|
|
Post by Ton ⓉⓞⓃ on Apr 17, 2014 16:38:47 GMT
Here's the next one to start work on. Twinkle twinkle.
Auction Starts On
17th April 2014 at 17:30
3 year fully amortising - 9% per annum - personal guarantee from High Net Worth director
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188 
Likes: 540
|
Post by j on Apr 17, 2014 17:02:01 GMT
Here's the next one to start work on. Twinkle twinkle. Auction Starts On 17th April 2014 at 17:30 3 year fully amortising - 9% per annum - personal guarantee from High Net Worth director The management team looks somewhat impressive but, not a loan that will set heart pulses racing. Will read report in detail tonight but I think I'll only be investing a very small amount on this one.
|
|
|
|
Post by Ton ⓉⓞⓃ on Apr 17, 2014 17:10:17 GMT
And their looking for a second tranche same size in six months.
It will take all Easter to fill me thinks...
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Apr 17, 2014 17:12:41 GMT
And their looking for a second tranche same size in six months. It will take all Easter to fill me thinks... I think some underwriting might also be needed given the lower rate on offer
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Apr 17, 2014 17:25:49 GMT
I'll be interested in the forthcoming discussion/Q&A sequence regarding security on this one, especially with the lowest AC interest for nearly a year. 9% with no fees is still quite good - perhaps it's a very low risk deal.
|
|
andy2001
Member of DD Central
Posts: 361
Likes: 34
|
Post by andy2001 on Apr 17, 2014 17:30:01 GMT
The group has a credit rating of 13, with no credit limit advised. The security doesn't look that strong for a 9% loan. Only one non Buy to let loan has funded on Assetz at such a low rate and that had strong Asset security.
|
|
|
|
Post by Ton ⓉⓞⓃ on Apr 17, 2014 17:46:07 GMT
The group has a credit rating of 13, with no credit limit advised. The security doesn't look that strong for a 9% loan. Only one non Buy to let loan has funded on Assetz at such a low rate and that had strong Asset security. I think j has nailed it by saying this is about big names, it helps AC (our) kudos... Where does it say 13 credit rating....
|
|
andy2001
Member of DD Central
Posts: 361
Likes: 34
|
Post by andy2001 on Apr 17, 2014 17:48:04 GMT
The group has a credit rating of 13, with no credit limit advised. The security doesn't look that strong for a 9% loan. Only one non Buy to let loan has funded on Assetz at such a low rate and that had strong Asset security. I think j has nailed it by saying this is about big names, it helps AC (our) kudos... Where does it say 13 credit rating.... On the 2nd pdf file.
|
|
|
|
Post by Ton ⓉⓞⓃ on Apr 17, 2014 18:08:15 GMT
I think j has nailed it by saying this is about big names, it helps AC (our) kudos... Where does it say 13 credit rating.... On the 2nd pdf file. Thanks I hadn't seen it but it was kinda joke, for me three dots means that. But we really want the credit report of the man behind this business, any new growing business I imagine will look like that, or am I just wrong and about to buy the Brookin Bridge again...
|
|
|
|
Post by mrclondon on Apr 17, 2014 18:21:32 GMT
Initial reaction (after only a brief read of the documents) is "not for me": - Net Worth = negative £523k (31/3/13 accounts)
- P&L Reserve account = negative £4.8m (31/3/13 accounts)
- No Asset security
- 9% yield
- Expansion into the USA historically difficult for UK businesses
FWIW I walked past their Mayfair shop at about 6:30 pm this evening (on Brook Street just off New Bond Street) and there were a few people inside browsing. It is a narrow but deep shop so minimal shop frontage, and predictably no prices on display against the few items in the window.
|
|
|
|
Post by yorkshireman on Apr 17, 2014 18:24:27 GMT
I’m not impressed with this, anyone who has lent on Funding Circle knows what director’s personal guarantees can be worth.
Besides which, are AC now making a misleading statement on their website? The home page says:
“Lend to UK businesses and property developers through Assetz Capital. All loans are secured by tangible assets and we don’t charge any lender fees.”
Where are the tangible assets on this loan?
This isn’t good enough AC.
|
|
|
|
Post by mrclondon on Apr 17, 2014 18:29:21 GMT
Besides which, are AC now making a misleading statement on their website? The home page says: “Lend to UK businesses and property developers through Assetz Capital. All loans are secured by tangible assets and we don’t charge any lender fees.” Where are the tangible assets on this loan? This isn’t good enough AC. Unfortunately that statement has been incorrect since loan 48 which was also lacking in asset security, but was filled by a single HNW individual (who had to wait 2 weeks for the late repayment at the end of the term)
|
|
duck
Member of DD Central
Posts: 2,864
Likes: 6,898
|
Post by duck on Apr 17, 2014 18:39:18 GMT
I note a debenture held by HSBC since 2011 "Fixed and Floating Charge Over The Undertaking and All Property and Assets Present and Future, Including Goodwill, Bookdebts, Uncalled Capital, Buildings, Fixtures, Fixed Plant & Machinery "
The Credit report states "Other lenders will pull out although we are advised that they are supportive."
The 'financials' are not that clear to me when added to the information already posted by mrclondon.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Apr 17, 2014 18:40:37 GMT
I'm very surprised too - confused even. No asset security is not AC's style. Only eight bidders and less than £2k in the first two hours with cashback in operation???  |
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Apr 17, 2014 18:40:49 GMT
I think j has nailed it by saying this is about big names, it helps AC (our) kudos... Where does it say 13 credit rating.... On the 2nd pdf file. The main credit report gives a figure of 30?!
|
|
