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 Sept 24, 2015 15:34:12 GMT
Hi everyone, the loan #198 is coming out today, the new aftermarket system released a couple of weeks caused it to pause the loan instead of automatically coming to market. Further loans (inc one in a few working hours) will come much faster/ instantaneously. We have c £3m of further draw downs due by c 7th October. Indeed you did, but £1.5m has just wandered further away again 
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rogerbu
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Post by rogerbu on Sept 24, 2015 15:36:47 GMT
In that case, you had no "available funds" in your MLIA when the loan drew down. Direct investments into your QAA are unconnected with your MLIA. AC's QAA blurb does not say that only 'Swept' funds are available when an investment draws. I quote from AC's QAA document - my highlights 'We have provided you the option to invest any spare cash you have on your accounts in the QAA until you need it, subject initially to a cap of £25,000 per lender. If you have set an investment target on a loan or another investment account, for example, your cash will be released from the QAA automatically in normal market conditions to permit investment in this other account when the opportunity arises. In this way your spare cash on the Assetz Capital platform has the potential to earn a fairer, risk-adjusted return;'' I read this to say that if an investment draws that I have set a target on & I have funds in the QAA, they will be released!
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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
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Post by ilmoro on Sept 24, 2015 15:45:28 GMT
In that case, you had no "available funds" in your MLIA when the loan drew down. Direct investments into your QAA are unconnected with your MLIA. AC's QAA blurb does not say that only 'Swept' funds are available when an investment draws. I quote from AC's QAA document - my highlights 'We have provided you the option to invest any spare cash you have on your accounts in the QAA until you need it, subject initially to a cap of £25,000 per lender. If you have set an investment target on a loan or another investment account, for example, your cash will be released from the QAA automatically in normal market conditions to permit investment in this other account when the opportunity arises. In this way your spare cash on the Assetz Capital platform has the potential to earn a fairer, risk-adjusted return;'' I read this to say that if an investment draws that I have set a target on & I have funds in the QAA, they will be released! Im afraid the two things clearly follow each other. ' spare cash' from your accounts on AC ie Cash, GBBA, GEIA, MLIA goes into QAA, spare cash comes out when required by that other account. Its that last bit thats important. There is absolutely no reference to cash put directly into QAA which would not be related to another account.
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SteveT
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Post by SteveT on Sept 24, 2015 15:47:49 GMT
In that case, you had no "available funds" in your MLIA when the loan drew down. Direct investments into your QAA are unconnected with your MLIA. AC's QAA blurb does not say that only 'Swept' funds are available when an investment draws. I quote from AC's QAA document - my highlights 'We have provided you the option to invest any spare cash you have on your accounts in the QAA until you need it, subject initially to a cap of £25,000 per lender. If you have set an investment target on a loan or another investment account, for example, your cash will be released from the QAA automatically in normal market conditions to permit investment in this other account when the opportunity arises. In this way your spare cash on the Assetz Capital platform has the potential to earn a fairer, risk-adjusted return;'' I read this to say that if an investment draws that I have set a target on & I have funds in the QAA, they will be released! Isn't the first part you've highlighted the crucial bit (ie. "any spare cash you have on your accounts")? Money that's been transferred directly into your QAA is not regarded as "spare cash on your accounts" as it's never been in your MLIA at any stage.
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Post by Deleted on Sept 24, 2015 16:01:31 GMT
Isn't it great how easy, we experts, find these new processes?  |
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Post by yorkshireman on Sept 24, 2015 16:31:05 GMT
Isn't it great how easy, we experts, find these new processes? QED
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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
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Post by ilmoro on Sept 24, 2015 17:31:17 GMT
Hi everyone, the loan #198 is coming out today, the new aftermarket system released a couple of weeks caused it to pause the loan instead of automatically coming to market. Further loans (inc one in a few working hours) will come much faster/ instantaneously. We have c £3m of further draw downs due by c 7th October. Indeed you did, but £1.5m has just wandered further away again And there goes another 0.5m, #192 about to get pulled due to too many legal issues to resolve quickly
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baz657
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Post by baz657 on Sept 24, 2015 18:08:44 GMT
And there goes another 0.5m, #192 about to get pulled due to too many legal issues to resolve quickly Might have been my question that got deleted six weeks ago that did it........ linkNever liked the look of that one anyway.
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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: 11,333
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Post by ilmoro on Sept 25, 2015 14:46:51 GMT
#203 Medical supplies co financing agri land as owner keeps rare sheep. 9% 120k 36mths
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mikes1531
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Post by mikes1531 on Sept 25, 2015 15:24:32 GMT
Hi everyone, the loan #198 is coming out today, the new aftermarket system released a couple of weeks caused it to pause the loan instead of automatically coming to market. Further loans (inc one in a few working hours) will come much faster/ instantaneously. We have c £3m of further draw downs due by c 7th October. Indeed you did, but £1.5m has just wandered further away again As has the loan that was supposed to draw down today (#191) ... "The final searches carried out by solicitors prior to drawdown have highlighted one outstanding item which means that drawdown has not taken place today. It is expected that this matter can be addressed very quickly. However, there is a local bank holiday in the West Scotland area and so we have estimated that drawdown will be on Wednesday 30 September."
It wouldn't be so bad if the money I have sitting idle in my account to cover my offer on this loan was earning the 3.75% QAA rate. Alas, it's in the QAA but not in the privileged £1M, so it's earning nowt. Any guesses for what the maximum allocation will be? I'll vote for £250.
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mikes1531
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Post by mikes1531 on Sept 25, 2015 15:33:33 GMT
I forgot to add to the above that all of the other loans that were scheduled to draw down next week have been delayed. So next week, which had looked so promising only yesterday, is now looking rather thin -- less than £100k.
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bigfoot12
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Post by bigfoot12 on Sept 29, 2015 11:15:31 GMT
I have high hopes that it'll all be different in two weeks after a couple of big (690k 650k) loans have draw. I live in hope, always hoping. Are they the large loans that were supposed to draw in August?
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Post by stuartassetzcapital on Sept 29, 2015 12:30:10 GMT
So that poses the question, how do we get the sweeping setting to work? because I'm damned if I could. While the QAA is full, it's not going to :-( Hi We have taken note and have been working on a solution to that and hope to announce shortly.
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Post by stuartassetzcapital on Sept 29, 2015 12:31:20 GMT
Isn't it great how easy, we experts, find these new processes? Indeed - taken note and acting on - this should be as simple as possible and will be by the time we are finished.
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Post by Butch Cassidy on Sept 29, 2015 12:44:02 GMT
Isn't it great how easy, we experts, find these new processes? Indeed - taken note and acting on - this should be as simple as possible and will be by the time we are finished. - Please just concentrate on what you should be doing, namely sourcing & drawing down loans, IIRC it was supposed to be AVERAGING £20m/month by now!. If you could fix the lengthy list of IT failures (such as still not being able to trade existing loans weeks after it was being fixed ASAP) as well that would be great but don't try & provide any more functionality; the website is already more complicated than the NASA space programme & you need a degree to work out what on earth is going on & why. KISS is a universally liked business principle for a very good reason.
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