j
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Penguins are very misunderstood!
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Post by j on Dec 26, 2013 14:24:11 GMT
We've been waiting on a couple of auctions to draw down for a while now. One (Lend to let #7) since 25th Oct. I have no doubt AC are doing all in their capacity/authority to hurry things along (as per email updates) as obviously that affects the speed in which they get their fees too. Some loans though are dragging on for a length of time with money pledged obviously not earning anything.
Can we have clarity on how long the contractual obligation for borrowers is to get their house in order (e.g. is it 4,8,12 weeks, etc) as this, I'm sure many co-lenders will agree, is the most frustrating part of lending, when you do your cash flow predictions for the year, but end out of synch as loans don't draw down within a reasonable time frame. I'd be quite happy with a lower rate but very quick draw down process.
Also, any update on compensation re:a couple of loans that were fully bid but not eventually taken up by borrowers (e.g. RW estates & another one which I unfortunately cannot recall the name of from the summer).
Thanks
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agent69
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Post by agent69 on Dec 26, 2013 14:50:35 GMT
I've got L to L 7 as well as the dentist. It's like watching paint dry.
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Post by batchoy on Dec 26, 2013 19:21:46 GMT
If recent personal experience is anything to go by we probably have another 3 weeks to go with L2L7: 12 weeks for a chain free private cash sale primarily due to the buyer picking the wrong people to do the conveyancing.
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j
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Penguins are very misunderstood!
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Post by j on Dec 26, 2013 19:45:34 GMT
If recent personal experience is anything to go by we probably have another 3 weeks to go with L2L7: 12 weeks for a chain free private cash sale primarily due to the buyer picking the wrong people to do the conveyancing. That's cheered me up to no end!!
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bugs4me
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Post by bugs4me on Dec 27, 2013 11:12:41 GMT
We've been waiting on a couple of auctions to draw down for a while now. One (Lend to let #7) since 25th Oct. I have no doubt AC are doing all in their capacity/authority to hurry things along (as per email updates) as obviously that affects the speed in which they get their fees too. Some loans though are dragging on for a length of time with money pledged obviously not earning anything. Can we have clarity on how long the contractual obligation for borrowers is to get their house in order (e.g. is it 4,8,12 weeks, etc) as this, I'm sure many co-lenders will agree, is the most frustrating part of lending, when you do your cash flow predictions for the year, but end out of synch as loans don't draw down within a reasonable time frame. I'd be quite happy with a lower rate but very quick draw down process. Also, any update on compensation re:a couple of loans that were fully bid but not eventually taken up by borrowers (e.g. RW estates & another one which I unfortunately cannot recall the name of from the summer). Thanks What would be helpful is to have some idea at the time of bidding as to an estimate of the time scale between close of bidding and when the loan will be effected. Think we all fully appreciate that sometimes due to third parties that these things are beyond the control of AC but not all. As another poster pointed out under another thread, the delays have a marked impact on the returns especially in the shorter loans. so 10% over 12 months effectively drops to well under 9% if there is a couple of months delay. Plus of course as you have committed the funds they are dead in the water until the loan becomes live so an indication from AC, not a guarantee, would be of use to lenders IMO.
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mark
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Post by mark on Jan 2, 2014 10:38:37 GMT
Hi Happy new year all..... some info for lenders waiting for drawdowns. Here is a copy of my email from Mark Wardrop on the 19th Dec...........
HI Mark
Andy forward your message. Updates as follows:
- Bolton and Birmingham bridges due to pay out before christmas, in final stage of legals.
- Slough commercial and lend to let 7 are in legals and expected to payout early Janaury. We have pushed the borrowers lawyers hard but can't see them getting across the line before christmas.
Thanks
Mark
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mikes1531
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Post by mikes1531 on Jan 3, 2014 16:02:47 GMT
Hi Happy new year all..... some info for lenders waiting for drawdowns. Here is a copy of my email from Mark Wardrop on the 19th Dec........... Updates as follows:
- Bolton and Birmingham bridges due to pay out before christmas, in final stage of legals.
Bolton made it, on 21/Dec, but Birmingham didn't make Christmas -- and didn't manage before New Year's either. Maybe next week?
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TFTO
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Post by TFTO on Jan 6, 2014 16:29:49 GMT
What about somebody from Assetz updating on here and by email on at least a weekly basis to let us know what is going on with all the loans awaiting drawdown?
Chris.
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Post by andrewholgate on Jan 6, 2014 16:39:29 GMT
In hand and we will be improving on that front.
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mikeb
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Post by mikeb on Jan 6, 2014 17:44:24 GMT
- Bolton and Birmingham bridges due to pay out before christmas, in final stage of legals.
Would a borrower be significantly disadvantaged by having a loan called "London Bridge" ... if not, I've got one right here to sell, er secure a loan on? Genuine, only one previous American owner ... But seriously, how unique are loan names (as the major source of ID for a loan part) ? "Lend to let 1" "Lent to let 2" is one solution I've noticed, but how long before we get into FC territory of lots of loans with rubbish names: "Expansion Capital" etc. The loan part numbers seem a bit big and unfriendly to be using for ID, even though it is the obvious thing to use.
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agent69
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Post by agent69 on Jan 7, 2014 17:56:20 GMT
I've got L to L 7 as well as the dentist. It's like watching paint dry. Just had an e-mail confirming contracts on L 2 L 7 is due this week and drawdown expected shortly thereafter
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bugs4me
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Post by bugs4me on Jan 7, 2014 18:01:16 GMT
Received a couple of updates this morning from Dominic - good communication. At least it keeps lenders in the loop.
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Post by mrclondon on Jan 7, 2014 18:54:23 GMT
Five such emails in my case, including what is hopefully good news on LTL 7 (drawndown currently expected in the next week or so)
Most of the other emails referenced the inevitable impact of Christmas/New Year on legal work, but in one case noted "The borrower, their solicitors and broker are aware of the approaching longstop date."
This is the first I've heard of a "longstop date" - which implies someone (AC ? ) has set some kind of deadline on the legal process.
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oldgrumpy
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Post by oldgrumpy on Jan 7, 2014 19:09:02 GMT
Yes, I made veiled comment regarding a batch of loan applications following the Dec 3 mailings. My misgivings then have not been allayed yet - (but I could not possibly say why!!! ahem!) and have certainly revised what I will and will not bid on (except by shadow). Maybe certain permissions should be obtained (in principle) by applicants before they are allowed to tie up our money for their convenience. I wonder how many of the pre-Christmas applications will suddenly be "not required". AC cannot do anything if applicants' hired professionals "play the game".
From a banana munching cynic.
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Post by pepperpot on Jan 7, 2014 19:30:21 GMT
I think I remember reading somewhere that as a general rule AC have a 2 month deadline 'penciled in' for all loans, but think this might be open to some interpretation and might have been thrown out in the re-write of the site literature. My guess is it's just some non-specific, legally acceptable, mild bullying on AC's behalf, or pointing the other way, some non-specific, legally acceptable, appeasement for the lenders! Call me a cynic... that banana looks good, can I have a bite?
If AC's fee's are (AIUI) still just a % of the loan with no 'call out fee' then it does leave them, and us, open to abuse.
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