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Post by valerieb on Mar 12, 2014 22:49:00 GMT
I have mixed feelings about the debate on draw down times.
Yes it would be great if loans were drawn down within a couple of days of auction completion but in reality could that every happen every time?
Assetz is still a new business, do we want to see it succeed long term? Personally the answer has to be yes. Does it help the business if 'we' sit back and wait for underwriters to up front every loan just so 'we' can make interest from day one? How does it look to businesses looking for a loan (or to place one) seeing 'no interest' from us lenders? Is sitting back the best way of ensuring a steady stream of good loans? Are the underwriters happy to continue on this basis long term?
I have no doubt that Assetz are taking this issue very seriously due to the long term implications for the business.
Personally I'm prepared to take a bit of a hit for the long term good so will continue to bid up front, am I alone in this? I agree. If I like the look of a loan and have the money readily available, I'm prepared to bid up front rather than buy in the aftermarket. I want to support Assetz getting their loans filled and I'm confident the team are doing their utmost to reduce the wait for drawdown. However, I'm only talking about relatively small amounts that are either coming from very low or non- existent interest accounts or other p2p accounts. Bidding at TC rates is a different matter.
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Post by Ton ⓉⓞⓃ on Mar 12, 2014 23:34:12 GMT
With Aber... I'm putting in bids as I don't think much of this will appear on the AM. But in general I'm planning to put in bids and then but more if I can on the AM. So they gain some & I gain some. That is I help to fill the loan and suffer drawdown a bit and I also benefit a bit from immediate interest on the AM. Atleast that's what I plan to do...
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Post by Ton ⓉⓞⓃ on Mar 12, 2014 23:55:01 GMT
Aber... is around 90% full
I like how they're leaving us with the last 10-12% to fill. It looks like they're trying to save some coin on U/Wers.
Has this happened before?
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mikes1531
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Post by mikes1531 on Mar 12, 2014 23:59:48 GMT
... it will be interesting to hear what the changes are that are being announced this Saturday. I think you're a week ahead of yourself. Isn't the event on the 22nd?
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Post by Ton ⓉⓞⓃ on Mar 13, 2014 0:08:17 GMT
She's so keen to get a seat in the front!
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mikes1531
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Post by mikes1531 on Mar 13, 2014 1:35:11 GMT
One way is for AC to offer a certain percentage of what they offer as underwriters fees as cash back to normal members. That might encourage smaller members to invest earlier. That sounds like a win-win situation. AC's small lenders act somewhat like underwriters and are rewarded for doing that. AC need a bit less professional underwriting and save some underwriting fees.
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spockie
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Post by spockie on Mar 13, 2014 7:56:23 GMT
... it will be interesting to hear what the changes are that are being announced this Saturday. I think you're a week ahead of yourself. Isn't the event on the 22nd? It is indeed. Getting overexcited at the thought of seeing the web broadcast.
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j
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Post by j on Mar 14, 2014 9:08:53 GMT
Extended by 3 days!
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mikes1531
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Post by mikes1531 on Mar 14, 2014 16:15:02 GMT
And now completely underwritten.
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mikes1531
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Post by mikes1531 on Mar 17, 2014 12:43:30 GMT
And now completely underwritten. A small further extention -- to 1800 today.
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j
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Post by j on Mar 17, 2014 13:13:00 GMT
And now completely underwritten. A small further extention -- to 1800 today. Hmmmm....
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Post by Ton ⓉⓞⓃ on Mar 17, 2014 17:56:39 GMT
It's interesting that with minutes to go hundreds of pounds is still going in...
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mikes1531
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Post by mikes1531 on Mar 17, 2014 19:55:04 GMT
It's interesting that with minutes to go hundreds of pounds is still going in... I can't say this surprises me. Some people might suggest that there's no point in putting in a bid now when a lender could wait until the loan is drawn down and the underwriters' loan parts are put up for sale in the Aftermarket. That's a valid point, but it all depends on how quickly you think those parts might be snapped up when they do become available. I suspect they'll be pretty popular and, since there will be less than £250k available, they might go quickly. The main reason for waiting would be a concern about 'dead' investment time, and how long it might be before the loan is drawn down. I'm hopeful that AC have learned from some of the long delays they've had, and taken action to reduce the probability of similar occurrences. And I'm hopeful that, since it's been clear for a few days that this loan was going to be underwritten and proceed, the borrowers are pressing forward to achieve drawdown as soon as they can. We'll find out shortly whether my optimism is justified!
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j
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Penguins are very misunderstood!
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Post by j on Mar 17, 2014 21:30:36 GMT
It's interesting that with minutes to go hundreds of pounds is still going in... I can't say this surprises me. Some people might suggest that there's no point in putting in a bid now when a lender could wait until the loan is drawn down and the underwriters' loan parts are put up for sale in the Aftermarket. That's a valid point, but it all depends on how quickly you think those parts might be snapped up when they do become available. I suspect they'll be pretty popular and, since there will be less than £250k available, they might go quickly. The main reason for waiting would be a concern about 'dead' investment time, and how long it might be before the loan is drawn down. I'm hopeful that AC have learned from some of the long delays they've had, and taken action to reduce the probability of similar occurrences. And I'm hopeful that, since it's been clear for a few days that this loan was going to be underwritten and proceed, the borrowers are pressing forward to achieve drawdown as soon as they can. We'll find out shortly whether my optimism is justIified! I'm not so sure whether loan parts on this one will be available quickly after draw down or in ample numbers given the rate & length of loan! I can always be wrong 
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bugs4me
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Post by bugs4me on Mar 17, 2014 22:23:15 GMT
It's interesting that with minutes to go hundreds of pounds is still going in... I can't say this surprises me. Some people might suggest that there's no point in putting in a bid now when a lender could wait until the loan is drawn down and the underwriters' loan parts are put up for sale in the Aftermarket. That's a valid point, but it all depends on how quickly you think those parts might be snapped up when they do become available. I suspect they'll be pretty popular and, since there will be less than £250k available, they might go quickly. The main reason for waiting would be a concern about 'dead' investment time, and how long it might be before the loan is drawn down. I'm hopeful that AC have learned from some of the long delays they've had, and taken action to reduce the probability of similar occurrences. And I'm hopeful that, since it's been clear for a few days that this loan was going to be underwritten and proceed, the borrowers are pressing forward to achieve drawdown as soon as they can. We'll find out shortly whether my optimism is justified! Not convinced about the 'pretty popular' as it was for a relatively small loan amount although time will tell on that one once the underwriters start to offload. Agree though about the dead time as this could be a major factor as it sounds like it could be a complicated process to finalise. In bashing the keyboard with the above I've probably just argued against myself.  As an aside, AIUI, once a loan is 100% funded then the process to drawdown commences even though the loan may remain live to take the underwriters out.
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