|
|
Post by andrewholgate on Nov 10, 2014 15:16:04 GMT
My apologies for not being visible for two weeks or so, I took a holiday at short notice and then I was travelling with work last week.
Can I ask that any questions you have are listed below and I will do my best to answer them in good order.
Andrew
|
|
merlin
Minor shareholder in Assetz and many other companies.
Posts: 902 
Likes: 302
|
Post by merlin on Nov 10, 2014 15:21:37 GMT
So the rumours where not true after all. Welcome back. Looks like you have a formidable work load to deal with. Guess that means evenings and weekends from now till Christmas.
|
|
|
|
Post by lynnanthony on Nov 10, 2014 15:35:19 GMT
I wonder if you might comment on loan 39 Andrew. Is "we continue to chase the borrower for an update" appropriate after two missed payments?
|
|
|
|
Post by andrewholgate on Nov 10, 2014 16:02:45 GMT
I wonder if you might comment on loan 39 Andrew. Is "we continue to chase the borrower for an update" appropriate after two missed payments? I'll take a look.
|
|
|
|
Post by andrewholgate on Nov 10, 2014 16:12:27 GMT
So the rumours where not true after all. Welcome back. Looks like you have a formidable work load to deal with. Guess that means evenings and weekends from now till Christmas. Already do that. And which rumours were those?
|
|
unmadem
Member of DD Central
Posts: 377
Likes: 181
|
Post by unmadem on Nov 10, 2014 16:31:35 GMT
Have you thought about basing a relationship manager in the offices of the bridging loan introducer for the next few months till all sorted out ? Only half joking.
The real question is.....
Can you tell us something about the costs of appointing an LPA receiver. We have been asked a couple of time to vote on possibly appointing one but without any info on the costs of such an action. I appreciate you can't be exact but some rough idea of the costs and what might cause them to vary on a case by case basis would be helpful.
|
|
merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
|
Post by merlin on Nov 10, 2014 17:32:45 GMT
So the rumours where not true after all. Welcome back. Looks like you have a formidable work load to deal with. Guess that means evenings and weekends from now till Christmas. Already do that. And which rumours were those? I always knew you were committed to your job but however hard you work don't ignore your family. You cannot buy that sort of lost time back.
The rumours. The first was you were under the weather and the second, I was sure could not be true, so ignored it.
|
|
jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808
Likes: 3,241
|
Post by jonno on Nov 11, 2014 10:25:57 GMT
Andrew, can I make a plea regarding future votes re recovery action. By definition,timescales tend to be short,therefore it is imperative that we have as much relevant information to help us come to an informed and hopefully,correct decision.In particular,when an option is to call in an LPA,there are at least two vital pieces of info that we need i.e. the total of outstanding interest and an estimate of costs of receivership.This info was missing but vital in the recent vote on #69 where due to the loan being small there isn't much absolute headroom in LTV.
|
|
|
|
Post by Ton ⓉⓞⓃ on Nov 11, 2014 11:29:58 GMT
My apologies for not being visible for two weeks or so, I took a holiday at short notice and then I was travelling with work last week. Can I ask that any questions you have are listed below and I will do my best to answer them in good order. Andrew Your team have performed well in your absence. I've noticed that once a loan is drawn the 'Drawdown' tab for that loan just disappears along with any useful info, now normally it's just a description of the calendar but sometimes important issues affect the drawdown and the loan itself are mentioned there, plus you get a feel for how organized the Borrower is, even how honest they are... if months later they go onto miss a payment how they account for themselves during drawdown could be very important in helping us decide how much credence we give to their story OR how we vote on a loan etc. Would it be possible that these interactions with the borrower are saved somewhere perhaps as a pdf in documents or at the bottom of the "Recent Activity" tab?
|
|
|
|
Post by andrewholgate on Nov 12, 2014 15:04:01 GMT
Have you thought about basing a relationship manager in the offices of the bridging loan introducer for the next few months till all sorted out ? Only half joking.
The real question is.....
Can you tell us something about the costs of appointing an LPA receiver. We have been asked a couple of time to vote on possibly appointing one but without any info on the costs of such an action. I appreciate you can't be exact but some rough idea of the costs and what might cause them to vary on a case by case basis would be helpful. The costs really depend on the level of work that needs to be done. They act in someways like an estate agent to market and sell the property but it goes much deeper than that. I some cases the recovery may be hostile and the receiver will be responsible for securing the premises and keeping them secure. There may be further works that are needed to be done, or renegotiation of tenancy agreements etc. Plus there is the LPA Act itself which must be adhered to. For a straightforward case, you are looking at 1-2% as a cost. Other cases can be higher.
|
|
|
|
Post by andrewholgate on Nov 12, 2014 15:05:12 GMT
Already do that. And which rumours were those? I always knew you were committed to your job but however hard you work don't ignore your family. You cannot buy that sort of lost time back.
The rumours. The first was you were under the weather and the second, I was sure could not be true, so ignored it.
I note elsewhere on this forum that I had been linked back to RBS. Interesting given that I'm taking on staff from there I'm not sure I'd want to go back.
|
|
|
|
Post by andrewholgate on Nov 12, 2014 15:05:45 GMT
Andrew, can I make a plea regarding future votes re recovery action. By definition,timescales tend to be short,therefore it is imperative that we have as much relevant information to help us come to an informed and hopefully,correct decision.In particular,when an option is to call in an LPA,there are at least two vital pieces of info that we need i.e. the total of outstanding interest and an estimate of costs of receivership.This info was missing but vital in the recent vote on #69 where due to the loan being small there isn't much absolute headroom in LTV. Good point and noted. A
|
|
|
|
Post by andrewholgate on Nov 12, 2014 15:06:16 GMT
My apologies for not being visible for two weeks or so, I took a holiday at short notice and then I was travelling with work last week. Can I ask that any questions you have are listed below and I will do my best to answer them in good order. Andrew Your team have performed well in your absence. I've noticed that once a loan is drawn the 'Drawdown' tab for that loan just disappears along with any useful info, now normally it's just a description of the calendar but sometimes important issues affect the drawdown and the loan itself are mentioned there, plus you get a feel for how organized the Borrower is, even how honest they are... if months later they go onto miss a payment how they account for themselves during drawdown could be very important in helping us decide how much credence we give to their story OR how we vote on a loan etc. Would it be possible that these interactions with the borrower are saved somewhere perhaps as a pdf in documents or at the bottom of the "Recent Activity" tab? Noted and I'll get actioned.
|
|
|
|
Post by andrewholgate on Nov 13, 2014 10:06:16 GMT
I wonder if you might comment on loan 39 Andrew. Is "we continue to chase the borrower for an update" appropriate after two missed payments? A new update should be live on the system.
|
|
niceguy37
Member of DD Central
Posts: 504
Likes: 254
|
Post by niceguy37 on Nov 13, 2014 11:53:44 GMT
I wonder if you might comment on loan 39 Andrew. Is "we continue to chase the borrower for an update" appropriate after two missed payments? A new update should be live on the system. May I compliment AC on the excellent levels of communication at present. Well done and keep it up!
|
|
