ianb
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Post by ianb on Dec 12, 2015 5:49:33 GMT
I've withdrawn all cash from the platform and posed the following question on loan 208 which has been called. 'Can you tell me what proportion of this loan will be released to MLIA investors ? Reason for asking is that the last drawdown, loan 199, had only a miniscule amount released. If I know that a reasonable portion will be made available then I may put cash in to the platform to invest.'
I'll keep on doing this for every loan until there is better direction from AC, and when i know that as an MLIA investor i am not being mugged (or until they ban me from asking questions).
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Post by chris on Dec 12, 2015 10:02:37 GMT
The QAA is holding a fairly substantial sum in this loan as we need to build up the interest buffer, however we've recalculated what we have to hold in order to meet our obligations and based on the expected drawdowns over the next few weeks and over the weekend we'll be releasing another £250k in this loan solely to the MLIA. : Thanks for taking the time to respond to the questions raised here. One more bit of guidance would be helpful... Can you give us at least a rough idea how £250k compares to the amount allocated to all MLIAs on Friday? If I leave my buying instructions for #199 in place, and every other MLIA that had a pre-bid were to do the same, would the £250k release result in a further allocation of something like double the previous amount? Or a bigger factor? Or a smaller one? I ask because I have taken most of the free cash I had available for my originally hoped-for #199 allocation and redeployed it elsewhere. If the new release might produce an allocation ten times as big as Friday's, then I need to sell some loan parts right now for there to be enough cash available to cover such a potential allocation. My estimate is that lenders would be allocated a maximum of ~£1,750 but that is obviously subject to fluctuation as people change their targets and fund or withdraw from their account. On that latter point given that some people have withdrawn funds I've suggested to the powers that be that we should send a mass mailer out giving at least 24 hours notice before releasing the £250k of loan units. If everyone else agrees with me that will necessarily push the release of the loan units back a couple of days whilst we organise the mailer and give people time to fund their account. Will keep you posted.
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oldgrumpy
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Post by oldgrumpy on Dec 12, 2015 10:13:34 GMT
By the way, does anyone recall which other two (?) loans were quietly removed from "upcoming" this afternoon, or does my memory play tricks? No idea, if only there was list somewhere! You been on the banana beer again?  Edit: Hang on, what other loans, everything that was there yesterday is still there (except GDL)? Now Im confused Must've been me having (another) senior moment, ..ahem! If no-one else has commented I must've been mistaken.  No banana beer in stock ... I'm on the Tanglefoot instead 
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bg
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Post by bg on Dec 12, 2015 10:25:22 GMT
There are several more loans due to draw in December, a fairly healthy level expected in January, with more in February. Given there are currently only 2 loans in the upcoming loans scheduled to draw in Dec there must be a few loans already funded by institutional money on the slate to drawdown in the week before Xmas if that is the case.
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Post by chris on Dec 12, 2015 10:27:16 GMT
There are several more loans due to draw in December, a fairly healthy level expected in January, with more in February. Given there are currently only 2 loans in the upcoming loans scheduled to draw in Dec there must be a few loans already funded by institutional money on the slate to drawdown in the week before Xmas if that is the case. Not necessarily, you don't see those loans any more until we're certain drawdown is going ahead (that's the theory anyway).
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bg
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Post by bg on Dec 12, 2015 10:29:39 GMT
Given there are currently only 2 loans in the upcoming loans scheduled to draw in Dec there must be a few loans already funded by institutional money on the slate to drawdown in the week before Xmas if that is the case. Not necessarily, you don't see those loans any more until we're certain drawdown is going ahead (that's the theory anyway). Well there's nothing on offer for underwriters so they must all be underwritten by institutional money.
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Post by chris on Dec 12, 2015 10:35:58 GMT
Not necessarily, you don't see those loans any more until we're certain drawdown is going ahead (that's the theory anyway). Well there's nothing on offer for underwriters so they must all be underwritten by institutional money. Again not necessarily. We don't have to make a decision on funding source until we're ready to draw, although I don't know what has been chosen for each of the loans still in our pipeline for December. I know there's one ~£1m loan that was being talked about for January, for example, that has a chance it could move forward into December. I'd expect us to want to use some underwriting on that one but if it hasn't been offered yet then that's a possible short notice one.
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Post by chris on Dec 12, 2015 10:42:45 GMT
Okay it's been decided that we want to press ahead with the release of £250k of loan units today before more people withdraw funds, and as it wouldn't be before Monday that we could get a mass mailer out we don't want to delay things further. ianb and anyone else who has pulled funding have the next two hours to fund their account. I'll trigger the release after the 1pm bank import has run. Edit: mikes1531 too |
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agent69
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Post by agent69 on Dec 12, 2015 11:05:22 GMT
chris : Thanks for taking the time to respond to the questions raised here. One more bit of guidance would be helpful... Can you give us at least a rough idea how £250k compares to the amount allocated to all MLIAs on Friday? If I leave my buying instructions for #199 in place, and every other MLIA that had a pre-bid were to do the same, would the £250k release result in a further allocation of something like double the previous amount? Or a bigger factor? Or a smaller one? I ask because I have taken most of the free cash I had available for my originally hoped-for #199 allocation and redeployed it elsewhere. If the new release might produce an allocation ten times as big as Friday's, then I need to sell some loan parts right now for there to be enough cash available to cover such a potential allocation. My estimate is that lenders would be allocated a maximum of ~£1,750 but that is obviously subject to fluctuation £40 to £1,750 ish? If you were a politician this would probably be called a U-turn.
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Post by chris on Dec 12, 2015 11:08:50 GMT
My estimate is that lenders would be allocated a maximum of ~£1,750 but that is obviously subject to fluctuation £40 to £1,750 ish? If you were a politician this would probably be called a U-turn. Thankfully I'm not that bad.
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oldgrumpy
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Post by oldgrumpy on Dec 12, 2015 11:24:43 GMT
£40 to c£1750.
Astonishing!
That AC should even contemplate inviting the cash in from lenders as drawdown approached, then cut them out to that extent, without warning and without anticipating one hell of a negative response.
Come on guys; you can fund your QAA costs more subtly than that!
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ianj
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Post by ianj on Dec 12, 2015 11:47:22 GMT
£40 to c£1750. Astonishing! That AC should even contemplate inviting the cash in from lenders as drawdown approached, then cut them out to that extent, without anticipating one hell of a negative response. Come on guys; you can fund your QAA costs more subtly than that! As Frankie Howerd might have said, "My gast has never been so flabbered!" The collective foot count at AC Towers is reduced again by an avoidable, 'subtle as an air-raid', self-inflicted wound.
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ianb
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Post by ianb on Dec 12, 2015 12:01:16 GMT
Okay it's been decided that we want to press ahead with the release of £250k of loan units today before more people withdraw funds, and as it wouldn't be before Monday that we could get a mass mailer out we don't want to delay things further. ianb and anyone else who has pulled funding have the next two hours to fund their account. I'll trigger the release after the 1pm bank import has run. Edit: mikes1531 too i have made a transfer back which should cover the amount calculated though i have to go out shortly so may not get the ability to take the cash in to the mlia until after 1.30 so this may not work out for me.
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Post by chris on Dec 12, 2015 12:04:25 GMT
Okay it's been decided that we want to press ahead with the release of £250k of loan units today before more people withdraw funds, and as it wouldn't be before Monday that we could get a mass mailer out we don't want to delay things further. ianb and anyone else who has pulled funding have the next two hours to fund their account. I'll trigger the release after the 1pm bank import has run. Edit: mikes1531 too i have made a transfer back which should cover the amount calculated though i have to go out shortly so may not get the ability to take the cash in to the mlia until after 1.30 so this may not work out for me. PM me explicit instruction and I can do that transfer for you. Include your email address in that PM please. Will action when back from walking the dog.
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ianb
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Post by ianb on Dec 12, 2015 12:17:15 GMT
chris i have made a transfer back which should cover the amount calculated though i have to go out shortly so may not get the ability to take the cash in to the mlia until after 1.30 so this may not work out for me. PM me explicit instruction and I can do that transfer for you. Include your email address in that PM please. Will action when back from walking the dog. I did pm you but just checked the accounts and the money was in so i moved it and you can ignore the need to so so. out now !
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