star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
|
Post by star dust on Mar 11, 2015 10:03:10 GMT
..It is little things like this that start small seeds of doubt on whether a ship is either manned well enough or being sailed properly. I agree. There are too many irritating little faults that occur too frequently, I can’t quite decide if they really matter in the ‘grand scheme of things’; but I think this might be the one that ‘breaks the camel’s back’ and tips me out.
|
|
|
|
Post by andrewholgate on Mar 11, 2015 14:44:21 GMT
Rental income mandated to ACTC means that ACTC has the rights to that income but not necessarily receiving it directly. In the same way that the debenture over a business gives a lender the right to the cashflows of the business, it is only enforced when needed. I am investigating what is happening here but the mandate will allow us to force the tenants to pay us directly and/or seek recourse from the borrower.
|
|
hendragon
Member of DD Central
Posts: 631 
Likes: 619
|
Post by hendragon on Mar 11, 2015 14:54:37 GMT
thankyou for taking the time to reply and to look into this. It seems that my, and a lot of other people's, understanding of mandated rent may be flawed. The phrase "Rental income to be mandated to Asstez capital Client account" does give borrowers the impression that the rent is paid directly to AC.
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Mar 12, 2015 16:19:07 GMT
AC have now answered the question very much as AH has done above. The acknowledgement of things being better worded is appreciated. Taking the credit report literally phrases such as "Control of asset (via
first legal charge) and rental income stream (via mandate)" under the loan rationale section can lead a borrower to the wrong conclusion.
Perhaps AC might like to understand that some lenders, such as myself, might need a clearer explanation in the Credit Report!
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,905
Likes: 11,127
|
Post by ilmoro on Mar 12, 2015 16:22:07 GMT
Seems they have found the buffer cash in old account & are awaiting authorization to pay it out.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,905
Likes: 11,127
|
Post by ilmoro on Mar 13, 2015 9:46:23 GMT
Installment now paid & by the borrower rather than the buffer fund.
|
|
|
|
Post by andrewholgate on Mar 13, 2015 14:57:00 GMT
AC have now answered the question very much as AH has done above. The acknowledgement of things being better worded is appreciated. Taking the credit report literally phrases such as "Control of asset (via first legal charge) and rental income stream (via mandate)" under the loan rationale section can lead a borrower to the wrong conclusion. Perhaps AC might like to understand that some lenders, such as myself, might need a clearer explanation in the Credit Report! Very much noted. Plain English and explanations are needed and I am pushing the team to take it back down to basics. A
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Mar 13, 2015 16:18:52 GMT
If I make arrangements to enjoy a cup of Costa Coffee and a cake in Stockport with andrewholgate , is that a man date?  |
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on Mar 13, 2015 17:54:18 GMT
AC have now answered the question very much as AH has done above. The acknowledgement of things being better worded is appreciated. Taking the credit report literally phrases such as "Control of asset (via first legal charge) and rental income stream (via mandate)" under the loan rationale section can lead a borrower to the wrong conclusion. Perhaps AC might like to understand that some lenders, such as myself, might need a clearer explanation in the Credit Report! Very much noted. Plain English and explanations are needed and I am pushing the team to take it back down to basics. A thank you andrew. As an aside with you and OG well.................. whatever happens in Stockport stays in Stockport
|
|
kmac
Member of DD Central
Posts: 71
Likes: 70
Member is Online
|
Post by kmac on Mar 13, 2015 18:15:25 GMT
Very much noted. Plain English and explanations are needed and I am pushing the team to take it back down to basics. A thank you andrew. As an aside with you and OG well.................. whatever happens in Stockport stays in Stockport But it sounds like Monkey Business!
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,905
Likes: 11,127
|
Post by ilmoro on Mar 13, 2015 18:41:35 GMT
thank you andrew. As an aside with you and OG well.................. whatever happens in Stockport stays in Stockport But it sounds like Monkey Business! Think youll find hes an ape, expect he gets very upset if you use the M word RIP Pterry
|
|
baz657
Member of DD Central
Posts: 499
Likes: 187
|
Post by baz657 on Mar 13, 2015 19:38:49 GMT
If I make arrangements to enjoy a cup of Costa Coffee and a cake in Stockport with andrewholgate , is that a man date? Is Stockport near the airport? I'll have nothing to do for an evening at the end of April waiting for a flight out the following morning (booked a hotel after hearing the disastrous traffic reports this morning and thinking if that was me in a few weeks time.........). I'm always up for a beer and a laugh 
|
|
