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Post by mrclondon on Oct 1, 2014 19:30:42 GMT
NLCP loan is now on the AM. But be quick as there's a penny discount on each £100unit from one u/wer. I shadow bidded so can't benefit. Note to self: don't be seduced by a penny discount on the day of drawdown, wait and there may be better rewards around the corner ! Another underwriter is now offering 25p discount 
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Oct 1, 2014 19:43:06 GMT
NLCP loan is now on the AM. But be quick as there's a penny discount on each £100unit from one u/wer. I shadow bidded so can't benefit. Note to self: don't be seduced by a penny discount on the day of drawdown, wait and there may be better rewards around the corner ! Another underwriter is now offering 25p discount thnx for info
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mikes1531
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Post by mikes1531 on Oct 1, 2014 20:32:36 GMT
Another underwriter is now offering 25p discount Does this suggest that underwriters are paid cashback in return for their services? Or that they're competing with one another to see who can get out of this loan first? Or am I just jumping to conclusions based on no real info at all?
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Post by mrclondon on Oct 1, 2014 20:46:51 GMT
Another underwriter is now offering 25p discount Does this suggest that underwriters are paid cashback in return for their services? Or that they're competing with one another to see who can get out of this loan first? Or am I just jumping to conclusions based on no real info at all? All it suggests is the underwriters are well paid for their underwriting commitment, and that there is an element of competition between the underwriters to retrieve their funds ready for the next loan. Discounts of upto 0.5% have been used by various underwriters on most of the recentish loans.
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niceguy37
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Post by niceguy37 on Oct 2, 2014 8:01:46 GMT
Does this suggest that underwriters are paid cashback in return for their services? Or that they're competing with one another to see who can get out of this loan first? Or am I just jumping to conclusions based on no real info at all? All it suggests is the underwriters are well paid for their underwriting commitment, and that there is an element of competition between the underwriters to retrieve their funds ready for the next loan. Discounts of upto 0.5% have been used by various underwriters on most of the recentish loans. I can't wait for the new system that hopefully highlights any discounts on offer.
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Post by Ton ⓉⓞⓃ on Oct 2, 2014 9:39:27 GMT
Does this suggest that underwriters are paid cashback in return for their services? Or that they're competing with one another to see who can get out of this loan first? Or am I just jumping to conclusions based on no real info at all? All it suggests is the underwriters are well paid for their underwriting commitment, and that there is an element of competition between the underwriters to retrieve their funds ready for the next loan. Discounts of upto 0.5% have been used by various underwriters on most of the recentish loans. Another possibility is that an u/wer has made a commitment to support another loan and now thinks he might be on the verge of breaking it, and taking this loss (equal to about five days Int. AIUI) means s/he may now be able to keep to the commitment. I wonder even if AC suggested this discount...
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markdirac
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Post by markdirac on Oct 15, 2014 9:54:26 GMT
Playing games with lender
Looks a good opportunity for lenders and borrower and I would like to buy some loan units. But I am surprised that no questions were asked (pre loan completion) about the very questionable behaviour of the previous accountant. He contrived to extort (legally of course) benefits from Santander by playing games with the loan repayments. This guy was a member of the senior management team. Surely the hospital-bound director would have known - or would have been told - that such serious machinations were being undertaken on his behalf? It is beyond credible that the accountant would have taken these activities on himself without any discussion with other managers or with relatives of the director.
I am left wondering if there might be a culture in this business whereby managers might be tempted to play games with AC lenders over the next 36 months.
I wonder if anyone can suggest please (a) why this issue was not discussed in the Q&A and (b) if there might be any mitigating circumstances (eg. bad behaviour on the part of Santander, of which we have heard tales in the past) to justify these actions?
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Post by Ton ⓉⓞⓃ on Oct 15, 2014 10:23:01 GMT
Playing games with lender I certainly noticed the incident with the accountant, but I've kept my amount down as a result I'm sure everyone who read the Credit Report CR must have noticed it, raising serious questions in lenders minds. I think you can still ask questions.
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ianj
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Post by ianj on Apr 3, 2015 11:31:28 GMT
Until now, I've always considered myself passably numerate, but now I fear my O-Level maths is appearing a bit shaky.
The combined value of the security offered on this loan, First Charge on the commercial property (£815k) and the Second Charge on the residential property (£1.2m), is in excess of £2m.
Can anyone suggest how the currently displayed LTV, 73.86%, has been calculated from the figures available?
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bigfoot12
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Post by bigfoot12 on Apr 3, 2015 11:51:02 GMT
You need to add the 1st charge to the loan, so LTV = (834,776 + 2,500,000) / (815,000 + 3,700,000) = 73.86%
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ianj
Member of DD Central
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Post by ianj on Apr 3, 2015 13:22:09 GMT
You need to add the 1st charge to the loan, so LTV = (834,776 + 2,500,000) / (815,000 + 3,700,000) = 73.86% Thank you for the above. I'd like to be able to say I knew it all along and was just having a senior moment. Alas, I was just displaying total ignorance! 
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markdirac
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Post by markdirac on Jul 2, 2015 18:54:10 GMT
I received an email today notifying that this borrower has not been repaying for some months. I am amazed that this has been going on for months, yet AC has not notified lenders. There are no notifications on the loan's web page. The repayments page shows repayments are up to date. But the repayments to lenders have been being made - on time - by AC drawing from an interest buffer. So how could a lender know that repayments by the borrower had dried up, unless AC tells us?
Problems such as defaults are to be expected. But I am disappointed and annoyed that the AC procedures seem to have hidden this from us. Have I interpreted correctly please?
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Post by Duane Dibley on Jul 2, 2015 19:57:55 GMT
The repayments page shows repayments are up to date. But the repayments to lenders have been being made - on time - by AC drawing from an interest buffer. Well well well, that's not very good is it Mark? Not very good at all. I've been snaffling up parts of this loan over the last couple of months and feeling very smug and pleased with myself, thinking I'd be safe for at least three months with that good old buffer to back things up if things went wrong. And now I've found out I've been sold a dud, that the buffer's been disappearing before my very eyes, or rather behind my back, not very pleased at all and definitely not quite so smug now. Well at least I got £1 of old <<Loan #166>> this week, which was nice.
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SteveT
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Post by SteveT on Jul 2, 2015 20:13:56 GMT
It's ironic that, had there been no interest buffer, the loan presumably would have been suspended as soon as the first missing payment became apparent. But the fact that AC drew upon the buffer to cover 2 months' missing payments without giving the slightest hint that there was a problem means we're now faced with a loan that is already 2 months overdue on its scheduled payments (even if we've been paid in the meantime). Presumably, even if the borrower now finds some money, the loan will remain suspended for as many months as it takes to rebuild the original interest buffer, locking up yet more of the AC loan portfolio.
There needs to be complete visibility of how much interest is being buffered (on every loan that has one) and a commitment from AC to pause trading for at least 48 hours on any loan where the buffer is called upon to cover a late / missing payment, so that lenders can reassess and adjust their targets before trading of the loan is resumed.
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iren
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Post by iren on Jul 2, 2015 20:13:53 GMT
On 12 June, a question was submitted under the Q&A on the LCP loan, where an interest buffer had been found to be short of the predicted amount. The question was whether the same applied to any other loans. The answer from Assetz on 16 June was that the portfolio had been reviewed and no, there were no other shortfalls.
We now know that the buffer on NLCP was already at that time below the amount specified in the credit report, which means Assetz answer was incorrect.
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