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Post by mrclondon on Aug 28, 2014 19:04:52 GMT
Well, I wish I could sell some of this loan. Have tried, and I am sure there are buyers out there at 1.5 per cent per month, but sales are currently blocked by AC. My portfolio is constipated until this and a few others are repaid. By a quirk of how AC have handled the defaulting of the Bolton loan, it is still tradeable (until December as presently constructed) I do find it odd that many Ac investors are willing to buy sub 1-month loans in the hope of 1.5%/month default interest. It must be the only credit market I've seen in 20 years where people look to buy potentially defaulting securities at par, rather than at a significant discount ... ... Something at 70% LTV can easily default and not recover at 100%, never mind getting the default interest. That said do please keep buying those short-dated loans. I find it even odder that people would enable AI mandates on distressed loans (which have at present no control over a minimum discount to be sought) as the news flow can affect the perceived value of such loans. I was astounded earlier to find that my 4 figure holding in Bolton was snapped up instantly by AI when I listed it for sale at par. A recent addition to the Q&A section of this loan has certainly changed my perception of the risk of a total recovery including all default interest, and buying blind strikes me as simply daft.
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oldgrumpy
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Post by oldgrumpy on Aug 28, 2014 19:58:56 GMT
I was astounded earlier to find that my 4 figure holding in Bolton was snapped up instantly by AI when I listed it for sale at par.
Ditto!! I put up half my holding and it sold instantaneously. Now I can pay for Mr and Mrs ***** when it draws down!!
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Post by Ton ⓉⓞⓃ on Aug 28, 2014 20:25:34 GMT
I was astounded earlier to find that my 4 figure holding in Bolton was snapped up instantly by AI when I listed it for sale at par.
Ditto!! I put up half my holding and it sold instantaneously. Now I can pay for Mr and Mrs ***** when it draws down!!
Man you just used real names I think...
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star dust
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Post by star dust on Aug 28, 2014 20:50:44 GMT
I was astounded earlier to find that my 4 figure holding in Bolton was snapped up instantly by AI when I listed it for sale at par.
Ditto!! I put up half my holding and it sold instantaneously. Now I can pay for Mr and Mrs ***** when it draws down!!
Man you just used real names I think... Nah, no one's really called that.
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star dust
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Post by star dust on Aug 28, 2014 20:58:37 GMT
I find it even odder that people would enable AI mandates on distressed loans (which have at present no control over a minimum discount to be sought) as the news flow can affect the perceived value of such loans. I was astounded earlier to find that my 4 figure holding in Bolton was snapped up instantly by AI when I listed it for sale at par. A recent addition to the Q&A section of this loan has certainly changed my perception of the risk of a total recovery including all default interest, and buying blind strikes me as simply daft. Glad someone was awake at the wheel! Your heads up alerted me and in agreement I've just sold my very small holding too. I think I've got enough of the distressed (or potentially distressed) stuff at the moment. Luckily though I sold my H****ey Br*****g L**n units at par a few hours before the stampede, beginners luck  .
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oldgrumpy
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Post by oldgrumpy on Aug 28, 2014 22:24:55 GMT
Aaaaargh! There are plenty of Mr & Mrs Splatts* about....no offence to them!
*typo!!
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Post by Ton ⓉⓞⓃ on Aug 29, 2014 8:36:11 GMT
By a quirk of how AC have handled the defaulting of the Bolton loan, it is still tradeable (until December as presently constructed) <snip> I find it even odder that people would enable AI mandates on distressed loans (which have at present no control over a minimum discount to be sought) as the news flow can affect the perceived value of such loans. I was astounded earlier to find that my 4 figure holding in Bolton was snapped up instantly by AI when I listed it for sale at par. A recent addition to the Q&A section of this loan has certainly changed my perception of the risk of a total recovery including all default interest, and buying blind strikes me as simply daft. I'm feeling very vulnerable but I still hold a substantial amount of Bolton. I'm hoping the assets and PG are sufficient but it has prompted questions in my mind and elsewhere.
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j
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Post by j on Aug 29, 2014 9:09:07 GMT
.....................but it has prompted questions in my mind and elsewhere. Your arms, legs, tummy??
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oldgrumpy
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Post by oldgrumpy on Aug 29, 2014 13:00:52 GMT
I will need this and Anglesey to fund possible sudden shadowbid drawdowns in the next fortnight.
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j
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Penguins are very misunderstood!
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Post by j on Aug 29, 2014 14:11:43 GMT
Anyone heard anything on this loan? No update has been forthcoming from AC. The redemption is important since it will release £2m+ in funds and we'll then see what sort of appetite exists for rolling into other investments on the platform. From AC's site: On 28th Aug 2014 at 18:14 z asked: "hi, has there been any update on the update that was promised for this morning? thnx" On 29th Aug 2014 at 14:55 Assetz Capital answered: "Update has been drafted and will be posted when it has passed through our compliance team." Another late promised update!
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Post by batchoy on Aug 29, 2014 15:09:30 GMT
We have a update and a further delay. Given previous updates does anyone else feel that we are being given the run around.
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j
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Post by j on Aug 29, 2014 15:12:48 GMT
We have a update and a further delay. Given previous updates does anyone else feel that we are being given the run around. Yup, yup & yup!  Many of us really need to release funds from this loan to either settle upcoming shadow bids or diversify into AM but, we can't. Delays are part & parcel on p2p but, this is taking the biscuit
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oldgrumpy
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Post by oldgrumpy on Aug 29, 2014 15:27:40 GMT
Now Ipswich looks unlikely to settle next week so that will be four out of four bridging loans not reaching the planned conclusion. I will be away in the wilds (yes...swinging from the trees  ), and if my shadow bids come up for settlement will be unable to get to the internet fund them. Wonderful!! |
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pikestaff
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Post by pikestaff on Aug 29, 2014 15:28:31 GMT
batchoy No, I don't. This is what happens with bridging loans. It looks like there may be a delay on Ips**ch as well. I will start a thread on that one if nobody beats me to it. I am one of those who increased their exposure to H****ey to collect the default interest. If I can find some cash down the back of the sofa I may add some more now. I'm less sure about topping up Ips**ch because I don't know why the developer is not selling as planned. Also not sure if default interest will be on offer. Edit: I can't add because AC won't let me.
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oldgrumpy
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Post by oldgrumpy on Aug 29, 2014 16:32:35 GMT
Historically, I've found that bridge deals do tend to overrun.....
I tend to agree with this, but hadn't expected all four current ones to be delayed just when the proceeds might be required.
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Many of us really need to release funds from this loan to either settle upcoming shadow bids or diversify into AM but, we can't. Delays are part & parcel on p2p but, this is taking the biscuit
), and if my shadow bids come up for settlement will be unable to get to the internet fund them. Wonderful!!