agent69
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Post by agent69 on Dec 26, 2013 14:54:43 GMT
Pleased to see that bidding on this loan was a more orderly affair, with only 60% taken up in the first 50 minutes.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Dec 26, 2013 15:55:08 GMT
Pleased to see that bidding on this loan was a more orderly affair, with only 60% taken up in the first 50 minutes. Yes but a large part was presold and this appears to be a growing tendency. IMO that just goes to show how popular Assetz is becoming!
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JamesFrance
Member of DD Central
Port Grimaud 1974
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Post by JamesFrance on Dec 26, 2013 17:39:10 GMT
Not surprising with decent security and a good interest rate. Has to be better than guarantees without any evidence of assets.
Back in the 70s my office staff had a standing instruction to require cash in advance from any non account holder arriving in my depot in a Rolls Royce.
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Dec 26, 2013 18:54:50 GMT
Not surprising with decent security and a good interest rate. Has to be better than guarantees without any evidence of assets. Back in the 70s my office staff had a standing instruction to require cash in advance from any non account holder arriving in my depot in a Rolls Royce. You are clearly a wise man James. A great principle to have!
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Dec 26, 2013 19:52:02 GMT
Put a question to ac recently asking why & how the landlord managed to obtain such an immediate rent hike & awaiting reply. Any fellow posters have their own thoughts as to possible reasons? Seems a very good investment but I'm slightly puzzled by this.
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Post by oldnick on Dec 26, 2013 20:38:00 GMT
Put a question to ac recently asking why & how the landlord managed to obtain such an immediate rent hike & awaiting reply. Any fellow posters have their own thoughts as to possible reasons? Seems a very good investment but I'm slightly puzzled by this. There is mention of some of the tenants renting the fixed equipment such as ramps in section 14 of the valuation. This may tie them to the building at least in the short term. My reading of the rent situation is that the would be borrower pays 36k per year as the tenant of the entire premises. He has equiped some of the units with ramps and charges the subletting businesses for their use. The sublet rental also includes rates and utilities. What has been seen as a future rent hike is actually the difference between the tenant's rent to the landlord and what he already charges his sublets for additional benefits.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Dec 26, 2013 21:18:51 GMT
Put a question to ac recently asking why & how the landlord managed to obtain such an immediate rent hike & awaiting reply. Any fellow posters have their own thoughts as to possible reasons? Seems a very good investment but I'm slightly puzzled by this. There is mention of some of the tenants renting the fixed equipment such as ramps in section 14 of the valuation. This may tie them to the building at least in the short term. My reading of the rent situation is that the would be borrower pays 36k per year as the tenant of the entire premises. He has equiped some of the units with ramps and charges the subletting businesses for their use. The sublet rental also includes rates and utilities. What has been seen as a future rent hike is actually the difference between the tenant's rent to the landlord and what he already charges his sublets for additional benefits. thnx nick, I'll go back & crunch the numbers again!
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mikes1531
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Post by mikes1531 on Dec 27, 2013 3:28:16 GMT
Put a question to ac recently asking why & how the landlord managed to obtain such an immediate rent hike & awaiting reply. Any fellow posters have their own thoughts as to possible reasons? Seems a very good investment but I'm slightly puzzled by this. In addition to what oldnick said, I've also asked a question because I was puzzled by the seeming inconsistencies between the Credit Report and the Valuation Report. What I asked was...
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Post by oldnick on Dec 27, 2013 8:33:32 GMT
Put a question to ac recently asking why & how the landlord managed to obtain such an immediate rent hike & awaiting reply... In addition to what oldnick said, I've also asked a question because I was puzzled by the seeming inconsistencies between the Credit Report and the Valuation Report. What I asked was... Until AC can shed more light I've trawled through the two reports and can see these figures for sub letting income: 2011/12 (CR p.7) +24k pa 'temporary license' income. 2013 (VR p.13/14) +116.8k pa (for rent, use of equipment, services and rates packages) - we're not told when the second building was constructed but this seems to be the likely reason for the increased sub letting income this year. 2014 (CR p.7) +104K pa rent income. Have parts of the 'packages' been omitted to arrive at this reduced amount? +25k pa If the borrower's units were rented out this additional income could be earned giving the full rent role figure under Serviceability - page 7. Out goings: 2013 (VR p.8) -36k pa for ground rent. The buildings having been constructed by the borrower (VR p.15) Market rent for the land only is now estimated to be 45.8k (VR p.17), which would be the basis for a future rent review if this purchase doesn't go ahead.
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agent69
Member of DD Central
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Post by agent69 on Dec 31, 2013 20:23:16 GMT
Fully funded
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Feb 4, 2014 10:26:00 GMT
Just got notification from Dominic that borrower declined to draw loan now, monies returned, and some form of compensation in due time!
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bugs4me
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Post by bugs4me on Feb 4, 2014 11:27:43 GMT
Just got notification from Dominic that borrower declined to draw loan now, monies returned, and some form of compensation in due time! I hope AC do get some form of compensation but I think it's going to be a long shot. Probably the HW loan approval by AC was then used as leverage elsewhere.
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oldgrumpy
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Post by oldgrumpy on Feb 4, 2014 11:33:06 GMT
There is something in common with several auctions which were launched late last year, which have caused AC a lot of trouble, and lenders a lot of dead money time. I have referred to this a couple of times before, mentioning my initial misgivings (starting in October). It would not be "politically correct" (sorry about the cliché) to elaborate, but I will be making no further bids on such offerings (except by shadow, which I can then pay for as, sorry..IF drawdown approaches). I wonder if all these delay infested loans came from the same broker/introducer. Maybe full interest should become payable regardless of drawdown one month after the close of an auction.
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bugs4me
Member of DD Central
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Post by bugs4me on Feb 4, 2014 11:36:57 GMT
There is something in common with several auctions which were launched late last year, which have caused AC a lot of trouble, and lenders a lot of dead money time. I have referred to this a couple of times before, mentioning my initial misgivings (starting in October). It would not be "politically correct" (sorry about the cliché) to elaborate, but I will be making no further bids on such offerings (except by shadow, which I can then pay for as, sorry..IF drawdown approaches). I wonder if all these delay infested loans came from the same broker/introducer. Maybe full interest should become payable regardless of drawdown one month after the close of an auction. From memory Andrew did mention about delayed drawdowns being the bane of his life. Not sure if there's really anything AC can do to stop this type of behaviour from 'prospective' borrowers in the future unless it is just from one broker/introducer.
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Post by chris on Feb 4, 2014 13:25:42 GMT
From memory Andrew did mention about delayed drawdowns being the bane of his life. Not sure if there's really anything AC can do to stop this type of behaviour from 'prospective' borrowers in the future unless it is just from one broker/introducer. As mentioned previously by Andy we've been working away behind the scenes to revise our processes to stop this from happening in the future and from now on loans will be much further along the path to drawdown before they are listed on the site. There will also be a hard cut off point of 4 weeks by which point a loan must have drawn down.
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