Stourbridge 4 bed semis

Noted

Thanks, Andrew, for the explanations. I guess in many cases it could be counter-productive to release such information prior to the launch. Best wishes to all those heavy-hitters who have helped Assetz get under way, and are still helping with the larger loans.

Here's hoping by this time next year there's so much business that everybody can be satisfied.

Are we to expect a substantial lump (say 70%) of the underwritten Boxing Day Mr Urfan (High Wycombe) loan to be snapped up by an investor bidder, or is that one likely to be a less frenetic procedure?

The dark and devious place in my mind (only small, but can't deny it's existence) wonders if anyone will use the old 'may I be excused from the table, I'm just going to the bathroom' excuse to get a quick 5 min fix of investing to break up the post lunch pleasantries with the mother-in-law, during this "happy family time". For the avoidance of doubt I've made a pre-bid on High Wycombe so will endure enjoy the whole afternoon.

Hi Andrew,

Firstly let me apologise for my slightly provocative post yesterday and secondly for not replying sooner. (I had a lengthy response composed but accidently deleted it with a flourish at the last second. Then nature commanded my attention by trying to pull bits off my roof – they’re back on now.)

Having slept on the subject I accept that not all questions will get an answer before an auction - especially if they appear Columbo-like at the last minute.

Having said that I find some of the answers that are given are a little too guarded. More clarity might stop me trying to read between the lines to find out what’s happening.

For example; six days ago a question was raised about the competence of the builder due to the lack of a Monitoring Surveyor’s Report. Assetz’s reply referred to “third parties not supplying the relevant information”. Who might the third party be? If it was the builder I’d like to know, and if it wasn’t the builder, I suspect he’d like me to know.

Two days ago another questioner claimed that the builder didn’t have planning permission to build care homes. Although this has now been answered, this morning the reply from Assetz was still “This question has not yet been answered but Assetz Capital is working to source the answer”

So at the time the auction began I had doubts about the competence of the allegedly experienced builder and doubts about the value of the security – “no planning permission” could result in an order to demolish, and, if planning permission was never to be granted: a devalued security. These were, for me, “known unknowns”.

As for pleasing everyone, I agree, you can’t, and the main thing for you is to grow Assetz Capital. For what it’s worth I think you’re doing a fine job and you’ve attracted a loyal following as a result. Try not to think of these comments as moaning, but rather as opportunities to react if you think it suits your business model.

Sticking by your big players must be a priority as you’ll get the auctions away a lot more efficiently that way. Whether the smaller players can be persuaded to continue to play “snap” when the auctions begin is another matter. The obvious answer is to provide more loan opportunities – if only it were that easy! If you are trying to keep as many lenders on board as possible (until such time as more loan opportunities become available) what about inviting pre-bids from everyone and then sharing the loan out amongst them? The bidders could perhaps stipulate a minimum as well as a maximum amount that they’re interested in offering so they don’t end up with unwanted tiny portions of a loan. Just a thought – I’m happy to be shot down in flames by the wisdom of the crowd.

Think of this as holiday reading and reply when you return if you like: time with the family is precious.

Merry Christmas and a prosperous New Year.
 

We seem to be merging 2 loans into one thread, now that stourbridge has ended, oh well I'll keep the tangent going...

AIUI you can request a bid via email or phone on anything over 250k at any time before it opens, and as I'll be busy on Boxing day (make mine a double) I thought I'd at least make a showing (I sent an email about 1sh today). Mine and a few others bids are already showing on the bid list page so no big bidders in as yet.

To be honest, who he is and what he does is secondary to the rather large rug we'll be holding charge over, that can be pulled from under his feet (and mum n dad's) should people decide new tyres are actually better value! But even if his tyres goes pop ( ) there's enough serviceability from the rest of the rents that he might find he's better off letting his unit out as well. Freeing up his time to be just a landlord and give something else a go. His parents obviously believe in him and they're not mega rich from the fact that they're still holding on to a 56k mortgage so their personal guarantee (surprise, surprise) isn't worth nearly as much as the bricks n mortar.

Agree with mrc though that drawdown might be a little painful on this and am starting to get wary of some of the (24th Oct) mortgage type loans. Although the rate on this should be sufficient to give a decent return. But once he has 3 years accounts under his belt a more favorable rate might be open to him, so highly doubt this loan will last 5 yrs.

Might the 0.25% cashback on all bids have been included as compensation for an expected protracted drawdown delay?  If you consider this as a 10.8% opportunity then 0.25% would only compensate for an extra 8 days of delay, but if you consider the cost to be the loss of interest on money that would otherwise be sitting in an easy-access account earning something like 3%, then the 0.25% would compensate for a extra month's delay.