ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329 
Likes: 11,549
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Post by ilmoro on Sept 22, 2016 14:39:44 GMT
#217 & 257 - funds received to repay the loan, distribution to lenders ASAP
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Post by mrclondon on Sept 22, 2016 18:55:15 GMT
Well, not exactly an update, but there is finally some evidence that #182 (Manchester Commercial) re-finance is underway ... the pipeline listing has a new entry £465k @ 8.5% with estimated drawdown this month.
Shame really, I am quite happy receiving 16% interest on the original loan (13% + 3% default).
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Sept 23, 2016 0:16:28 GMT
Well, not exactly an update, but there is finally some evidence that #182 (Manchester Commercial) re-finance is underway ... the pipeline listing has a new entry £465k @ 8.5% with estimated drawdown this month. Shame really, I am quite happy receiving 16% interest on the original loan (13% + 3% default). Originally 12%, currently 13% as a 1 yr bridging loan. Now considered to be 5year commercial mortgage @8.5%. I don't understand why a bridging loan is considered to be more risky. As a bridging loan the property underwent development increasing the value and reducing the LTV. Now the development is complete or nearly complete there is no more enhancement. Sure there will be a rental income, but that goes straight to the borrower. If the borrower goes bust for any reason, we the lenders are no better off.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 23, 2016 2:19:10 GMT
If the borrower goes bust for any reason, we the lenders are no better off. We're a lot better off than we'd be if a loan goes bad during development. In that case, we'd be taking over a part-built project, and selling one of those isn't nearly as easy as selling a finished one.
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agent69
Member of DD Central
Posts: 6,043
Likes: 4,437
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Post by agent69 on Sept 23, 2016 18:13:49 GMT
267 - vote proposed to extend a 6 months bridge by 9 months (because borrower has been busy elsewhere so not completed development).
Am tempted to vote yes, as the enhanced rate is far higher than anything available on the primary market.
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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Post by Steerpike on Sept 23, 2016 19:26:58 GMT
267 - vote proposed to extend a 6 months bridge by 9 months (because borrower has been busy elsewhere so not completed development). Am tempted to vote yes, as the enhanced rate is far higher than anything available on the primary market. Yes, I voted yes, I couldn't see a good reason not to do so.
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baz657
Member of DD Central
Posts: 500
Likes: 189
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Post by baz657 on Sept 23, 2016 20:43:03 GMT
Yes, I voted yes, I couldn't see a good reason not to do so. Am in agreement. Things don't always go to plan, as has happened in this case, and the borrower has done the correct thing by rearranging finances before it's too late.
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registerme
Member of DD Central
Posts: 6,624
Likes: 6,437
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Post by registerme on Sept 24, 2016 8:27:08 GMT
Yep, I voted yes. Amusingly though I think I only have it in my GBBA so I won't even get to see any benefit from it  . |
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bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
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Post by bigfoot12 on Sept 24, 2016 9:02:23 GMT
Me, too. Amusingly though I think I only have it in my GBBA so I won't even get to see any benefit from it . I guess that you are strengthening the provision fund!
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shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
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Post by shimself on Sept 24, 2016 9:06:06 GMT
267 - vote proposed to extend a 6 months bridge by 9 months (because borrower has been busy elsewhere so not completed development). Am tempted to vote yes, as the enhanced rate is far higher than anything available on the primary market. When the loan was first offered my note (thank you assetz for the notes facility) my note read good ltv with any luck will overrun at enhanced rate. Which is what's happened. Hurrah
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Post by Ton ⓉⓞⓃ on Sept 24, 2016 10:20:33 GMT
I think I like the Borrower as it looks like he beat AC down a bit on the interest rate as the rate he got is a rather strange decimal number 9.84% but with an even stranger default(?) margin.
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duck
Member of DD Central
Posts: 2,878
Likes: 6,947
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Post by duck on Sept 24, 2016 10:26:08 GMT
This is one of the few loans that I bought into as rates started to drop, still happy with it and I'm content with the extension.
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teddy
Posts: 214
Likes: 90
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Post by teddy on Sept 25, 2016 14:27:11 GMT
Loan 45 Leeds Commercial seems to be a can that's getting kicked further and further down the road.
"I want more time to get a proposal together!"
"Have a another week."
Rinse and repeat.
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agent69
Member of DD Central
Posts: 6,043
Likes: 4,437
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Post by agent69 on Sept 25, 2016 17:00:46 GMT
Loan 45 Leeds Commercial seems to be a can that's getting kicked further and further down the road. "I want more time to get a proposal together!" "Have a another week." Rinse and repeat. At one time this was my largest holding on the platform, but I quietly disposed of it when repayments started being missed. Should have been called in a long time ago, but as with other platforms, there's little interest in starting recovery given the platform has virtually no money at risk. Last thing they want is to start racking up legal bills and risk being left having to cover the costs themselves.
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jjc
Member of DD Central
Posts: 414
Likes: 632
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Post by jjc on Sept 25, 2016 22:37:28 GMT
“there's little interest in starting recovery given the platform has virtually no money at risk”
Assetz actually have a lot at stake on this loan (see your email of 17/9/15 if you were a lender at the time, or the Activity tab on the same date). This may be influencing their approach.
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