ilmoro
Member of DD Central
'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 Sept 29, 2015 16:19:57 GMT
#205 Commercial Prop, another mini-one at a low rate. Pipeline 4.6mil, not exactly what we were expecting.
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Post by Deleted on Sept 29, 2015 16:36:30 GMT
I've been to N@@@ n tha' knows, there's not much worth £100k, I struggle with the valuation. |
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kermie
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Post by kermie on Sept 29, 2015 17:51:45 GMT
I've been to N@@@ n tha' knows, there's not much worth £100k, I struggle with the valuation. Something doesn't smell right about the N@@@@ loan. Valuation £100k, but this guy paid £150k? Valuation says it can achieve £9k rent, but this guy is getting £19.2k. 9.25% for lenders, but at 75% loan to value (or much higher if you take the restricted marketing valuation of £80k). What gives?!
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Post by yorkshireman on Sept 29, 2015 20:05:24 GMT
I've been to N@@@ n tha' knows, there's not much worth £100k, I struggle with the valuation. Yes indeed. I had business connections in the area in the 1990’s, it was a diverse town even in those days, full of cheap properties, especially along the road where this property is situated.
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baz657
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Post by baz657 on Sept 30, 2015 8:55:37 GMT
If you read the CR, page 2, third para from the bottom you'll see my reason for keeping away from this one.
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Post by jevans4949 on Sept 30, 2015 9:34:30 GMT
There must be some reason we aren't seeing why the borrower at #205 is paying 50% over the valuation. Competitor? Hardly, given the nature of the business. Relocation costs? Sentimental attachment?
If he's going to be looking for re-finance, experience would suggest this one will drag on for more than 6 months.
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wysiati
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Post by wysiati on Sept 30, 2015 10:54:33 GMT
If you read the CR, page 2, third para from the bottom you'll see my reason for keeping away from this one. scraping the barrel
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Post by Ton ⓉⓞⓃ on Sept 30, 2015 11:34:48 GMT
There must be some reason we aren't seeing why the borrower at #205 is paying 50% over the valuation. Competitor? Hardly, given the nature of the business. Relocation costs? Sentimental attachment? If he's going to be looking for re-finance, experience would suggest this one will drag on for more than 6 months. I'm guessing he wants the property as it's next door to his current address, making expansion easier. I could be wrong.
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mj87
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Post by mj87 on Sept 30, 2015 15:49:57 GMT
Am I right in assuming looking at the AC account I have that there has only been one new loan?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,333
Likes: 11,556
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Post by ilmoro on Sept 30, 2015 16:50:26 GMT
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,333
Likes: 11,556
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Post by ilmoro on Sept 30, 2015 17:23:40 GMT
Todays hoped for drawdown now gone back to 14th October!!!!!  So had funds waiting for a week earning nothing as QAA full. Not impressed AC
1million new loans in a month is quiet frankly pathetic, SS have done about 15mil in the same timeIt's even worse that that. I have loan #133 redeeming, £900k total size and one of my biggest holdings. That money is going straight off the platform and I can't see it coming back. AC has a clear problem with deal-flow but a chronic issue with expediting draw-downs. No other platform I use takes anything like as long as AC. Very unimpressive performance by AC. Yes, same here #133 will be leaving to pastures new. Money for #191 has gone to the Midlands from whence it came, ironically at a paper profit due to discounts. On top of this of course any hope of getting the GBBA/QAA unbunged with a new loan taking investments/pulling cash has also vanished in a puff of legal torpor
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bigfoot12
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Post by bigfoot12 on Sept 30, 2015 18:06:02 GMT
AC has a clear problem with deal-flow but a chronic issue with expediting draw-downs. No other platform I use takes anything like as long as AC. Very unimpressive performance by AC. I am not so worried about expediting draw-downs. I'd rather AC get it right. I am very concerned about a few platforms which don't pay enough attention to these details. If we had the 3-4 loans per week which was promised in February and much greater than that by now it wouldn't matter that one or two took a few weeks longer than expected.
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mikes1531
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Post by mikes1531 on Sept 30, 2015 21:14:56 GMT
There must be some reason we aren't seeing why the borrower at #205 is paying 50% over the valuation. If he's going to be looking for re-finance, experience would suggest this one will drag on for more than 6 months. That is a real concern. I could understand a small excess because they really, really, want to buy the property before it goes to auction, but 50%  They may think the valuer got the market rent wrong, especially if they can find someone to take half of the building for the valuer's estimate of what the whole building would fetch. And they may be willing to pay a similar amount because they're effectively paying it to themselves. But their refinancing success is going to depend on whether their new lender believes such rents are sustainable. If they don't, and think the valuer's number is more appropriate, then they'll make a refinancing offer based on the £100k value. Perhaps that'll be enough for the borrower and, if so, they'll be able to exit the AC loan as planned. But I'd expect them to want to achieve more than that, so they'll continue looking for a someone who'll provide a more generous refinancing. Which, as jevans4949 suggested, will mean a delayed refinancing/repayment for AC lenders. This will be an interesting one to watch -- from the sidelines.
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oldgrumpy
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Post by oldgrumpy on Sept 30, 2015 22:47:30 GMT
Todays hoped for drawdown now gone back to 14th October!!!!! So had funds waiting for a week earning nothing as QAA full. Not impressed AC
1million new loans in a month is quiet frankly pathetic, SS have done about 15mil in the same time
Edit crossed with JohnYes, AC front desk has been repetitively full of rhetoric about loan flow ever since before last October's new site launch. Hot air. My investment with AC has barely increased in over a year, and now some withdrawal will have to take place, as LeicesterCH has repaid and I'm damned if I will leave a four figure sum in MLIA while the QAA is locked at £1M, some investors are allowed £25K in it, yet I have been unable to get even up to £900 in it for more than a fortnight. I am not optimistic that any of the upcoming loans will draw down until the second half of October. Maybe someone can list what actually drew down in August and September as I was away for a lot of that time.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,333
Likes: 11,556
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Post by ilmoro on Sept 30, 2015 23:22:20 GMT
Todays hoped for drawdown now gone back to 14th October!!!!! So had funds waiting for a week earning nothing as QAA full. Not impressed AC
1million new loans in a month is quiet frankly pathetic, SS have done about 15mil in the same time
Edit crossed with JohnYes, AC front desk has been repetitively full of rhetoric about loan flow ever since before last October's new site launch. Hot air. My investment with AC has barely increased in over a year, and now some withdrawal will have to take place, as LeicesterCH has repaid and I'm damned if I will leave a four figure sum in MLIA while the QAA is locked at £1M, some investors are allowed £25K in it, yet I have been unable to get even up to £900 in it for more than a fortnight. I am not optimistic that any of the upcoming loans will draw down until the second half of October. Maybe someone can list what actually drew down in August and September as I was away for a lot of that time aug #190, 186, 189, 173, sep #198, 174 suffice to say its been more leisurely than one of your boating hols
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