shimself
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Post by shimself on Nov 12, 2015 11:03:19 GMT
shimself what is the clause in the loan agreement? Where do I find it? 6.2 You have to ask pretty please from AC; which I did for the m******* wt I have given an accurate transcription in this thread, but I promised not to disseminate the copy they sent me (supposedly redacted but I cant see a single thing crossed out)
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shimself
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Post by shimself on Nov 12, 2015 11:17:29 GMT
.... Secondly, variation to loan agreements. There are clauses in our loan agreements that allow borrowers to request a variation. If made in a timely manner, any variation is not a default if agreed by the lender(s). Therefore default interest is not payable. We also have to abide by Outcome 6 of the FCA TCF guidelines: Outcome 6: Consumers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint. - See more at: www.the-fca.org.uk/fair-treatment-customers#sthash.wpAcrDWd.dpufWe cannot put in place unreasonable post-sale barriers. Treating the loan as a default after the borrower has made a reasonable request to vary would be considered unfair. Thirdly, the borrower is penalised financially. Taking the £200k for an extra quarter costs the borrower £5,500 in interest that they wouldn't be paying if they made the repayment on time. You are not being asked to lend £200k at 0% but you are getting a reasonable level of return on the money for the period. Asking for default interest on a loan that is not in default would be considered unreasonable under Outcome 6. Fourthly, as with all credit decisions, we have made an assessment and spoken extensively to the borrower before we put it anywhere near the lenders. This isn't just a blind portal with not credit control in place. We are not just a processing unit, but we have highly experienced professionals looking at each request and making informed considerations on what is the best strategy. If it wasn't a reasonable request, we wouldn't put it to you. My team have spent time looking at the request and seeing what else could be done. They know that profits aren't cash, and they know how to look at a cash flow. If they say there would be a cashflow pressure on the business that is because there is one. The alternative here is to say no and let the loan default. At which point we have breach Outcome 6 of the FCA TCF rules, and potentially putting a loan at risk of capital losses. We put things to you for a reason and not because we are "soft". AC are by no means soft in their approach. Andrew re 2 it was in the original agreement that if a payment is made late default interest shall be applied. Nothing to do with post sale re 3 If a lender was relying on the repayment being on time they would have to sell, and given the loan had a black mark, they would have to sell at a discount. Equity (fairness) says that enhanced interest is justified re 4 I strongly doubt that another 2 or 3% for some months will jeopardise the loan as a whole in this case, and also in the previous M**** WT. If it was on the edge you should let us know, and in the vote email you should explicitly say that your suggestion has waived the enhanced interest for reasons. In any event the enhanced interest accrues so there isn't any immediate cashflow effect. I am a reasonably experienced business manager and owner and I am sorry but I think you are dissembling here.
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Post by Ton ⓉⓞⓃ on Nov 12, 2015 16:02:14 GMT
Edit: this is what the FCA say P2P is:
... If you currently borrow this way, you only have limited legal protection – and those who lend this way have even less protection.
I'm struggling to see how AC thinks this is what AC are doing. Although I'm reasonably happy with their general approach. perhaps my understanding of the terms consumer, retail and individual is at fault. I see this as the FCA saying that if you're involved in p2p you're to a degree in the "wild west" where it's a little bit lawless. People used to get shot there but it doesn't mean you have to shot people when the opportunity arises. If people start regularly getting shot the FCA will hit harder when it does eventually come into town. Perhaps the FCA will look more kindly on those who shot as few as possible.
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agent69
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Post by agent69 on Nov 12, 2015 18:42:21 GMT
Can't say I am particularly impressed with the latest words of wisdom.
Water ingress during the construction period has had a major impact on performance, but the owner does not want to take action against the installer in case he upsets him.
What a way to run a business.
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agent69
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Post by agent69 on Nov 12, 2015 18:49:25 GMT
Sorry if this should have gone in the loan update thread. Maybe one of the mods can shift it
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bigfoot12
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Post by bigfoot12 on Nov 12, 2015 21:18:07 GMT
Water ingress during the construction period has had a major impact on performance, but the owner does not want to take action against the installer in case he upsets him. Somewhat similar story with 180, too. Similar borrower (different SPV), same contractor, and installation is running months behind schedule. FIT deadline in original documentation was October. Another update to follow soon.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 13, 2015 1:10:51 GMT
As an aside to the default interest debate #154 has acquired a 2 month unofficial extension at default rate to allow the refinance to complete. Bit like buses these extensions... #154, #114, #162  |
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bigfoot12
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Post by bigfoot12 on Nov 13, 2015 7:23:37 GMT
As an aside to the default interest debate #154 has acquired a 2 month unofficial extension at default rate to allow the refinance to complete. Bit like buses these extensions... #154, #114, #162 I imagine that knowing there aren't enough loans at the moment AC think that we would be happy to extend for a few months. Very easy to sell if some lenders need the money.
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jjc
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Post by jjc on Nov 13, 2015 11:13:53 GMT
Moreover, the LTV at that power generation could be 90%+Haven’t run the numbers through DCF but suspect that LTV is misleading samford71. What matters to AC lenders is LTV at point of refi, with NPV of future cash flows the key metric. Past problems will be largely irrelevant to a prospective buyer (assuming no legacy issues expected). You are also overlooking the reduction in financing (& other) costs after refi, likely to impact things significantly. All this ignoring that actual value is always what the market is willing to pay for the asset (which given recent policy announcements means there should be scarcity delta over & above DCF for reasonably decent operational sites). Lastly, there is imo potential to add considerable value to P2P WT deals, something nobody has addressed yet. I have reservations as to certain aspects but am generally rather bullish on AC’s WT deals.
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Post by Deleted on Nov 13, 2015 13:25:38 GMT
"WTs need time to work up to full potential" I'm struggling, is there something in the gear box that needs to run in  or do the invertors need to get hot. From a technical point of view what is "working up" ? I just want to know as I've never seen it in any large industrial system I've ever installed world wide and I have enough experience with big gear boxes to know the old days of the gears bedding are long gone (40 years ago I guess). Steam turbines used to need to work up, but that is because they were so badly made and such large diameters leading to massive inertias. While WT have big diameters the balancing of them in parts is easy as the rpm are so relatively low the maths should sort it out before the dynamics are tested in situ |
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SteveT
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Post by SteveT on Nov 13, 2015 13:28:21 GMT
"WTs need time to work up to full potential" I'm struggling, is there something in the gear box that needs to run in or do the invertors need to get hot. From a technical point of view what is "working up" ? I just want to know as I've never seen it in any large industrial system I've ever installed world wide and I have enough experience with big gear boxes to know the old days of the gears bedding are long gone (40 years ago I guess). I think it's probably down to the wind taking a while to find the new turbine
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Post by crabbyoldgit on Nov 13, 2015 14:13:36 GMT
This a guess so probably utter hot air and rubbish, windmills need laminar non turbulent wind to work best but it being nature do not get it.So maybe the angle of attack of the blades can be changed to maximise output in different wind strengths and directions, this would be different for ever site because of local factors creating turbulence so imperical results would need to be gathered and a kind of one off engine mapping created for the site. There b### s### baffles brains
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Post by Deleted on Nov 13, 2015 14:21:24 GMT
interesting, so you think the direction and speed as measured at the tower would be used to control the inverter load via an empirical map, you'd think that would be a pretty fast thing and lacking it would not waste 40% of the energy. Still good theory and I like it apart from the scale
Any other thoughts and does anyone actually know?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Nov 13, 2015 14:37:37 GMT
As an aside to the default interest debate #154 has acquired a 2 month unofficial extension at default rate to allow the refinance to complete. Bit like buses these extensions... #154, #114, #162 And anoťhêr as Essex is having an extension vote
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SteveT
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Post by SteveT on Nov 13, 2015 14:42:32 GMT
interesting, so you think the direction and speed as measured at the tower would be used to control the inverter load via an empirical map, you'd think that would be a pretty fast thing and lacking it would not waste 40% of the energy. Still good theory and I like it apart from the scale Any other thoughts and does anyone actually know? I've a strong suspicion it will be due to reliability and out-of-service downtime, which may or may not improve over time. Two farms across the valley from us installed (different) wind turbines a year or so ago. One keeps on generating pretty much all the time (perhaps 1 period locked off in the last 12 months). The other seems to spend half its life with its blades locked off, wasting weeks on end of potential generating time, presumably waiting for a part or for an engineer to come and address whatever the problem is.
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or do the invertors need to get hot.
