oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jun 19, 2015 14:39:54 GMT
Yes, I've got a lot of funds been waiting idle for #166 since they first gave a definite drawdown date. More fool me 
ramblin rose
Me too, Rosie; I made funds available yesterday on the almost certain (now retracted) drawdown forecast they gave for this loan i.e today!
(18.6.15 sqh told us: I have just spoken to Dominic at AC about loan #166.
Underwriter funds were called and have been settled.
It's on schedule for drawdown tomorrow. It could even be today.) .... In my dreams ...
Thanks, for the heads up Mr Riddles. 
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surby
Minor shareholder in Assetz Capital
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Post by surby on Jun 19, 2015 15:31:22 GMT
I also lost out on a bit of interest from selling various holdings yesterday to create a balance for 166 drawdown. While understanding why they might feel the need to do so, I think AC is in danger of creating hostages to fortune with its drawdown forecasts.
To be fair to AC, they can probably never be certain on timing until after drawdown has actually happened given human foibles and the involvement of lawyers. And by that stage it is too late to tell investors under the current procedures.
I wrote to AC a little while ago suggesting that they consider changing the procedures slightly so that they could control the timing for retail investors by delaying the release of uw's holdings by around 24 hours and publicising the release time to give retail investors a small window to get their balances in order. I had a polite reply to suggest they were considering that idea with their IT developers, so will keep my fingers crossed. I'm sure they would welcome any other suggestions too.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jun 19, 2015 15:35:53 GMT
I had a polite reply to suggest they were considering that idea with their IT developers, so will keep my fingers crossed. I'm sure they would welcome any other suggestions too. Is that intentional irony, or touching naivety? In either case, by all means keep the fingers crossed, but under no circumstances start holding your breath 
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Post by chris on Jun 19, 2015 16:54:27 GMT
I also lost out on a bit of interest from selling various holdings yesterday to create a balance for 166 drawdown. While understanding why they might feel the need to do so, I think AC is in danger of creating hostages to fortune with its drawdown forecasts. To be fair to AC, they can probably never be certain on timing until after drawdown has actually happened given human foibles and the involvement of lawyers. And by that stage it is too late to tell investors under the current procedures. I wrote to AC a little while ago suggesting that they consider changing the procedures slightly so that they could control the timing for retail investors by delaying the release of uw's holdings by around 24 hours and publicising the release time to give retail investors a small window to get their balances in order. I had a polite reply to suggest they were considering that idea with their IT developers, so will keep my fingers crossed. I'm sure they would welcome any other suggestions too. Yes I do like that idea and will push it through if I can get it agreed internally. It's a lot tidier than trying to predict accurately what third parties are going to do in sometimes complex legal situations.
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agent69
Member of DD Central
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Post by agent69 on Jun 19, 2015 17:26:13 GMT
Yes, I've got a lot of funds been waiting idle for #166 since they first gave a definite drawdown date. More fool me
ramblin rose
Me too, Rosie; I made funds available yesterday on the almost certain (now retracted) drawdown forecast they gave for this loan i.e today!
(18.6.15 sqh told us: I have just spoken to Dominic at AC about loan #166.
Underwriter funds were called and have been settled.
It's on schedule for drawdown tomorrow. It could even be today.) .... In my dreams ...
Thanks, for the heads up Mr Riddles.
I'm surprised that you still have confidence in the predicted dates. Personally I treat them all with the proverbial pinch of sodium chloride
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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: 11,330
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Post by ilmoro on Jun 19, 2015 17:40:56 GMT
I also lost out on a bit interest from selling various holdings yesterday to create a balance for 166 drawdown. While understanding why they might feel the need to do so, I think AC is in danger of creating hostages to fortune with its drawdown forecasts. To be fair to AC, they can probably never be certain on timing until after drawdown has actually happened given human foibles and the involvement of lawyers. And by that stage it is too late to tell investors under the current procedures. I wrote to AC a little while ago suggesting that they consider changing the procedures slightly so that they could control the timing for retail investors by delaying the release of uw's holdings by around 24 hours and publicising the release time to give retail investors a small window to get their balances in order. I had a polite reply to suggest they were considering that idea with their IT developers, so will keep my fingers crossed. I'm sure they would welcome any other suggestions too. Yes I do like that idea and will push it through if I can get it agreed internally. It's a lot tidier than trying to predict accurately what third parties are going to do in sometimes complex legal situations. Progress on the system for lenders to credit their accounts faster would also prove valuable methinks. Any news on that front?
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Jun 19, 2015 17:41:50 GMT
I don't, but when they are confirmed as being so close to drawdown following underwriters' funds all in, one has to place funds available or some other gannet will snaffle my slice! Despite everything, even a up to a week waiting for the imminent drawdown is still a lot more acceptable than the original scenario when it could be many weeks (though it didn't worry me, having a shadow account facility). I'm not too grumpy about this one. YET! |
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sl75
Posts: 2,092
Likes: 1,245
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Post by sl75 on Jun 19, 2015 17:54:36 GMT
I'm surprised that you still have confidence in the predicted dates. Personally I treat them all with the proverbial pinch of sodium chloride In the meantime, despite the major foul-up, RBS group / NatWest showed the better approach to predicted dates this week. "Payments may be delayed until Saturday" as the public announcement, but in actual reality they showed up first thing Friday morning (at least on my account). With AC projections made at (maybe) the 10% confidence level, I've learned to ignore them. Perhaps if they consistently made their projections at (say) the 90% confidence level, we might learn to pay more attention to them?
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Post by pepperpot on Jun 19, 2015 18:24:40 GMT
I also lost out on a bit of interest from selling various holdings yesterday to create a balance for 166 drawdown. While understanding why they might feel the need to do so, I think AC is in danger of creating hostages to fortune with its drawdown forecasts. To be fair to AC, they can probably never be certain on timing until after drawdown has actually happened given human foibles and the involvement of lawyers. And by that stage it is too late to tell investors under the current procedures. I wrote to AC a little while ago suggesting that they consider changing the procedures slightly so that they could control the timing for retail investors by delaying the release of uw's holdings by around 24 hours and publicising the release time to give retail investors a small window to get their balances in order. I had a polite reply to suggest they were considering that idea with their IT developers, so will keep my fingers crossed. I'm sure they would welcome any other suggestions too. Yes I do like that idea and will push it through if I can get it agreed internally. It's a lot tidier than trying to predict accurately what third parties are going to do in sometimes complex legal situations. I also like the idea from surby, and if implemented effectively (24hrs is not long enough for a loan drawndown at 6pm on a Fri, for eg) should negate the need for quicker (more expensive?) deposit methods, and drawdown predictions creating unrest would be a thing of the past! <also has a tidy sum waiting for next Wednesday>
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crazi
Posts: 41
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Post by crazi on Jun 19, 2015 21:25:08 GMT
I've gone off #166. It's missed at least 5 target dates now over a few months. Starting with an initial LTV of 100% to prepare student accommodation that really should be ready for August. A few month ago this was a realistic target but not now. After 6 weeks of waiting I moved my funds to a different platform now getting 15% on an LTV half of this. What I find strange is this borrower is seemingly minted but is putting up no capital at all. I'm starting to think he is funding works himself and just wants this loan on standby if he ever needs it. Lender abuse really while your funds sit earning nothing...Looking at the ever increasing default list does make me think that if a borrower is genuine and has this much difficulty getting their basics sorted out it almost feels like a default in the making... ;-)
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Post by jevans4949 on Jun 20, 2015 6:19:05 GMT
I decided to avoid it from the start. It probably will work out OK, but with security consisting of a bunch of properties yet to be acquired, and a non-specific PG? This should really be a crowd-funded equity proposition.
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agent69
Member of DD Central
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Post by agent69 on Jun 20, 2015 7:27:17 GMT
some other gannet will snaffle my slice! Decent size loan at a nice rate, but I guess rolled up interest will put some people off.
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upland
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Post by upland on Jun 20, 2015 8:53:26 GMT
Forgive me I am a bit new to AC , I am just playing with the account in order to learn how it works. As I understand it the indeterminate draw down date means that you need to keep some capital ready earning nothing and that time can be actually quite long ?
Does that mean that when these loans become available that they can 'sell out' very quickly ?
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Post by lynnanthony on Jun 20, 2015 9:46:20 GMT
Forgive me I am a bit new to AC , I am just playing with the account in order to learn how it works. As I understand it the indeterminate draw down date means that you need to keep some capital ready earning nothing and that time can be actually quite long ? Does that mean that when these loans become available that they can 'sell out' very quickly ? When these loans become available they can sell out instantly, and never appear in the "Units available" section. Depends on demand.
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Post by lynnanthony on Jun 20, 2015 9:50:43 GMT
Loan 179, a care home, has snuck into the upcoming loans list, with a projected drawdown of 30th June.
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