|
|
Post by chris on Jan 17, 2014 16:59:48 GMT
I've been asked to post the following by way of a quick update on all the loans: - Lend to let 7: terms have been issued for the additional 3 properties - this was holding things up but completion should take place quickly now. 1 - 2 weeks.
- Ji******al 5 year loan: Agreement finalised with bank, waiting for copy plus copy of insurance policy, drawdown should be imminent
- Cov***** Com******* Pr******: Report on title should be completed this week, drawdown within 1 week
- Ham****** Lend to Let: Drew down on Monday
- H*** W****** C********* P*******: With legal, will update in due course
- Red***** Com******* Pro*****: Estimate draw down by end of the month at latest
- Bir******** Br****** L***: Awaiting update from relationship manager will update in due course.
- Der** Br****** L***: Same as above
- Sl**** Com******* Pr******: With their lawyer, we are chasing and will update asap.
I make no guarantees that I got the number of stars right. Will make sure that ID numbers are displayed on the site for loans sooner rather than later. I'm sure andrewholgate will check in as soon as he is able in order to answer any further questions you may have and in order to verify the information I've given above is accurate. |
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188 
Likes: 540
|
Post by j on Jan 17, 2014 17:13:56 GMT
I've been asked to post the following by way of a quick update on all the loans: - Lend to let 7: terms have been issued for the additional 3 properties - this was holding things up but completion should take place quickly now. 1 - 2 weeks.
- Ji******al 5 year loan: Agreement finalised with bank, waiting for copy plus copy of insurance policy, drawdown should be imminent
- Cov***** Com******* Pr******: Report on title should be completed this week, drawdown within 1 week
- Ham****** Lend to Let: Drew down on Monday
- H*** W****** C********* P*******: With legal, will update in due course
- Red***** Com******* Pro*****: Estimate draw down by end of the month at latest
- Bir******** Br****** L***: Awaiting update from relationship manager will update in due course.
- Der** Br****** L***: Same as above
- Sl**** Com******* Pr******: With their lawyer, we are chasing and will update asap.
I make no guarantees that I got the number of stars right. Will make sure that ID numbers are displayed on the site for loans sooner rather than later. I'm sure andrewholgate will check in as soon as he is able in order to answer any further questions you may have and in order to verify the information I've given above is accurate. Thanks for the update on drawdown issues Chris. Is there any further available info on upcoming loans also? Cheers
|
|
|
|
Post by chris on Jan 17, 2014 17:15:50 GMT
j - all I know is that we're expecting to do a lot of business before the end of the month, so I would expect a lot of activity over the next two weeks.
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Jan 17, 2014 17:22:14 GMT
I've been asked to post the following by way of a quick update on all the loans: - Lend to let 7: terms have been issued for the additional 3 properties - this was holding things up but completion should take place quickly now. 1 - 2 weeks.
- Ji******al 5 year loan: Agreement finalised with bank, waiting for copy plus copy of insurance policy, drawdown should be imminent
- Cov***** Com******* Pr******: Report on title should be completed this week, drawdown within 1 week
- Ham****** Lend to Let: Drew down on Monday
- H*** W****** C********* P*******: With legal, will update in due course
- Red***** Com******* Pro*****: Estimate draw down by end of the month at latest
- Bir******** Br****** L***: Awaiting update from relationship manager will update in due course.
- Der** Br****** L***: Same as above
- Sl**** Com******* Pr******: With their lawyer, we are chasing and will update asap.
I make no guarantees that I got the number of stars right. Will make sure that ID numbers are displayed on the site for loans sooner rather than later. I'm sure andrewholgate will check in as soon as he is able in order to answer any further questions you may have and in order to verify the information I've given above is accurate. Thanks for the update Chris
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Jan 17, 2014 17:59:38 GMT
I've been asked to post the following by way of a quick update on all the loans: - Cov***** Com******* Pr******: Report on title should be completed this week, drawdown within 1 week
Thanks for the update Chris. The email I received from AC today regarding this loan said... ... which doesn't look nearly as positive as Chris's update. 
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Jan 17, 2014 18:02:00 GMT
j - all I know is that we're expecting to do a lot of business before the end of the month, so I would expect a lot of activity over the next two weeks. Many thanks for getting back to us promptly
|
|
|
|
Post by chris on Jan 17, 2014 18:03:12 GMT
mikes1531 - sorry, I was just relaying the information I was given by our admin team. Hopefully andrewholgate will be able to set the record straight.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jan 17, 2014 18:38:23 GMT
Yes, I think that not all prospective borrowers appreciate that they need to tell their legal "teams" that tardy contact behaviour is not acceptable and will result in withdrawal of loan offers, or a surcharge should be applied. For at least one of these outstanding ones (7 Nov Coventry) "our legal counsel has been attempting to make contact with the borrower and their broker and solicitor to resume normal draw down procedure" suggests to me that Mr I's team is avoiding having to deal with the issue after more than two months. As for L2L no 7, nearly three months and The optimism of the 7 Jan update has come to nothing yet. Do these people actually want these loans (are they casting around elsewhere for lower rates?)
There is definitely one kind of loan I will not bid on in future (except by shadow).
Grumps XX
|
|
bugs4me
Member of DD Central
Posts: 1,845
Likes: 1,478
|
Post by bugs4me on Jan 17, 2014 22:48:40 GMT
Yes, I think that not all prospective borrowers appreciate that they need to tell their legal "teams" that tardy contact behaviour is not acceptable and will result in withdrawal of loan offers, or a surcharge should be applied. For at least one of these outstanding ones (7 Nov Coventry) "our legal counsel has been attempting to make contact with the borrower and their broker and solicitor to resume normal draw down procedure" suggests to me that Mr I's team is avoiding having to deal with the issue after more than two months. As for L2L no 7, nearly three months and The optimism of the 7 Jan update has come to nothing yet. Do these people actually want these loans (are they casting around elsewhere for lower rates?) There is definitely one kind of loan I will not bid on in future (except by shadow). Grumps XX There's always going to be the possibility of playing one off against another. Just maybe once you've 'raised the money' via AC you may use whatever piece of paper to get a better deal elsewhere. Just maybe AC were not fed the accurate information. Many, many scenarios exist and I would have thought that they are beyond the control of AC. Possibly AC should just withdraw the loan offer and move on but I'm certainly not in touch with the situation so who knows?
|
|
mark
Posts: 163
Likes: 166
|
Post by mark on Jan 18, 2014 9:10:22 GMT
I've been asked to post the following by way of a quick update on all the loans: - Cov***** Com******* Pr******: Report on title should be completed this week, drawdown within 1 week
Thanks for the update Chris. The email I received from AC today regarding this loan said... ... which doesn't look nearly as positive as Chris's update. bir******* brid**** loan. This was apparently to repay a loan and a bridging loan awaiting a property sale in India due to complete in February. It seems lenders funds have been used for two months as a line of credit if needed by the so called borrower. This is abuse of lenders who have committed funds waiting for drawdown for the past two months. All we get by way of an update is waiting for an update from the relationship manager. I wonder if this was AC's own money and not lenders would there be more of an effort. The reluctance of AC to implement any longstop date and trigger some form of additional fee or penalty for compensation for lenders is disappointing to say the least. They should apply penalties, additional fees ( to be passed on to lenders!) or withdraw loan offers to these jokers and allow lenders to reinvest
|
|
mark
Posts: 163
Likes: 166
|
Post by mark on Jan 18, 2014 9:19:31 GMT
Thanks for the update Chris. The email I received from AC today regarding this loan said... ... which doesn't look nearly as positive as Chris's update. bir******* brid**** loan. This was apparently to repay a loan and a bridging loan awaiting a property sale in India due to complete in February. It seems lenders funds have been used for two months as a line of credit if needed by the so called borrower. This is abuse of lenders who have committed funds waiting for drawdown for the past two months. All we get by way of an update is waiting for an update from the relationship manager. I wonder if this was AC's own money and not lenders would there be more of an effort. The reluctance of AC to implement any longstop date and trigger some form of additional fee or penalty for compensation for lenders is disappointing to say the least. They should apply penalties, additional fees ( to be passed on to lenders!) or withdraw loan offers to these jokers and allow lenders to reinvest and that should apply to all so called borrowers who abuse the system to ensure AC does not get a reputation is a soft touch and attracting other such borrowers
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Jan 18, 2014 11:36:39 GMT
bir******* brid**** loan. This was apparently to repay a loan and a bridging loan awaiting a property sale in India due to complete in February. It seems lenders funds have been used for two months as a line of credit if needed by the so called borrower. This is abuse of lenders who have committed funds waiting for drawdown for the past two months. All we get by way of an update is waiting for an update from the relationship manager. I wonder if this was AC's own money and not lenders would there be more of an effort. The reluctance of AC to implement any longstop date and trigger some form of additional fee or penalty for compensation for lenders is disappointing to say the least. They should apply penalties, additional fees ( to be passed on to lenders!) or withdraw loan offers to these jokers and allow lenders to reinvest and that should apply to all so called borrowers who abuse the system to ensure AC does not get a reputation is a soft touch and attracting other such borrowers We don't really know the intricacies of the various loans in question nor the various parties involved. Judging by recent draw down issues, one hopes that AC will start taking a hard line with borrowers & their related parties to stop this obvious taking of liberties of both AC & its members.
Speaking personally, I'll be quite happy to give a 1 month deadline (with odd exceptions as appropriate), if a loan is not drawn down by then, I'll have my monies refunded to invest in another loan. I do not mind losing some loans which relapse, but at least there won't be much of a cash flow problem, and AC and its lenders are not used by some borrowers as a back up or weapon to go barter a lower rate with someone else (this happened once already with that large loan last summer - if someone remembers the name can they please pm me? - and we're still waiting for promised recompense many months down the line).
Draw down with AC will almost always take longer than other platforms as they insist on security to back loans, compared to worthless paper PG on other platforms. With that, one is happy to wait longer for that extra security but, it has to be a reasonable time frame.
Andrew promised a response (Chris provide a brief update yesterday) & I'm sure there will be one over the next few days.
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jan 18, 2014 12:17:23 GMT
"Speaking personally, I'll be quite happy to give a 1 month deadline (with odd exceptions as appropriate), if a loan is not drawn down by then, I'll have my monies refunded to invest in another loan."
I may be grumpy at times, but I have no problem with allowing a month following the end of an auction, then allowing some leeway (strictly limited on 6 month bridge loans). Borrowers should not expect two months and then some leeway. I think AC probably have something in the pipeline to assist the rate of progress following auction ends, as Andrew has made it quite clear that he is as frustrated by this bunch of loans as some of us are.
I wonder if AC could have a fund of their own in the background, which would cover permitted lender withdrawals following undue delay. This could allow AC resale of the released loan parts similar to underwriters' procedures, and anyone buying these parts would be counting from the purchase date rather than the auction date. Maybe there are legal reasons why this would not work.
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on Jan 18, 2014 12:27:03 GMT
"Speaking personally, I'll be quite happy to give a 1 month deadline (with odd exceptions as appropriate), if a loan is not drawn down by then, I'll have my monies refunded to invest in another loan."
I may be grumpy at times, but I have no problem with allowing a month following the end of an auction, then allowing some leeway (strictly limited on 6 month bridge loans). Borrowers should not expect two months and then some leeway. I think AC probably have something in the pipeline to assist the rate of progress following auction ends, as Andrew has made it quite clear that he is as frustrated by this bunch of loans as some of us are.
I wonder if AC could have a fund of their own in the background, which would cover permitted lender withdrawals following undue delay. This could allow AC resale of the released loan parts similar to underwriters' procedures, and anyone buying these parts would be counting from the purchase date rather than the auction date. Maybe there are legal reasons why this would not work.
................this bunch of loans. Don't you mean 'this bunch of old bananas?' 
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Jan 18, 2014 12:34:39 GMT
"................this bunch of loans. Don't you mean 'this bunch of old bananas?' "
I'm always open to optimistic visions for the future 
PS Got a nice couple of fresh bunches yesterday.
|
|
