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Post by batchoy on Dec 8, 2014 17:27:27 GMT
Suddenly nearly £2m of available units on these two have disappeared. Has someone wealthy decided these give a juicy return, or has AC stepped in in some way? Is there nothing available? I have reasonable chunks of both supposedly up for sale.
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Post by gaspilot on Dec 8, 2014 17:30:10 GMT
Suddenly nearly £2m of available units on these two have disappeared. Has someone wealthy decided these give a juicy return, or has AC stepped in in some way? There appears to be no units available in the browse loans tab - but I still have units on both to sell. There must be another error in the system somewhere.
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mikes1531
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Post by mikes1531 on Dec 8, 2014 17:36:15 GMT
Suddenly nearly £2m of available units on these two have disappeared. Has someone wealthy decided these give a juicy return, or has AC stepped in in some way? If others are seeing no units available, then I can say AC must have suspended the Aftermarket for these loans because my holdings are above my targets for both of these loans so some of my units should be showing as available if the Aftermarket was still in operation. I haven't a clue why AC's new 'Investments Paused' flag is not showing for these loans. (It could be a reason as simple as the message that pops up when hovering over the new flag -- "Investments are currently paused on this loan due to a late repayment" -- being deemed inappropriate for these loans.) I note that an update for Ipswich was promised today and hasn't shown up yet. Perhaps the Aftermarket has been suspended until that update is published. Of course, doing that would imply significant news is about to come out.
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ramblin rose
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Post by ramblin rose on Dec 8, 2014 17:41:11 GMT
Suddenly nearly £2m of available units on these two have disappeared. Has someone wealthy decided these give a juicy return, or has AC stepped in in some way? If others are seeing no units available, then I can say AC must have suspended the Aftermarket for these loans because my holdings are above my targets for both of these loans so some of my units should be showing as available if the Aftermarket was still in operation. I haven't a clue why AC's new 'Investments Paused' flag is not showing for these loans. (It could be a reason as simple as the message that pops up when hovering over the new flag -- "Investments are currently paused on this loan due to a late repayment" -- being deemed inappropriate for these loans.) I note that an update for Ipswich was promised today and hasn't shown up yet. Perhaps the Aftermarket has been suspended until that update is published. Of course, doing that would imply significant news is about to come out. Just to confirm, as a lender without any units of these loans up for sale, I too see £0 of available units and no Paused flag.
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Post by mrclondon on Dec 8, 2014 17:48:55 GMT
There must be another error in the system somewhere. Far more likely is, as mikes1531 said, is AC have suspended trading deliberately, and as yet there is no equivalent flag in the system to match the "Investments are currently paused on this loan due to a late repayment." banner. chris - possibly something for the to do list ?? Given the previous updates implied a LPA Receiver was about to be appointed, suspending trading doesn't seem an unreasonable action for AC to have taken. As an aside, there of course remains no way of listing at a discount to reflect the true value of these loans if at some point it should become obvious that there is a low probability of recovering all capital, accrued interest, AC+introducer fees and costs.
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Post by chris on Dec 8, 2014 17:57:15 GMT
The site admins have disabled selling of loan units on that loan, although they've not used the mechanism I would have expected but a secondary mechanism usually used to block individual holdings. I'll need to check with admin team whether this was intentional and with the guy who looks after that part of the admin site to make sure he's using the correct mechanism.
No site bugs, it's doing what it's been instructed to do.
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Post by chris on Dec 8, 2014 17:59:14 GMT
As an aside, there of course remains no way of listing at a discount to reflect the true value of these loans if at some point it should become obvious that there is a low probability of recovering all capital, accrued interest, AC+introducer fees and costs. This facility is being designed and specified and will be built and released in January.
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unmadem
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Post by unmadem on Dec 8, 2014 18:30:59 GMT
The site admins have disabled selling of loan units on that loan, although they've not used the mechanism I would have expected but a secondary mechanism usually used to block individual holdings. I'll need to check with admin team whether this was intentional and with the guy who looks after that part of the admin site to make sure he's using the correct mechanism. No site bugs, it's doing what it's been instructed to do. chris Think you might find angslesey has been done in the same way as no units up for sale which seems unlikely unless it has been stopped somehow.
EDIT mikes1531 reports below that there has been little of Anglesey up for sale, so my post is almost certainly wrong.
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mikes1531
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Post by mikes1531 on Dec 9, 2014 0:54:49 GMT
The site admins have disabled selling of loan units on that loan, although they've not used the mechanism I would have expected but a secondary mechanism usually used to block individual holdings. I'll need to check with admin team whether this was intentional and with the guy who looks after that part of the admin site to make sure he's using the correct mechanism. No site bugs, it's doing what it's been instructed to do. Think you might find angslesey has been done in the same way as no units up for sale which seems unlikely unless it has been stopped somehow. : I'm not convinced that Anglesey has the same issue, because there hasn't been much of that loan available on the Aftermarket lately. I've had my target above my holding for some time, and I've picked up bits here and there. The most recent was Sunday (7/Dec). When I have picked up bits, they've been small ones, which suggests to me that whatever has been offered for sale has been spread among a relatively large number of lenders who are trying to increase their positions in this loan. So it doesn't surprise me in the least that there are no units available on the Aftermarket at this time. I think the big difference between Anglesey and Epping/Ipswich is that the Anglesey security appears to be more than enough to return lenders' capital and accrued interest even in a 'fire sale' situation, whereas it isn't as obvious that applies to Epping/Ipswich. There also is the further complication at Ep/Ip that the two loans and their security are linked to each other so that for a receiver to recover from either of those probably means it will be necessary to find buyers for both properties and that is likely to mean a more difficult and longer drawn out recovery situation and higher recovery costs.
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unmadem
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Post by unmadem on Dec 9, 2014 13:50:06 GMT
The site admins have disabled selling of loan units on that loan, although they've not used the mechanism I would have expected but a secondary mechanism usually used to block individual holdings. I'll need to check with admin team whether this was intentional and with the guy who looks after that part of the admin site to make sure he's using the correct mechanism. No site bugs, it's doing what it's been instructed to do. epping and Ipswich now say "investment paused"
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mikes1531
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Post by mikes1531 on Dec 9, 2014 23:55:22 GMT
The site admins have disabled selling of loan units on that loan, although they've not used the mechanism I would have expected but a secondary mechanism usually used to block individual holdings. I'll need to check with admin team whether this was intentional and with the guy who looks after that part of the admin site to make sure he's using the correct mechanism. No site bugs, it's doing what it's been instructed to do. epping and Ipswich now say "investment paused" And yet Epping is showing Units Available. How is that possible, chris? I thought that when the Aftermarket for a given loan was 'paused' the Units Available showed as Nil. Certainly that's the case for all of the other loans which now are showing 'Investments Paused'.
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unmadem
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Post by unmadem on Dec 10, 2014 16:38:42 GMT
Answer in Q&A indicates that borrow has told AC that he is not even trying to refinance Epping as he is focussing on Ipswich !!!!
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Post by mrclondon on Dec 10, 2014 20:27:03 GMT
Answer in Q&A indicates that borrow has told AC that he is not even trying to refinance Epping as he is focussing on Ipswich !!!! In which case we need a vote on appointing a LPA receiver for the Epping property. I'm possibly losing the plot slightly, but I believe we have only voted on the Ipswich loan for LPA action ??
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Post by bracknellboy on Dec 10, 2014 21:30:44 GMT
I nearly didn't invest in either of these because i wasn't sure I had a grip of the plot in the first place. Unfortunately my initial gut was overruled by something else. I'd like to say it was my head but a) outcomes suggest otherwise b) if so presumably I would have less problem keeping track of the plot than I apparently have.
As far as I recall, no vote on Epping yet. Though one feels one is imminent ....
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gon
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Post by gon on Dec 11, 2014 12:23:20 GMT
unmadem:
I think the big difference between Anglesey and Epping/Ipswich is that the Anglesey security appears to be more than enough to return lenders' capital and accrued interest even in a 'fire sale' situation, whereas it isn't as obvious that applies to Epping/Ipswich. There also is the further complication at Ep/Ip that the two loans and their security are linked to each other so that for a receiver to recover from either of those probably means it will be necessary to find buyers for both properties and that is likely to mean a more difficult and longer drawn out recovery situation and higher recovery costs.
Good point and it has also come to light that the rental income received for the student accommodation (Ipswich) is not as high as indicated in the initial valuation and this will certainly impact on its investment value when sold.
Please note the quote in the first paragraph above was made by Mike 1531 - not unmadem - apologies for any misunderstanding.
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