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Post by Ton ⓉⓞⓃ on Sept 5, 2014 13:19:41 GMT
Starts 5th Sep 2014 at 5pm
460k, 9.75%, 57.5%ltv
No valuation report yet.
The Cornwall WT is owned by the same co. So this will be there second one with AC.
On starting to read the report it is says PP was refused first time round but agreed on appeal, I hope that's true elsewhere too. The owner is installing it themselves being a professional co.
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mikes1531
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Post by mikes1531 on Sept 12, 2014 14:30:02 GMT
Decent yield, low LTV, good interest cover ... so where's the underwriting? TC just funded another WT loan at 9.5% but AC is still struggling to sell on 3 other WT deals and there are 3 more that have yet to be drawn. Are AC underwriters suffering from a severe case of Wind! If previous loans are an indicator, I'd expect the underwriter cavalry to ride to the rescue... but not arrive until the last day of the auction. Wasn't there one recently where the cavalry was late and AC had to extend the auction by a day or so to finalise the rescue/underwriting? And it might not just be underwriters feeling stretched at the moment, since there have been a few comments here from lenders saying their shadow bidding accounts were at their limit and this was stopping them from bidding as much as they might like.
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Post by davidricketts1 on Oct 30, 2014 14:21:47 GMT
This has drawn down today.
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baz657
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Post by baz657 on Oct 30, 2014 17:52:15 GMT
... and according to the repayment schedule it'll all be fully paid by midnight! Already tagged chris on another thread.
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Post by chris on Oct 30, 2014 20:07:20 GMT
... and according to the repayment schedule it'll all be fully paid by midnight! Already tagged chris on another thread. All fixed
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Post by westcountryfunder on Nov 3, 2014 12:05:47 GMT
There are two perfectly reasonable questions outstanding for this loan which need answering, not originated by me, I might add.
How much longer do we have to wait? Perhaps it is no longer seen as important once a loan has been underwritten and drawn down - job done as far as AC is concerned.
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Post by Ton ⓉⓞⓃ on Nov 26, 2014 16:01:24 GMT
Update
New terms agreed with Borrower see loans page.
Details below
1) Loan to be reduced by £38,769 as an early repayment. This will happen within the next 24 hours.
2) M*******f will make the planned interest payment on 30th November and future payments in line with agreements.
3) Request a side letter from the valuer confirming impact on income generation and therefore the valuation (this has been requested today).
4) On receipt of the valuer’s side letter, to determine a new LTV and loan serviceability cover.
5) Provide a full update with options to the lenders once all information is to hand.
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Post by mrclondon on Nov 26, 2014 16:34:26 GMT
This week I've had a couple of odd experiences where my holding in a loan is displaying more than I actually hold. For example I bought £500 of Falmouth soon after drawdown. My limit is £500 and manual investment is disabled. However since sometime today (?) my holding is shown as £542.15 My manual statement shows no purchases (as you would expect) and I have invested precisely zero in the GEIA. The other instance was a purchase of units of LTL1 on Monday where my holding is now shown as c. £1.50 more than I actually hold. chris , andrewholgate these ongoing account errors are damaging the AC brand. (See accruels thread for more) Somebody needs to get a grip, urgently.
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Post by Ton ⓉⓞⓃ on Nov 26, 2014 16:37:33 GMT
This week I've had a couple of odd experiences where my holding in a loan is displaying more than I actually hold. For example I bought £500 of Falmouth soon after drawdown. My limit is £500 and manual investment is disabled. However since sometime today (?) my holding is shown as £542.15 My manual statement shows no purchases (as you would expect) and I have invested precisely zero in the GEIA. The other instance was a purchase of units of LTL1 on Monday where my holding is now shown as c. £1.50 more than I actually hold. chris , andrewholgate these ongoing account errors are damaging the AC brand. (See accruels thread for more) Somebody needs to get a grip, urgently. It might have something to do with a return on unspend capital from the builders as they didn't get the WT accredited in time. I too have more that my target, with out actually requesting it.
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Post by johnny on Nov 26, 2014 16:40:11 GMT
This week I've had a couple of odd experiences where my holding in a loan is displaying more than I actually hold. For example I bought £500 of Falmouth soon after drawdown. My limit is £500 and manual investment is disabled. However since sometime today (?) my holding is shown as £542.15 My manual statement shows no purchases (as you would expect) and I have invested precisely zero in the GEIA. Has it come to this, can't even give it away 
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mikes1531
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Post by mikes1531 on Nov 26, 2014 16:42:23 GMT
1) Loan to be reduced by £38,769 as an early repayment. This will happen within the next 24 hours. The £38,769 represents the amount of the loan that hadn't been drawn yet. So it's not really a payment from the borrower, it's just an acknowledgement that they won't get any further draw down. AC seem to have tried to adjust the Capital Remaining for this loan to reflect this change, but they've made a mess of it. Instead of decreasing the Capital Remaining amount shown of the loan's web page, they increased it! How could whoever made the change not have noticed the rather glaring error? This has been pointed out to them via a subtle Q in the Q&A, so it could well be fixed by the time you look.
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Post by Ton ⓉⓞⓃ on Nov 26, 2014 16:47:27 GMT
1) Loan to be reduced by £38,769 as an early repayment. This will happen within the next 24 hours. The £38,769 represents the amount of the loan that hadn't been drawn yet. So it's not really a payment from the borrower, it's just an acknowledgement that they won't get any further draw down. AC seem to have tried to adjust the Capital Remaining for this loan to reflect this change, but they've made a mess of it. Instead of decreasing the Capital Remaining amount shown of the loan's web page, they increased it! How could whoever made the change not have noticed the rather glaring error? This has been pointed out to them via a subtle Q in the Q&A, so it could well be fixed by the time you look. Yes I noticed, thanks, but they are or were paying interest on the full sum spent or unspent, in the Borrowers hands or held in escrow (by AC)
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 26, 2014 16:51:44 GMT
Ton ⓉⓞⓃ, mrclondon: I suspect the problem you've observed is related to the error made when AC tried to adjust the Captial Remaining to reflect the upcoming release of the undrawn funds as noted in my previous posting. I suppose we can be grateful that the Aftermarket is closed for this loan, as otherwise AI would be trying to sell your excess holdings right now. For that matter, I'd suggest disabling AI for this loan until the dust settles.
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Post by batchoy on Nov 26, 2014 16:53:16 GMT
This week I've had a couple of odd experiences where my holding in a loan is displaying more than I actually hold. For example I bought £500 of Falmouth soon after drawdown. My limit is £500 and manual investment is disabled. However since sometime today (?) my holding is shown as £542.15 My manual statement shows no purchases (as you would expect) and I have invested precisely zero in the GEIA. The other instance was a purchase of units of LTL1 on Monday where my holding is now shown as c. £1.50 more than I actually hold. chris , andrewholgate these ongoing account errors are damaging the AC brand. (See accruels thread for more) Somebody needs to get a grip, urgently. Same problems, same numbers, same loans.
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oldgrumpy
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Post by oldgrumpy on Nov 26, 2014 17:00:00 GMT
I've just disabled Falmouth (thanks Mike) because I don't trust it not to sell my holding. andrewholgate When will the efficiency of this site be rectified? |
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