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Post by chris on Nov 26, 2013 21:54:16 GMT
I'm sure most have already noticed this as it has been listed for a little while on the site, but until the notification system is completed and live I'll keep announcing the important loans on here whenever I have time.
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debeast
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Post by debeast on Nov 27, 2013 15:07:10 GMT
Thanks  Although i'm sure most of us log in once a week. Really looking forward to an auto notification though ! So let me be the first to start discussions on this. Does anyone know redditch town centre particularily well? I've only got google maps to rely on and am struggling to find out how to value the property independently through rightmove Cheers /beastie |
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 28, 2013 19:10:24 GMT
The Credit Report for this loan/borrower only "gives lenders an overview of this loan opportunity". The website goes on to say "The full credit report and relevant attachments will be uploaded to the site in the next few days, prior to the commencement of the auction."
Well, this opportunity is supposed to go live in a matter of hours and we're still waiting for the full report. AC can't expect lenders to make offers without that info, and they even say "Lenders should review the full credit report prior to deciding whether or not to make a bid on the auction." Is this normal? Will the report appear just minutes before the opportunity opens for offers? Or will the 'go live' time be deferred to reflect the lack of info upon which to base a rational decision about whether to invest or not?
Perhaps I needn't worry. Between no underwriting having been announced in advance, the relatively low interest rate, and the size of the loan request, maybe there's little likelihood that offers will flood in -- as they've done for the last few opportunities -- and satisfy the requirement in a matter of minutes.
Any input from others would be appreciated by this rather newbie AC investor.
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Post by mrclondon on Nov 28, 2013 19:41:41 GMT
My guess is this one will take a few days to fill, so there should be plenty of time to study the credit report and research it over the weekend.
Both chris and AH have referred in other threads to today's board meeting at AC so I guess they simply haven't had time to finalise the report today.
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Post by chris on Nov 29, 2013 8:32:46 GMT
I've spoken to the relationship manager who is looking after this loan and have been asked to post this response:
“Our loan previews aim to give lenders an overview of upcoming loan opportunities, without necessarily giving granular detail. In the context of how quickly our recent loans have filled we can understand lenders wanting to see full credit reports as early as possible. In respect of this particular loan the full credit report is not yet available as it is in the process of being approved by the borrower. Should the full credit report not be available by the proposed start time of the auction the start time will be deferred.”
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 29, 2013 13:06:59 GMT
Should the full credit report not be available by the proposed start time of the auction the start time will be deferred. And it has come to pass. The auction start has been rescheduled for 1600. I don't know exactly when that was done, but I expect it was at least a couple of hours before the original scheduled start time because there aren't any pre-bids showing. Then again, AC can't really expect anyone to place even a pre-bid without the full credit report being available. This particular case is awkward because it's a Friday afternoon, but perhaps AC need to set themselves a minimum time gap between the credit report becoming available and the auction starting -- publishing the report just a few minutes before the 'go live' time isn't an acceptable way to operate.
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oldgrumpy
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Post by oldgrumpy on Nov 29, 2013 13:28:32 GMT
We don't get anything before the "go live" with FC or FK. I'm with Assetz totally. They will not accept any money on a loan until the chance has been offered to read all the reports, whatever the inconvenience.  I don't eat a banana until I've had some kind of look at what's inside the skin.  |
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Post by andrewholgate on Nov 29, 2013 15:24:07 GMT
Thanks. Although that last sentence could mean so many different things and most of them not pleasant.
A
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mikes1531
Member of DD Central
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Post by mikes1531 on Nov 29, 2013 16:07:04 GMT
The start time has been deferred again, this time to 1900. Doesn't look like anyone's going to get away early today for the weekend.  |
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Post by batchoy on Nov 29, 2013 16:21:48 GMT
The start time has been deferred again, this time to 1900. Doesn't look like anyone's going to get away early today for the weekend. I see the cover page of the credit report has been revised but is still draft. Luckily I had a copy of the original one open on my screen so I can see what has changed plus the deferral is to to 19:00 tomorrow
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Post by bracknellboy on Nov 29, 2013 18:21:51 GMT
The start time has been deferred again, this time to 1900. Doesn't look like anyone's going to get away early today for the weekend. I see the cover page of the credit report has been revised but is still draft. Luckily I had a copy of the original one open on my screen so I can see what has changed plus the deferral is to to 19:00 tomorrow It is now, it wasn't earlier.
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Post by bracknellboy on Nov 29, 2013 18:22:48 GMT
Thanks. Although that last sentence could mean so many different things and most of them not pleasant. In the words of oldgrumpy: "I'm with Assetz on that one" 
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Post by batchoy on Nov 29, 2013 18:24:45 GMT
Someone has already started pre-bidding
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Nov 29, 2013 18:37:17 GMT
Not guilty. That's a familiar name from FC, but Gold Club aren't in yet. Doesn't really matter; the auction will probably go for up to a week before filling. (I'm full! Aaahh!) One thing Gold members won't be doing is bidding early on big loans. Who needs their money in three weeks before necessary? "In the words of oldgrumpy...."
Lady B... watch it .. or you'll get a kick up the assetz (or a smack with me handbag!!)  |
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unmadem
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Post by unmadem on Nov 29, 2013 18:40:02 GMT
A couple of questions which have been hanging for a few days have answers provided now.
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Although i'm sure most of us log in once a week. Really looking forward to an auto notification though !
