baz657
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Post by baz657 on Feb 20, 2016 9:18:45 GMT
As if.....  : Sorry, I don't understand the comment. AIUI, the party that caused the delay was the bank currently holding the loan being refinanced away from them. The longer they can drag out the process, the more interest they earn from the borrower -- while having minimal default risk because they know that as soon as they do the necessary job the loan will be paid off with the proceeds from the AC loan. Is there something I'm missing? I was agreeing with your comment as IMO the main banks are on a par with Dick Turpin.
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bg
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Post by bg on Feb 20, 2016 10:15:51 GMT
baz657 : Sorry, I don't understand the comment. AIUI, the party that caused the delay was the bank currently holding the loan being refinanced away from them. The longer they can drag out the process, the more interest they earn from the borrower -- while having minimal default risk because they know that as soon as they do the necessary job the loan will be paid off with the proceeds from the AC loan. Is there something I'm missing? I was agreeing with your comment as IMO the main banks are on a par with Dick Turpin. Quite extraordinary logic going on here. The borrower owes the bank £7.6m and the bank has agreed full and final settlement of £3.5m to close the matter. I'm not sure how drawing out the process or an extra weekends interest comes into the equation. If I were Dick Turpin I think a more sensible strategy would be to call the security and get my entire £7.6m back - but don't let that get in the way of an excuse to bash a (tax payers owned) bank.
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baz657
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Post by baz657 on Feb 20, 2016 10:47:59 GMT
....but don't let that get in the way of an excuse to bash a (tax payers owned) bank. I wont. After being bashed, battered and bruised by a (also tax payers owned) bank and managing to come out the other side still owning my business and assets perhaps I am speaking from experience? If it hadn't been for easily obtaining a small short-term P2P loan (from FC) a couple of years back it would have been a totally different story. If I actually were to type what I actually thought, I'd be banned from the forum and be in breach of a gagging order made by the bank as part of a substantial settlement.
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mikes1531
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Post by mikes1531 on Feb 20, 2016 19:03:58 GMT
In anticipation of the drawdown of this loan several underwriters have already moved funds out of the QAA which is why the balance has stuck around the £8m mark despite several hundred thousand pounds of new investment coming in. Underwriters are also using the sweep function to invest in the QAA their idle funds which will be called upon as soon as the loan draws down. : I can see that it would be useful for underwriters to use the sweep function to hold some of their funds while awaiting an 'imminent' drawdown. But why would some move funds out of the QAA at this time? The only reason I could think of would be AC asking them to stay away from the QAA so as not to disrupt its operation and create a large queue trying to get into the QAA as the big drawdown approaches. But with the £50k limit on direct investments and the £25k limit on swept investments I would have thought the QAA could take that in its stride without causing an issue. What am I missing? PS. Is #227 eligible for QAA investment?
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Post by chris on Feb 20, 2016 19:13:03 GMT
In anticipation of the drawdown of this loan several underwriters have already moved funds out of the QAA which is why the balance has stuck around the £8m mark despite several hundred thousand pounds of new investment coming in. Underwriters are also using the sweep function to invest in the QAA their idle funds which will be called upon as soon as the loan draws down. : I can see that it would be useful for underwriters to use the sweep function to hold some of their funds while awaiting an 'imminent' drawdown. But why would some move funds out of the QAA at this time? The only reason I could think of would be AC asking them to stay away from the QAA so as not to disrupt its operation and create a large queue trying to get into the QAA as the big drawdown approaches. But with the £50k limit on direct investments and the £25k limit on swept investments I would have thought the QAA could take that in its stride without causing an issue. What am I missing? PS. Is #227 eligible for QAA investment? All loans are eligible for QAA investment, the specific strategy is then set manually by our operations director alongside a credit committee. Many underwriters have invested into the QAA up to the personal limit as it's a great place to park funds until they're needed. Thus when a big loan draws down and those funds are needed they pull the funds out of the QAA in order to settle their bids. We have no reason to ask lenders not to use the QAA in the way the system lets them.
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SteveT
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Post by SteveT on Feb 20, 2016 19:15:15 GMT
I presumed Chris meant underwriters' directly invested QAA funds.
[crossed with Chris]
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tonyr
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Post by tonyr on Feb 22, 2016 12:17:48 GMT
I thought the QAA had seen off all the (small) AC underwriters ? The QAA or some other source of new underwriting has removed the need for the original underwriters who just get asked for the odd special case now (like the £6m loan that is been delayed four times). I don't think there has been any specific culling of small old-style underwriters.
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mikes1531
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Post by mikes1531 on Feb 22, 2016 15:37:58 GMT
It looks like #227 has achieved lift-off!
It has been moved from the Upcoming list to the Live list. My buying instruction is still unfulfilled, and there are no units shown as available, but I expect the drawdown/allocation process is about to start.
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oldgrumpy
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Post by oldgrumpy on Feb 22, 2016 15:47:35 GMT
... and #233 has slipped to Friday 26 Feb, and #225 is now listed as today (wasnt that to be later this week?) maybe not - I wonder if there will be another logistical movement today!
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Post by chris on Feb 22, 2016 15:50:19 GMT
It looks like #227 has achieved lift-off! It has been moved from the Upcoming list to the Live list. My buying instruction is still unfulfilled, and there are no units shown as available, but I expect the drawdown/allocation process is about to start. Being our biggest loan and one with heavy QAA dependencies I ran through the draw down manually to make sure it worked across the board. I needn't have worried and it went smoothly but it took me 10 mins or so to run through it.
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investibod
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Post by investibod on Feb 22, 2016 15:52:30 GMT
It looks like #227 has achieved lift-off! It has been moved from the Upcoming list to the Live list. My buying instruction is still unfulfilled, and there are no units shown as available, but I expect the drawdown/allocation process is about to start. My instruction for #227 has been filled and there is over £2,000,000 available now.
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investibod
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Post by investibod on Feb 22, 2016 15:55:22 GMT
... and #233 has slipped to Friday 26 Feb, and #225 is now listed as today ( wasnt that to be later this week?) maybe not - I wonder if there will be another logistical movement today! #225 has been listed as going today for a about a week now. With all the delays on #227, I expected that this one might just pip it to the post.
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SteveT
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Post by SteveT on Feb 22, 2016 15:55:32 GMT
Excellent news on #227, despite the fact that I missed out on the last 0.000000000000000000000000000000000115p of my target. "Only Assetz Capital can do this ..."
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mikes1531
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Post by mikes1531 on Feb 22, 2016 16:01:28 GMT
It looks like #227 has achieved lift-off! It has been moved from the Upcoming list to the Live list. My buying instruction is still unfulfilled, and there are no units shown as available, but I expect the drawdown/allocation process is about to start. My instruction for #227 has been filled and there is over £2,000,000 available now. Mine too. I think chris's comment means all the buying orders have been filled and the £2M left over was unsubscribed. There may be a significant further amount unsubscribed if the underwriters/QAA have released only the minimum 50% of their holdings that they're required to release. How long will it take for the market to absorb all those available parts? And will that affect subscriptions for other loans drawing down while there's still a significant overhang from #227?
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oldgrumpy
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Post by oldgrumpy on Feb 22, 2016 16:02:09 GMT
Excellent news on #227, despite the fact that I missed out on the last 0.000000000000000000000000000000000115p of my target. "Only Assetz Capital can do this ..." Haven't you learnt yet that AC told us several times that we just couldn't expect to get all we want at 12%? 
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