j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Nov 8, 2015 21:28:59 GMT
I'm pretty sure that long term, years not months, AC's shareholder's interests will be better served by dealing mostly/exclusively with institutional lenders. And I'm also pretty sure that shareholders interests will be more important to the board than lenders. But that's OK. Nothing stands still. There's still plenty of opportunity to lend in the meantime but individual lenders will probably have to move from platform to platform as they change. Hi John, just to make it clear we see our future as having a substantial retail focus. I am on record saying that at conferences over the last few weeks too. A blend of funding sources is key. With respect stuartassetzcapital, words needs backing up with actions. AC's recored over last 9-12 months has been very weak when it comes to delivering numbers & loan deals. The paucity of loans & ever declining rates are there for us to see. Most of us on here are shareholders so, you can understand our concerns both as retail investors & future stock holders.
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mikes1531
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Post by mikes1531 on Nov 8, 2015 22:41:17 GMT
Since writing the above, I see that £270k has been received into lenders' accounts from Loan #41, and £163k from Loan #143, so I think sub-£1000 is going to be a significant overestimate when Loan #211 draws down. Sub-£500 seems more likely now. Couple of WT #127, 121 due to repay imminently as well (should have been yesterday as well but seem to have been delayed) which will potentially add another 600k into the 'homeless' pot. OK. If those WTs do refinance before #211 draws down, then even a £500 maximum would be optimistic. Would you believe £300? Not to mention the problems those WT repayments will cause to the GEIA!
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Post by chris on Nov 9, 2015 14:56:22 GMT
Hi John, just to make it clear we see our future as having a substantial retail focus. I am on record saying that at conferences over the last few weeks too. A blend of funding sources is key. With respect stuartassetzcapital, words needs backing up with actions. AC's recored over last 9-12 months has been very weak when it comes to delivering numbers & loan deals. The paucity of loans & ever declining rates are there for us to see. Most of us on here are shareholders so, you can understand our concerns both as retail investors & future stock holders. Which is precisely what we're focussed on. It takes 3 - 4 months on average and anything up to 6 months for a deal to enter our pipeline before it reaches retail lenders as a drawn down deal. We've made some huge changes over the last few months to fix the origination problem, the fruits of which were a 400% surge in origination last month over our best month of all time prior to that. We're again on track for another £100m originated this month. But those loans won't hit the platform en masse until the first couple of months in the new year. I'm sure some will come through before then but realistically that's when conversion will peak. There isn't an employee in the business that doesn't want more loans delivered tomorrow but that simply isn't possible without taking shortcuts or discarding the quality of the behind the scenes work we do in assessing and managing loans. It takes time to collect all the documentation, agree terms with the borrower, properly register security, etc. and we categorically will not be taking a single short cut with any of that to aid public perception about loan volumes or to reduce criticism on this forum. The origination problem has been solved and is still gaining momentum from even the current record levels, and the focus now moves on to closing deals and improving conversion rates and efficiency. However no level of public criticism can change the length of time it will take for that to filter through.
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oldgrumpy
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Post by oldgrumpy on Nov 9, 2015 15:25:10 GMT
The source of irritation has not been the very limited and intermittent flow of available loans over the last year and more. It is the repeated unfulfilled optimistic forecasts during that time which assured us that the situation would improve, very soon. If those forecasts had not been made we would have had far less cause to be grumpy. Thanks for the new assurances, Chris. I'll file them away with the rest then shout "thank you" when something substantial happens. There's "sid-ell"* upcoming for December (apart from an already deferred loan) so nothing even to "unfortunately" delay into January (because of the long holiday) so February ....  *typo |
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Post by bracknellboy on Nov 9, 2015 15:37:56 GMT
As a lender, one thing I am grateful for is that AC appear to not to want to compromise quality. It must be extremely tempting for AC to increase pipeline by the expedient of reducing quality, as some other platforms appear to have done.
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Post by mrclondon on Nov 9, 2015 15:53:52 GMT
As a lender, one thing I am grateful for is that AC appear to not to want to compromise quality. It must be extremely tempting for AC to increase pipeline by the expedient of reducing quality, as some other platforms appear to have done. Agreed. If anything they have tightened up security requirements over recent months. Several of the loans in the 140's and early 150's id range I marked as 'avoid' (including the infamous plumber) however since 155 there has only been one loan I have marked as 'avoid' and that was more a personal objection than a financial one.
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jonah
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Post by jonah on Nov 9, 2015 20:30:09 GMT
It's said that you can have two out of three: quality, quantity, speed. In my opinion, AC are focusing on the correct two!
I hope come February/ March lenders are spoilt for choice... Just in time for ISA season!
An interesting comment on only one avoid... I've had two much more recently and several I've had less strong negative reactions. That said, my experience in p2p is much less, so I'm using AC in part as a way to learn more about assessment of loans etc.
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mikes1531
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Post by mikes1531 on Nov 10, 2015 0:40:11 GMT
It doesn't look as though Loan #211 drew down Monday as estimated.  |
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sl75
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Post by sl75 on Nov 10, 2015 8:34:00 GMT
It doesn't look as though Loan #211 drew down Monday as estimated. ... or maybe like a previous loan it actually did draw down, but nobody bothered to push the button to tell the system it had drawn down? I guess we'll find out when the staff member who's dealing with the huge influx of loans due to draw down in the next few days gets round to looking at that one again to provide an update. On another note, there's a "drawdown" tab on the loan page, but it always seems to be blank - anyone know what that is supposed to be for? Are AC putting info there, but it's set to not be visible to us normal mortals?
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Post by crabbyoldgit on Nov 10, 2015 8:47:55 GMT
Did not go to pub last night, why, soon to own my own pub or bit of it , poured can of cold beer and waited to celibrate and waited to enjoy, went to bed undrunk beer warm and flat, me stone cold sober  disaster. |
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sl75
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Post by sl75 on Nov 10, 2015 9:59:21 GMT
It's said that you can have two out of three: quality, quantity, speed. In my opinion, AC are focusing on the correct two! Just noticed the above - I'm curious which you think they're focusing on in addition to "quality" - from here I see neither quantity nor speed...
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Post by crabbyoldgit on Nov 10, 2015 10:11:17 GMT
Ah you city types living up smoke down eer in dorzet we have to get the pony and trap out to get to the nearest pub with moble coverage, 1g ,if you stand in the gents toilets with one hand in the air,gets busy out there. Cant get busted for drink drive with old dobbin and the old milk cart.
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Post by Deleted on Nov 10, 2015 10:20:59 GMT
It's said that you can have two out of three: quality, quantity, speed. In my opinion, AC are focusing on the correct two! I hope come February/ March lenders are spoilt for choice... Just in time for ISA season! An interesting comment on only one avoid... I've had two much more recently and several I've had less strong negative reactions. That said, my experience in p2p is much less, so I'm using AC in part as a way to learn more about assessment of loans etc. Years back I was GM for a business which offered all three "quality, quantity, speed" then we got a new CEO who lectured us that we could only do 2 at a time. So we slowly showed him that we could do all three. It confused him, he did not like it. I quit after a year. He continued to try and enforce the mantra and had to keep backing down. I'm not suggesting it is easy and it does take time and is only about people/soft-systems not about IT and monthly reporting.  Good IT systems only give you an image-of-being-in-control, it is not being-in-control.
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shimself
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Post by shimself on Nov 10, 2015 10:52:34 GMT
As a lender, one thing I am grateful for is that AC appear to not to want to compromise quality. It must be extremely tempting for AC to increase pipeline by the expedient of reducing quality, as some other platforms appear to have done. Naming names? The nearest competitors being TC REBS FK seem to me to be not much changed
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iren
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Post by iren on Nov 10, 2015 14:43:35 GMT
R**** *** Inn has drawn down. I got my full desired allocation of £300.
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disaster.
