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Post by andrewholgate on Jan 24, 2014 11:49:32 GMT
LTL7 - we have asked for £750 to keep it open to the end of January to compensate lenders for the delay - if it doesn't arrive today then it's likely we'll need to take a view on cancelling this loan. There is another dynamic which has come to light since the auction which may mean the deal changes. At which point, we would need to cancel the loan anyway and re-list.
Co*****y Co******al - solicitors on are on the case and it may well draw by the end of next week but likely to be next week.
The two bridging loans - I believe that we were told they were more advanced than they are. I will be making a decision on those next week.
Re****ch - likely to be next week.
Boiler T3 - due today subject to repayment of T2.
St*******ge - site visit scheduled for Tues 28th - draft insurance policy approved this morning, so should draw before 31st.
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j
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Post by j on Jan 24, 2014 14:48:45 GMT
LTL7 - we have asked for £750 to keep it open to the end of January to compensate lenders for the delay - if it doesn't arrive today then it's likely we'll need to take a view on cancelling this loan. There is another dynamic which has come to light since the auction which may mean the deal changes. At which point, we would need to cancel the loan anyway and re-list. Co*****y Co******al - solicitors on are on the case and it may well draw by the end of next week but likely to be next week. The two bridging loans - I believe that we were told they were more advanced than they are. I will be making a decision on those next week. Re****ch - likely to be next week. Boiler T3 - due today subject to repayment of T2. St*******ge - site visit scheduled for Tues 28th - draft insurance policy approved this morning, so should draw before 31st. Thanks for the update
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mikes1531
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Post by mikes1531 on Jan 25, 2014 22:07:44 GMT
LTL7 - we have asked for £750 to keep it open to the end of January to compensate lenders for the delay - if it doesn't arrive today then it's likely we'll need to take a view on cancelling this loan. There is another dynamic which has come to light since the auction which may mean the deal changes. At which point, we would need to cancel the loan anyway and re-list. Thanks for the update on the completed auctions that haven't drawn down yet. With respect to LTL7... On the one hand, a payment of 0.28% of the loan value in compensation for what is now a 3-month period waiting for drawdown doesn't seem like much. But I suppose waiting 1-2 months for drawdown is to be expected, so the delay is about half the total time, at which point 0.28% is a bit more reasonable though still seems quite low. On the other hand, something is better than nothing, so perhaps we should be grateful that AC have taken this position. At the very least, it will prompt some action on this loan. Are we to presume that since there wasn't a follow-up message later on Friday, that the payment did not arrive? If not, has there been any reaction at all from the borrower? Finally, is it fair to presume that the possible deal changes would be detrimental to the lenders? (I was thinking that if the changes were an improvement for lenders that it wouldn't be necessary to cancel and re-list. Is that a valid line of thought?)
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bugs4me
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Post by bugs4me on Jan 25, 2014 23:07:16 GMT
LTL7 - we have asked for £750 to keep it open to the end of January to compensate lenders for the delay - if it doesn't arrive today then it's likely we'll need to take a view on cancelling this loan. There is another dynamic which has come to light since the auction which may mean the deal changes. At which point, we would need to cancel the loan anyway and re-list. Finally, is it fair to presume that the possible deal changes would be detrimental to the lenders? (I was thinking that if the changes were an improvement for lenders that it wouldn't be necessary to cancel and re-list. Is that a valid line of thought?) I would have thought that anything that was detrimental would prior to being re-offered, the original bidders would take preference as to whether they wished to proceed or not - probably with enhanced terms. Obviously if there was an improvement then no re-list necessary in my book.
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j
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Post by j on Jan 28, 2014 10:55:46 GMT
LTL7 - we have asked for £750 to keep it open to the end of January to compensate lenders for the delay - if it doesn't arrive today then it's likely we'll need to take a view on cancelling this loan. There is another dynamic which has come to light since the auction which may mean the deal changes. At which point, we would need to cancel the loan anyway and re-list. Any further news/update on l2l7? One can assume they paid £750 since it hasn't been closed & it's already 28th Jan?
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Post by batchoy on Jan 28, 2014 10:59:04 GMT
Possibly not if you read Chris' most recent posts in the website updates thread and tie it in with Andrew's last couple of sentences.
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j
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Post by j on Jan 28, 2014 11:02:27 GMT
Possibly not if you read Chris' post in the website updates thread and tie it in with Andrew's last couple of sentences. Which one batchoy? Is it the one from this am?
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Post by batchoy on Jan 28, 2014 11:09:26 GMT
Possibly not if you read Chris' post in the website updates thread and tie it in with Andrew's last couple of sentences. Which one batchoy? Is it the one from this am? Yes - this one: www.p2pindependentforum.com/post/4204
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j
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Post by j on Jan 28, 2014 11:15:11 GMT
Thanks mate  Wish we had the facility a number of weeks ago.There would have a massive exodus from the likes of l2l7 & J***a D****l & the Brummie loan  At least AC are moving in the right direction & giving us the option to sneak out the back door if we wish to do so later on.
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j
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Post by j on Jan 28, 2014 12:02:00 GMT
In reference to the Brummie Bridging loan, any plans from AC to request some compensation with the fact that the loan is still not drawn down 2 months after closing. Having just read the q&a on AC, I appreciate there were legal delays with solicitors & illness issues as well. Whilst primarily we are here to generate income on a personal level, one of the reasons I doubled my initial bid was that a part of me wanted to be a small cog in helping provide quick funds for someone who needed them for medical reasons. But, we have to don our financial hat at some stage & admit the monies could have been earning for the last 2 months from other bids or the aftermarket. Considering the length of the loan is only 6 months, with 2 months already lost, that equates to some 33%+ loss of earnings! I hope the forthcoming updates alluded to will play a part in avoiding such scenarios occurring again. Not having a moan at AC in any way as I know it's not your fault , just venting my frustration  |
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mikes1531
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Post by mikes1531 on Jan 29, 2014 4:32:22 GMT
Wish we had the facility a number of weeks ago.There would have a massive exodus from the likes of l2l7 & J***a D****l & the Brummie loan At least AC are moving in the right direction & giving us the option to sneak out the back door if we wish to do so later on. Having the facility is one thing, choosing to use it is another. So even if AC had the capability from the beginning, there's nothing to suggest that they would have used it yet. And it's a bit of a double-edged sword, in that once a loan has used this facility it will become even more difficult to convince lenders to participate in the Mark II version of the loan. Perhaps the ideal solution would be to pre-bid auctions early, and then not convert the pre-bids to real bids until just before the borrower is ready to draw down. It would require having some back-up underwriting capability to cover for the pre-bids that fail to convert to real bids at the appropriate time, but it would go a long way towards reducing 'dead' time for lenders' funds.
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Post by chris on Jan 29, 2014 6:32:59 GMT
Perhaps the ideal solution would be to pre-bid auctions early, and then not convert the pre-bids to real bids until just before the borrower is ready to draw down. It would require having some back-up underwriting capability to cover for the pre-bids that fail to convert to real bids at the appropriate time, but it would go a long way towards reducing 'dead' time for lenders' funds. That's our ultimate plan but is something we have to work towards as we bring on new underwriters and work those new loans through our pipeline.
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unmadem
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Post by unmadem on Jan 29, 2014 10:40:41 GMT
money from brummie bridging loan has just appeared back in account.
back as an up and coming loan with bids converted to prebids
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j
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Post by j on Jan 29, 2014 10:50:28 GMT
Looks like L2L7 has also been re-listed on a preview with bids turned into pre-bids which can be cancelled if so wished.
chris, it's good to have this option in action now & soon after you promised it will become active, it'll at least allow funds to be diverted to some of the other auction coming on the table shortly
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spockie
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Post by spockie on Feb 1, 2014 9:00:47 GMT
Would it be possible to have a weekly update on loans yet to drawdown, perhaps on a Friday? I'd certainly welcome it. It hopefully wouldn't be too onerous to do once a week and might reduce 'what's happening with XXX loan' posts.
Would it be feasible?
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