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Post by chris on Oct 19, 2015 20:01:05 GMT
If I was an AC investor rather than just an AC lender I would be seriously concerned. As a lender I'm just mildly concerned as I worry about platform viability - but of all the platforms I'm involved with AC is the one of those I would have most confidence in would handle a managed wind down if required (integrity), along possibly with FC (size - but frankly regardless of P&L I don't see a short term-medium term risk there due to equity investments). Even as a lender only, I would be keen to know whether AC is currently a duck, with a shed load of institutional lending on loans we are not seeing going on under the surface. I seriously fear there is not, but would welcome a straight statement on this from AC. Yes, as a lender and an investor I can only agree. The natives are getting restless over on Seedrs as well, and no sign yet of a reassuring response from Assetz. I did respond with a post higher up this page that seems to have been overlooked.
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jonah
Member of DD Central
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Post by jonah on Oct 19, 2015 20:16:55 GMT
SV&B #202 is looking like tomorrow (20th Oct 2015 in case anyone asks which tomorrow) Is this loan eligible for any of the other a/c? Thanks for this. A quick cash move may be in order. chris anyway to get an alert (email?) to folk with targets set on upcoming loans when the date moves to be sooner? I know in the medium term the QAA should mean people will be happier having idle cash which reduces the problem but until that day, is it worth doing something for this (otherwise quite pleasant  scenario?
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Post by chris on Oct 19, 2015 20:19:03 GMT
SV&B #202 is looking like tomorrow (20th Oct 2015 in case anyone asks which tomorrow) Is this loan eligible for any of the other a/c? Thanks for this. A quick cash move may be in order. chris anyway to get an alert (email?) to folk with targets set on upcoming loans when the date moves to be sooner? I know in the medium term the QAA should mean people will be happier having idle cash which reduces the problem but until that day, is it worth doing something for this (otherwise quite pleasant scenario? A new alert system should be going live tomorrow with a quiet roll out and the first couple of alerts coded. We'll bed that in for a few days but will then slowly start rolling out the alerts managed by it. Pending drawdown of a loan is one of the planned alerts.
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jonah
Member of DD Central
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Post by jonah on Oct 19, 2015 20:22:07 GMT
Thanks for this. A quick cash move may be in order. chris anyway to get an alert (email?) to folk with targets set on upcoming loans when the date moves to be sooner? I know in the medium term the QAA should mean people will be happier having idle cash which reduces the problem but until that day, is it worth doing something for this (otherwise quite pleasant scenario? A new alert system should be going live tomorrow with a quiet roll out and the first couple of alerts coded. We'll bed that in for a few days but will then slowly start rolling out the alerts managed by it. Pending drawdown of a loan is one of the planned alerts. I know you like coding whilst you are on holiday etc, but knocking up a notification system in the 2 mins between my suggestion and your response is lightning fast  Being more seriousness, it sounds positive!
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Post by msa on Oct 20, 2015 16:05:36 GMT
Feedback from S..... L.. on the Seedrs discussion board when challenged on the diminishing deal flow:
"Hello all. Sorry for the delay in replying as we have been finishing off a large funding transaction in the last few days. The main change in our business in the last few months has been moving to higher numbers of smaller loans which was a little disruptive given we were used to doing one or two £2-3m loans a month previously. Large loans have a higher cost of funds and indeed institutional investors to date cap out at a few hundred thousand loan size. This required a substantial origination process and introducer re-education process that is now completed. Loan applications are on track for over £100m this month and have tripled in the last 60 days and over 2/3 are compliant with our credit policy. Wewill initially fund a lot less than that due to getting the new funds fully onboarded and lending and we have started with the first one in the last month and have today signed the second.
We have however also signed a few weeks ago a third £200m funding line committment that will allow us to restart doing £1-5m loan sizes which will kick in Q1 16 once legals are completed.
So yes are going in the predicted direction as expected but with a regrouping pause as above for the last few months."
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agent69
Member of DD Central
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Post by agent69 on Oct 20, 2015 16:48:53 GMT
Feedback from S..... L.. on the Seedrs discussion board when challenged on the diminishing deal flow: "Hello all. Sorry for the delay in replying as we have been finishing off a large funding transaction in the last few days. The main change in our business in the last few months has been moving to higher numbers of smaller loans which was a little disruptive given we were used to doing one or two £2-3m loans a month previously. Large loans have a higher cost of funds and indeed institutional investors to date cap out at a few hundred thousand loan size. This required a substantial origination process and introducer re-education process that is now completed. Loan applications are on track for over £100m this month and have tripled in the last 60 days and over 2/3 are compliant with our credit policy. Wewill initially fund a lot less than that due to getting the new funds fully onboarded and lending and we have started with the first one in the last month and have today signed the second. We have however also signed a few weeks ago a third £200m funding line committment that will allow us to restart doing £1-5m loan sizes which will kick in Q1 16 once legals are completed. So yes are going in the predicted direction as expected but with a regrouping pause as above for the last few months." Anyone care to translate this into English
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Steerpike
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Post by Steerpike on Oct 20, 2015 16:57:10 GMT
Feedback from S..... L.. on the Seedrs discussion board when challenged on the diminishing deal flow: "Hello all. Sorry for the delay in replying as we have been finishing off a large funding transaction in the last few days. The main change in our business in the last few months has been moving to higher numbers of smaller loans which was a little disruptive given we were used to doing one or two £2-3m loans a month previously. Large loans have a higher cost of funds and indeed institutional investors to date cap out at a few hundred thousand loan size. This required a substantial origination process and introducer re-education process that is now completed. Loan applications are on track for over £100m this month and have tripled in the last 60 days and over 2/3 are compliant with our credit policy. Wewill initially fund a lot less than that due to getting the new funds fully onboarded and lending and we have started with the first one in the last month and have today signed the second. We have however also signed a few weeks ago a third £200m funding line committment that will allow us to restart doing £1-5m loan sizes which will kick in Q1 16 once legals are completed. So yes are going in the predicted direction as expected but with a regrouping pause as above for the last few months." Anyone care to translate this into English There will be jam for tea. Tomorrow.
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unmadem
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Post by unmadem on Oct 20, 2015 17:08:06 GMT
Feedback from S..... L.. on the Seedrs discussion board when challenged on the diminishing deal flow: "Hello all. Sorry for the delay in replying as we have been finishing off a large funding transaction in the last few days. The main change in our business in the last few months has been moving to higher numbers of smaller loans which was a little disruptive given we were used to doing one or two £2-3m loans a month previously. Large loans have a higher cost of funds and indeed institutional investors to date cap out at a few hundred thousand loan size. This required a substantial origination process and introducer re-education process that is now completed. Loan applications are on track for over £100m this month and have tripled in the last 60 days and over 2/3 are compliant with our credit policy. Wewill initially fund a lot less than that due to getting the new funds fully onboarded and lending and we have started with the first one in the last month and have today signed the second. We have however also signed a few weeks ago a third £200m funding line committment that will allow us to restart doing £1-5m loan sizes which will kick in Q1 16 once legals are completed. So yes are going in the predicted direction as expected but with a regrouping pause as above for the last few months." Anyone care to translate this into English Didn't make much sense to me either.
Says "we were used to doing one or two £2-3m loans a month previously" but out of 97 live loans on the site only 2 are greater than £2m (ok goes up to 3 if you combine all the tranches of trade finance ones).
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baz657
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Post by baz657 on Oct 20, 2015 18:03:42 GMT
I thought that the elections were over so there was no need to be subjected to political waffle for a few years at least.
OK, so it might not be political but it sure does look like waffle.
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tonyr
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Post by tonyr on Oct 20, 2015 18:20:54 GMT
I thought that the elections were over so there was no need to be subjected to political waffle for a few years at least. OK, so it might not be political but it sure does look like waffle. Unfortunately yes, there's too much that doesn't make sense and doesn't ring true. Don't AC realise that we are starving here and don't need to wait around for AC to sort themselves out? Somewhere around the start of the summer I was recommending friends and family to AC, there was lots to invest and immediately start earning a decent return - now I wish I hadn't. All the new accounts, Victory Park Capital and other other "new underwriters" have sucked the life force out because AC haven't ballanced with new borrowers. There's now point having excellent returns if you can't invest in them.
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bigfoot12
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Post by bigfoot12 on Oct 20, 2015 20:23:26 GMT
... Unless of course all these big loans have been going over to VPC ... No because they only want small loans of a 'few hundred thousand'. They went public about VPC over Christmas, so presumably they had be talking to them for longer than that, but in any case they've had 10+ months to sort this out. And another thing: when did they ever struggle to fill a £200k loan? Unless VPC are buying lots of overseas lend to let loans at 6.5%?
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star dust
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Post by star dust on Oct 20, 2015 20:23:26 GMT
I thought that the elections were over so there was no need to be subjected to political waffle for a few years at least. OK, so it might not be political but it sure does look like waffle. Well, I'm voting with my feet  .
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 20, 2015 21:49:06 GMT
Well AC never fail to amaze. Loan #202 drewdown at 22:03.
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pikestaff
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Post by pikestaff on Oct 20, 2015 22:11:27 GMT
And I've got 100% of my (modest) target! Sadly my cash queued for the QAA does not seem to have moved forward significantly.
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SteveT
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Post by SteveT on Oct 21, 2015 6:51:03 GMT
And I've got 100% of my (modest) target! Sadly my cash queued for the QAA does not seem to have moved forward significantly. I'm surprised how little must have been pre-bid on this one (hardly a large loan at £140k). I received all of my £700 target, fully expecting it to be reduced.
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scenario?
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