agent69
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Post by agent69 on Jan 27, 2014 19:44:53 GMT
Sorry. Having a senior moment again
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duck
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Post by duck on Jan 28, 2014 12:26:00 GMT
Sorry. Having a senior moment again Not that 'senior', a real senior moment involves not realising you have had one before 
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Post by batchoy on Feb 1, 2014 12:41:03 GMT
Talking about senior moments - I can't see the auction start times any more. I'm sure I used to. Have they been hidden for some reason ? Did I miss a memo? Am I going mad? posted a few days ago that an update had been put in place to allow loans to be previewed without a start date. Hopefully this will mean that we only get a start dates when we get full documents and there won't be the push backs that resulted in yesterday's issues.
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shimself
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Post by shimself on Feb 1, 2014 13:37:12 GMT
posted a few days ago that an update had been put in place to allow loans to be previewed without a start date. Hopefully this will mean that we only get a start dates when we get full documents and there won't be the push backs that resulted in yesterday's issues. As many people have commented already on the Q&A it seems a very bad idea to post proposals without having a proper info pack, even worse when pre-bids are accepted. I wonder if the "our investors are all experienced grown-ups" defence would really hold up if one of these goes bad.
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Post by chris on Feb 1, 2014 17:11:02 GMT
Thanks for clearing that up for me guys. I'm having problems keeping up with the rapid rate of changes around here. It's certainly very different from ThinCats (!) regarding "Experienced Adults" coping gracefully with bad things happening to their loans, for me that is in itself one of the definitions of a "Sophisticated Investor" but I didn't think AssetzCapital was particularly aimed at that category. For one thing, I see bids of £10 next to bids of £1000+. Are AC planning to divide lenders up like TC are? (or are being forced to by the regulator?). I know AC were boasting recently about becomeing authorised in some sense, does anyone know if that authorisation was for consumers, sophisticated investors or HNW individuals? No plans to segregate users, and our software can cope with lenders of all sizes across all loans so we don't have any technical need to limit things or put artificial restrictions in place. Individual lenders of all sizes will always be welcome on our site and we'll do our best to balance the needs of everyone. We probably won't always get that balance perfectly right, but it's something we'll always be actively trying to manage. The authorisation is the same as other sites claiming authorisation by the FCA. It is in fact just an interim permission that allows us to continue trading from April onwards when the new regulations come in. My understanding is that those without an interim permission by the end of March will have to shut their sites until they are fully regulated. We don't know the final form of the new regulations that the FCA is bringing in. There'll be an announcement in the next couple of months where the FCA will publish the regulations and announce a timetable for implementing them and authorising all applicants. Just like those other sites that erroneously claim to already be authorised we'll have to apply like everyone else and demonstrate to the FCA that we are compliant. The interim permission doesn't limit lender type beyond the existing rules and regulations. In the draft regulations that the FCA have published there are restrictions on lenders that affect the crowd equity platforms, but there isn't anything in there that will stop lenders of all sizes using our platform. Hopefully that will remain the case when the final drafts are published.
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Post by chris on Feb 1, 2014 18:34:20 GMT
paul123 - I can't speak for FC, they have their own issues to sort out, but our rates are already priced to risk and we take asset security on all our loans. With regards to regulation we've retained a compliance expert since day one and he's now a director and shareholder in the business. He's been working within the financial and banking industry for many years and was known and trusted by our chairman Paul Moore. Based on the draft regulations we're already doing pretty much all we need to in order to comply and have been since the beginning believing the vast majority of it to be best practice and the right way of doing things. Until the FCA publish the final regulations we cannot be sure of anything but based on the drafts and what has been said when we have met with them we don't think there will be anything in there that will unduly affect us or the way we are operating. Again I can't speak for other sites but rather than being a dot com startup playing at finance I am the only director of the business who has not come from the financial industry. And I can caveat that with myself having spent 12 odd years architecting and building CRM solutions within the financial industry and being one of the only (or maybe even the only) programmers in the world to have architected two peer to peer lending websites. Whilst there may be the odd rock in the road and we will certainly make mistakes from time to time, I personally believe in the strength and depth of our management team being able to navigate us through.
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Post by pepperpot on Feb 1, 2014 21:37:02 GMT
I see the 12.7% is now "typically 10-15%", better for regs me thinks.
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mikes1531
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Post by mikes1531 on Feb 1, 2014 22:42:16 GMT
I see the 12.7% is now " typically 10-15%", better for regs me thinks. Something may have been changed wherever you had been looking, and on the AC homepage I see a green Lenders box that includes "Earn between 10-15% pa gross", but further up the page I also see "Investors' average return of 12.7%, with no fees..."
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Post by pepperpot on Feb 1, 2014 23:03:01 GMT
I see the 12.7% is now " typically 10-15%", better for regs me thinks. Something may have been changed wherever you had been looking, and on the AC homepage I see a green Lenders box that includes "Earn between 10-15% pa gross", but further up the page I also see "Investors' average return of 12.7%, with no fees..." oo, so it is, I was thinking I had seen it on the 'Lenders' page (between P2P and Borrowers). My gut reaction was that 12.7 was a little high, and did a quick calc earlier to see what some one with say £100 in all of the "completed loans" might have got so far and came up with 12.02% (assumptions - no drawdown delays, ahem!, and no cashback offers, as they vary with bid size). If those assumptions cancel each other out, being generous there I think, I wondered how the 12.7 was arrived at?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Feb 1, 2014 23:26:01 GMT
Something may have been changed wherever you had been looking, and on the AC homepage I see a green Lenders box that includes "Earn between 10-15% pa gross", but further up the page I also see "Investors' average return of 12.7%, with no fees..." oo, so it is, I was thinking I had seen it on the 'Lenders' page (between P2P and Borrowers). My gut reaction was that 12.7 was a little high, and did a quick calc earlier to see what some one with say £100 in all of the "completed loans" might have got so far and came up with 12.02% (assumptions - no drawdown delays, ahem!, and no cashback offers, as they vary with bid size). If those assumptions cancel each other out, being generous there I think, I wondered how the 12.7 was arrived at? About a week back I did a calculation on what my average gross return was on AC and it came out to more than 12%. This may be because I avoided all the low interest loans (the 6.5% types) and have stuck with those in double figures.
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Post by chielamangus on Feb 2, 2014 10:25:18 GMT
Merlin - in calculating your return did you use XIRR with the dates the money left YOUR bank account and the dates any returned? And over what period did you get this return? Would be interested as a newcomer to AC. On FC I have got 6.4 to date (using XIRR) and only achieved with a helluvalot of work. Take out my labour and it is probably about 2 per cent on capital! Unlike most people on this site I don't enjoy DD or hovering around a computer monitoring everything.
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agent69
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Post by agent69 on Feb 10, 2014 21:20:30 GMT
Not quite a new loan, but I see L2L7 is now on the runway again (couldn't see another thread to post it on).
Had a punt on the original (think it was about 3s 6d). Must admit I had a little pre-bid for old times sake.
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j
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Post by j on Feb 10, 2014 21:49:28 GMT
Not quite a new loan, but I see L2L7 is now on the runway again (couldn't see another thread to post it on). Had a punt on the original (think it was about 3s 6d). Must admit I had a little pre-bid for old times sake. Was in the old one myself then cancelled my original bid/pre-bid/shadow bid or whatever it's called these days after the long wait. The only upside is the length (5 yrs), but then again, the borrower will probably refinance somewhere along the line. Good luck to those who will take a punt on it.
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Post by batchoy on Feb 10, 2014 22:05:35 GMT
Not quite a new loan, but I see L2L7 is now on the runway again (couldn't see another thread to post it on). Had a punt on the original (think it was about 3s 6d). Must admit I had a little pre-bid for old times sake. Was in the old one myself then cancelled my original bid/pre-bid/shadow bid or whatever it's called these days after the long wait. The only upside is the length (5 yrs), but then again, the borrower will probably refinance somewhere along the line. Good luck to those who will take a punt on it. Was in the original one, unlike the Brummie Bridge, had the feeling that the borrower was possibly getting the run around from a third party, so cancelled my original bid when the loan was reverted and popped in a larger pre-bid. With it changing from a regular purchase to an auction it will be interesting to see how this one progresses and at 336 th in the queue whether I get part of the loan if the borrower does not manage to purchase all the properties.
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Post by pepperpot on Feb 10, 2014 22:18:48 GMT
Was in the old one myself then cancelled my original bid/pre-bid/shadow bid or whatever it's called these days after the long wait. The only upside is the length (5 yrs), but then again, the borrower will probably refinance somewhere along the line. Good luck to those who will take a punt on it. Was in the original one, unlike the Brummie Bridge, had the feeling that the borrower was possibly getting the run around from a third party, so cancelled my original bid when the loan was reverted and popped in a larger pre-bid. With it changing from a regular purchase to an auction it will be interesting to see how this one progresses and at 336 th in the queue whether I get part of the loan if the borrower does not manage to purchase all the properties. I wondered about that too. Presumably, to be fair, everyone will have to take a proportionate reduction (1/3 or 2/3rds) depending on if and how many he gets. But the CR says he's to get permanent residency status (expected July 14) when he will be able to re-mortgage, so it might not last 5 years, I'd be surprised if it lasts much longer than 12months. Not worth the bother for me.
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