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Post by chris on Jan 12, 2014 11:02:26 GMT
We don't monitor if people list and de-list from the secondary market, and you're right the only way to do this manually is to buy back your own loan parts. Some people have done this where they wanted to transfer between accounts for example (this requires sufficient funds in the other account to complete the transfer). There is a two week timeout on loan units that fail to sell, which was an idea copied from FC. I'm minded to remove it though as it's rare for it to come up (419 times out of 17776 listings).
We do have a pretty active aftermarket with £2.4m in sales thus far. That figure doesn't account for the few people who have transferred loan parts between their own accounts, but I don't think that adds up to a huge total.
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gnasher
Member of DD Central
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Post by gnasher on Jan 12, 2014 11:24:46 GMT
"I wonder if AC are trying to grow too quickly and whether they should concentrate on the £300k - £400k loans until they have more lenders." Maybe, but on the other hand maybe there are a few things about this loan that make us a bit wary. If it was a good clear open proposition, with no complications and good security, perhaps it would have filled OK.
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unmadem
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Post by unmadem on Jan 12, 2014 14:21:18 GMT
agent69 "I wonder if AC are trying to grow too quickly and whether they should concentrate on the £300k - £400k loans until they have more lenders."
I suspect it would have raised a lot more if there had been any sort of answer regarding the liquidation.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jan 12, 2014 16:14:15 GMT
agent69 "I wonder if AC are trying to grow too quickly and whether they should concentrate on the £300k - £400k loans until they have more lenders."
I suspect it would have raised a lot more if there had been any sort of answer regarding the liquidation.
Clearly most of us have well formed views on why this baby did not fly and AC would be well advised to take these views into account before trial flighting any further other big birds. For me the two big issues have been the unanswered questions and the slight fudging of the facts surrounding the history of this group of businesses. From my perspective these items were almost certainly going to rise to the surface quickly as soon as the offering was launched. There are plenty of very well informed investors in AC who will always search out the curly questions. My advice to Andrew and Co would be to form your own internal "Red Team" to take apart these loans before launch so that you are well informed of what may be thrown at you once you launch. That way you may well avoid the problems that this loan is having.
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Post by batchoy on Jan 22, 2014 18:00:59 GMT
I see this one has been dropped and monies have been refunded, though I note that the running total on the website has not been reduced in line with the withdrawal of the loan offer.
To a degree with all the unanswered and unanswerable questions, primarily due to the borrower's demand for anonymity, I'm surprised that it was allowed to go as far as it did.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jan 22, 2014 18:31:48 GMT
I see this one has been dropped and monies have been refunded, though I note that the running total on the website has not been reduced in line with the withdrawal of the loan offer. To a degree with all the unanswered and unanswerable questions, primarily due to the borrower's demand for anonymity, I'm surprised that it was allowed to go as far as it did. Don't have an issue with the loan being pulled & I'm sure reasons will be forthcoming from AC but, it looks better if members who bid are alerted with a communication of some sort beforehand that monies are being credited back & loan cancelled!
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Post by Come_on_Grandad on Jan 22, 2014 18:37:42 GMT
Don't have an issue with the loan being pulled & I'm sure reasons will be forthcoming from AC but, it looks better if members who bid are alerted with a communication of some sort beforehand that monies are being credited back & loan cancelled! Well I did receive an email, at 16:56 which was before my account was updated online. I had time to have a look at the loan to see if there were any recent Q&A. There wasn't. The email text, for those who haven't received it, says ... "Dear Lender, The legal due diligence on this proposed loan is not progressing quickly enough for the expected drawdown timetable of end of January/early February to be met. It is not clear exactly how long it will take and, as a result, we have taken the decision to withdraw the loan listing for the time being and return funds to lenders accounts. We continue to work with the borrower and their advisors to move this proposed loan forward and will re-list the loan for auction once the conditions for drawdown are satisfied. We apologise for the inconvenience and would note that we have a number of Bridging Loans coming to the platform very shortly offering good quality security and strong returns, with similar scheduled drawdown timeframes (end of January/early February). Full details of these will be listed on the website as soon as they are available."
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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Post by j on Jan 22, 2014 18:38:40 GMT
I see this one has been dropped and monies have been refunded, though I note that the running total on the website has not been reduced in line with the withdrawal of the loan offer. To a degree with all the unanswered and unanswerable questions, primarily due to the borrower's demand for anonymity, I'm surprised that it was allowed to go as far as it did. Don't have an issue with the loan being pulled & I'm sure reasons will be forthcoming from AC but, it looks better if members who bid are alerted with a communication of some sort beforehand that monies are being credited back & loan cancelled! Just logged on to my email account & there was a message from Dominic just before 5pm. I stand corrected re:my comments above...apologies 
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Post by batchoy on Jan 22, 2014 18:40:05 GMT
I see this one has been dropped and monies have been refunded, though I note that the running total on the website has not been reduced in line with the withdrawal of the loan offer. To a degree with all the unanswered and unanswerable questions, primarily due to the borrower's demand for anonymity, I'm surprised that it was allowed to go as far as it did. Don't have an issue with the loan being pulled & I'm sure reasons will be forthcoming from AC but, it looks better if members who bid are alerted with a communication of some sort beforehand that monies are being credited back & loan cancelled! I had an email notification then checked the site and the loan is gone and my monies have been credited. On the subject of of the running loan total I have always found it a bit disingenuous as it contains the best part of £1.4M of loans that I have accepted bids in but which haven't actually been lent yet as they are awaiting draw down, and could go the same way as this one if the borrower's legals don't get completed soon.
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andy2001
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Post by andy2001 on Jan 22, 2014 19:15:13 GMT
Never got the email as I never bid. figuring it made more sense to buy from the underwriter, but it sounds like they still hope to go ahead with this loan at some point.
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agent69
Member of DD Central
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Post by agent69 on Jan 22, 2014 19:21:49 GMT
Having trumpeted the launch of this loan I think it looks bad that it was fully funded but now withdrawn. Following close on the heals of the fishy deal, it don't look good at all.
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gnasher
Member of DD Central
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Post by gnasher on Jan 22, 2014 21:32:53 GMT
"Following close on the heals of the fishy deal, it don't look good at all."
No, I disagree. Taking 2 or 3 months before draw-down would not look good at all. Going belly up a few months after drawdown and entering a prolonged wrangle to get just some of the money back would not look good at all.
Pulling the deal now and giving us our money back is OK with me, and much better than either of the above. I see the pulling of a loan when required to be a sign of strength not weakness, and it improves my confidence in the platform.
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mark
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Post by mark on Jan 22, 2014 21:42:41 GMT
On the issue of pulling loans being a sign of strength I totally agree, on this matter..................................
andrewholgate said:
mark - Yes, yes, yes. I'm working hard to get that sorted out ASAP. Four of the troublesome drawdowns came from the same introductory source and we are working hard to resolve why that is.
A
Thank you for that yes, yes, yes reply. Slighty off topic but would it be possible for you elaborate on your what actions you are actually taking to resolve the troublesome drawdowns that have tied up lenders substantial dead funds for months and how long you intend on allowing these borrowers to continue to do so. As a question, does AC receive interest for these undrawn funds.
Over the months we periodically receive update emails that inform that draw down will happen ' in a couple of weeks ' yet we wait months and no progress. Long stop deadlines, extension and penalty fees are mentioned but seem to be just empty words.
Beyond update comments such as ' with legals, waiting for an update from the relationship manager, attempting to contact ' I am none the wiser than if I did not receive these updates.
I am aware that some delays to drawdown to check security, necessary legal work and requirements is appropriate and acceptable. A period of 4 - 6 weeks should be ample time for this but as we move into the forth month of waiting for drawdown of L*L7, and towards three months for a six month urgent Birm****** bridging loan and other such gems such as the Slo*** loan I am wondering what action, deadlines, withdrawal of loan facility, penalties, you will be applying in trying to sort this out asap.
In the end perhaps, as with the pulled loan today, the option to pull the plug on these and allow lenders to reinvest they dead money should be considered
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Post by bracknellboy on Jan 22, 2014 21:57:53 GMT
"Following close on the heals of the fishy deal, it don't look good at all."No, I disagree. Taking 2 or 3 months before draw-down would not look good at all. Going belly up a few months after drawdown and entering a prolonged wrangle to get just some of the money back would not look good at all. Pulling the deal now and giving us our money back is OK with me, and much better than either of the above. I see the pulling of a loan when required to be a sign of strength not weakness, and it improves my confidence in the platform. I agree and disagree with both those comments. 1. Pulling a loan when it is otherwise completed is a sign of strength. 2. Trumpeting (is that a word?) a loan and then pulling is clearly a tad disappointing. As I wasn't on this loan I have no idea whether it was pulled or the borrower chose to not draw down. If it was pulled, then the cojones to do it should probably be recognised. If it took AC over a significant lending milestone in time for anniversary, for it to be quietly pulled out afterwards, then the combination of cojones and marketing brilliance is best not commented on.
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bugs4me
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Post by bugs4me on Jan 22, 2014 22:35:45 GMT
"Following close on the heals of the fishy deal, it don't look good at all."No, I disagree. Taking 2 or 3 months before draw-down would not look good at all. Going belly up a few months after drawdown and entering a prolonged wrangle to get just some of the money back would not look good at all. Pulling the deal now and giving us our money back is OK with me, and much better than either of the above. I see the pulling of a loan when required to be a sign of strength not weakness, and it improves my confidence in the platform. I agree and disagree with both those comments. 1. Pulling a loan when it is otherwise completed is a sign of strength. 2. Trumpeting (is that a word?) a loan and then pulling is clearly a tad disappointing. As I wasn't on this loan I have no idea whether it was pulled or the borrower chose to not draw down. If it was pulled, then the cojones to do it should probably be recognised. If it took AC over a significant lending milestone in time for anniversary, for it to be quietly pulled out afterwards, then the combination of cojones and marketing brilliance is best not commented on. It has to be a management decision which I'm sure is an ongoing process. Andrew has already stated that draw down delays are a pain in the b*** - well that also includes lenders that have committed funds. I'd rather see action on a loan that's not going any where rather than hoping things will improve sometime in the future. Disappointing it may be but at least we know where we stand.
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