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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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 Verfasst am: 09.04.2021, 13:45 Titel: Re: Assetz Capital Erfahrungen (UK) |
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| Zitat: | As last month marked the 12-month anniversary of the UK entering its first lockdown, the rapid delivery of vaccines to those most vulnerable, has given us all a renewed sense of hope that life will return back to some semblance of normality.
The impact of the Coronavirus pandemic presented significant challenges for us and the wider investment market. In this turbulent environment we’ve needed to act quickly and adapt to help safeguard your investments.
The Access Accounts departure from Normal Market Conditions back in March last year created a significant strain on liquidity and the ease of withdrawals, which we understand has been difficult for some investors. Although it was anticipated that liquidity might slow in adverse economic conditions, these accounts have continued to pay healthy target interest rates during this time. We do appreciate however that our investors have previously been used to much higher levels of liquidity and we’d like to thank you for your patience during this difficult time.
Now that we’re a year on, we wanted to share some of the learnings and changes we’re making as a result of the global pandemic. Over the last year we have had to make a number of changes in response to the unprecedented and rapidly-evolving circumstances arising from COVID-19. In each case, our goal was to maintain platform stability and to preserve both your capital and your interest but we appreciate that the pace of the changes, short time frames and even some of the changes themselves were difficult. We want you to know that we have looked carefully at what has happened in the world over the course of the last year and sought to learn from it with a view to being better prepared should anything similar happen in the future – after all, it’s only unprecedented that first time.
The output of this is having plans for dealing with some of the things that have happened since March 2020, should those things reoccur. This should strengthen the platform going forward and also gives us an opportunity to share some of our findings and our plans with you, improving transparency and giving you a much better idea of what would happen. Hopefully, we will never see another COVID-19 but if we do we want you to know, as far as is possible, what to expect and we want the ride to be “less bumpy” if at all possible.
In this email we’ll outline the key changes that we’re making to improve the overall investment experience and further help you to understand how the accounts will work in normal market conditions and in times of crisis.
The Access Accounts
Before the pandemic, the Access Accounts (AAs) always enjoyed high levels of liquidity and investors were able to make withdrawals almost instantly. Whilst we see this becoming possible once again in the near future and potentially for much of the next economic cycle, we wanted to give you an even clearer understanding about how the accounts will operate.
As you are aware, the AAs aim to hold a certain amount of cash as “liquidity” partially to help facilitate future funding commitments of existing development loans within your portfolio and also to help the delivery of withdrawal requests above and beyond normal supply and demand on a day-to-day basis.
We understand that many investors have been frustrated with the speed of withdrawals over the last year. We’ve taken a number of steps to enhance the robustness of the AAs and going forward we want to provide you with more information on the liquidity of the AAs and improve our transparency.
We are further improving the operation of the AAs to automatically adapt to market conditions and levels of cash within the accounts. The AAs will operate differently depending on the amount of cash held within them and will fall into one of the following categories: Minimum Operating Level, Funding Commitments Met Level and on or above the Maximum Support Level.
To help you understand what that means for you and your investments, and to increase transparency, we’ve explained on a dedicated web page how each of the levels work and the amount of liquidity you should expect going forward. |
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 18.04.2021, 18:24 Titel: Re: Assetz Capital Erfahrungen (UK) |
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https://www.youtube.com/watch?v=qY0A3tv7VZ4
(hab nur die erste halbe Stunde geschaut)
ca. 17:00 Marktsituation ist gut für Assetz
ca. 25:00 Einfluss der Schließungen anderer UK Plattformen
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 27.04.2021, 00:52 Titel: Re: Assetz Capital Erfahrungen (UK) |
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Die Withdrawal Queues in den Access Accounts sind abgearbeitet.
Alle ausstehenden withdrawals sind heute in meinem Cash Account verfügbar.
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 25.05.2021, 22:38 Titel: Re: Assetz Capital Erfahrungen (UK) |
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In den nächsten beiden Wochen will Assetz Capital* wieder mit der Vergabe neuer Kredite die auch für Privatanleger offen sind, beginnen.
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 07.06.2021, 19:56 Titel: Re: Assetz Capital Erfahrungen (UK) |
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| Zitat: | In late April 2021, the Access Accounts returned to Normal Market Conditions, which meant that withdrawals could once again be processed within one business day at par value. As the Access Accounts have normalised, we’ve seen a steady increase in new investment and strong loan redemptions, which have together increased the Access Account cash balance.
Whilst we had anticipated restarting retail loan origination in May, it is slightly behind schedule, which has contributed to a substantial growth in uninvested cash held in the accounts. The pace of retail origination is largely a result of the closure of the Coronavirus Business Interruption Loan Scheme (CBILS) to new applicants after 31st March 2021, which caused a surge in last-minute applications. We have needed to prioritise our efforts to process these applications before the deadline, to ensure that borrowers receive the financial support needed to keep moving during the pandemic.
As a result of the above, the Access Accounts are now over-funded temporarily and currently do not have the capacity for new investment. This was very common in the early days of the Access Accounts and is the case again for now as we restart lending. Therefore, it is now necessary for the accounts to operate a temporary queuing system for new investment, as well as to taking steps to reduce the uninvested cash balance as outlined in our Automatic Operating Level webpage.
What does this mean for my investments?
Whilst the Access Accounts are over-funded, any new money destined for the Access Accounts will not be immediately invested or become interest-bearing until the accounts have the capacity to accept new funds. You will still be able to set new investment instructions which will then join the queue to be invested. However, it is likely that investment into new loans will be operating at a slower pace in the short term as the accounts get back up to full speed of funding the new lending that's in the pipeline.
Also, as described on our Automatic Operating Level web page, the Access Accounts will take steps to reduce any excess amount of cash they hold. This will be done by returning a proportion of the cash held by each investor as part of their Access Account investments. The amount will be calculated on a pro-rata basis of the total holdings in each Access Account for both standard and IFISA and will be returned to the investors’ respective cash accounts, where it will be automatically queued for reinvestment. Please note that this does not involve the sale of any of your loans: this is the return of part of the surplus cash held within the Access Accounts at a time when that cash cannot be invested due to a temporary lack of loans.
It’s important to understand that this return of cash will slightly reduce your total Access Account investments and any funds returned to your cash account will no longer be interest-bearing until such a time as the Access Accounts can accept new funds. In order to help minimise the time funds are uninvested, all returned cash will be automatically queued and prioritised for reinvestment ahead of any new investments. We’ll also send you an automated email to let you know when funds have been returned to your cash account to ensure you are kept informed of changes to your investments.
We are making every effort to speed up our retail loan origination and we now expect to see new loan flow in the coming weeks. We want to thank you for your patience as we move back towards normal retail lending.
We’ll keep you updated with our progress over the coming weeks, however if you have any questions please contact our Investor Team on 0800 470 0430 (Option 1), via Live Chat or email enquiries@assetzcapital.co.uk. |
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 06.08.2021, 13:34 Titel: Re: Assetz Capital Erfahrungen (UK) |
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Geschäftsbericht von Assetz Capital* (bis 31.03.2021) weist ordentlichen Gewinn aus
https://find-and-update.company-information.service.gov.uk/company/08007287/filing-history
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Oktaeder
P2P Legende
Anmeldedatum: 13.07.2010
Beiträge: 10178
Wohnort: Bei Karlsruhe
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 07.04.2022, 20:28 Titel: Re: Assetz Capital Erfahrungen (UK) |
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Stuart Law ist jetzt live im Interview bei Laurence
https://www.youtube.com/watch?v=6dxIsYwA-y0
nach rund 20 Minuten: Stuart erwartet, dass die Queus (Warteschlagen) die auf Einzahlung in die QAA Accounts warten, sich Mitte dieses Monats erstmals wieder bewegen
die Anforderungen durch die Regulierung sind deutlich gesteigen. Das Appointed Representative scheme, dass Stuart immer für schwach hielt ist weggefallen. Stuart erwartet nicht noch mehr Regeln, aber er sieht dass die FCA die bestehenden Regeln nun strikter durchsetzt. Dadurch seien die potentiellen kosten für den Start einer neuen Plattform enorm gesteigen. Stuart schätzt diese auf rund 1 Mio. Pfund, ein Vielfaches dessen was der Start einer Plattform vor Jahren gekostet hat.
Assetz stehen Finanzierungslinien von Institutionellen in Höhe von rund 2 Mrd über die nächsten 2-3 Jahre zur Verfügung. Er setzt aber weiter auf einen Finanzierungsmix, in dem auch die privaten Anleger eine Rolle spielen.
Stuart verweist auf den Impact Report 2022
https://www.assetz.com/wp-content/uploads/Assetz_Impact-Report_January_2022.pdf
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 13.05.2022, 10:39 Titel: Re: Assetz Capital Erfahrungen (UK) |
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| Zitat: | Lender Bulletin
Dear Claus,
I hope that you and your families are well.
It’s nine years since Assetz Capital* was founded and we’re now the largest active Peer-to-Peer lender in the UK. I want to reconfirm our commitment to retail investors and assure you that Assetz Capital* continues to be a valid option for your investments, both now and in the future. We are confident that we can meet investor demand for fair returns while making a tangible difference to the UK’s housing market and SME business funding needs, for more information see our latest Impact Report here.
We are now at the beginning of the new tax year, and we want to make it very clear that there is a home for your IFISA at Assetz Capital* – whether that is using your current financial year £20,000 tax-free* investment allowance to make new contributions, or transferring in both current financial year or unlimited amounts of previous financial year subscriptions from other providers, some of whom may have now closed their IFISA either for the season, or permanently.
We have a growing pipeline of loans expected to drawdown during May and the coming months. This can be viewed in the platform dashboard under Marketplace- Pipeline Loans.
In the current low interest rate, high inflation environment we believe that our Peer-to-Peer lending products are more appealing than ever to private investors with the added benefit of positively contributing to our society at the same time.
We have plans to significantly scale up our operations over the coming year and will continue to aim to provide our investors with attractive returns- which given the current surge in inflation impacting our cost of living, have never been such a necessary income for so many people.
Thank you for your continued support.
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Sascha-K
Anmeldedatum: 18.08.2017
Beiträge: 402
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 29.11.2022, 17:00 Titel: Re: Assetz Capital Erfahrungen (UK) |
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Ja kam gestern abend per Email. Sehr unschön.
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Sascha-K
Anmeldedatum: 18.08.2017
Beiträge: 402
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| Verfasst am: 29.11.2022, 17:09 Titel: Re: Assetz Capital Erfahrungen (UK) |
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| Claus Lehmann hat Folgendes geschrieben: | | Ja kam gestern abend per Email. Sehr unschön. |
Unschön? Es ist eine Frechheit, wenn mein nicht investiertes Geld nicht ausgezahlt wird oder werden kann. Ist das Geld, welches als verfügbar angezeigt wird, also nur eine Zahl im Account und gar nicht vorhanden? Sowas gab es doch schon einmal - bei Grupeer. Sind die reguliert? Falls sie es sind, möchte ich mal wissen, was die FCA dazu sagen würde. Zum Glück bin ich nicht investiert. Die ganze P2P-Welt ist doch nichts weiter als eine Pommesbude.
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BDC-Investor an der Börse |
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Oktaeder
P2P Legende
Anmeldedatum: 13.07.2010
Beiträge: 10178
Wohnort: Bei Karlsruhe
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| Verfasst am: 29.11.2022, 18:23 Titel: Re: Assetz Capital Erfahrungen (UK) |
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Sehr schräg. Warum tun sie das? Wenn es Geld in einer cash-Position ist, sollte es ja per definitionem liqide sein - anders als damals mit Bondoras go&grow Geldern.
Oder haben die Kundengelder irgendwo geparkt?
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Mein Blog rund um p2p Kredite
Bondora/XIRR ca. 12%/ Investiere per API.
Stand 9/2023
Weitere Anlagen bei Swaper*,peerberry,afranga,lendermarket und estateguru |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 29.11.2022, 18:28 Titel: Re: Assetz Capital Erfahrungen (UK) |
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Hier das Email von gestern 22:15
| Zitat: | Dear Claus,
Over the last year we have finally seen substantial rises in bank interest rates after well over ten years of them languishing at near zero levels. This has led to the Access Accounts becoming less competitive than they were versus rates offered for some bank savings products.
Access Accounts
We recently raised the rates on the Access Accounts and saw healthy net inflows of capital for a period. However, after continued interest rate rises, the Access Accounts are not now attracting further new capital on a net weekly basis, and we instead are seeing modest net outflows.
If this was allowed to continue, then existing loans within the accounts that had future funding commitments, such as development loans with monthly draw down requirements, may not be in a position to be funded. The accounts have to be able to service future funding requirements of existing development loans as a development can lose substantial value if funding ceases mid-development and this is something we always seek to avoid as investors, as well as borrowers, would often see material losses as a result. In order to avoid that situation, we have taken the difficult decision to start to carefully manage withdrawals from the Access Accounts to prioritise all existing development loans being fully funded to completion. We have now entered Non-Normal Market Conditions as defined here. These changes to withdrawals are envisaged under and described in our terms and conditions and the published account operation rules.
As of today, withdrawal requests from the Access Accounts will need to be matched to new investment coming into the account. This means that if, for example, a new investor wished to invest £1,000 into the Access Accounts, they would replace the next queued investor/s wishing to withdraw £1,000. This matching will be applied at the time of a withdrawal request being ready to be processed, so after any notice period required for the 30 Day and 90 Day accounts. A queue of withdrawal requests will be in operation, sorted by date of request plus any notice requirement. For example, a Quick Access Account withdrawal request would be immediately added to the back of the queue and a 90 Day Access Account would be added to the back of the queue 90 days after the withdrawal request.
This matched withdrawal and investment process will continue until such time as all of the loans that Access Account investors hold within those accounts, and that have future funding requirements, are fully funded. After that time, withdrawals will move to being funded by both new investment and also ongoing loan redemptions and repayments. We expect that to happen in around 12 months’ time unless circumstances change.
No new loans will be funded by the Access Accounts whilst we are in these Non-Normal Market Conditions in order to speed the withdrawal process.
Higher interest rate loan investments
The Access Accounts hold a substantial number of loans originated during the period of lower interest rates and do not yet permit any further increase in target rates than we presently offer. In making the decision to queue withdrawals detailed above we considered whether gradually adding new loans to the Access Accounts at higher interest rates would lift potential Access Account payable interest rates relatively quickly, but this is not the case; it would take a considerable period for the higher rates payable on newer loans to raise the blended rate of all loans presently within the Access Accounts.
Instead, we are presently considering ways to provide our investors with immediate access to the higher interest rates provided by our more recent lending activity. Whilst these more recently originated higher interest rate loans (often 7% or more) are available today in the Manual Lending Account, we know that manually selecting loans for investment is not for everyone. We are therefore looking at the potential for a new higher interest automated account, or an easy auto-invest process applied to the Manual Lending Account.
We would welcome your views this week on investing in a new higher interest rate account on a short survey. |
Meines Erachtens ist das Problem:
Die Niedrigzinsphase ist vorbei. Die UK Anleger können stattdessen ihr Geld zu rund 2,5% bis 3% auf Konten mit staatlicher Einlagensicherung anlegen.
Also müsste Assetz Capital* die Zinsen erhöen. Können sie aber nicht, da das zugrunde liegende (langlaufende) Portfolio auch nur zu 5-7% verzinst ist.
Folge: Immer mehr Anleger wollten ihr Geld von den Access Accounts abziehen. Geht aber auch nicht (so schnell) da es eben in langfristig laufende Kredite investiert wurde.
Ergo der Schritt von Assetz* gestern.
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Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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Claus Lehmann
Site Admin
Anmeldedatum: 31.08.2007
Beiträge: 17508
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| Verfasst am: 15.12.2022, 14:32 Titel: Re: Assetz Capital Erfahrungen (UK) |
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Bei Assetz Capital* endet die Zeit der Privatanleger. Wie diverse andere britische Plattformen konzentriert sich Assetz Capital* ab sofort nur noch auf institutionelle Anleger
Bedeutet nach meinem Verständnis nach dem ersten Lesen:
+ Verbliebenes Geld in den Access Accounts wird auf unbestimmte Zeit nicht abziehbar sein, da erst bei Rückzahlungen automatische Auszahlungen auf das Cash Account erfolgen
+ zwar wird das Geld verzinst (mit 4% im QAA) aber Assetz* berechnet stattliche Gebühren
| Zitat: |
Through to end of June 2023 - 2.9% pa of performing loans
July to December 2023 - 1.4% pa of performing loans
January 2024 onward - 0.9% pa of performing loans
(This equates to an average fee level of 2.15% for the first 12 months and a 5 year effective fee of 1.15% pa) |
Die Mitteilung:
| Zitat: | Dear Claus,
Over the last year we have finally seen sharp and substantial rises in bank interest rates after well over ten years of them languishing at near zero levels. This has led to the Access Accounts and our other products becoming less competitive than they were versus rates offered for some bank savings products. We recently raised the rates on the Access Accounts and initially saw healthy net inflows of capital. However, after continued bank interest rate rises, retail investors were withdrawing capital on a net weekly basis.
In our last e-mail, we said that we would consider ways to provide our investors with immediate access to the higher interest rates provided by our more recent lending activity. Whilst these more recently originated, higher interest rate loans (often 7% or more) are available today in the Manual Lending Account, we know that manually selecting loans for investment is not for everyone and have not seen high enough levels of demand for those loans.
We also looked at the potential for a new higher interest automated account, or an easy auto-invest process applied to the Manual Lending Account. We also polled our investors to add this feedback to our thinking on the retail investment part of our business. Unfortunately, we did not see substantial demand for a new higher interest rate account as a result of that poll. We also reviewed the wider market and saw that there were no substantial levels of net new investment taking place elsewhere in the peer-to-peer space.
As a result, we have reluctantly made the decision to close the retail platform and conduct a solvent run-off of the retail loan book. Assetz Capital* will become a 100% institutionally funded lender from now onwards in order to continue achieving its aim of making finance accessible to borrowers and providing growing and valuable support to the house building and care industries. This is not much of a change in reality as around 80% of all lending has been institutionally funded since early 2020, since the commencement of the pandemic.
We have notified the Financial Conduct Authority of our intentions. Please note that Assetz Capital* will continue to be authorised and regulated by the Financial Conduct Authority during the run-off.
We were originally founded to support retail access to fair returns over a period of relatively poor returns elsewhere. We have always operated on a “retail first” basis and have repeatedly said that we would always do that whilst investors wanted what we produced. With almost no demand today from retail investors for the products that we can offer in the face of higher interest rates and the wider economic conditions at present, we must move on in order to effectively support the continued growth of the small housebuilder and to give SME businesses access to capital in the form of property secured lending.
It has been really rewarding to have had our retail investors earn £170m+ gross interest over the last 10 years and we are glad to have played a part in helping people through that low-income period.
Our other business aims remain just as strong, even stronger given larger expected funding lines into 2023.
For our retail investors there will be many questions about what does this change mean for you?
We provide further details in our blog here and also below, but in summary:
The platform will continue to operate for existing investors and you will be able to access information regarding your account and withdraw available uninvested funds from your cash account in much the same way as you do at present.
We will continue to monitor and manage your loans, collect interest and return capital over time as loans redeem (subject to the other information provided in this message).
We will continue to pursue recoveries on your behalf on loans which require this, including any loans which fall into recoveries in the future, with the aim of achieving the best possible outcomes for lenders under the circumstances.
We remain committed to providing investors with an appropriate level of service throughout the run-off period.
However, please note that:
No new money should be deposited on the platform and any uninvested cash in your cash account should be withdrawn as quickly as possible – this cash is not interest-bearing and could be serving you better elsewhere.
Spare cash in any investment accounts will be moved out to your cash account automatically, subject to the detail below.
As loans are repaid or interest is received the cash will be moved to your cash account for withdrawal, subject to the detail on each investment account below and specifically the Access Accounts will continue to reinvest all loan redemptions and spare cash into the funding of ongoing development facilities for a period, as described below.
No new ISAs should be set up. Customers with an existing ISA should take care to preserve the tax status of their ISA by arranging a transfer out rather than withdrawing funds to their bank account as withdrawal may cause the loss of the ISA tax-free status.
All buy and sell orders on the Manual Lending Account have been deleted and no trading is now possible.
The Access Accounts have ceased to trade and a detailed explanation is below. The recently enabled withdrawal queue has been removed from the Access Accounts and all investors will receive pro-rata capital per loan redemption to their cash account once that process starts.
Capital will be returned to you as quickly as possible and interest will be provided in the usual way.
A lender fee will be charged again, to cover costs of the running off of the loan book without the benefit of any new lending income from retail funds.
Each investment account also has its own detailed explanation below and should be read in conjunction with the information above, the blog and the FAQs published on our website.
Assetz Capital remains regulated and will continue to manage any complaints in the same way as it does at present. Our Complaints page may be found here.
Access Accounts
As advised on 28/11/2022, the Access Accounts are in Non-Normal Market Conditions as defined here.
We recently gated withdrawals from the Access Accounts in order to maintain capital levels for a period of time. Not doing so could have meant that existing loans within the accounts that had future funding commitments, such as development loans with monthly draw down requirements, may not have been in a position to be funded and that could have led to significant losses for lenders if in-flight developments were to fail. The accounts have to be able to service future funding requirements of investors’ existing development loans as a development can lose substantial value if funding ceases mid-development. This is something we must avoid as investors, as well as borrowers, may see material losses as a result. In order to avoid that situation, we took the difficult decision to cease withdrawals from the Access Accounts to ensure that all existing development loans will be fully funded to completion. These changes to withdrawals are envisaged and described in our terms and conditions and the published account operation rules.
We had been operating a queue system for withdrawals since we gated the accounts. Now that we have made the decision today to cease retail investment as a platform, withdrawal requests from the Access Accounts will no longer be processed and withdrawals will commence again automatically once all existing development loans are fully funded. We expect that process to commence in a number of months’ time and cannot provide more detailed guidance on timing today due to the nature of that lending. Withdrawals to your cash account will be automatic and pro-rata to your holding in each individual loan that redeems, once withdrawals commence again.
For those of you with holdings within the 30 Day Access Account and the 90 Day Access Account, notice is served as of today and once the notice period expires you will be invested within the Quick Access Account ready for automatic withdrawal. The target rate of the QAA will be 4% pa. We do not expect withdrawals to commence before these notice periods expire so everybody would be expected to be treated in the same way.
We expect Access Account investors will be able to withdraw capital from redemptions starting in approximately six months’ time based on present estimates and will keep investors informed. Interest will continue to be paid to your cash account monthly.
MLA and other Older Investment Accounts
No new loans will be provided within the manual lending account and so further investment will not be possible. The MLA marketplace will also cease to operate as of today meaning you cannot trade out of or into other loans. Instead, once loans redeem or repay capital partly or pay interest the cash will be transferred to your cash account for withdrawal.
We expect MLA investors will be able to withdraw capital from this month onwards. Interest will be received from day to day as it does at present.
Lender Fees
The ceasing of new retail lending means a significant drop in our income for the retail part of the business. We are in the process of reducing overheads to match this new permanent state and in the meantime, have calculated the following Lender Fees to be applied to cover the anticipated costs of adjusting the business to a run-off footing then managing the loan book through run off and returning capital to investors.
Through to end of June 2023 - 2.9% pa of performing loans
July to December 2023 - 1.4% pa of performing loans
January 2024 onward - 0.9% pa of performing loans
(This equates to an average fee level of 2.15% for the first 12 months and a 5 year effective fee of 1.15% pa)
These are estimated fees and subject to review over time. They would be applied to interest received by investors (i.e.: on performing loans only), commencing once software updates are implemented.
Please see more detailed information in the FAQs of our blog.
Other Matters
As a direct result of ceasing new investment across the platform (in any account), the following changes will be made:
The online Q&A on individual loans will cease (but the support desk will continue as well as regular portfolio updates)
Detailed and high frequency lender updates on individual loans and detailed stage drawdown credit reports on individual loans will cease. Less frequent and briefer event driven loan updates will be provided.
The circumstances in which a lender vote is issued will be reduced
Capital value calculations will cease as loan trading has ceased
Other simplifications may follow in due course in order to reasonably control costs which might otherwise have to be passed on as part of a lender fee.
We have set up a page which includes all of this initial information and which will be updated over time during the run-off. This page can be found here.
We appreciate that this will not be welcome news, particularly if you were still actively investing with us. However, it is not possible for us to continue to operate in the retail space when our offering is not sufficiently attractive, in this sudden high interest rate environment, to attract sufficient investment to allow us to continue to originate loans for the retail platform economically. It is with regret that we have had to make the decision to perform a solvent run-off of the retail book and return cash to investors as quickly as is practical. We remain committed to servicing our borrowers and returning funds to our retail investors as swiftly as possible, subject to everything that we have explained above.
Thank you for your understanding and for being a customer of Assetz* Capital. Some of you have been with us nearly ten years and it is appreciated.
If you have any questions or queries please contact our Investor Team on 0800 470 0430 (Option 1), via Live Chat or email enquiries@assetzcapital.co.uk |
_________________
Meine Investments (aktualisiert 03/22):
Laufend: Bondora*, Investly*, Estateguru*, Ablrate*, Moneything* (Rest), Crowdestate* (Rest), Fellow Finance* (Rest), October* (Rest), Linked Finance*, Lenndy* (Rest), Assetz*, Plenti, Neofinance* (Rest), Lendermarket*,
Beendet: Smava*, Auxmoney*, MyC4, Zidisha, Crosslend*, Lendico*, Omarahee, Lendy*, Bondmason, Finbee*, Bulkestate*, Zlty, Mintos*, Iuvo*, Robocash*, Viainvest*, Viventor*
Crowdinvesting: Seedrs*, Crowdcube, Housers* (Rest), Reinvest24*, Landex* |
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