ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 7, 2015 12:03:57 GMT
Cumbrian Anaerobic Digestion Plant #160 up to 5years, rate 10%, ltv53%, first charge on the plant itself. A lot to read... It says this one will be one for the "Green Energy A/c" This loan is at 13% while a temporary charge is in place, it's expected to revert to 10% when the paperwork/legals are as first agreed. That's my understanding. I wonder if this interest rate drop is expected by those who don't use the forum, AC seem to have sold a lot, I'm sure the u/wers are happy though. Nice work while you can get it... One would hope they would notice the various statements on loan page & in the CR to that effect.
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mikes1531
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Post by mikes1531 on Apr 7, 2015 17:42:49 GMT
This loan is at 13% while a temporary charge is in place, it's expected to revert to 10% when the paperwork/legals are as first agreed. That's my understanding. I wonder if this interest rate drop is expected by those who don't use the forum, AC seem to have sold a lot, I'm sure the u/wers are happy though. Nice work while you can get it... One would hope they would notice the various statements on loan page & in the CR to that effect. And the recent Q in the Q&A.
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Post by Ton ⓉⓞⓃ on Apr 13, 2015 13:53:34 GMT
New Loan on Upcoming #166
I'm wondering if we can call it FC Developments
15%, 500k, 12mnths, 0.00%ltv(?)
An old returning borrower
In EDIT: Interest is rolled up til end of term, probably a continuing facility if initially successful as I read it.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 13, 2015 14:54:25 GMT
New Loan on Upcoming #166 I'm wondering if we can call it FC Developments 15%, 500k, 12mnths, 0.00%ltv(?) An old returning borrower In EDIT: Interest is rolled up til end of term, probably a continuing facility if initially successful as I read it. Seems quite convoluted. Variable LTV, variable repayments from proceeds from sales (though presumeably actual loan will remain the same), 3 month interest buffer but interest rolled up, so is interest being paid as each project completes? Cant see AC system coping with! Anyone remember any issues with #2, no repayment info or Q&A avaliable now
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Post by Ton ⓉⓞⓃ on Apr 13, 2015 15:03:36 GMT
New Loan on Upcoming #166 I'm wondering if we can call it FC Developments 15%, 500k, 12mnths, 0.00%ltv(?) An old returning borrower In EDIT: Interest is rolled up til end of term, probably a continuing facility if initially successful as I read it. Seems quite convoluted. Variable LTV, variable repayments from proceeds from sales (though presumeably actual loan will remain the same), 3 month interest buffer but interest rolled up, so is interest being paid as each project completes? Cant see AC system coping with! Anyone remember any issues with #2, no repayment info or Q&A avaliable now Again it (Nottingham Student Accommodation Development Project - A.C. loan no.2) just like this one was a development so only paid up at the end. Hopefully mrclondon or another lender will give us a reminder. I see this as a line of funding upto 500k where the interest is applied for the whole period and the whole amount. I don't think there will be any mid payments unless the Borrower actually changes his mind after 3months.
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mikes1531
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Post by mikes1531 on Apr 13, 2015 15:30:43 GMT
I don't think there will be any mid payments unless the Borrower actually changes his mind after 3months. So what's the point of the interest buffer? 
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andy2001
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Post by andy2001 on Apr 13, 2015 15:49:42 GMT
I don't think there will be any mid payments unless the Borrower actually changes his mind after 3months. So what's the point of the interest buffer? "An interest buffer of 3 months’ interest (calculated at the borrower interest rate on the whole facility) will be built up from net property sales – essentially to cover the eventuality of properties “sticking” or a receiver being appointed in a default situation."
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 13, 2015 15:50:43 GMT
Interest buffer will only be created after from sales so cant be used if borrower changes his mind in the short term.
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Post by Ton ⓉⓞⓃ on Apr 13, 2015 18:27:59 GMT
I don't think there will be any mid payments unless the Borrower actually changes his mind after 3months. So what's the point of the interest buffer? Perhaps I've completely got the wrong end of the stick but it's like a business a/c where to start with money will be taken out and used to make more money which is then paid back into this a/c where the 3mnths int. will be segregated. I'm now guessing so shoot me down gently please.
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bugs4me
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Post by bugs4me on Apr 13, 2015 18:40:03 GMT
So what's the point of the interest buffer? Perhaps I've completely got the wrong end of the stick but it's like a business a/c where to start with money will be taken out and used to make more money which is then paid back into this a/c where the 3mnths int. will be segregated. I'm now guessing so shoot me down gently please. No shooting down required as I'm confused about this proposal. It's IMO a 100% funding exercise with the expected profits being used to pay the 15%. Is that on the right track anyone?
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star dust
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Post by star dust on Apr 13, 2015 19:11:50 GMT
Perhaps I've completely got the wrong end of the stick but it's like a business a/c where to start with money will be taken out and used to make more money which is then paid back into this a/c where the 3mnths int. will be segregated. I'm now guessing so shoot me down gently please. No shooting down required as I'm confused about this proposal. It's IMO a 100% funding exercise with the expected profits being used to pay the 15%. Is that on the right track anyone? I don't think there will be any mid payments unless the Borrower actually changes his mind after 3months. So what's the point of the interest buffer?
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Post by batchoy on Apr 13, 2015 20:15:57 GMT
Having read through the CR it appears to contradict itself and can be read in a number of ways but here is my reading:
A line of credit of up to £500k for an indeterminate period of time (initially 12 months and not less than 6 month, but potentially much longer) interest will accrue at 15%pa and during the first 12 months of the loan a 3 month interest buffer will be built up from profits leading to the possibility of adhoc interest payments after month 7. Since my reading is that this line of credit has no fixed term, recovery of capital for lenders will only occur through the sale of units or when the borrower finally decides that he wants to stop.
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Post by oldnick on Apr 13, 2015 20:47:40 GMT
Seems quite convoluted. Variable LTV, variable repayments from proceeds from sales (though presumeably actual loan will remain the same), 3 month interest buffer but interest rolled up, so is interest being paid as each project completes? Cant see AC system coping with! Anyone remember any issues with #2, no repayment info or Q&A avaliable now Again it (Nottingham Student Accommodation Development Project - A.C. loan no.2) just like this one was a development so only paid up at the end. Hopefully mrclondon or another lender will give us a reminder. I see this as a line of funding upto 500k where the interest is applied for the whole period and the whole amount. I don't think there will be any mid payments unless the Borrower actually changes his mind after 3months. I bought what was for me a substantial amount of the original loan, and my recollection is that all payments were on time (those were the days) and the project finished on time. The project progress documents are still accessible under 'browse loans' - 'repaid loans' - 'loan 2' but the repayment history and Q&A have been deleted it seems.
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Post by brummiefred on Apr 13, 2015 21:50:29 GMT
I too had a substantial sum in loan 2, my first dip into AC, and the loan was for a new build block of student flats
with single repayment capital and interest on refinance. Build contract completed, flats let and refinance
achieved, and lenders reimbursed.
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duck
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Post by duck on Apr 14, 2015 5:20:30 GMT
I too had a substantial sum in loan 2, my first dip into AC, and the loan was for a new build block of student flats with single repayment capital and interest on refinance. Build contract completed, flats let and refinance achieved, and lenders reimbursed. Exactly. Consulting my spreadsheets I find no adverse comments either directly from AC or my own thoughts (I log that sort of 'stuff') Capital Repayment 2013-10-25 20:11:31.553698+00 Accrued interest for settled loan Nottingham Student Accommodation Development Project - 12 month loan - 10% per annum - 50% LTV at 2013-10-25 20:11:31.553698+00
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