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Post by crabbyoldgit on Feb 13, 2018 15:22:59 GMT
Asked a question on 01 02 2018 as a bit worried that after 11 months i could see no evidence in documents, of oversite of the progress of the works onsite. There is no monitoring surveyor on this loan just a promise of an eyeball time to time by an A.C. staff person. All loans not involving a monitoring surveyor now make me very nervous. Now my question was struck off , giving opinions , well to be fair I may have used the Whitehaven word at some stage, but it seems to have rattled somebody's cage .A visit performed and guess what,no progress in the 3 months before Xmas it seems, but photos and a revised program of works. I will question again for proof of work processing on site in a couple of months in a more careful manner the SD loan still hurts.
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teddy
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408
Feb 13, 2018 17:05:42 GMT
Post by teddy on Feb 13, 2018 17:05:42 GMT
I'm not quite sure what the issue is here. Interest payments are being on made on time, and the loan's not in default. . .*cough* I mean suspended.
There are plenty of loans on AC's books which are in far worse shape than this for you to be taking aim at.
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408
Feb 13, 2018 17:22:13 GMT
Post by crabbyoldgit on Feb 13, 2018 17:22:13 GMT
No issue with this loan as such ,it's just the missing evidence of the oversite of the loan as promised or at least infered in the AC credit report. I am unsure any visit or check had previously occurred and loans unsupervised in peer to peer land have a history of going very wrong. I am in this loan and will remain so, but only if I am sure of evidence of progress is available. To be honest I said I would never ever again be involved in a development loan without a monitoring surveyor, which kind of says i have faith in the quality of this individual loan.
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dave2
Member of DD Central
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Likes: 163
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408
Feb 13, 2018 18:39:45 GMT
Post by dave2 on Feb 13, 2018 18:39:45 GMT
Recent site visit from a member of AC, after a previous visit reported six months earlier.
Slight delay due to the plasterers, a new team of contractors now on site and making tangible progress.
Revised timelines posted in the lender update.
Seems fair enough to me.
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