jonno
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Post by jonno on Mar 11, 2015 11:20:46 GMT
As still a relatively new lender on REBS I feel I have to ask this question as I am getting more and more frustrated at the glacial progress of drawdowns (if indeed they ever manage it). Have I just suffered a bit of bad timing or is it always like this? Had I not been reasonably active in the secondary market, I think I'd have managed about 5 loans in over 2 months!!
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Post by GSV3MIaC on Mar 11, 2015 14:35:49 GMT
It has been particularly bad just recently for reasons I don't understand. Obviously it does sometimes work out, or there would be nothing in the secondary market! Like you, I find it very frustrating...
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baldpate
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Post by baldpate on Mar 11, 2015 15:04:38 GMT
I've been keeping some records since I started lending at the beginning of this year. The figures I have are:
22 auctions open at some point since 1st Jan, of which:
2 are live at present
3 auction completed and are currently waiting acceptance/rejection from the borrower
3 applications were withdrawn in mid-auction
2 auctions completed, but the borrower subsequently declined the offer
12 loans have been accepted
Of the 12 accepted auctions, the draw-down times are very variable. A few were early closures and, as you might expect, they were drawn down pretty quickly. Anything involving real security (i.e. other that just PGs) tends to take a rather longer, particularly where 2nd charges are involved. In a couple of 2nd charge loans this has taken several months!
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jonno
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Likes: 3,138
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Post by jonno on Mar 11, 2015 15:17:43 GMT
I've been keeping some records since I started lending at the beginning of this year. The figures I have are: 22 auctions open at some point since 1st Jan, of which: 2 are live at present 3 auction completed and are currently waiting acceptance/rejection from the borrower
3 applications were withdrawn in mid-auction 2 auctions completed, but the borrower subsequently declined the offer 12 loans have been accepted Of the 12 accepted auctions, the draw-down times are very variable. A few were early closures and, as you might expect, they were drawn down pretty quickly. Anything involving real security (i.e. other that just PGs) tends to take a rather longer, particularly where 2nd charges are involved. In a couple of 2nd charge loans this has taken several months! Thanks baldpate,that's interesting. I think I was involved in all 6 that didn't make it, but came in a bit late for most of the 12. I'll stick with it for a while as I'm in the process of exiting Flailing Capuchins as quickly as possible!
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