happy
Member of DD Central
Posts: 397 
Likes: 497
|
Assetz Capital (AC)
Loan 331
Jun 9, 2017 13:05:39 GMT
Post by happy on Jun 9, 2017 13:05:39 GMT
Why would anyone put over a million into one loan? I just thought it might be something to do with the GBBA/QAA, and it was AC redeploying. Whoever it was, it's stupid to dump that amount on the market in one go. 95% sure this is the GBBA selling out. I assume that the tweak to the loan resulted in a change in LTV which means it's no longer eligible and therefore it needs to sell the parts off. My GBBA has sold some off. 391 is also being sold from the GBBA though... no idea why! likewise I have had sales of #331 and all of my small holding in #391 as well. #331 is residential first charge at 61% LTV so I cannot see why this should no still be OK in the GBBA and #391 is first charge residential at 33.5% so if that doesn't make it qualify then I don't know what would. Interestingly, the system is not withdrawing the repayments as per my instructions but keeping it in the GBBA and buying into other loans where it can Thinking about this some more as I typed the info above I think I know what is going on here......maybe the new PSIA will only invest in pure property loan, i.e. property investment and development so not loans to a business secured against property etc. Both these loans are pure property development loans and perhaps the GBBA inclusion criteria have been tightened to restrict these loans thus releasing them to the SM and to new investors in the PSIA (which is what AC hope for I'm sure) #331 paying at 12% or a few months should get a few £s in the 5x PSIA PF for starters  Edit, reading some more this is not the case it seems, PSIA can also lend to businesses that have the loan secured against property or land as their primary security, well that's about 90% of the loan book isn't is? So where does the GBBA go then, anyone want to offer odds on GBBA being closed to new investment anytime soon?
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on Jun 6, 2017 18:47:15 GMT
If provision funds have to be scrapped to achieve full FCA approval, it seems that the whole Assetz setup will crumble and only the original MLIA will survive. I have to say I do not understand why so many posters keep on saying that PFs have to go to get full FCA authorisation. Both Lending Works and Landbay, two of the first platforms to get FCA approval and now both offering IFISAs, both have PFs and Lending Works also provides an element of default insurance to boot. Surely it is more about transparency of the investment and how the PF is administered than the actual existence of the PF? If is was just down to the existence of the PF as some are suggesting then they would have all gone before achieving authorisation.
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on Jun 2, 2017 12:20:43 GMT
Your GBBA loans are hidden in a seperate pool. The GBBA is designed to be black box and therefore for investors to not be concerned with what they hold. However, if you want to see what you have you need to look at the transaction statement for the GBBA and you can then download this to excel and then you need to add all the buys and sells for each loan to see you current holding.
Unfortunately when you have had the GBBA for some years this can get quite tiresome but it is the only way.
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on Jun 2, 2017 11:59:46 GMT
If you are saying you can't buy, and can't sell, the exact same loan at the exact same instant, then I would find that a bit strange, and suspect something would be broken.. This is the crux of my point. The bot bought loan parts a couple of days ago, ergo those loans met its criteria. It was unable to buy much else, so there weren't enough 'eligible' loans to satisfy bot demand. 24 hours later I attempted to sell those loans. The same bot is no longer purchasing them - and the criteria surely can't have shifted much - yet funds still deploy slowly on the other side of the market. So whilst I'm not trying to buy and sell in the same instant, it's within 24 hours. I'm tempted to set up another account and put buy and sell orders in to see whether they match - my assumption is that they won't. If there is another AC investor out there then we can try it out to dis/prove the theory? [ The other possibility is that the bot executes on highly irregular batches eg. weekly - however this doesn't appear to be the case as some of my loan parts have sold. ] You say above the bot is no longer purchasing loans you just bought, lets me try and explain: you invest money into the GBBA The bots sees you available cash and goes to look for some loans that meet the criteris for GBBA (rate, security, LTV) Having found some suitable loans it puts in a buy order Buy order is processed and you now have some investment of your GBBA funds If you subsequently withdraw money from the GBBA the bot will queue your withdrawl request and then attempt to match the loans you hold with buy orders on the market to get a sale If the loans you hold in the GBBA already have units available for sale on the market (highly likely if you only recently bought them) then your sell orders will be pooled with others trying to sell the same parts and this will take some time but is should happen eventually assuming there is a suitable level of demand. In summary, the GBBA & GEIA accounts are not designed as quick in/quick out accounts but they do work ok where people expect to hold their investment for longer periods. I personally have invested and then withdrawn 10s of thousands from the GBBA in the past but it is totally dependant on what is on the market when you buy and who is buying when you try to sell. Hope this helps somewhat
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on Jun 1, 2017 21:25:20 GMT
Landbay , are you aware of any issues with the web site? Many thanks. EDIT: Fixed, seems the maintenance session changed the web address for the login page, navigated there from landbay.co.uk and all OK now.
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on Jun 1, 2017 20:38:35 GMT
Hi Forumites,
I am getting security alerts trying to get onto the Landbay web site:
There is a problem with this website’s security certificate.
The security certificate presented by this website was issued for a different website's address.
Anyone else seeing this?
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 29, 2017 14:13:11 GMT
We can't see what criteria the FCA applies to allowing provision funds to continue, but it must rest in the detail of the expectations of protection the fund is perceived to create for lenders. I think the regulator wants to be sure that all lenders understand their capital and interest are still at risk, that these are not like savings accounts. Well on that issue LendingWorks majors on safe lending and provides loan default insurance to add to the protection offered by the PF. This obviously passed muster with the FCA. I just wonder if it has more to do with a simple business model and well structured PF operation guidelines that allows the FCA to easily get their heads round things than any specific issue with Provision Funds themselves. I half suspect FCA approval could be being used as an excuse for the bigger platforms to ditch something they think they don't need to put the effort into anymore with so much lender money out there. Perhaps they think their lenders now don't remember 2008!
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 29, 2017 12:32:26 GMT
Looks like safeguard was a victim of FCA authorisation, judging by developments on Wellesley. So I guess ratesetters 'Provision Fund' will also go when they get authorisation. How so? There are platforms that have gained full FCA approval that have provision funds, Landbay and LendingWorks are 2 examples.
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 27, 2017 4:57:45 GMT
.One thing I am struggling to learn anywhere is: if a loan within an IFISA product defaults and becomes 'bad debt', can that loss be offset against tax paid on P2P interest not held within the IFISA? I believe the answer to your question on ISA losses is no. Losses within an ISA cannot be used to offset any gains in investments oitside an ISA. As I understand it this applies to any tax sheltered product, S&S ISAs & SIPPs as well.
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 26, 2017 16:52:18 GMT
Not much to say so far really. Its only been around a few months, you put your cash in and leave it there. 6.5% (plus any signing up bung). One month rolling, so exit most any time. Its a growing business with plans to expand no doubt. In my seemingly endless quest to find new and better homes for my money I thought I'd look at Growth Street and I have a question re 4thWays recent 5/5 assessment of Growth Street. They dismiss many "other" platforms as " too small", " too new" or " too rubbish" and clearly attempt to put Growth Strret in none of those categories by saying this. Whilst I cannot comment on the "rubbish" comparison by my rules of measurement Growth Street is both small with only circa £14m of loans and new having only started within the last 6 months or so. Am I missing something here?
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 26, 2017 16:24:58 GMT
As far as I am concerned, this is how I have been told by zopa how to access money, EASILY. www.zopa.com/lending/access-your-moneyNowhere mention not being able to access 100% of money invested. "Please note that non-safeguarded loans where the borrower has missed a repayment cannot be sold." And I have just found out not 100% money can be sold in Zopa Classics, these are safeguarded loans. If you read further down that page you refer to it says the following, important point in bold (my editing). So they clearly state withdrawal IS subject to these conditions. The comment earlier regarding non-safeguarded loans is for loans that pre-date the Safeguard protection howevrr that same restriction does effectively apply to safeguarded loans as well.Hope this helps clear up the confusion You can access more of your money by selling active loans to other investors in the market. For Zopa Classic and Zopa Plus there is a 1% fee associated with this service but there is no fee in Zopa Access.
This service is always available as long as the loans are up to date with repayments and there are other investors looking to buy loans. It's a speedy but not immediate service, as it isn't like an instant access bank account.
We have a fast-growing community of over 60,000 active investors but of course, there’s a chance that if there isn’t enough demand from investors to buy loans, you may not be able to access your money as fast as you’d like to.
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 26, 2017 8:49:59 GMT
For me, Safeguard wasn't a big deal. There was pre-safeguard loans and I was happy to lend in A+/A markets and setting MY RATES. I was happy to choose my risk in pre-safeguard and the return was higher than any safeguard loans. The real issue of Zopa plus is liquidity. Not being able to sell all the loans even if there is no missed payment history, no defaults and no arrears is an absolute joke. FC offers more flexibility to sell a loan with the premium and discount. Thats my point, pre Safeguard you chose the risk band and/or rate and accepted the risk, Zopa Plus and Classic/Access do not but at least Classic/Access have a PF. Will the non-Safeguard replcement replacement product for Classic/Access allow this?
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 26, 2017 8:14:40 GMT
For me, any P2P investment where I have no control in choosing who I lend to or at least the risk band for those borrowers needs to include some form of risk pooling across all lenders. Safeguard and the RS PF provides this to an acceptable degree IMHO. The lack of investment control and no PF is the reason I chose not to go with Zopa Plus despite the potential upside. If I wanted to be involved in a blind lottery I would play The Lotto  |
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 26, 2017 6:18:19 GMT
I will be interesting to see which way this pushes RS. They could either, A/. Make a big fanfair about their (now almost unique in their marketplace) Provision Fund, or B/. Abandon it with a very very large sigh of management relief. Based on their current lack of need to encorage any new lenders I would put my money on B.
So where does that leave the P2P plan.....
FC - exiting due to switch to low fixed rate SME and property loans now gone
Zopa - exiting due to low rates on classic, don't trust returns on Plus and now Safeguard kicked into touch
RS - exiting due to low rates and declining confidence in PFs ability to survive effect of move to potentially higher risk (in downward economic cycle) SME lending
Wellesley - Out due to low renewal rates and concerns over recent lack of loan origination
So basically this only leaves a handful of credible perceived lower risk non-SME/property develpoment/bridge platforms like LendingWorks and Landbay but here rates are dropping as well. The only other option is to go swimming with the 12% sharks......
|
|
happy
Member of DD Central
Posts: 397
Likes: 497
|
Post by happy on May 19, 2017 14:11:18 GMT
Well there is no point making too much money for your later life as all but £100k could now go on your old-age care costs Never mind oldgrumpy , it's the weekend tomorrow and there's an outside chance it might not rain the whole time...... |
|
