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Post by Ton ⓉⓞⓃ on Aug 12, 2014 11:35:43 GMT
What's the thinking behind the Yachting Loan? Obviously(?) a bit of an experiment. Is this going to be allowed to sink without a trace or will the underwriters come to the rescue with a lifeboat... To me, it looked a good deal but obviously lenders don't like it. We are going to pull it for now and release funds back to investors. But still it did get a total of ~600k so a million might not be impossible in a future similar deal. With a higher yield of course...
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Aug 12, 2014 11:41:05 GMT
What's the thinking behind the Yachting Loan? Obviously(?) a bit of an experiment. Is this going to be allowed to sink without a trace or will the underwriters come to the rescue with a lifeboat... To me, it looked a good deal but obviously lenders don't like it. We are going to pull it for now and release funds back to investors. The problem with this is that the security (boats) are not tied down in storage under lock & key, as opposed to other p2p platforms who offer similar loans, plus the lower rate offered on the loan. A combination that has put off investors
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unmadem
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Post by unmadem on Aug 12, 2014 11:47:46 GMT
When are we going to see some drawdowns?
We have had a number of personnel changes in the legal team which has slowed things down. That and external lawyers being on holidays has meant delays. I am chasing up and will get legals to give me a list of expected dates, A For more recent loans is it in T&Cs (and highlighted) that we get compensation if not drawndown X weeks after close in order to concentrate the minds of borrowers and their lawyers. I am aware that it has been applied on some recently but not sure all. I'd like to hear your views andrewholgate if this is an effective weapon in armoury or is it just a fact that lawyers go slowly.
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Post by Ton ⓉⓞⓃ on Aug 12, 2014 11:54:33 GMT
Can I ask how often in the normal 'banking' world does a bridging loan go into default due to delay in the final payment. Obviously there are many different types, property, business, personal bridges etc. Thanks
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Post by andrewholgate on Aug 12, 2014 12:33:58 GMT
We have had a number of personnel changes in the legal team which has slowed things down. That and external lawyers being on holidays has meant delays. I am chasing up and will get legals to give me a list of expected dates, A For more recent loans is it in T&Cs (and highlighted) that we get compensation if not drawndown X weeks after close in order to concentrate the minds of borrowers and their lawyers. I am aware that it has been applied on some recently but not sure all. I'd like to hear your views andrewholgate if this is an effective weapon in armoury or is it just a fact that lawyers go slowly. Really depends on the lawyer. Some are there to try and prove to their client that they are "adding value" and will argue every minute detail. Some are just slow. The fee has helped to focus the mind of the borrower though.
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Post by andrewholgate on Aug 12, 2014 12:35:01 GMT
Can I ask how often in the normal 'banking' world does a bridging loan go into default due to delay in the final payment. Obviously there are many different types, property, business, personal bridges etc. Thanks Frequently.
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unmadem
Member of DD Central
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Post by unmadem on Aug 12, 2014 15:13:58 GMT
Can you remind us which were the 3 loans to be include in the april cashback even if they listed after end of april. This was in your post of 23rd April p2pindependentforum.com/post/10697
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Aug 12, 2014 16:48:36 GMT
andrewholgate, true to your word, a number of loans materialised just after you left on holiday. These are now winding down so, are we expecting some more in the very near future?
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Post by davidricketts1 on Aug 13, 2014 10:54:10 GMT
Hope you had a great break, did you go to Spain or Portugal? Anyway... This question was asked about Redruth, France actually. David R is looking into this and will give me an answer soon.
See the Redruth thread all. List of original bidders retained and 3% for 4 weeks will be paid to them after drawdown.
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Post by andrewholgate on Aug 14, 2014 16:00:54 GMT
andrewholgate, true to your word, a number of loans materialised just after you left on holiday. These are now winding down so, are we expecting some more in the very near future? Yes.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Aug 14, 2014 19:37:18 GMT
andrewholgate, true to your word, a number of loans materialised just after you left on holiday. These are now winding down so, are we expecting some more in the very near future? Yes. Short, sweet & to the point 
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Post by oldnick on Aug 15, 2014 9:48:35 GMT
andrewholgate, true to your word, a number of loans materialised just after you left on holiday. These are now winding down so, are we expecting some more in the very near future? Yes. Was that the long or the short answer?
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mikeb
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Post by mikeb on Aug 15, 2014 15:05:40 GMT
From a 2-day old AC email flyer linky thing:-
Some of our current live loans:
Lend-to-let Loan: Manchester Property - 50% LTV - 6.5% pa fixed interest rate with 3.5% cashback - 22% funded.
Mucho Burrito - Fixed rate auction at 14% pa, fully secured, 0.5% cashback - 37% funded.
Where?
When I click the links, I get redirected to the Aftermarket, where there are currently no Burritos, and the only Manchester LTL at 6.5% with 3.5% cashback is on the aftermarket -- with no cashback, because that was to original lenders only!
Currently live?
Did query this with enquiries@ac, but no answer yet ...
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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Post by j on Aug 15, 2014 16:32:20 GMT
From a 2-day old AC email flyer linky thing:- Some of our current live loans:
Lend-to-let Loan: Manchester Property - 50% LTV - 6.5% pa fixed interest rate with 3.5% cashback - 22% funded.
Mucho Burrito - Fixed rate auction at 14% pa, fully secured, 0.5% cashback - 37% funded.
Where? When I click the links, I get redirected to the Aftermarket, where there are currently no Burritos, and the only Manchester LTL at 6.5% with 3.5% cashback is on the aftermarket -- with no cashback, because that was to original lenders only! Currently live? Did query this with enquiries@ac, but no answer yet ... , not so much as a mini sausage, let alone a whole burrito! I haven't even received the email! Must be one of the non-select group 
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Post by oldnick on Aug 15, 2014 16:37:44 GMT
I thought the Mucho Burito loan never got off the ground?
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