11025
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Post by 11025 on Aug 31, 2014 7:21:17 GMT
Morning ,
I see there has been a significant delay on drawndown on the F and J W******* loan. Questions have been raised regarding this but it does not seem any nearer drawdown than it did a month ago . Anyone else waiting on this and what are your views ?
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pikestaff
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Post by pikestaff on Aug 31, 2014 8:08:10 GMT
It seems to be a legal delay caused by a third party. These delays happen sometimes. The status report in the dropbox says "Waiting for the formal consent to the registration of the charge over property".
I assume this information is still current, although the status report says it was last updated on 21 July. I think a further update from the sponsor is overdue, even if it's "no change".
Edit: I am not in this loan but have discovered that there is a current discussion about the delay in the Q&A for the loan, including a post from the sponsor on 28/8 which explains the situation:
"...Yes, this one is dragging I'm afraid due to circumstances beyond our control. [The bank] have to agree to our charge being registered which is becoming somewhat byzantine in complexity. They have discovered their security wasn't taken properly in the first place so are re-taking it prior to agreeing to ours.
I accept this is dead money at the moment for lenders, but this is a 3-year loan at a decent rate so overall the return shouldn't be affected too much, and I would rather have the security correct."
I was not aware until now that the Q&A could be used in this way!
[Crossed with post below.]
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11025
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Post by 11025 on Aug 31, 2014 8:11:07 GMT
There are replies in the Q and A - but it seems to be an issue with the 1st charge holder too. I guess this could go on for some time !
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pikestaff
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Post by pikestaff on Aug 31, 2014 8:25:19 GMT
Given the legendary efficiency of banks you could be right.
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Post by topgun on Aug 31, 2014 21:50:23 GMT
Frustrating when drawdown is further delayed, & this is a L*****e sponsored loan who have not covered themselves in glory so far this year. Now we hear of yet another L*****e loan (only a few months since drawdown) in trouble with late payment in D*****5.
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Post by johnny on Sept 1, 2014 18:01:00 GMT
Frustrating when drawdown is further delayed, & this is a L*****e sponsored loan who have not covered themselves in glory so far this year. Now we hear of yet another L*****e loan (only a few months since drawdown) in trouble with late payment in D*****5. It looks like a payment has now been received by TC. I get frustrated due to the lack of information. Drawdown time will take the time required we all know and except that but what is unacceptable is the long pregnant silences from the Sponsors. Why do we have to keep asking the question on drawdown when its painfully obvious its one of the biggest milestones for lenders and that said should be a top priority of the Sponsors to keep us informed and updated. What really really annoys me is when a drawdown date has been promulgated and then superseded by another without an update, its just rude.
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Post by elljay on Sept 1, 2014 20:57:31 GMT
Don't get me started on lack of updates by TC sponsors...
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Post by bracknellboy on Sept 1, 2014 22:10:11 GMT
elljay: is that in reference to a certain Cessna owning company (or not apparently), a certain latex/rubber company, something else, or a combination of all ?
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Post by elljay on Sept 2, 2014 6:27:48 GMT
The Cessna...
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pikestaff
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Post by pikestaff on Sept 2, 2014 6:40:26 GMT
...Drawdown time will take the time required we all know and except that but what is unacceptable is the long pregnant silences from the Sponsors. Why do we have to keep asking the question on drawdown when its painfully obvious its one of the biggest milestones for lenders and that said should be a top priority of the Sponsors to keep us informed and updated. What really really annoys me is when a drawdown date has been promulgated and then superseded by another without an update, its just rude. In this particular case there is an update but it's not in the proper place (the Dropbox) but in the loan Q&A. Grrr...
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Post by bracknellboy on Sept 2, 2014 7:29:30 GMT
Yes, updates on that one are not exactly flying in are they.....
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11025
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Post by 11025 on Sept 2, 2014 9:37:08 GMT
Updates are certainly not flying in on this one , it is a shame because this side of things is quite unprofessional
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Post by elljay on Sept 2, 2014 17:03:27 GMT
Not dribbling in even after the sponsor agreed updates needed to be more frequent and has been asked for updates several times and yet we were asked to respond in a couple of days on various proposals! Very unprofessional and I will most definitely steer clear of this sponsor in the future.
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Post by bracknellboy on Sept 2, 2014 18:06:57 GMT
I only hope your exposure isn't too large. Mentally I've largely written this one off: I have a feeling the personal assets in the form of the house/houses is going to have been squirreled away beyond lender retrieval.
I can understand sponsors have to be careful/reticent in what they say to avoid damaging potential recovery actions, but being guarded and being totally incommunicado are two different things.
The sponsor in question has multiple players. I'm not steering entirely clear of said sponsor company, but I am steering clear of ones put forward by this particular representative of them.
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11025
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Post by 11025 on Sept 9, 2014 8:14:58 GMT
Another one that is taking it's time and not giving any information is S********* Pr****** I********** Ltd . It seems to me that updates are haphazard and can be placed in several areas , would it be too much to ask for a weekly update and to know where it will be posted ?
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