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Post by Ton ⓉⓞⓃ on Oct 26, 2015 22:33:23 GMT
bracknellboy - I wasn't too sure about this one either. The business plan looked shaky, but I was convinced by the low LTV to risk a small amount. The property valuation was prepared on the assumption that the site is sold for residential development, so we should be OK even if the school closes. I hope... If they build new houses they'll need a school.
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Post by chielamangus on Oct 27, 2015 8:18:06 GMT
The soundness of the school business plan was questioned by a lender at the outset - see first Q&A. The questions were edited and appeared to originate from AC for some reason. AC's attitude seems to be that the soundness of the business plan is unimportant if one has good security, but this tempts borrowers (some parents & teachers with no business experience) to believe that their projections have been endorsed by business people. One can criticise the banks - and we all do - but they used to examine business plans and refuse loans if they believed them to be unrealistic. There is no such safety mechanism in P2B. We are operating in an amoral world which I frequently find very uncomfortable.
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upland
Member of DD Central
Posts: 479 
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Post by upland on Oct 27, 2015 14:00:26 GMT
I have found a report on the BBC about this dated 23rd Oct !!!
This is very sad for the pupils and teachers who must be having a pretty unhappy time at present. It is a unpalatable situation. The article in "the News" paints a picture that is affecting a wide range of people. How on earth has something like this have happened after only a few months into the loan , something seems odd about it.
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Post by crabbyoldgit on Oct 27, 2015 16:10:01 GMT
Life it would seem is tough for smallish private schools at the moment we just had one fold in dorset about a week ago, thornlow prep, again lack of pupil numbers the owners saying a drop in foreign students enrolling in particular chinese students had made the school unviable.Also a long established large nursery has gone, unemployment among young parents has slashed demand, the recession is far from over by a long chalk in deepest darkest dorset
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Oct 29, 2015 20:44:48 GMT
AC have provided a positive update on the school situation today. Press reports differ from actual situation. Looks like an alternative source of funds has been secured which will repay loan and allow continued operation or an orderly wind down. Funds available to make payments in meantime, loan due to be unsuspended 4/11 provided AC have seen supporting info
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upland
Member of DD Central
Posts: 479
Likes: 175
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Post by upland on Oct 30, 2015 9:59:19 GMT
AC have provided a positive update on the school situation today. Press reports differ from actual situation. Looks like an alternative source of funds has been secured which will repay loan and allow continued operation or an orderly wind down. Funds available to make payments in meantime, loan due to be unsuspended 4/11 provided AC have seen supporting info Very much agreed , the situation seems to be not as bad as one could have thought from the two press reports. It does make you wonder how this has happened as the loan has only been going 3 months in of some years.
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Post by Deleted on Oct 30, 2015 14:33:59 GMT
Looking forward to the bar drawing down today, just so excited, you cannot imagine it, I'll finally be fully invested in AC after a year of effort. Just know Chris and Andrew will be excited with me that the loan draws today as promised (after only 3 months of delays) but you know just so excited....  Come on AC don't let me down, nearly there...... I'll check back at 5:30 and let you know how it lies. |
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Post by mrclondon on Oct 30, 2015 15:05:46 GMT
Looking forward to the bar drawing down today, just so excited, you cannot imagine it, I'll finally be fully invested in AC after a year of effort. Just know Chris and Andrew will be excited with me that the loan draws today as promised (after only 3 months of delays) but you know just so excited.... Come on AC don't let me down, nearly there...... I'll check back at 5:30 and let you know how it lies. 5:30 may be a little early to know for sure. The last couple of drawdowns have been processed through the website late evening (10 pm ish).
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Post by Deleted on Oct 30, 2015 15:12:27 GMT
ah, post bottle opening time...
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Oct 30, 2015 15:15:01 GMT
Unfortunately ....
<shut up Grumps!> 
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Oct 30, 2015 16:44:24 GMT
Lift-off!!!!!!!!!!!!!
I got £181.88 
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agent69
Member of DD Central
Posts: 6,048
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Post by agent69 on Oct 30, 2015 17:01:16 GMT
Lift-off!!!!!!!!!!!!!
I got £181.88 Ditto. Was expecting a bit more, but never mind
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gnasher
Member of DD Central
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Likes: 146
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Post by gnasher on Oct 30, 2015 17:03:46 GMT
ditto - £181.88 - well at least we got the same as Grumps, I seem to remember that last time he got double allocation. Was that ever explained?
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Post by lynnanthony on Oct 30, 2015 17:12:28 GMT
I got £181.88 Me too. An all time record for the least I've ever got.
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Post by Deleted on Oct 30, 2015 17:21:41 GMT
Looking forward to the bar drawing down today, just so excited, you cannot imagine it, I'll finally be fully invested in AC after a year of effort. Just know Chris and Andrew will be excited with me that the loan draws today as promised (after only 3 months of delays) but you know just so excited.... Come on AC don't let me down, nearly there...... I'll check back at 5:30 and let you know how it lies. 5:20 and it looks like it's live weeeeeeeeeeeeeeeeeeeeeeeeeeee,,,,, £181, is it just me or am I seeing a silver lining with a small cloud attached  ?
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