £75k for deposits, 50k for others. <this one is referring to the account when the money is overseen by Reyker.
The money is held in a client account which benefits from FSCS protection up to a maximum of £50,000.
Shout if you guys need anything else. Thanks
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Post by Deleted on Jun 4, 2016 22:16:18 GMT
two months into the new financial year, has anything progressed into P2P ISA?
Any news on the timings of the next FCA licenses or Platforms announcements?
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daveb4
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Post by daveb4 on Jun 6, 2016 17:12:55 GMT
Just noticed Go2 business loans (has full permission), as mentioned previously have just launched their first loan, no mention of ISA though.
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ben
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Post by ben on Jun 6, 2016 18:57:31 GMT
Just noticed Go2 business loans (has full permission), as mentioned previously have just launched their first loan, no mention of ISA though. The one loan up there is for a company that has taken a massive £17,000 in sales in 3 years, but not to worry there is a personal guarentee so all ok then.
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adrianc
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Post by adrianc on Jun 6, 2016 20:18:08 GMT
Just noticed Go2 business loans (has full permission), as mentioned previously have just launched their first loan, no mention of ISA though. The one loan up there is for a company that has taken a massive £17,000 in sales in 3 years, but not to worry there is a personal guarentee so all ok then. What could possibly go wrong...?
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ribs
Probably not James Marshall
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Post by ribs on Jun 7, 2016 6:40:33 GMT
The one loan up there is for a company that has taken a massive £17,000 in sales in 3 years, but not to worry there is a personal guarentee so all ok then. What could possibly go wrong...? Well, I'm sold!
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