bg
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Post by bg on Jun 24, 2015 16:25:35 GMT
I can't imagine much of #175 will remain available for long...
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oldgrumpy
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Post by oldgrumpy on Jun 24, 2015 17:50:34 GMT
Well, several hours have passed since #175 was drawn down.
From Q & A on #159, 1 May 2015, AC wrote: "The redemption of the existing bridging loan will be simultaneous to the drawdown of the development loan..."
Rubbish. No comment whatsoever from AC about why this has not happened (or reply to the resultant question on # 159). Whatever Mr H announces about communication being improved, this is again blatant disrespect towards lenders. Can no-one place a note on both loans when what AC says will happen does not? AC still just lurches onwards, seemingly having got far in front of itself with fancy ideas from the launch of the now not new website, with all its October fanfares (and frailties).
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Post by Ton ⓉⓞⓃ on Jun 24, 2015 17:56:02 GMT
Well, several hours have passed since #175 was drawn down. From Q & A on #159, 1 May 2015, AC wrote: "The redemption of the existing bridging loan will be simultaneous to the drawdown of the development loan..."
Rubbish. No comment whatsoever from AC about why this has not happened (or reply to the resultant question on # 159). Whatever Mr H announces about communication being improved, this is again blatant disrespect towards lenders. Can no-one place a note on both loans when what AC says will happen does not? AC still just lurches onwards, seemingly having got far in front of itself with fancy ideas from the launch of the now not new website, with all its October fanfares (and frailties).
And/Also
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star dust
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Post by star dust on Jun 24, 2015 18:06:20 GMT
I have to admit I got caught out by this too, but maybe this comment in the Q&A wasn't just relevant to underwriter's funds? "The new loan will need to be funded independently of the old one due to the complexity of the repayment of the existing loan. Repayment of the existing loan is coming from not only the funds raised on the BTL mortgage, but also the new Development facility, therefore the funds will need to be available in the Development facility before the Bridging Loan is able to be repaid. Answered by Assetz Capital 29th May 2015 at 15:17" Communication definitely not clear though. Luckily I was alerted (once again) by forum post's and managed to sell some GEIA holdings fast enough to get my rather small target filled. I suspect others may also have been caught unaware's and missed out though. In Edit - x posted with Ton ⓉⓞⓃ. Still think pretty ambiguous! |
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agent69
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Post by agent69 on Jun 24, 2015 18:17:23 GMT
I can't imagine much of #175 will remain available for long... £1255 remaining
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baz657
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Post by baz657 on Jun 24, 2015 18:42:11 GMT
All gone now Luckily I was alerted (once again) by forum post's and managed to sell some GEIA holdings fast enough to get my rather small target filled. I suspect others may also have been caught unaware's and missed out though. Same here |
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kermie
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Post by kermie on Jun 24, 2015 20:56:37 GMT
New upcoming loan (#182) M*** Comm** 2 which replaces #96, due to be repaid early July.
Slight increase in rate - 12% up to 13%. Looks like interest is being rolled over into a new loan whilst development and refinancing is sorted out.
£448k, 12 months, min charging period 6 months. Interest serviced monthly.
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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 24, 2015 21:13:35 GMT
New upcoming loan (#182) M*** Comm** 2 which replaces #96, due to be repaid early July. Slight increase in rate - 12% up to 13%. Looks like interest is being rolled over into a new loan whilst development and refinancing is sorted out. £448k, 12 months, min charging period 6 months. Interest serviced monthly. Does the CR feature the words 'simultaneously' or 'contemporaneously'? Been out & appear to have missed all the fun. Have £1.73 to show for it! Pipeline listEverything subject to change recent changesP - Freehold Property, PL - Leasehold Property, c - Commercial, L - Land, D - Debenture, B - Business Asset, PG - Personal Guarentee, CG - Corporate Guarentee, 2- charge level if not 1st, no value attributed| Description | Amount | Rate | Term (m)
| LTV | Security | CR | Valuation | Drawdown
| | Hotel Bridging | £5,970,000
| 12%
| 18
| 59%
| PC PG D
| Y
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| BTL
| £101,600
| 7%
| 60
| 75%
| PL
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| January
| BTL
| £94,400
| 7%
| 60
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| January
| Property Development
| £700,000
| 8%
| 12
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| BTL
| £63,750
| 7%
| 60
| 75%
| P
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| January
| BTL
| £66,750
| 7%
| 60
| 75%
| PL(B)
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| January
| BTL
| £56,250
| 7%
| 60
| 75%
| PL
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| January
| Property Bridging
| £240,453
| 10%
| 12
| 19%
| L
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| January
| Wholesale SME
| £100,000
| 9%
| 60
| 63%
| Pc2 PG
| Y
| Y
| January
| Service SME
| £300,000
| 8.25%
| 60
| 68%
| Pc PG
| Y
| Y
| January
| Leisure SME
| £533,000
| 10%
| 24
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| February
| Property Development
| £255,000
| 8%
| 12
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| February
| SME
| £750,000
| 8.6%
| 60
| 69%
| B B B B B B |
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| Commercial Mortgage
| £295,000
| 8.85%
| 60
| 75%
| B
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| Property Bridging
| £140,000
| 8%
| 12
| 56%
| B
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| Commercial Mortgage
| £155,000
| 7%
| 60
| 43%
| B B
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| Care Home SME
| £235,000
| 9%
| 60
| 59%
| P D PG
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| BTL
| £330,000
| 9.3%
| 24
| 43%
| P P2 PG
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| Property Bridging
| £115,500
| 8.75%
| 9
| 48%
| P
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| Restaurant Bridging
| £195,000
| 9.3%
| 24
| 65%
| B
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| Commercial Mortgage
| £202,500
| 8.75%
| 60
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| Medical Bridging
| £250,000
| 8.6%
| 60
| 54%
| P2
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| Property Bridging
| £110,000
| 8%
| 24
| 31%
| B
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| Property Bridging
| £600,000
| 9.5%
| 9
| 75%
| P, D, PG
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| Property Development
| £1,485,000
| 8%
| 18
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| Hotel Mortgage
| £300,000
| 8%
| 60
| 67%
| B
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| Property Bridging
| £82,500
| 9%
| 12
| 66%
| P
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| Hotel Mortgage
| £125,000
| 10%
| 30
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| Property Bridging
| £325,000
| 9%
| 24
| 65%
| B
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| Engineering SME
| £375,000
| 10%
| 60
| 66%
| P P2 CG PG
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| February
| Enginering SME
| £525,000
| 10%
| 60
| 66%
| P P2 CG D
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| February
| Property Development
| £950,000
| 11%
| 15
| 53%
| P
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oldgrumpy
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Post by oldgrumpy on Jun 24, 2015 21:31:01 GMT
All my cash set up for the school has been swallowed up by Mildenhall. Hope #159 pays out before the school draws down.  I'll be away so can't do much about it if it doesn't. |
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kermie
Member of DD Central
Posts: 691
Likes: 462
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Post by kermie on Jun 24, 2015 21:46:32 GMT
New upcoming loan (#182) M*** Comm** 2 which replaces #96, due to be repaid early July. Slight increase in rate - 12% up to 13%. Looks like interest is being rolled over into a new loan whilst development and refinancing is sorted out. £448k, 12 months, min charging period 6 months. Interest serviced monthly. Does the CR feature the words 'simultaneously' or 'contemporaneously'? Been out & appear to have missed all the fun. Have £1.73 to show for it! No, it does not - however, it does say "The purpose of this new loan facility is to re-finance an existing AC loan titled “M* C** P*” (Loan #96)". Nevertheless, the new loan is being underwritten separately, holdings are not being rolled from old loan to new [lenders must set explicit targets if they want to buy in]....but after today's Mild** (ha!) surprise I can't predict this any more 
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Post by andrewholgate on Jun 25, 2015 9:53:15 GMT
In regards to Loan 166, I have just sent the following to the affected lenders:
Dear Lender
We have recently removed a number of posts on the Q&A section of this loan. The reason for this is that the lenders concerned were posting opinion on the loan rather than asking a question, or were asking wider questions of Asset Capital's processes. These lenders have been emailed directly and their questions answered.
Can I ask that only questions specific to the loan are asked in the Q&A? This section should allow lenders to find answers to points that have not been addressed elsewhere. It should not be used for statements of opinion or questions about our processes. That type of comment should be dealt with via enquiries@assetzcapital.co.uk or by calling 0207 870 1023 and speaking to the lender team.
Thank you for your cooperation in this regard. I will be emailing all lenders in the next few days to explain so basic rules for the Q&A section which should stop this situation rising again.
Andrew Holgate, Managing Director
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bugs4me
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Post by bugs4me on Jun 25, 2015 10:08:03 GMT
New upcoming loan (#182) M*** Comm** 2 which replaces #96, due to be repaid early July. Slight increase in rate - 12% up to 13%. Looks like interest is being rolled over into a new loan whilst development and refinancing is sorted out. £448k, 12 months, min charging period 6 months. Interest serviced monthly. This is one that I find rather strange as existing lenders will not be given the opportunity to simply roll-over their existing holdings into this new loan with underwriters taking up the slack. I can understand the reasoning if there has been a significant event but in this case if appears as a simple renewal. So if you want in, you need to set your target and hope for the best. At 13% I don't expect there to be a hammering at the doors from the underwriters looking to get out quick. So I for one am confused as to why AC did not allow a roll-over and it leaves a slightly bitter taste in the mouth. Maybe someone can put me right on this.
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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
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Post by ilmoro on Jun 25, 2015 10:17:18 GMT
In regards to Loan 166, I have just sent the following to the affected lenders: Dear Lender We have recently removed a number of posts on the Q&A section of this loan. The reason for this is that the lenders concerned were posting opinion on the loan rather than asking a question, or were asking wider questions of Asset Capital's processes. These lenders have been emailed directly and their questions answered. Can I ask that only questions specific to the loan are asked in the Q&A? This section should allow lenders to find answers to points that have not been addressed elsewhere. It should not be used for statements of opinion or questions about our processes. That type of comment should be dealt with via enquiries@assetzcapital.co.uk or by calling 0207 870 1023 and speaking to the lender team. Thank you for your cooperation in this regard. I will be emailing all lenders in the next few days to explain so basic rules for the Q&A section which should stop this situation rising again. Andrew Holgate, Managing Director Thank you Andrew. Certainly a guide with examples would help to eliminate a lot of the confusion as to what is appropriate. Have you considered a general Q&A on the site which would serve to create a knowledge base for all lenders not just individuals or those on this forum? As a aside, in the light of yesterday, to avoid confusion could your staff stop using the words 'simultaneously' & 'contemporously' in relation to redemption/drawdown of loans. Once again poor communication has reflected badly on AC.
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Post by andrewholgate on Jun 25, 2015 10:50:52 GMT
In regards to Loan 166, I have just sent the following to the affected lenders: Dear Lender We have recently removed a number of posts on the Q&A section of this loan. The reason for this is that the lenders concerned were posting opinion on the loan rather than asking a question, or were asking wider questions of Asset Capital's processes. These lenders have been emailed directly and their questions answered. Can I ask that only questions specific to the loan are asked in the Q&A? This section should allow lenders to find answers to points that have not been addressed elsewhere. It should not be used for statements of opinion or questions about our processes. That type of comment should be dealt with via enquiries@assetzcapital.co.uk or by calling 0207 870 1023 and speaking to the lender team. Thank you for your cooperation in this regard. I will be emailing all lenders in the next few days to explain so basic rules for the Q&A section which should stop this situation rising again. Andrew Holgate, Managing Director Thank you Andrew. Certainly a guide with examples would help to eliminate a lot of the confusion as to what is appropriate. Have you considered a general Q&A on the site which would serve to create a knowledge base for all lenders not just individuals or those on this forum? As a aside, in the light of yesterday, to avoid confusion could your staff stop using the words 'simultaneously' & 'contemporously' in relation to redemption/drawdown of loans. Once again poor communication has reflected badly on AC. Noted. I will have words to remove words from the vocabulary.
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Post by hayhurst on Jun 25, 2015 11:05:15 GMT
Might be worth putting an update in both #159 and #175. Both mention simultaneous, completion, repayment, drawdown, in one or more of their overview, QA, and activity sections.
Its pretty confusing, especially for a novice. Some clarification of what is actually going to happen to #159 will help.
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