andy2001
Member of DD Central
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Post by andy2001 on Apr 28, 2015 19:26:14 GMT
There is over £130K of this on sale, yet it seem to be a distressed loan. Ok there was a failure to complete a early refinancing but it has 20 months to run and has hard asset security rather than debenture or personal guarantee. Am I missing something ? The possible refinance may make some people want to reduce there holdings over time so there not stuck with a large chunk to reinvest all at once. And it is one of the bigger loans.
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unmadem
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Post by unmadem on Apr 28, 2015 19:49:45 GMT
There is over £130K of this on sale, yet it seem to be a distressed loan. Ok there was a failure to complete a early refinancing but it has 20 months to run and has hard asset security rather than debenture or personal guarantee. Am I missing something ? Its not a distressed loan as far as Im aware. Payments up to date & on time, covenant test recently passed. Why do you think its distressed? sorry, a rather bad typo, meant to say it didn't seem to be a distressed loan.
Thanks to all who answered despite my poor proof reading.
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on May 6, 2015 2:00:22 GMT
There is over £130K of this on sale. All taken now 
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Mike
Member of DD Central
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Post by Mike on May 6, 2015 3:29:38 GMT
There is over £130K of this on sale, yet it seem to be a distressed loan. Ok there was a failure to complete a early refinancing but it has 20 months to run and has hard asset security rather than debenture or personal guarantee. Am I missing something ? The possible refinance may make some people want to reduce there holdings over time so there not stuck with a large chunk to reinvest all at once. And it is one of the bigger loans. I saw this the other way, refinance reduces the risk so a bit of spare idle cash was lent here
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Post by meledor on May 31, 2015 14:39:46 GMT
Showing as paused and states "Please check the "activity" tab for more information" however no update in activity tab. Communication by Assetz is rather poor.
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Post by pepperpot on May 31, 2015 15:07:00 GMT
Showing as paused and states "Please check the "activity" tab for more information" however no update in activity tab. Communication by Assetz is rather poor. More info on the private AC board -here- with a brief update from AH. Only paused this morning, and a promised on site update tomorrow.
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Post by meledor on May 31, 2015 16:18:11 GMT
Showing as paused and states "Please check the "activity" tab for more information" however no update in activity tab. Communication by Assetz is rather poor. More info on the private AC board -here- with a brief update from AH. Only paused this morning, and a promised on site update tomorrow.
Which is not very useful if you are not a member of the private board. I am interested in a public discussion of this issue and why Assetz's communication is rather shoddy. Anybody else interested?
In terms of communication why is AH updating the private board and not this one? At the very least I would expect an email to be sent to all holders of this loan.
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L**DS C P
May 31, 2015 16:36:23 GMT
via mobile
Post by oldnick on May 31, 2015 16:36:23 GMT
More info on the private AC board -here- with a brief update from AH. Only paused this morning, and a promised on site update tomorrow.
Which is not very useful if you are not a member of the private board. I am interested in a public discussion of this issue and why Assetz's communication is rather shoddy. Anybody else interested?
Indeed - another instance of reactive rather than proactive response, and from the head honcho, not a designated minion. Why does andrewholgate need to (apparently) go over the head of the minion on a Sunday? Was company policy not followed last week, or has policy changed since Friday? Fortunately for me I lost my nerve on this one some time ago and can observe from the sidelines. Out of interest, why not register on the AC private forum?
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Post by Duane Dibley on May 31, 2015 16:42:07 GMT
More info on the private AC board -here- with a brief update from AH. Only paused this morning, and a promised on site update tomorrow. I would have thought that if AH had time to update this forum then he would have had time to update their own website. He should be posting on his own website first rather than this one, in my opinion, so that everyone has equal access to relevant information, not just members of a private board.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on May 31, 2015 17:17:43 GMT
May not be able to post updates remotely (I suspect that more people would check this forum today than AC site - noone raised on site until suspended)
Thread was on main board, admin decided to move it
Decision to suspend was I suspect made to protect non-forumites who would have been at risk of acquiring loan parts that those in the know were dumping at speed, which was a change in circumstances to previous decision especially as its happened on a non-working day.
Wouldnt expect the MD to necessarily be involved in day to day decisions over what loans to suspend or not, employes people to do that. Given the loan itself is not immediately impacted may be that it doesnt satisfy the criteria for suspension until picture is clearer.
Hopefully there will be some reference to the whys and wherefores in the update on Monday and no doubt in the Q&A.
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Post by meledor on May 31, 2015 19:58:12 GMT
The way this is being handled looks a mess.
The reason for the loan being paused was put up on this board but the thread was moved to the Assetz private board by an administrator " to facilitate more open discussion on the current situation." thereby preventing those who don't have access (or currently choose not to have access) to this private board the opportunity to gain the knowledge which is in the public domain that the tenant has gone into administration.
Meanwhile AH from Assetz is updating this private board but not this one, and not the Assetz website (other than the statement that it is paused.) I don't buy the excuse that Assetz personnel don't have the ability to update the site remotely. If the investment was flagged as paused remotely why could the reason not be stated remotely? And in any case P2P platforms are happy for their websites to be used 7 days a week so should ensure staff can access it 7 days a week if need arise, as it clearly did today.
One of the requirements for the success of P2P is the need for a level playing field for all participants. We see this in the ongoing discussion about the involvement of institutions and whether they are getting an unfair advantage over individuals. But equally there is the issue of level playing field between individuals. Assetz seems to have been late in taking action thereby allowing those in the know to take advantage of those who hadn't heard. And in terms of level playing field is this forum any different? Want to find out whats going on - well go and join this hole in the corner private board!
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kermie
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Post by kermie on May 31, 2015 20:08:07 GMT
Last time I checked, this was Sunday and normal business hours typically run Monday to Friday. I'm sure AC will communicate the situation in due course.
Any AC member can follow the instructions to get access to the private forum.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
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Post by ilmoro on May 31, 2015 21:16:11 GMT
OK, look at the other way, the loan doesnt get suspended as the loan itself hasnt breached any of its conditions or covenants, its up to date on payments and has an interest buffer which means it can be serviced without issue for a year even if the rental income isnt received. In the meantime, those of us with access to this forum who check it on a Sunday read a post alerting us to the administration of tenant, and decided that this makes the loan too risky for our comfort so we dump our units on the SM (60k in about 30mins) These are bought by others who havent read the forum. Subsequently, the info is revealed on the Q&A and despite AC assurances the loan is still fine, those who have bought the loan decide it is too risky and try to sell but now noone will buy. I suspect the noise about AC failing to suspend it and giving people in the know an unfair advantage would be deafening.
AH has reacted to the situation in a way that is fair to all lenders IMHO, he is responded to a query raised here (not on the website where everyone was in blissful ignorance) on a public board (independent admins moved it). The pink board exists to allow stuff to be discussed which would normally be blocked & removed, and is freely available to all AC lenders who wish to use it with minimal effort. Its not some special secret only known to a select few but up there right at the top of the normal board in clear blue letters.
If the loan had been automatically suspended because a payment had not be made over a non-banking period there wouldnt be an update provided until the next working day so everyone could only guess why it was suspended (payment was due yesterday so up until the recent change it would be suspended for that reason). Why does it make any difference that people dont know why its suspended you cant do anything about it anyway? You could get a cursory comment today or a full, detailed properly considered update giving facts & reassurance tomorrow. I know which Id prefer!
The fact that the website is accessible 24/7 doesnt mean staff have to be on call 24/7. Try contacting most businesses out of office hours.
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Post by bracknellboy on May 31, 2015 21:34:54 GMT
The way this is being handled looks a mess.
The reason for the loan being paused was put up on this board but the thread was moved to the Assetz private board by an administrator " to facilitate more open discussion on the current situation." thereby preventing those who don't have access (or currently choose not to have access) to this private board the opportunity to gain the knowledge which is in the public domain that the tenant has gone into administration.
....
.... And in terms of level playing field is this forum any different? Want to find out whats going on - well go and join this hole in the corner private board!
The wording of the post giving the reason for the move was perhaps unfortunate as it only gave one of the 2 reasons for the move. The original post had copied in a quote from a public domain article naming the company in question and included it in a post linking it to an AC borrower. The post was therefore in breach of the forum rules. The only available courses of action were therefore: 1. Delete the post as it contravened forum rules. 2. Leave the post where it was and moderate to remove the name of the borrower. 3. Move the post to the AC lender only part of the forum. Given that it was/is inevitable that a "for AC lenders eyes only" thread was bound to start on this, the 3rd option was a reasonable one, and preferable to 1. The other option might have been combinaton of 2 and 3, but since there is a separate thread on this loan in the open board, little point. With regard to "...thereby preventing those who don't have access (or currently choose not to have access) to this private board..." Anyone who is eligible for access can get access per the instruction posted at the top of the AC main board. Anyone who could have access but decides not to has that choice; however I'm unclear as to why they would feel they have for a gripe for not being privy to a discussion which they have willfully chosen to exclude themselves from. Anyone - AC lender or otherwise - is of course able to post in the open part of the forum on this loan as long as any post does not contravene the forum rules. I would point to the relevant public thread...but it would appear we are currently 'in context'. With regard to the comments on AC communication, that is for AC to address.
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bugs4me
Member of DD Central
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Post by bugs4me on May 31, 2015 21:55:35 GMT
All good and valid points being made but the facts are that lenders/investors that bother to read these forums IMO represent a tiny minority of those that are actually engaged in P2P lending. Many are oblivious to the risks and are simply dazzled by the headline rate and FCA membership and of course this doesn't just apply to AC but to the P2P industry as a whole.
Somewhere down the line there is a responsibility issue involved and it doesn't stop at the individual platform. Lenders also need to take on board a level of responsibility themselves which I doubt many do not. The bottom line is you cannot force lenders into reading the depth of experience that exists on this forum and taking appropriate action where necessary.
I know a couple of P2P lenders (semi-acquaintances) who live locally to myself and suggested they joined the P2P forum. When I asked them again whether they had joined I received the reply of 'oh yes, must get round to doing that' or words to that effect. So whilst platforms do have a duty of care to their lenders and many take this aspect seriously, it is my (possibly moot) opinion that more than a few P2P lenders would be better served by simply sticking to the traditional savings institutions.
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