ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 23, 2014 14:35:40 GMT
I see FK are now moving into Bridging Loans like FC. Interesting to see how their rates compare to them & the rest in that space. Wonder if it will have any impact on SS as they are also South Coast based.
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min
Member of DD Central
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Post by min on Sept 23, 2014 16:36:22 GMT
I see FK are now moving into Bridging Loans like FC. Interesting to see how their rates compare to them & the rest in that space. Wonder if it will have any impact on SS as they are also South Coast based. Indeed. We wait with baited breath (not really - just a level of interest).
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jhma
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Post by jhma on Sept 23, 2014 17:18:08 GMT
Indeed again!
I wonder how Funding Knight will address the two issues common with bridging loans on AC and others, namely:
1) delayed drawdown after auction close due to various reasons, mitigated to some small extent by what seem to be rather ad-hoc arrangements for compensatory interest payable on eventual drawdown?
2) non-repayment at end of term due to delayed/problematic sale or refinance forcing loan rollover and/or default interest rates accruing till eventual (we trust) repayment?
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Post by nicky on Oct 9, 2014 13:28:01 GMT
Huge apologies all, having just come back from a bit of time off I'm catching up on the forum and realised that my original reply to this thread isn't here... I can only assume I didn't post it properly.  Try again... jhma, In reponse to your questions: 1) Our process (as with Business Loans) means that we will only launch an auction once the deal has been fully accepted and all paperwork in place - therefore drawdown always takes place straight after auction closure, meaning that Lenders won't experience lengthy delays. 2) Clearly in this specialised form of lending every case is going to be individual. The best results for lenders will come from lending platforms who a) recognise this fact, b) engage with the borrower well in advance of the repayment date and are thus thoroughly prepared to deal with any particular circumstances which might affect repayment on time and c) have the experience and judgement to take the right course of action. This is why we are working with specialists. Alternative Bridging Corporation has been doing this for over 20 years with excellent results. I hope that helps to answer your concerns, but as with anything I guess, the proof of the pudding is in the eating.  |
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oldgrumpy
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Post by oldgrumpy on Oct 9, 2014 15:52:59 GMT
Will your bridging loans be fixed rate or auction? Will you have underwriting backup for loans which do not impress us and fail to fill in a reasonable time?
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Post by nicky on Oct 10, 2014 11:34:15 GMT
Hi oldgrumpy, The Bridging Loans will be auctions, operating in the same way as the current Business Loans, so usually running for 7 days and yes, we will have the same underwriting backup should we fail to impress you.... we know how tough our audience can be  |
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spyrogyra
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Post by spyrogyra on Oct 22, 2014 20:05:12 GMT
Where are the bridges ? I don't see em !...yet. OK. I should have asked when should we expect to see the first bridging loan?
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