Assetz Upcoming loans/drawdowns

There is now nothing in "units available".   Wow.  Nothing at all.   I can't see the market coming back to life for a long time, if ever.   We may have to resign ourselves to setting targets and grabbing whatever appears.

Think this will have to draw down without me.

8% for 73% LTV (second charge?) doesn't sound a lot for a new business start up. Besides, I'm in the FC posh Italian west end place that went down the pan, so currently rating Italian restaurants only just above scrap metal dealers on the desirable scale.

The return-to-risk ratio for AC loans does seem to be shifting observably lower. Doesn't mean the loans are bad value in absolute terms but they are clearly less attractive in relative terms. I note many of these deals are also pretty small (at least compared to SS or TC deals, though not FC). In P2B lending, pricing to liquidity just seems to trump pricing to risk every time. Small loans are offered at a big yield give-up to big loans, even if the DSC and security would imply a similar expected loss given default. It seems the instos prefer large numbers of small loans deals rather than smaller numbers of big deals for reasons I don't really understand but AC is giving them what they want.

#224 @ 8% and just £70k notional is a good example. The SME is a start-up restaurant, which statistically have very poor 5 year survival rates; the last restaurant failed. The DSC looks great but is nothing more than a forecast; there is no empirical evidence to support it. The security should be reasonably liquid being a modest family home but it's 74% LTV for a second charge. I can't see this as a compelling risk-return proposition.

On the face of it, this little Italian number feels like a barge pole one: startup RESTAURANT; security is a second charge on a matrimonial home (do they have kids ?) with an LTV which wouldn't take too much of a combination of a misvaluation plus market condition changes to start impacting capital recovery, and with risk that it could take a considerable time to enforce (?); no evidence (I may be wrong, only scanned) of performance of prior restaurant business at the site to take comfort in whether the levels of predicted business are achievable; clear signals that the borrower has pretty much cleared the cupboard out in terms of funds to invest if cost / cashflow projections are out; and a rate of 8%. Am I missing something ? It takes a lot for me to lend to restaurants, let alone startups, and this is not fitting the bill for me. I don't get the risk / rate trade off here. Hopefully not indicative of what else is in the pipeline

I don't think many will be selling up.  After the QAA and the GBBA take their portions there won't be a lot left for perhaps 1000 investors, desperate to lend on something, anything, who will cash in some of their QAA first.  The first divi might be around £40 but AC would know that this would rile investors after the long drought, so will probably try to allocate £100 each minimum.  

You'll be better off sticking to your bananas. 

Randomly I seem to have a target already? On the 950k one.

Sorting the pipeline on rate gives a very random order. All other sorts seem to work.

That said, it is very positive to see that there is a lot coming soon and I quite like the split and month element. Well done.