|
|
Post by chris on Jan 1, 2014 10:26:35 GMT
Happy New Year to you all. As a little thank you for all who have participated on the platform I'm happy to announce that we are now 100% fee free for lenders with the aftermarket sale fee having been removed. Hope you all have a prosperous 2014!!
From a platform and technology point of view we're expecting a very busy year with several announcements to be made in the coming weeks. As ever we'll be happy to engage with you all on this board as well as via our own official channels.
|
|
duck
Member of DD Central
Posts: 2,590 
Likes: 5,769
|
Post by duck on Jan 1, 2014 11:49:34 GMT
... and a happy new year to you Chris.
Whilst I have no intention of selling on the aftermarket at present, nice move.
|
|
bugs4me
Member of DD Central
Posts: 1,841
Likes: 1,466
|
Post by bugs4me on Jan 1, 2014 11:53:10 GMT
Have a good one Chris
Good news on the aftermarket - thank you
|
|
|
|
Post by mrclondon on Jan 1, 2014 12:13:06 GMT
A Happy New Year to all at Assetz.
AC was, in my view, the most significant new entrant to the P2x sector in 2013, and I believe recently achieved profitability at a monthly operating level. This move on the after market fees is both welcome and significant as it sets a new benchmark in the industry, as well as contrasting sharply with the secondary market fee structure at their closest competitor, ThinCats. It can only help overall levels of liquidity on the platform.
Presumably an urgent task for Thursday is to reword T&C 13.5 ?
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Jan 1, 2014 12:16:03 GMT
Good move indeed, not that I plan to sell unless desperately needed.
Happy New Year to all
|
|
|
|
Post by chris on Jan 1, 2014 12:18:18 GMT
A Happy New Year to all at Assetz. AC was, in my view, the most significant new entrant to the P2x sector in 2013, and I believe recently achieved profitability at a monthly operating level. This move on the after market fees is both welcome and significant as it sets a new benchmark in the industry, as well as contrasting sharply with the secondary market fee structure at their closest competitor, ThinCats. It can only help overall levels of liquidity on the platform. Presumably an urgent task for Thursday is to reword T&C 13.5 ? Indeed, our ops director has already been tasked with updating the T&C clause. I can also confirm that we have made a profit in the last two consecutive months and that we don't see any reason for that changing over the coming months, rather than this being due to special one off conditions. Thanks for your belief in us!
|
|
agent69
Member of DD Central
Posts: 5,627
Likes: 4,196
|
Post by agent69 on Jan 1, 2014 12:20:24 GMT
Hopefully this might encourage a few more people to sell on the aftermarket
|
|
bugs4me
Member of DD Central
Posts: 1,841
Likes: 1,466
|
Post by bugs4me on Jan 1, 2014 12:39:21 GMT
Hopefully this might encourage a few more people to sell on the aftermarket Hopefully - as the aftermarket does have the odd bargain here and there and of course starts earning from day one. I know AC are working to reduce or minimise the drawdown delays after bidding closes as this has an impact on the returns especially with the shorter loans. So any improvement in this area would be welcome. Overall though AC have done well for year one and long may it continue. Personally I hope that FCA involvement will stop some of the new mickey mouse P2P's from springing up. All in favour of competition but looking at what's being offered ATM I wouldn't trust some of them with my oldest quill pen. Was offered an equity stake in one recently. They valued themselves at £3M - had been going for just under 6 months - please do me a favour and s** off.
|
|
mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
|
Post by mikes1531 on Jan 1, 2014 12:42:19 GMT
Good move indeed, not that I plan to sell unless desperately needed. Happy New Year to all My thoughts as well. Plus a couple more... Even if I don't want to extract any money, this gives me the chance to rebalance my portfolio if an opportunity to pick up parts of a loan that's under-represented should appear, so I'm all in favour. It could encourage a bit of flipping but, as long as selling at a premium isn't allowed, that would be profitable only to the extent that there's cashback on initial bids, so shouldn't be a significant problem. And to the extent it encourages lenders to increase their bids knowing that they can get their money back later more easily -- if there are buyers, of course -- it will help fund loans more quickly, and that's a good thing too.
|
|
|
|
Post by bracknellboy on Jan 1, 2014 14:18:15 GMT
....And to the extent it encourages lenders to increase their bids knowing that they can get their money back later more easily -- if there are buyers, of course -- it will help fund loans more quickly, and that's a good thing too. For me that's the crucial point: with no premium selling allowed, I'm put off a strategy of over buying and then decreasing stake part way through (de-risking and portfolio balancing). This is more likely to encourage me to increase my initial exposure.
|
|
|
|
Post by oldnick on Jan 1, 2014 22:36:56 GMT
...we are now 100% fee free for lenders with the aftermarket sale fee having been removed... ...As ever we'll be happy to engage with you all on this board as well as via our own official channels. Congratulations to AC for adopting this enlightened approach. Having been taken for granted as lenders on other P2P platforms I'm sure many of us see this as a breath of fresh air. You seem to have struck a good balance between discouraging 'flipping' on the one hand, and on the other, supporting lenders who are prepared to overbid in the short term to help speed an auction to completion. The opportunity to rebalance portfolios afterwards without penalty or profit is fair to all. I look forward to future innovations that speed up the Q+As and the drawdown process, as intimated by you previously.
|
|
|
|
Post by bracknellboy on Jan 2, 2014 9:01:36 GMT
.... Having been taken for granted as lenders on other P2P platforms I'm sure many of us see this as a breath of fresh air. ..... OldNick: how COULD YOU use that phrase here.....you've doomed it...... [I should add that I am not personally affected by such references, but others will be left deeply traumatised.
|
|
|
|
Post by jevans4949 on Jan 2, 2014 9:42:51 GMT
chris: Good News - not that I'm planning to sell at present. As a supplementary, when units are on offer in the aftermarket, do they appear in any particular order? It would probably be helpful to sellers and buyers if units offered at a discount appeared first, to help expedite a quick sale.
|
|
|
|
Post by chris on Jan 2, 2014 9:51:20 GMT
jevans4949 - I'll have to check but I think they're currently listed in the order in which they were listed for sale. I agree it makes sense to show them in order of highest annualised rate then largest discount first. Should be a quick change that I can sneak through in the next day or two. I'll also add making the list sortable by any of the column headings to our to do list.
|
|
|
|
Post by jevans4949 on Jan 2, 2014 10:09:00 GMT
jevans4949 - I'll have to check but I think they're currently listed in the order in which they were listed for sale. I agree it makes sense to show them in order of highest annualised rate then largest discount first. Should be a quick change that I can sneak through in the next day or two. I'll also add making the list sortable by any of the column headings to our to do list. That would be helpful, although the rate would be presumed to represent the perceived risk, whereas a discount represents an actual "bargain" for the buyer - so I would put the discount first.
|
|
