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Post by Ton ⓉⓞⓃ on Aug 4, 2014 17:52:17 GMT
The Stourbridge Development (56) has new info. I think they're saying an update is coming but it might be delayed a couple of weeks to coincide with a drawdown update. Can someone confirm my understanding of it?
I think it might be useful to have a thread that highlights to Lenders anything interesting/useful that appears on the 'Recent Activity' tabs on any of the loans.
When the New Site kicks off this may become redundant or perhaps I'll rename it, if that's okay.
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j
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Post by j on Aug 4, 2014 20:24:37 GMT
That is very well spotted Ton ⓉⓞⓃ. Will wait & see what further updates come back with |
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Post by davidricketts1 on Aug 5, 2014 8:23:25 GMT
The Stourbridge Development (56) has new info. I think they're saying an update is coming but it might be delayed a couple of weeks to coincide with a drawdown update. Can someone confirm my understanding of it? I think it might be useful to have a thread that highlights to Lenders anything interesting/useful that appears on the 'Recent Activity' tabs on any of the loans. When the New Site kicks off this may become redundant or perhaps I'll rename it, if that's okay.
I can Ton (as I'm in charge of the updates).
MS is to visit over the next couple of weeks to provide lenders with the 6 month update report although this isn't likely to tie in with a further drawdown request (not expected for a couple of months or so).
Going forward, I'll be looking to use the Recent Activity Tab more and more to provide status updates on individual loans (notwithstanding the fact there are only so many hours in the day and I'll also be looking at the credit sanctioning of the new loans you all like to see...)
Anything major will be emailed to the loan unit holders within the individual loan before being posted on the Recent Activity tab.
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Post by Ton ⓉⓞⓃ on Aug 5, 2014 10:12:00 GMT
I can Ton (as I'm in charge of the updates).
MS is to visit over the next couple of weeks to provide lenders with the 6 month update report although this isn't likely to tie in with a further drawdown request (not expected for a couple of months or so).
Going forward, I'll be looking to use the Recent Activity Tab more and more to provide status updates on individual loans (notwithstanding the fact there are only so many hours in the day and I'll also be looking at the credit sanctioning of the new loans you all like to see...)
Anything major will be emailed to the loan unit holders within the individual loan before being posted on the Recent Activity tab.
Separate reports then, thanks for the clarification. I didn't want to bother anyone unnecessarily.
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Post by Ton ⓉⓞⓃ on Aug 13, 2014 9:02:58 GMT
Just for your information.
There's been what seems to be an encouraging answer giving in the Q&A of South Manc. Bridge (94) to say that they "categorically" will be making the final repayment as expected. But AC are awaiting more details.
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Post by mrclondon on Sept 3, 2014 20:47:57 GMT
Kent Bridging Loan (# 84) had an update to recent activity today, with an explanation that planning permission was rejected, but a new application is to be made. The previous update (6th June) saying planning had been approved has been deleted, but the answers to two of the questions still state that planning permission has been received.
With repayment due in 2 months 5 days, I wonder how they expect to repay - the credit report mentioned re-finance onto development finance (no longer possible in the time frame) or sale of the site (not being contemplated at present).
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baz657
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Post by baz657 on Sept 3, 2014 22:19:57 GMT
Thanks for spotting that mrclondon. Changes as important and significant as that should be sent to all investors in the loans as soon as it's posted - how many people actually go and look regularly at all their loans? |
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Post by Ton ⓉⓞⓃ on Sept 3, 2014 22:30:09 GMT
Thanks for spotting that mrclondon. Changes as important and significant as that should be sent to all investors in the loans as soon as it's posted - how many people actually go and look regularly at all their loans? It might just be possible at the moment for someone who's always on line, but as the number of loans multiply- No it's impossible to keep track. So thanks to mrclondon for spotting... No one's selling just now, I've adjusted my AI mandate to stop buying, I hadn't picked up any anyway.
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mikes1531
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Post by mikes1531 on Sept 4, 2014 1:23:03 GMT
Thanks for spotting that mrclondon. Changes as important and significant as that should be sent to all investors in the loans as soon as it's posted - how many people actually go and look regularly at all their loans? I certainly don't. I've been making a concerted effort to diversify my AC holdings, so I now have parts of about 50 loans. There's no way I can keep up with happenings on all of those, a situation exacerbated by the need to check in two different places for updates for every loan. I do hope the new website -- whenever it finally arrives -- consolidates this info into just one place. In the meantime -- and perhaps even afterwards -- an email to affected investors does seem to be very appropriate.
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Post by Ton ⓉⓞⓃ on Sept 4, 2014 9:57:36 GMT
E-T*****Y update or should I say non-update, some seem to be selling.
I'm guessing it's to do with the legal situation of the RHI change back in 2012 (I think).
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j
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Post by j on Sept 4, 2014 15:41:01 GMT
Kent Bridging Loan (# 84) had an update to recent activity today, with an explanation that planning permission was rejected, but a new application is to be made. The previous update (6th June) saying planning had been approved has been deleted, but the answers to two of the questions still state that planning permission has been received. With repayment due in 2 months 5 days, I wonder how they expect to repay - the credit report mentioned re-finance onto development finance (no longer possible in the time frame) or sale of the site (not being contemplated at present). Reply to a q on AC Q&A states that it was a case of crossed wires with introducer, whereby AC thought PP was already granted, when introducer meant they were submitting plans! Hope this doesn't get repeated again when you consider there's a £500k+ investment at stake!
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mikes1531
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Post by mikes1531 on Sept 4, 2014 15:53:33 GMT
Kent Bridging Loan (# 84) had an update to recent activity today, with an explanation that planning permission was rejected, but a new application is to be made. The previous update (6th June) saying planning had been approved has been deleted, but the answers to two of the questions still state that planning permission has been received. With repayment due in 2 months 5 days, I wonder how they expect to repay - the credit report mentioned re-finance onto development finance (no longer possible in the time frame) or sale of the site (not being contemplated at present). Reply to a q on AC Q&A states that it was a case of crossed wires with introducer, whereby AC thought PP was already granted, when introducer meant they were submitting plans! Hope this doesn't get repeated again when you consider there's a £500k+ investment at stake! The knock-on effect is that I think this loan is pretty much guaranteed to either default or need extending. Without the planning permission having been granted at the time the loan was taken out, the idea that permission could be obtained, the redevelopment done, and the loan repaid, within six months does seem rather ambitious/optimistic -- unless the intended plan was that as soon as the permission was granted the security would have increased value and it therefore would be easier to obtain development financing at a better rate and pay off the AC loan.
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kermie
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Post by kermie on Sept 4, 2014 18:49:47 GMT
The knock-on effect is that I think this loan is pretty much guaranteed to either default or need extending. Without the planning permission having been granted at the time the loan was taken out, the idea that permission could be obtained, the redevelopment done, and the loan repaid, within six months does seem rather ambitious/optimistic -- unless the intended plan was that as soon as the permission was granted the security would have increased value and it therefore would be easier to obtain development financing at a better rate and pay off the AC loan. I concur. I reviewed the credit report in light of mrclondon's update (much thanks), and I'm not panicking quite yet. Certainly an extension or default is a high probability, but I don't think we're staring at a loss as yet - the credit report and valuations accounted for a time-limited sale if necessary with a small margin. That said, I would have been more comfortable had PP been approved! I am still inclined to believe that with a revised submission for PP, this could get back on track in due course. I think you'll find that at 15%, lenders will not be sooo quick to off-load these. Anyone any idea what the default rate on this one will be (the typical 18% does not seem to be that much of a penalty/uplift, frankly)?
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j
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Post by j on Sept 4, 2014 19:12:41 GMT
London Software loan (100) now reverted to pre-bid status due to issues with security. Update in overview. You can now cancel pre-bis if so wished,a few have done so already by the looks of it.
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mikes1531
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Post by mikes1531 on Sept 4, 2014 19:32:20 GMT
London Software loan (100) now reverted to pre-bid status due to issues with security. Update in overview. You can now cancel pre-bis if so wished,a few have done so already by the looks of it. Pre-bids plus underwriting total £4446 less than the £100k requested. Presuming that the underwriter amount is the same as it was before the reversion, then it would appear that £4446 of bids have been withdrawn. Have AC ever stated the what the impact of such a reversion is on the delayed drawdown interest that had been accruing? In this case, 4% interest has been accruing since 18/Aug. If the loan falls apart completely, then I expect the promised interest probably will evaporate. But if the deal eventually does go ahead, do lenders who have now withdrawn their bids still remain entitled to the promised interest?
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