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Post by chris on Jan 19, 2014 22:45:13 GMT
j - I think we have a better solution than just exerting pressure, but no doubt doing so will be part of the plan. Having sufficient leverage over the borrowers certainly isn't going to hurt.
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mark
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Post by mark on Jan 21, 2014 14:35:33 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 This bridging loan introducer seems to have a lot to answer for. The Derby one was was fully funded from HNW individuals due to needing an immediate drawdown (still waiting nearly 2 months later), and the other 3 (S. Manchester, Bolton & Birmingham) were all pre-filled to a significant percentage again because a quick drawdown was required. Fortunately the only one I was in (S. Manchester) did draw down relatively quickly despite needing 2nd charge security, but for 2 of the 4 to still be awaiting drawdown at this point is very disappointing. AC wanted to show this introducer we could produce the ££££££ in short order, but the introducer hasn't then reciprocated in taking the ££££££ in a timely manner. In one of the earlier posts on the bridging loan thread I said I felt the rates on this series of loans were too low ... unfortunately I've been proven right. I hope AC can manage to negotiate some form of sensible time period on drawdowns (possibly including a reservation fee) with this introducer before more bridging loans are offered on the platform. We filled the loans in minutes last time ... there is unlikely to be a stampede next time. Andrew stated on the new loans section that he is working on sorting this out asap. However, the lack of elaboration as to how he intends sort this out and what action is being taken does not really help those lenders who have commented on this subject with their concerns and frustrations. I believe and understand that AC are frustrated with this situation as well as lenders, the difference being they are in a position to take action against these ' borrowers' and lenders are not. I wonder if the new bridging loan is from the same introductory source as the previous four delayed draw down loans.
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TFTO
Member of DD Central
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Post by TFTO on Jan 24, 2014 10:35:46 GMT
A/C
Any updates on these drawdowns? Nothing seems to have changed on the five I'm waiting for - it's getting a bit like watching paint dry!!
Chris.
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Post by andrewholgate on Jan 24, 2014 10:41:12 GMT
I'm in the process of looking at these. I'll issue a more formal response later.
A
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bugs4me
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Post by bugs4me on Jan 24, 2014 10:44:08 GMT
I'm in the process of looking at these. I'll issue a more formal response later. A Maybe I'm imagining things here Andrew but are the timescales shorter now - or that's how it appears when the offer is first made.
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Post by chris on Jan 24, 2014 10:59:48 GMT
Worth noting that one loan paid out last night (Ji******al).
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bugs4me
Member of DD Central
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Post by bugs4me on Jan 24, 2014 11:26:54 GMT
Worth noting that one loan paid out last night (Ji******al). At last. I was wondering about this one. Website will update in due course no doubt.
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Post by chris on Jan 24, 2014 11:31:06 GMT
Worth noting that one loan paid out last night (Ji******al). At last. I was wondering about this one. Website will update in due course no doubt. It is showing now.
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TFTO
Member of DD Central
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Post by TFTO on Jan 24, 2014 11:36:43 GMT
At last. I was wondering about this one. Website will update in due course no doubt. It is showing now. It's showing rather a lot of accrued on my dashboard.
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Post by chris on Jan 24, 2014 11:41:23 GMT
It's showing rather a lot of accrued on my dashboard. My stupid fat fingers typing the drawdown date in wrong (2013 not 2014). Thanks for pointing this out, it's been corrected and the correct accrued interest is showing now. Apologies for that.
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bugs4me
Member of DD Central
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Post by bugs4me on Jan 24, 2014 13:33:06 GMT
It's showing rather a lot of accrued on my dashboard. My stupid fat fingers typing the drawdown date in wrong (2013 not 2014). Thanks for pointing this out, it's been corrected and the correct accrued interest is showing now. Apologies for that. I preferred it as it was. Any chance of those stupid fat fingers going elsewhere? 
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Post by chris on Jan 24, 2014 13:34:41 GMT
My stupid fat fingers typing the drawdown date in wrong (2013 not 2014). Thanks for pointing this out, it's been corrected and the correct accrued interest is showing now. Apologies for that. I preferred it as it was. Any chance of those stupid fat fingers going elsewhere? Sorry - I preferred the praise I was getting for things going well to getting praise for messing up in favour of the lenders. I'd like to go back to talking about how wonderful the pre-bid functionality is and how well the website is performing!
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mark
Posts: 163
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Post by mark on Mar 14, 2014 9:22:41 GMT
Why has the L2L7 loan still not been drawn a month after the purchase at an auction. Payment would have been required to have been made by now for an auction purchase. Could we have an explanation for this please Andrew or Chris and another revised expected drawdown date.
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mikes1531
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Post by mikes1531 on Mar 14, 2014 18:49:56 GMT
Why has the L2L7 loan still not been drawn a month after the purchase at an auction. Payment would have been required to have been made by now for an auction purchase. Could we have an explanation for this please Andrew or Chris and another revised expected drawdown date. My loan parts of this one now are showing as having been drawn down today.
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oldgrumpy
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Post by oldgrumpy on Mar 31, 2014 11:51:33 GMT
samford71 (Lifted from another thread today)
On your account page the panel showing shadow bids is in white while auctions are live, then blue (due now) when the auction is closed. An email is sent a few days before imminent drawdown saying something like, "The legal work for the Banana Fritter loan has progressed swiftly this week and we anticipate draw down very soon. Please take this email as notification to arrange settlement of your shadow-bid(s)."
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