mikes1531
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Post by mikes1531 on Sept 24, 2014 12:36:37 GMT
That'll teach me to say, "no rush....that'll take another few days to fill", then go offline for four hours. Never mind. Wouldn't surprise me if that £70K + investor dumps some later. Could be a useful "12% holding account" to be dripped back in as and when funds need to be spread around. Smallish loan. Not many people got it, so easy to sell in small lumps. Good ploy?? It would be, if it weren't for the 'dead' time issue. Someone investing now will earn nothing until the loan draws down, and if they sell some units shortly thereafter in order to access their money then their average rate of interest over the whole period of their investment won't look very exciting at all.
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oldgrumpy
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Post by oldgrumpy on Sept 24, 2014 12:49:40 GMT
Yes, though I had assumed this character would have shadbid status, so an existing portfolio of c£350K would cater for that in the meantime till drawdown. These small fry have all sort of tricks.  Ahem!!   |
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mikes1531
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Post by mikes1531 on Sept 24, 2014 14:28:06 GMT
Yes, though I had assumed this character would have shadbid status, so an existing portfolio of c£350K would cater for that in the meantime till drawdown. These small fry have all sort of tricks. Ahem!! But if their account was worth 'only' £350k, these shadow bids would stop them from participating in any deals that come up before Essex draws down. I wouldn't want to be so restricted. Not to mention that they couldn't have had any live shadow bids before Essex. That probably means the £350k is a gross underestimate. Poor folks!
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Post by Ton ⓉⓞⓃ on Sept 24, 2014 15:20:08 GMT
Yes, though I had assumed this character would have shadbid status, so an existing portfolio of c£350K would cater for that in the meantime till drawdown. These small fry have all sort of tricks. Ahem!! But if their account was worth 'only' £350k, these shadow bids would stop them from participating in any deals that come up before Essex draws down. I wouldn't want to be so restricted. Not to mention that they couldn't have had any live shadow bids before Essex. That probably means the £350k is a gross underestimate. Poor folks! Well you've got to start somewhere at some level... But if they're already know to AC perhaps as an U/Wer or in some other capacity maybe AC can be flexible in that regard, or they've made an undertaking that they will invest a certain amount in a certain time frame.. I'm now trying to think why would an U/Wer also be a Lender. U/Wing is ideal for deploying large amounts of cash whereas 'Lending' works well for thousands. (ISTM) So maybe this is an Underwriters pin money. Getting back to Essex, In the Q&A it says "We are aiming to draw the loan by the week commencing 6th October." This Borrower is the organized type.
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mikes1531
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Post by mikes1531 on Sept 24, 2014 19:33:19 GMT
Getting back to Essex, In the Q&A it says "We are aiming to draw the loan by the week commencing 6th October." This Borrower is the organized type. It would be helpful if this were to be achieved. AC have had a fair number of loans about which people have complained about long drawdown times, so it would be great for AC if they had some evidence to show that not all loans have such delays.
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bugs4me
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Post by bugs4me on Oct 10, 2014 17:04:17 GMT
I hope we're not into a(nother) shaggy dog over this one. The SB's were called in over a week ago with a view to a quick drawdown.
In answer to a question posted yesterday - '....we require with the exception of a signed document from the existing lender which is being reviewed by their credit department....'
Today's update - '....Deed of Priority to be returned by the existing lender. Having spoken to the Senior Corporate Manager again this morning, I can confirm that it is still with their credit department and they have not yet reviewed the document....'
So today's update is a contradiction of what was posted only yesterday. When will drawdown take place? - all depends I suppose when a certain credit department gets round to reviewing the document and presumably agrees it and signs the thing off. Not sure what happens if then don't agree.
Maybe not such a bad idea after all that SB's may/will soon become history.
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Post by pepperpot on Oct 10, 2014 18:11:59 GMT
Looking at it from the existing lenders point of view, there would be very little incentive to move quickly knowing the loan was guaranteed to get paid in full inc. all the default interest currently accruing.
Shafting the borrower is fine when your on the way out of the deal... "Yeah, I'll have a look at that next week" (The diet starts tomorrow)
Banks!, I mean, Thanks!
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