bugs4me
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Post by bugs4me on Feb 24, 2014 22:52:54 GMT
I can understand the short duration of the chippy auction because the amount being raised is relatively small. But I really don't understand why the auction has been allowed to go live when it is missing such vital information as the valuation report. Not to mention a goodly collection of unanswered questions in the Q&A section of the listing which seem to be very relevant. I took out my prebids since none of the questioned were answered. Might well go back in if some answers emerge. Always a problem and certainly throws up a few question marks in my brain cell when non-commercially sensitive questions go unanswered. I would suspect though that often this is the fault of the proposing broker who may be asleep on the job.
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mikes1531
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Post by mikes1531 on Feb 24, 2014 23:19:33 GMT
I took out my prebids since none of the questioned were answered. Might well go back in if some answers emerge. Always a problem and certainly throws up a few question marks in my brain cell when non-commercially sensitive questions go unanswered. I would suspect though that often this is the fault of the proposing broker who may be asleep on the job. Perhaps the brokers aren't putting the necessary priority on replies. Maybe AC need to impress on them that the speed and thoroughness of their responses might mean the difference between their client's loan being funded or not -- and whether they are paid their fee or not!
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pikestaff
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Post by pikestaff on Feb 24, 2014 23:36:33 GMT
The broker in question always deals promptly with questions on TC, but there questions go direct to him. I suspect that the problem is with the indirect process, AC staff struggling to keep up with the volume of questions.
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Post by andrewholgate on Feb 25, 2014 6:50:50 GMT
Furniture auction now closed, with the twin property sale ones soon to follow. Wonder what's in store next, besides the windy chippy?! The latter being open for only 4 days, maybe some little underwriting expected on that one I can understand the short duration of the chippy auction because the amount being raised is relatively small. But I really don't understand why the auction has been allowed to go live when it is missing such vital information as the valuation report. Not to mention a goodly collection of unanswered questions in the Q&A section of the listing which seem to be very relevant. And at the risk of repeating yself... Earlier, AC promised lenders reasonable notice between the time the full credit report is available and an auction opening for bidding. This loan may appear to have satisfied this requirement, but the report refers to "the attached valuation report" and -- since the valuation report still isn't available -- isn't really complete. I cancelled my pre-bids, and I see that there are nearly £3k of pre-bids that were not funded when the auction went live and still aren't. I wonder if some lenders who placed pre-bids and now have live bids are having second thoughts because of the lack of info and answers. I invite AC to re-state and explain their position on auction start times relative to the availability of critical data. The full information should be available. I'm looking into why it isn't.
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andy2001
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Post by andy2001 on Feb 26, 2014 16:33:29 GMT
Not bid on the chippy auction, but with no bids over 1k after the limit is lifted I wonder if that's because no one want to bit over 1k or a error in the system.
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j
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Post by j on Feb 26, 2014 16:45:21 GMT
Not bid on the chippy auction, but with no bids over 1k after the limit is lifted I wonder if that's because no one want to bit over 1k or a error in the system. In contrast, the U***n one looks likely to close within hours of opening, albeit its for £40k less. The chippy one can still pick up speed I think, provided some answers are given to questions posed. We'll wait & see!
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unmadem
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Post by unmadem on Feb 26, 2014 17:38:27 GMT
Not bid on the chippy auction, but with no bids over 1k after the limit is lifted I wonder if that's because no one want to bit over 1k or a error in the system. In contrast, the U***n one looks likely to close within hours of opening, albeit its for £40k less. The chippy one can still pick up speed I think, provided some answers are given to questions posed. We'll wait & see!
closed now. It had questions answered promptly which definitely helps. (12.5% rather than 10% helps too though.)
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andy2001
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Post by andy2001 on Feb 26, 2014 18:13:35 GMT
In contrast, the U***n one looks likely to close within hours of opening, albeit its for £40k less. The chippy one can still pick up speed I think, provided some answers are given to questions posed. We'll wait & see!
closed now. It had questions answered promptly which definitely helps. (12.5% rather than 10% helps too though.)
It's 15% per a year. The 12.5% is what you get in the 10 month term.
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Post by mrclondon on Feb 26, 2014 21:07:34 GMT
Is it just me, or is anyone else finding the valuation report for the chippy to be such a low resolution scan that it's blurred to the point of almost being unreadable ? [I'm not going to bother to read this]
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duck
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Post by duck on Feb 26, 2014 21:14:49 GMT
Is it just me, or is anyone else finding the valuation report for the chippy to be such a low resolution scan that it's blurred to the point of almost being unreadable ? [I'm not going to bother to read this] If you think you have problems try reading it with a virus on your eye  I've employed the  method
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Post by bracknellboy on Feb 26, 2014 21:39:36 GMT
Is it just me, or is anyone else finding the valuation report for the chippy to be such a low resolution scan that it's blurred to the point of almost being unreadable ? [I'm not going to bother to read this] Possibly smeared with grease ?
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andy2001
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Post by andy2001 on Feb 26, 2014 21:52:43 GMT
Is it just me, or is anyone else finding the valuation report for the chippy to be such a low resolution scan that it's blurred to the point of almost being unreadable ? [I'm not going to bother to read this] If you think you have problems try reading it with a virus on your eye I've employed the method Looks very blurry. I think it says it's value at 150k based on 6 month sale time.
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Post by Dominic on Feb 27, 2014 16:21:53 GMT
If you think you have problems try reading it with a virus on your eye I've employed the method Looks very blurry. I think it says it's value at 150k based on 6 month sale time. We have just uploaded a clearer version of the valuation report. Dominic
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duck
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Post by duck on Feb 28, 2014 6:47:39 GMT
Looks very blurry. I think it says it's value at 150k based on 6 month sale time. We have just uploaded a clearer version of the valuation report. Dominic Thanks
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unmadem
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Post by unmadem on Mar 3, 2014 13:17:18 GMT
Furniture auction now closed, with the twin property sale ones soon to follow. Wonder what's in store next, besides the windy chippy?! The latter being open for only 4 days, maybe some little underwriting expected on that one I can understand the short duration of the chippy auction because the amount being raised is relatively small. But I really don't understand why the auction has been allowed to go live when it is missing such vital information as the valuation report. Not to mention a goodly collection of unanswered questions in the Q&A section of the listing which seem to be very relevant. . A little late in the day but the questions posed on the financials of the chippy business now answered.
also rate increased to 11%
from loan info tab
"Whilst remaining confident that the business plan for the new enterprise is robust, in order to generate increased bidding interest within a short time frame, the borrower has agreed to pay an increased rate on the loan so we can offer 11% per annum to lenders (up from 10% per annum) and to reduce the repayment profile from 15 years to 10 years which reduces the capital balance more quickly (making the loan to value just 50% after 5 years, when the loan would need to be re-financed). "
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I've employed the 
method
