j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Feb 1, 2014 13:37:08 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? I would second that suggestion
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mikes1531
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Post by mikes1531 on Feb 1, 2014 22:21:55 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? I would second that suggestion There have been times in the past when I've received a series of emails with that info for the various loans that I was in that hadn't drawn down yet, but I don't seem to have had any this week. It would be good if AC were to adopt a policy of doing that consistently, either here, or by email, or possibly even better via a series of pages on their website, either a page per loan or a page per week for all loans. That might even allow for the retention of the historical reports. Having said that, though, I'd have to say that often the reports are something like "our solicitors are continuing to press the borrower's solicitors to make some progress towards drawdown" and don't really tell us anything that we couldn't guess without any communication at all.
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mark
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Post by mark on Feb 2, 2014 14:00:14 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 and re-list anyway. Two of the flats 7 and 15 are now being auctioned by Allsop on Feb 13th ( allsop.co.uk ) for a guide price of only £80 - £90,000 way below the value stated in the credit report and therefore the loan to value. A comment from a AC representative on this and the viability of this stalled loan would be appreciated as many lenders are still showing an interest in this loan.
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mark
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Post by mark on Feb 2, 2014 14:10:10 GMT
Allsop.co.uk lots 244 and 245. The loan to value of the three flats so probably somewhere in the region of 100% !
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oldgrumpy
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Post by oldgrumpy on Feb 2, 2014 14:18:19 GMT
Maybe the guide price is just to fetch in the bidders - just like that continuous prog on BBC1 - Homes under the weather ... I mean hammer.
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Post by pepperpot on Feb 2, 2014 14:41:45 GMT
Allsop.co.uk lots 244 and 245. The loan to value of the three flats so probably somewhere in the region of 100% ! Well spotted, thanks. Maybe the vendor is getting impatient as well, and trying to force the issue by introducing some competition.
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mark
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Post by mark on Feb 3, 2014 10:57:02 GMT
With the flats being auctioned on the 13th Feb by Allsop, why is the L2L7 loan still on AC and open for pre bids ? An update on this loan status would be useful to enable lenders to consider their pre bids
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Post by batchoy on Feb 3, 2014 11:18:22 GMT
With the flats being auctioned on the 13th Feb by Allsop, why is the L2L7 loan still on AC and open for pre bids ? An update on this loan status would be useful to enable lenders to consider their pre bids I don't understand the impatience the auction has been reverted to preview status, there is no start date for the auction, being in preview status the original bids have become pre-bids which are non-binding and deletable until the auction starts, and do not affect the available funds in our accounts, plus andrewholgate has given assurances that auctions will not start until at least 24 hours after the final documents have been made available, and the loan is in a position to be drawn down soon after the auction completes.
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Post by andrewholgate on Feb 3, 2014 13:54:28 GMT
batchoy - Thank you for pointing that out. The properties have been put into a process and the borrower is trying to renegotiate the price. If successful we will confirm in due course, otherwise your cash should be back with you and we will hold fire until we are certain it will happen. A
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mark
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Post by mark on Feb 3, 2014 14:27:04 GMT
With the flats being auctioned on the 13th Feb by Allsop, why is the L2L7 loan still on AC and open for pre bids ? An update on this loan status would be useful to enable lenders to consider their pre bids I don't understand the impatience the auction has been reverted to preview status, there is no start date for the auction, being in preview status the original bids have become pre-bids which are non-binding and deletable until the auction starts, and do not affect the available funds in our accounts, plus andrewholgate has given assurances that auctions will not start until at least 24 hours after the final documents have been made available, and the loan is in a position to be drawn down soon after the auction completes. As far as I am concerned this was not really a matter of impatience. The purpose of my postings was for information to make perspective lenders to AC aware of, in my opinion, quite relevant information in regard to the L2L7 loan in so far as two of the three apartments that the borrower was originally seeking to raise funds for are to being sold at an auction and a request for any further clarification or update from AC if available at this time.
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mark
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Post by mark on Feb 13, 2014 22:18:03 GMT
Slou** commerc*** loan
Email from AC recieved on Tues 4 th Feb.....
Dear Lender,
Our legal counsel has been working on progressing this loan and we are now confident of drawing this loan by the end of the week.
Thank you for your continued patience..........
10 days later and still waiting. Any update or anyone else tied into this tedious waiting game.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Feb 27, 2014 16:27:30 GMT
Li******l loan started draw down this afternoon
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