Original Amount | The amount the borrower initially asked for |
Amount | The amount that was agreed with the borrower during credit assessment |
Amount Financed | The total amount financed i.e. the full amount the borrower borrowed. To see a breakdown of how this is made up click on either the "financial profile" link or the "application link". Things that could determine the amount:
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Finance Charges | All interest that will be paid + originator commission amount to be paid. The values are based on what was originally agreed and calculated on the finance agreement when it was created / purchased. |
Amount Payable | Amount Financed + Finance Charges |
| Balance | The balance outstanding on the finance agreement i.e. the amount the borrower still owes, excluding any interest accrued that has not been capitalised yet and any fees charged on the finance agreement that have not been recovered. To see a breakdown click on the "Transactions" tab. Remove all the date filter options to see all transactions since inception. Keeping in mind the platform will only display 1500 transactions at a time on the page as displaying more than that on a web page is not feasible. If more than 1500 transactions exist the filter can be used to locate specific transactions. |
Fee Balance | The balance of fees charged that has not been recovered / paid by the borrower i.e. the fees outstanding. When a payment is received from the borrower the fees are deducted first and allocated to the finance company, the balance then reduces the balance and is then split to the investments and the investors. |
Balance Outstanding | Balance + Fee Balance + Interest Accrued. This is the total outstanding balance on the finance agreement. |
Overpay Balance | It could happen that a borrower pays more than the balance plus fee balance. If this a happens the "overpay balance" will increase with the amount overpaid. Once the payment clears and can no longer dishonour, the platform will automatically settle the account by capitalising any accrued interest which will increase the balance and decrease the overpay balance. If there is any money left in the overpay balance it will move the money from the finance agreement, into the fund account for the borrower. The borrower can then sign into the portal and withdraw the over payment. |
Interest Accrued | Interest is calculated based on the method defined under the product. ie.
If the product is set to "compounded interest", the interest is accrued daily on (balance + fee balance) and then the accrued value is capitalised as interest and added to the balance on the capitalisation date. The capitalisation date is the date as per the instalment schedule based on the repayment frequency. When the interest is capitalised the accrued interest value returns to zero and will start accruing again the next day. If the product is set to use "simple interest" the total interest value is calculated upfront and capitalised on the start date of the finance agreement. If simple interest is used, there will never be any accrued interest. |
Interest Remaining | A sum of all the interest in the future as per the amortisation. Keep in mind that the borrower could have made additional payment or not made payments which will mean the interest that is finally capitalised in the future will not be the same as the interest remaining. If however the borrower paid as per the schedule then this will be the interest capitalised in the future. In asset classes and products where the borrower pays as per the schedule this information is useful. |
Unpaid Interest Capitalised | The amount of interest that has been capitalised on the account that has not been recovered through borrower repayments. When a payment is received from the borrower the amount is split to fees, then interest and commission then capital. |
Month to review | Indicates how many months of online bank statements must be reviewed so the finance company can control how far back the check is done |
Finalise listing if 100$ funded | If the listing/application is 100% funded it will automatically be finalised. This will prevent the borrower having to finalise. |
Allow smartfund bidding | Indicates that the Smartfund BOTS engine can be used to automatically place bids for investors on listings / applications. |
Smartfund bids to be approved | Determines if the bids placed by the Smartfund BOTS engine will need to be approved before they are active. If approval is not required the bids are immediately valid and active. |
Maximum no bid count | The maximum number of times an investor can miss out on a bid due to their bid strength not being high enough regardless of the investment segment. This increase their chances and over time ensure a bid is placed. |
Smartfund bid rate | Will determine what the final bid rate will be for each investor when the Smartfund BOTS allocates the bids i.e.
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Minimum and maximum allocation percentage to institutional investor segment | The minimum and maximum percentage of each application that will be allowed for institutional investors to bid on. The remainder will be available for investors that do not fall into the institutional pool. |
Maximum general investors per segment | The Smartfund engine will try to allow only a maximum of X number of “general” (non institutional) investors to bid on an application. This is besides institutional investors that have been allocated an allocation percentage in their mandates. Example if one institutional investor has been assigned 20% allocation percentage, and the maximum investor per application is set to 20 then there could be 21 investors on an application. |
Retry general investors per segment | If the Smartfund engine could not fully fund an application using the maximum general investors per application, it will then try to allocate a minimum number of general investors using this value. |
General investor segment no bid count | The maximum number of times an investor that does not fall into the institutional segment pool can miss out on bidding on an application before their desirability will be set to the maximum. This will increase their chances and over time ensure a bid is placed. |
Residual investors | Residual investors are the “garbage collectors” and will be used to fulfil funding of any applications / listings if other investors in the institutional and general segments are unable to fund the application / listing, if it does not place the residual investor out of mandate. |
Residual rule | If set to “Residual Investor Only” the investor will only receive bids under the residual investor rules. If set to “Residual and investor segment” the investor will receive bids under the residual investor rules as well as the investor segment rules they fall under. |
Deposit received as | If set to “Part of first instalment”, the first payment will include the deposit amount. If set to “Not Activated”, no transaction will be generated for the deposit as it is assumed this is handled outside of the platform. If set to “As a Separate Payment”, an instalment will be generated for the deposit amount on the deposit date supplied. |
Establishment Fee Payment Method | If set to “Include in Amortisation”, the establishment fee is added to the contract when the credit rating is assigned to the application. This allows for different fees to be added to different risk profiles. The fee is added to the amount financed and included in the contract amortisation calculations If set to “paid in first instalment” value is set to true, the following will take place
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Use for expenses in NDI | Indicates how expenses will be used in the surplus calculation, i.e. will COL be used, or HPI or HEM or the living expenses as defined by the borrower or will a comparison be made. |
Calculate NDI expenses as | If a comparison is being done, the different comparisons that can be made i.e.
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Discount expenses | Part of the expense, including the final expense value after comparison, can be discounted. You will be able to specify which part is discounted and if it discounted by an amount of pro rata of income |