agent69
Member of DD Central
Posts: 6,034 
Likes: 4,433
Member is Online
|
Post by agent69 on Dec 31, 2013 20:25:05 GMT
Now fully funded, courtesy of a £160k bid
|
|
andy2001
Member of DD Central
Posts: 361
Likes: 34
|
Post by andy2001 on Dec 31, 2013 20:36:07 GMT
Now fully funded, courtesy of a £160k bid Looks like the bid came from an underwriter.
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Jan 3, 2014 15:48:36 GMT
Auction extended by further week (10 days in total) to allow taking out of underwriter!  |
|
alison
Member of DD Central
Sanctuary!!
Posts: 356 
Likes: 99
|
Post by alison on Jan 3, 2014 16:30:34 GMT
Auction extended by further week (10 days in total) to allow taking out of underwriter! Hmmm so that's 25% of my AC portfolio just sitting, waiting, between this and 7 other "Accepted Bids"  Glad I spread my lending over other platforms too.
|
|
|
|
Post by chris on Jan 3, 2014 16:33:40 GMT
Just to reassure everyone, this won't affect the drawdown timescale as this will be progressing in the background now that the loan is 100% funded. This is merely to allow those who still wish to participate a few extra days whereby they can bid and remove the underwriter.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jan 3, 2014 16:39:13 GMT
Auction extended by further week (10 days in total) to allow taking out of underwriter! If it's taken 10+ days so far to raise 17% of the total amount from non-underwriters, it's likely to take a lot more than just an extra week to raise a significant amount of additional funds. Biggest winners from this extension are those who decided to keep their money earning in the bank and place their bids just before time was up. As long as the borrower's drawdown timing isn't affected by this extension -- and it shouldn't be because once the loan was underwritten they knew the money was going to be available as soon as they were ready for it -- then it doesn't really affect those who already have placed their bids. With over £2M of this loan still in the hands of the underwriters, I expect this loan will be available for investment via the aftermarket for a very long time.
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Jan 3, 2014 16:45:36 GMT
Auction extended by further week (10 days in total) to allow taking out of underwriter! If it's taken 10+ days so far to raise 17% of the total amount from non-underwriters, it's likely to take a lot more than just an extra week to raise a significant amount of additional funds. Biggest winners from this extension are those who decided to keep their money earning in the bank and place their bids just before time was up. As long as the borrower's drawdown timing isn't affected by this extension -- and it shouldn't be because once the loan was underwritten they knew the money was going to be available as soon as they were ready for it -- then it doesn't really affect those who already have placed their bids. With over £2M of this loan still in the hands of the underwriters, I expect this loan will be available for investment via the aftermarket for a very long time. I'm beginning to get a very strong impression that the aftermarket is more attractive than simply bidding on a loan, then waiting for drawdown especially with the sorter term loans. I've got a few stuck in processing and whilst I'm sure AC are doing everything possible to complete, there will of course be delays with third parties. I agree, there will be several opportunities with the £2M loan in the aftermarket.
|
|
agent69
Member of DD Central
Posts: 6,034
Likes: 4,433
Member is Online
|
Post by agent69 on Jan 3, 2014 16:57:55 GMT
If it's taken 10+ days so far to raise 17% of the total amount from non-underwriters, it's likely to take a lot more than just an extra week to raise a significant amount of additional funds. Biggest winners from this extension are those who decided to keep their money earning in the bank and place their bids just before time was up. As long as the borrower's drawdown timing isn't affected by this extension -- and it shouldn't be because once the loan was underwritten they knew the money was going to be available as soon as they were ready for it -- then it doesn't really affect those who already have placed their bids. With over £2M of this loan still in the hands of the underwriters, I expect this loan will be available for investment via the aftermarket for a very long time. I'm beginning to get a very strong impression that the aftermarket is more attractive than simply bidding on a loan, then waiting for drawdown especially with the sorter term loans. I've got a few stuck in processing and whilst I'm sure AC are doing everything possible to complete, there will of course be delays with third parties. I agree, there will be several opportunities with the £2M loan in the aftermarket. Why not take it to the logical conclusion where you do away with the auctions, let the underwriters fund the loans and then everyone can buy on the aftermarket.
|
|
alison
Member of DD Central
Sanctuary!!
Posts: 356
Likes: 99
|
Post by alison on Jan 3, 2014 17:03:30 GMT
I'm beginning to get a very strong impression that the aftermarket is more attractive than simply bidding on a loan, then waiting for drawdown especially with the sorter term loans. I've got a few stuck in processing and whilst I'm sure AC are doing everything possible to complete, there will of course be delays with third parties. I agree, there will be several opportunities with the £2M loan in the aftermarket. Why not take it to the logical conclusion where you do away with the auctions, let the underwriters fund the loans and then everyone can buy on the aftermarket. Sounds a great idea. I wonder if anyone else has thought of it!! 
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Jan 3, 2014 17:10:14 GMT
Why not take it to the logical conclusion where you do away with the auctions, let the underwriters fund the loans and then everyone can buy on the aftermarket. I think this idea was alluded to in some other thread but the cost involved make it fairly less profitable for many parties involved. probably us lenders included as it can have a reductive effect on rate offered on some auctions.
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Jan 3, 2014 17:11:11 GMT
Why not take it to the logical conclusion where you do away with the auctions, let the underwriters fund the loans and then everyone can buy on the aftermarket. Sounds a great idea. I wonder if anyone else has thought of it!! Don't think the underwriters work for nowt so no doubt that would push up the borrowing costs - or maybe shave a bit of the lender return.
|
|
|
|
Post by buggerthebanks on Jan 4, 2014 11:13:17 GMT
Auction extended by further week (10 days in total) to allow taking out of underwriter! Hmmm so that's 25% of my AC portfolio just sitting, waiting, between this and 7 other "Accepted Bids" Glad I spread my lending over other platforms too. Much the same here. Only one of my last seven loans has been drawn, with some sitting idle over two months!
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Jan 4, 2014 11:22:31 GMT
Hmmm so that's 25% of my AC portfolio just sitting, waiting, between this and 7 other "Accepted Bids" Glad I spread my lending over other platforms too. Much the same here. Only one of my last seven loans has been drawn, with some sitting idle over two months! These drawdown 'delays' are beyond the control of AC - it's obviously in their interests to get these loans live ASAP. The downside as a lender is it can have a serious impact on the return especially with the shorter term loans. I can see a day arriving where AC will need to offer a cashback to all those that bid when the offer goes live otherwise it's going to be a sit around and pick up the bits on the aftermarket where they start earning from day one after committing funds to them.
|
|
agent69
Member of DD Central
Posts: 6,034
Likes: 4,433
Member is Online
|
Post by agent69 on Jan 4, 2014 11:40:58 GMT
Auction extended by further week (10 days in total) to allow taking out of underwriter! Hmmm so that's 25% of my AC portfolio just sitting, waiting, between this and 7 other "Accepted Bids" Glad I spread my lending over other platforms too. FC loans get drawn down within 7 days of the auction ending, although I accept that they are often different in nature to the majority of AC loans. On TC (where loans appear to be similar to AC) nobody has to wait over 2 months to get a loan drawn down. I don't understand why it takes AC so long.
|
|
|
|
Post by mrclondon on Jan 4, 2014 12:10:52 GMT
Auction extended by further week (10 days in total) to allow taking out of underwriter! However I can't see much fresh momentum occuring unless the outstanding question regarding the liquidation a few months ago of one of the subsidiaries is addressed sooner rather than later.
|
|
