sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jun 25, 2015 13:37:52 GMT
From today's Q&A on loan# 96, drawdown of the new loan #182 will not be simultaneous. No mention of contemporaneous.
Lets hope it's not allochronic.
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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 14:18:10 GMT
From today's Q&A on loan# 96, drawdown of the new loan #182 will not be simultaneous. No mention of contemporaneous. Lets hope it's not allochronic. A clear & unambiguous answer that the events will be asynchronous. Well done AC. [Yes, I googled it]
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Post by jevans4949 on Jun 25, 2015 14:48:15 GMT
Allochronic .... on the interweb, you learn something new every day!
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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 16:19:27 GMT
No guarantee that MBL will be repaid tomorrow in time for SEL 2C drawdown. IT issue relating to minimum period interest.
So much for my cunning plan to diversify one loan into two. Looks like Ill be picking both up on SM or even just sticking it in MTs cars if I can get the money out in time. Ho hum.
Edit: Plan B+ stick it in E**** also foiled as thats suspended because of IT issues with adding a new phase
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bg
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Post by bg on Jun 25, 2015 17:03:15 GMT
No guarantee that MBL will be repaid tomorrow in time for SEL 2C drawdown. IT issue relating to minimum period interest. So much for my cunning plan to diversify one loan into two. Looks like Ill be picking both up on SM or even just sticking it in MTs cars if I can get the money out in time. Ho hum. Edit: Plan B+ stick it in E**** also foiled as thats suspended because of IT issues with adding a new phase If you want out of MBL just put it up for sale, I will buy it.
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kermie
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Post by kermie on Jun 25, 2015 17:57:00 GMT
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. I suspect AC just want to keep it simple, and run with a separate auction - I imagine that the roll-over requests just give them a headache given that it probably requires a lot of manual checking. Note that recent QnA suggests the new loan may drawdown prior to the repayment of the first (even if its the same day), so you will need to fund it with "new" money if you want to stay with this borrower. Edit - oops - I see this is mentioned earlier by others: perhaps I'm also in a separate segment of geological time...
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kermie
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Post by kermie on Jun 26, 2015 13:28:27 GMT
#177 (SE Lon*** SC) drawndown this afternoon.
July currently looking very busy for drawdowns - assume no slips of course ;-)
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Post by Ton ⓉⓞⓃ on Jun 26, 2015 13:33:05 GMT
#177 (SE Lon*** SC) drawndown this afternoon. July currently looking very busy for drawdowns - assume no slips of course ;-) And so the summer (August) will be very quiet.
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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 26, 2015 14:12:24 GMT
#177 (SE Lon*** SC) drawndown this afternoon. July currently looking very busy for drawdowns - assume no slips of course ;-) All very straightforward and to plan this time.  July looks about as busy as June was on viewing at the start of month, so I predict that August will probably be not much different.
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tonyr
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Post by tonyr on Jun 27, 2015 8:41:43 GMT
#177 (SE Lon*** SC) drawndown this afternoon. July currently looking very busy for drawdowns - assume no slips of course ;-) I maintain a cash flow spreadsheet, it always looks very busy on the Friday a couple of weeks from now as these are all the loans that haven't yet had their estimates put back. I've had a grump on the Q&A's for #161 UK VS and #172 WH School as it's clear that the expected drawdown dates aren't going to be met.
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bg
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Post by bg on Jun 27, 2015 10:06:17 GMT
#177 (SE Lon*** SC) drawndown this afternoon. July currently looking very busy for drawdowns - assume no slips of course ;-) I maintain a cash flow spreadsheet, it always looks very busy on the Friday a couple of weeks from now as these are all the loans that haven't yet had their estimates put back. I've had a grump on the Q&A's for #161 UK VS and #172 WH School as it's clear that the expected drawdown dates aren't going to be met. I guess strictly speaking they could call funds Monday and Friday is within the 3-5 day period. But I know what you mean. I have contacted them in the past when they have projected drawdown date as 'tomorrow' even though funds haven't even been called for. There really seems to be no understanding there of how bad and mis leading information really screws over people's cash management planning and probably more importantly leaves a bad taste and undermines confidence in the entire project (annoying when so many of us are now shareholders). i would like clarification of what projected drawdown date actually means. I used to be convinced it means earliest possible date under which drawdown could occur (hence the constant slippage) but after the saga over << loan #166>> this week I'm not so sure. Business name removed by Mod.
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Post by jevans4949 on Jun 27, 2015 15:42:50 GMT
Q. Who was the only man ever to get his work done by Friday?
A. Robinson Crusoe.
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tonyr
Member of DD Central
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Post by tonyr on Jun 27, 2015 19:03:24 GMT
I maintain a cash flow spreadsheet, it always looks very busy on the Friday a couple of weeks from now as these are all the loans that haven't yet had their estimates put back. I've had a grump on the Q&A's for #161 UK VS and #172 WH School as it's clear that the expected drawdown dates aren't going to be met. I guess strictly speaking they could call funds Monday and Friday is within the 3-5 day period. But I know what you mean. I have contacted them in the past when they have projected drawdown date as 'tomorrow' even though funds haven't even been called for. There really seems to be no understanding there of how bad and mis leading information really screws over people's cash management planning and probably more importantly leaves a bad taste and undermines confidence in the entire project (annoying when so many of us are now shareholders). i would like clarification of what projected drawdown date actually means. I used to be convinced it means earliest possible date under which drawdown could occur (hence the constant slippage) but after the saga over << loan#166>> this week I'm not so sure. I'm not sure I've ever seen 3-5 days not be 5 days - certainly not recently. Once they've said 3-5 days it almost becomes a self fulfilling prophecy - the science of underwriting is to keep the money earning interest for as long as possible and liquidate the least liquid parts - these two factors alone would push underwriters to the limit of what they can get away with. Given the length of time the borrower paperwork typically takes then 5 working days (one week) is not unreasonable for lender "paperwork" - in fact it helps underwriters so would help AC to have it as one week. So someone surely can program an alert to say that if funds haven't been called for one week before the "projected" drawdown date then write an explanation as to what is happening on the "Activity" tab. Of course that's the minimal acceptable behaviour - we all want AC to keep us informed and it's in ACs best interests to keep us informed - so andrewholgate can we put some basic checks in? In my mindset you've really got to understand simple statistics to lend large sums of money and run accounts like the GEIA. So when AC say "projected drawdown" either they know that this isn't the expected drawdown and are lying to us, or they don't understand simple statistics. Either way is very bad. They have £3m of our money, I've set up bigger companies for less so I really would like to know what is going on.
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tonyr
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Post by tonyr on Jun 30, 2015 21:45:34 GMT
Just slip, slip, sliding away. Updates may be slightly erratic as not around as much this week.Assetz upcoming loans page No longer available Drawndown New/amended loan/date| No | Name | Rate | Term
(mnths) | Value | LTV | Predicted
Drawdown | Comments - source: Activity, Q&A |
| | #157 | GRL | 9.25% | 60 | 175k | 70% | 19th June | Drawndown 17/6 |
| | #166 | FC BL | 15% | 12 | 500k | Var | 26th June | Drawndown 23/6 |
| | #175 | M DL | 10% | 9 | 224k | 62% | 24th June | Drawndown 24/6 |
| | #177 | SEL 2C | 11% | 9 | 75.5k | 75% | 26th June | Drawndown 26/6 |
| | #182 | MCPL2 | 13% | 12 | 448k | 69% | 2nd July | Refinance #96 25/6 Will drawdown prior to existing loan redemption, same day but NOT simultaneously |
| | #168 | F(CQH) | 10% | 36 | 650k | 38% | 3rd July | 12/6 Awaiting Report on Title & insurance docs |
| | #167 | F(DMH) | 10% | 36 | 280k | 38% | 3rd July | 12/6 Awaiting Report on Tile & insurance docs |
| | #180 | CWT L | 9.5% | 36 | 950k | 63% | 3rd July |
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| #172
| WHS | 10.25%
| 60
| 425k
| 35%
| 8th July | 29/6 Formalities complete, await insurance check before funds called in few days |
| | #161 | UK VS | 11% | 60 | 110k | 74% | 10th July | 28/6 Continued delays on consent to 2nd charges
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| #174
| NL DL
| 10.75%
| 12
| 637k
| 65%
| 10th July
| Previous loan #140 19/6 Borrowers solicitor awaiting searches
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| | #178 | TJH T2 | 10.5% | 15 | 123k | 66% | 10th July | Existing loan #153 29/6 Still chasing amended Deed of Priority from Barclays, drawdown moved as result |
| | #173 | ExPL2L1 | 6.75% | 60 | 385k | 70% | 13th July | 29/6 Borrowers solicitor has recieved docs from Housing association, reviewing, before sending to AC solicitor to review DD in 2 weeks |
| | #181 | TNMGL | 10.5% | 60 | 570k | 54% | 15th July | 25/6 DD moved to allow time to complete legals |
| | #179 | PC(M)L | 11.75% | 36 | 960k | 69% | 16th July | 26/6 Auction delayed, additional conveyancing needed, DD moved |
| | #170 | D BL | 10% | 18 | 467k | 63% | 17th July | 22/6 Term amended to 18mnths. |
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Funds for both F(CQH) and F(DMH) were called today (well, not quite, the IT didn't work yet again) so there shouldn't be any further slippages on drawdown.
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Post by Ton ⓉⓞⓃ on Jul 1, 2015 9:08:43 GMT
Funds for both F(CQH) and F(DMH) were called today (well, not quite, the IT didn't work yet again) so there shouldn't be any further slippages on drawdown. So the Underwriters only have something like two days to get their @ducks in a row for both F(CQH) and F(DMH)? When we had Shadow bids it was longer than that wasn't it...
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