Post by andrewholgate on Jun 6, 2014 9:19:56 GMT
All
My apologies in not being around this week as I have spent far to much time on Mr Branson's tilting locomotives travelling to and from England's second and third cities (London and Birmingham, Manchester naturally is the first city). There have been a number of salient points on the forum in the last week and I wanted to write to you all about these and let you know what is happening in the world of AC.
Over the last few weeks we have heavily recruited into AC including 2 new lawyers, a new lender manager, more IT staff, widened the NED team and also (blissfully) a PA for me. In high growth businesses, there is always the same trend, there is a chase for sales and the sales force is the first team to get recruits and then the rest of the business follows. What it has meant is that marketing has come under increasing pressure and I am now in the process of increasing that team. Once done, the cycle will start again.
Unfortunately, it may have meant my focus has shifted from the sales front and combined with the cycle we see of feast and famine, the cupboard looks bare. The market is competitive and as has been noted some deals are appearing on other websites (such is the wont of a free market economy). In the next few days I hope to list our largest loan to date at £2.3m, a well secured loan for £210k, another £2m loan for a rather interesting proposition and there are a raft of other smaller deals swimming around. Potentially, this month could be a record for AC and keep us on track for the average growth rate of 20% per month compounded. I am also trying to manage the ever present concern of drawdown times and delays, meaning I have held back some deals but have been stung on others. The WSM deal is an example here but I would rather we do things properly and ensure your investment is as safe as we can make it.
Speaking of doing things properly, we have had our first defaults or potential defaults. To summarise them:
We are also very close on a number of plans (hence my extensive travel recently) to secured more deal flow and deliver a wider range of product for you, but more importantly deliver a constant flow of deals. These should be in place in the next few weeks and will be exciting new developments to announce.
I know at times we have stretched your goodwill towards us, and I am hugely appreciative of your support. AC continues to grow and develop and it must be remembered we are only just through our first year yet are producing better volumes than platforms that have been around for longer. We are also 100% retail funds and not backed by institutional money masquerading as P2P. Your support makes our business, and for that I am very very grateful.
As always, please contact me if you want to discuss further. andrew@assetzcapital.co.uk
A
My apologies in not being around this week as I have spent far to much time on Mr Branson's tilting locomotives travelling to and from England's second and third cities (London and Birmingham, Manchester naturally is the first city). There have been a number of salient points on the forum in the last week and I wanted to write to you all about these and let you know what is happening in the world of AC.
Over the last few weeks we have heavily recruited into AC including 2 new lawyers, a new lender manager, more IT staff, widened the NED team and also (blissfully) a PA for me. In high growth businesses, there is always the same trend, there is a chase for sales and the sales force is the first team to get recruits and then the rest of the business follows. What it has meant is that marketing has come under increasing pressure and I am now in the process of increasing that team. Once done, the cycle will start again.
Unfortunately, it may have meant my focus has shifted from the sales front and combined with the cycle we see of feast and famine, the cupboard looks bare. The market is competitive and as has been noted some deals are appearing on other websites (such is the wont of a free market economy). In the next few days I hope to list our largest loan to date at £2.3m, a well secured loan for £210k, another £2m loan for a rather interesting proposition and there are a raft of other smaller deals swimming around. Potentially, this month could be a record for AC and keep us on track for the average growth rate of 20% per month compounded. I am also trying to manage the ever present concern of drawdown times and delays, meaning I have held back some deals but have been stung on others. The WSM deal is an example here but I would rather we do things properly and ensure your investment is as safe as we can make it.
Speaking of doing things properly, we have had our first defaults or potential defaults. To summarise them:
- B****n - Will formally default at the repayment date due to the death of the borrower. However, our robust documentation has ensured the liability passes to the estate and our legal charge is valid. It is predicted that while it may take a few weeks to resolve, there will be no loss for the lenders.
- A***s - We were made aware that they had accepted another facility contrary to the negative pledge conditions within the debenture. We have reserved our rights and the company recognise their mistake. The provider of the other facility could be made to return all monies to us if we need it and our debenture is recognised as being the primary debenture. Again, robust documentation and strong processes have helped to get a satisfactory outcome.
- C*****y C*****e - Late payments, rights reserved and loan back on track. Again, robust procedures and acting quickly to solve the problem. we have also reserved our rights so that if they default again, we can be more robust.
- F****t F*******e - Change of ownership. Rights reserved and we are working with the new owners to discuss the future of the business. The business has recognised the default and we believe that the new owners will provide benefit to the business.
We are also very close on a number of plans (hence my extensive travel recently) to secured more deal flow and deliver a wider range of product for you, but more importantly deliver a constant flow of deals. These should be in place in the next few weeks and will be exciting new developments to announce.
I know at times we have stretched your goodwill towards us, and I am hugely appreciative of your support. AC continues to grow and develop and it must be remembered we are only just through our first year yet are producing better volumes than platforms that have been around for longer. We are also 100% retail funds and not backed by institutional money masquerading as P2P. Your support makes our business, and for that I am very very grateful.
As always, please contact me if you want to discuss further. andrew@assetzcapital.co.uk
A
