agent69
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Post by agent69 on Mar 9, 2014 20:55:40 GMT
Another thought
May be draw down of Epping is being delayed so that the underwriters can sell off some of their Ipswich parts (reducing their overall commitment to the borrower)?
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bugs4me
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Post by bugs4me on Mar 9, 2014 22:16:47 GMT
Another thought May be draw down of Epping is being delayed so that the underwriters can sell off some of their Ipswich parts (reducing their overall commitment to the borrower)? I cannot see why as the UW's are committed to the E****g loan
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mikes1531
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Post by mikes1531 on Mar 10, 2014 0:15:47 GMT
Another thought May be draw down of Epping is being delayed so that the underwriters can sell off some of their Ipswich parts (reducing their overall commitment to the borrower)? I cannot see why as the UW's are committed to the E****g loan Maybe they're overcommitted?
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Post by chris on Mar 10, 2014 6:15:27 GMT
Maybe they're overcommitted? That wouldn't be allowed.
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mikes1531
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Post by mikes1531 on Mar 10, 2014 16:07:49 GMT
On Feb 28 I phoned AC to ask about drawdown dates for a number of loans. For Ep**ng they quoted target date of Mar 14. Thanks for the report, and hopefully nothing has changed since then. However, that data is now ten days old, so it might have. We shouldn't individually have to phone AC regularly for such info. Hopefully a more up-to-date page on the website showing the anticipated timing of all loans will be part of the website improvements that are imminent.
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spockie
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Post by spockie on Mar 10, 2014 18:31:08 GMT
There are requests for an update dating back to 4th March on the loan with no reply.
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Post by silvertower on Mar 20, 2014 18:50:27 GMT
New to this Forum, relatively new to Assetz, but a very old hand at Banking, Compliance and Investment. Having been an enthusiastic adopter of Assetz when first introduced to it a couple of months ago, my E****g experience has been pretty negative. - The loan narrative continues to remind us that a "very quick" drawdown was expected.
- Successful bidders have had their money immobilised for close to a month with no return.
- Substantial periods have passed on the website without answers forthcoming to lender questions about drawdown.
- Transparency in general as to the progress of the loan following the auction close has been lacking.
Since we all maximise our returns by keeping our money moving, my conclusion is never to bid again, and to make sure I use the secondary market. Apart from the lack of choice in loans available on the secondary market, does anybody disagree with my conclusion?
ST
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Post by bracknellboy on Mar 20, 2014 21:17:47 GMT
...AC also doesn't seem to realize that this is creating a problem downstream for them since their underwriting pool is not infinite and their current panel are struggling to get out of just two of the loans (so when all the other recently underwritten stuff hits the secondary market the liquidity problem will become chronic)..... Samford: since AC have never struck me as mugs - whatever else one may or may not think of their business - I think it is highly likely that they do realize it. But realizing it and working out a business model to get out of the problem are different issues. It strikes me that the fundamental problems at the moment for AC are a) they need to significantly broaden their "retail" (as opposed to HNWI) lender base b) they need possibly even more urgently to increase their base of HNWI lenders (i.e. those who are prepared to take significantly larger positions in loans than run of the mill 'retail', even though they are not underwriting and c) consider how they are going to remove disincentives to the general lender base to bidding 'early' (which includes draw down times which they have said they have been taking steps to improve). Edit: the reason that b) seems to me more urgent than a) is that I can't see how a model of small number of large value loans can be supported by a straight 'retail lender' model. FC thrives on the basis of a large number of smaller value loans which is ideal to address the smaller lender market. To live with small number of large value loans you need a very large 'small investor' base that use the platform as just a minor part of the portfolio, or more realistically a less large but still large number of HNWI lenders who likewise use it as a small %age of their portfolio.
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j
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Post by j on Mar 20, 2014 22:38:08 GMT
All points made are valid & have merit in being raised but, maybe we should hang on till this Sat & see if AC do come up with an acceptable solution to the issues we have raised. If not, then we can raise them again as a collective group & seek solutions from AC. I'm sure they want to arrive at a point where everyone is content with their lot.
The only thing I would say is I personally think AC are trying to grow too big, too fast & maybe smaller loans that offer more opportunity, variety & liquidity are better than fewer but, considerably larger loans that will always necessitate underwriting.
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Post by yorkshireman on Mar 20, 2014 22:42:02 GMT
Slivertower With regard to Ep**ng, AC has not been very helpful. I asked them toward end of Feb when drawdown was scheduled (since it was meant to be end of Feb) and they told me mid-Mar. I rang them again two days ago and this time while they said they would reply, they haven't bothered. Perhaps they’re paying too much attention to the event on Saturday at the expense of action and results on the operational side of things?
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j
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Penguins are very misunderstood!
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Post by j on Mar 21, 2014 9:14:15 GMT
I've talked to AC a few times and their response was to say that in the future the retail lender might always buy in the secondary market from the underwriter with no auction at all. The problem is that they don't seem to admit that their retail base is woefully under-capitalized to sustain that I'm not sure what AC do to move forward. It's a tough problem to crack and perhaps time is the only solution. Agree with both points above. The struggles by underwriters to shift units of the last 2 big loans are very apparent. Couple that with the Eppy loan & the forthcoming Weston one & the wall you mentioned will certainly get wider & taller. They do need a lender base similar to FC & Zopa, but that does take a few years to come to fruition & my hope is that they don't end up with a business model similar to those two, especially the former!
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Post by silvertower on Mar 21, 2014 13:11:50 GMT
I see that we now have a flurry of updates on the Q&A section of the site.
The drawdown date now is 25 March.
My calendar is marked...
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Post by yorkshireman on Mar 21, 2014 13:57:03 GMT
I see that we now have a flurry of updates on the Q&A section of the site. The drawdown date now is 25 March. My calendar is marked... Don’t hold your breath though, it could be lethal.
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Post by Lep Recorn on Mar 25, 2014 17:20:25 GMT
Seems to have drawn down now . . .
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capucino
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Post by capucino on Jul 1, 2014 4:04:59 GMT
While checking this loan, I noticed there is a fee in the repayment section linked to the final repayment. Anyone knows what is it? underwriting fee?
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