jonah
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Post by jonah on Jun 29, 2016 20:20:53 GMT
i got the personal update from andrewholgate but it confused me a lot. I'd seen it briefly on a non html device and it was an update to introducers from Stuart! Whilst I don't currently know a business looking for 100k to 7m, if I do in the future I know where to come. I suspect that there has been a slight IT mistake. chris ? That said, it's nice to know the rates offered to 80% of borrowers.  Back to the lenders note I sort of like the idea of removing the seed cash from the PF as that way we know where we stand. That said, I'm not sure that sub 2% (excluding Geia which has other issues) is the right time to do it? Finally the numbers quoted on the new defaults table seem to suggest PF raw coverage to be quite a lot less than previously. Eg Geia was 4.1% this morning, but assuming my figures are correct, now 0.24%  I'm tired so I am assuming I've made a mistake with my mental arithmetic as surely that can't be right? |
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mikeb
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Post by mikeb on Jun 30, 2016 9:51:42 GMT
Thanks for pointing that out, I too saw this on a proper email app (not in HTML) and just saw a reasonably irrelevant (to me) note to loan introducers!
Having followed the "read it online here", totally different content.
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Post by andrewholgate on Jun 30, 2016 13:49:32 GMT
Sounds like a bad link in the system. We'll take a look.
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jonah
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Post by jonah on Jun 30, 2016 18:47:36 GMT
Sounds like a bad link in the system. We'll take a look. Note to self: don't make two points in one post.  Any thoughts on the second one... An apparent reduction in the size of the PF by a considerable percentage?
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Post by andrewholgate on Jul 1, 2016 7:36:57 GMT
We seeded the fund to an acceptable level and as more has gone in we are now taking back that seeding.
We target a minimum of 3x cover based on some pretty heavy stresses based on BoE tests. That coverage is far higher than many of our competitors. We are also transparent which is more than can be said for others.
I keep this under review. In the current climate we feel there is an level of coverage to cover the risk.
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registerme
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Post by registerme on Jul 1, 2016 7:40:45 GMT
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Post by andrewholgate on Jul 1, 2016 7:52:43 GMT
You NEVER win on this forum. Best I can hope for is a score draw!
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sl75
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Post by sl75 on Jul 1, 2016 10:39:55 GMT
That said, it's nice to know the rates offered to 80% of borrowers. Not only that, but I see that they've published a loan price guide... and following the obvious google search, I see that it's publicly indexed too, with a more up-to-date copy linked from www.assetzcapital.co.uk/resources/borrowers/loan-sweet-spot-documents/loan-sweet-spot-price-guideComparing the current (correct as of 1st July) document with the one linked in the email (correct as of 1st May), I see that the main difference is the introduction of a Mezzanine option from 19.9% in the Development Finance section. I also note that all the rates quoted there are stated to be "on the drawn balance", so presumably higher than the rates paid to investors (which are diluted on many loans because part of investors' money is never drawn down, but instead set aside by the platform to maintain the illusion that the borrower is paying interest each month).
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I'm tired so I am assuming I've made a mistake with my mental arithmetic as surely that can't be right?
