mikes1531
Member of DD Central
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Post by mikes1531 on Jan 28, 2014 5:17:34 GMT
This loan opens for bidding later today, and there's still no full Credit Report posted. In light of AC's agreement earlier that lenders should have at least 24 hours between the full CR becoming available and the loan opening for bidding, I expect to see the loan's start time delayed very soon. In the meantime, however, I have withdrawn my place-holding pre-bids. And actually, considering the size of the loan request and the questions being raised, I don't think this one is going to fill that quickly, so pre-bidding is unlikely to be necessary.
Aside from the issue of pre-pack administration, the main thing I can't understand about this business is why, since the bank is willing to accept £0.7M in settlement of a £2.7M loan, isn't that £2M improvement in the balance sheet enough to allow the business to trade its way forward? If a £2M 'windfall' isn't enough, what more do they need?
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Post by oldnick on Jan 28, 2014 5:57:52 GMT
This loan opens for bidding later today, and there's still no full Credit Report posted. In light of AC's agreement earlier that lenders should have at least 24 hours between the full CR becoming available and the loan opening for bidding, I expect to see the loan's start time delayed very soon. In the meantime, however, I have withdrawn my place-holding pre-bids. And actually, considering the size of the loan request and the questions being raised, I don't think this one is going to fill that quickly, so pre-bidding is unlikely to be necessary. Aside from the issue of pre-pack administration, the main thing I can't understand about this business is why, since the bank is willing to accept £0.7M in settlement of a £2.7M loan, isn't that £2M improvement in the balance sheet enough to allow the business to trade its way forward? If a £2M 'windfall' isn't enough, what more do they need? As I will not be able to attend to this loan auction during the working day and in the absence of timely, detailed information, I too must withdraw my pre-bid. As you say, there will probably be another opportunity to bid when all is revealed. Perhaps the £2M has been blown on the fast food deal or otherwise used up in the aftermath of their failed business strategy? It is hard to understand why time and again potential borrowers are slow to provide the information lenders need in order to have faith in their proposition. Don't they watch Dragons Den?
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Post by chris on Jan 28, 2014 7:25:10 GMT
This loan opens for bidding later today, and there's still no full Credit Report posted. In light of AC's agreement earlier that lenders should have at least 24 hours between the full CR becoming available and the loan opening for bidding, I expect to see the loan's start time delayed very soon. There were a couple of new facilities released to the site admins yesterday one of which was being able to have open ended previews with no announcement of a start time. I expect those to become more common, being used until all docs are in place where upon a start date will then be announced.
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bugs4me
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Post by bugs4me on Jan 28, 2014 8:45:08 GMT
This loan opens for bidding later today, and there's still no full Credit Report posted. In light of AC's agreement earlier that lenders should have at least 24 hours between the full CR becoming available and the loan opening for bidding, I expect to see the loan's start time delayed very soon. In the meantime, however, I have withdrawn my place-holding pre-bids. And actually, considering the size of the loan request and the questions being raised, I don't think this one is going to fill that quickly, so pre-bidding is unlikely to be necessary. Aside from the issue of pre-pack administration, the main thing I can't understand about this business is why, since the bank is willing to accept £0.7M in settlement of a £2.7M loan, isn't that £2M improvement in the balance sheet enough to allow the business to trade its way forward? If a £2M 'windfall' isn't enough, what more do they need? In the absence of full documentation I've also withdrawn my pre-bid. There are plenty of seaside towns that could do with rejuvenation ATM and this may be one of them. So we need to know what the fire sale value would be and in the hopefully unlikely event of another pre-pack appearing, then these assets would not be whisked away from under the noses of lenders. Looks like a few other potential lenders feel the same judging by the interest in this loan.
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bugs4me
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Post by bugs4me on Jan 28, 2014 10:23:41 GMT
Are you a representative of Assetz Capital as the highlighted sentence seems to imply this but you're not listed as a representative of Assetz. [Admin hat on] wilma is a loan introducer to both Assetz Capital and other P2B platforms. I'm currently consulting with the rest of the mod team as to the best way of identifying such individuals ... we already have another similiar case which is not currently ideally flagged either. Agreed, we do need to readily identify posters that have a vested interest in loan applications. The post from wilma sounds like a paragraph here and there extracted from the full credit report which is still not available with less than 6 hours to go!!!
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Post by batchoy on Jan 28, 2014 10:44:17 GMT
[Admin hat on] wilma is a loan introducer to both Assetz Capital and other P2B platforms. I'm currently consulting with the rest of the mod team as to the best way of identifying such individuals ... we already have another similiar case which is not currently ideally flagged either. Agreed, we do need to readily identify posters that have a vested interest in loan applications. The post from wilma sounds like a paragraph here and there extracted from the full credit report which is still not available with less than 6 hours to go!!! Agreed, and there is also a potential issue of confidentiality, the statements made by in wilma's post go beyond what is available in the information released by AC and thus although from an authoritative may go beyond what the borrower is prepared to sanction AC releasing.
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j
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Penguins are very misunderstood!
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Post by j on Jan 28, 2014 10:59:23 GMT
I must admit my surprise at the pre-bid level on this. Some £72k so far (I know it only equates to 10%, but still!).
I still think it will need a bit of a boost from somewhere to reach completion but remain open minded until we get the full credit report.
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bugs4me
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Post by bugs4me on Jan 28, 2014 11:15:22 GMT
I must admit my surprise at the pre-bid level on this. Some £72k so far (I know it only equates to 10%, but still!). I still think it will need a bit of a boost from somewhere to reach completion but remain open minded until we get the full credit report. We need the full documentation to do a bit of personal DD on this one. It is for five years. I certainly do not feel lucky without this information.
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Post by chris on Jan 28, 2014 11:28:19 GMT
Auction has been pushed back to 4pm tomorrow, will be reflected on the site shortly.
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bugs4me
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Post by bugs4me on Jan 28, 2014 11:46:00 GMT
Auction has been pushed back to 4pm tomorrow, will be reflected on the site shortly. Think that's a wise move Chris. Is there an expected time when all the documentation will be available as this loan appears to be struggling without it.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jan 28, 2014 12:03:30 GMT
Auction has been pushed back to 4pm tomorrow, will be reflected on the site shortly. With so many initial reservations & no full report, that's the right decision to make. Hopefully it will be forthcoming soon enough
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Post by mrclondon on Jan 28, 2014 13:51:31 GMT
[Admin hat on] wilma is a loan introducer to both Assetz Capital and other P2B platforms. I'm currently consulting with the rest of the mod team as to the best way of identifying such individuals ... we already have another similiar case which is not currently ideally flagged either. Agreed, we do need to readily identify posters that have a vested interest in loan applications. The post from wilma sounds like a paragraph here and there extracted from the full credit report which is still not available with less than 6 hours to go!!! wilma is now identifed as "Representative of Loan Introducer", as are those individuals who were previously identified as "Thincat Sponsor". Its clear that several of these loan introducers are seeking funding on both AC and TC so we have decided to go with a more generic identifier.
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bugs4me
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Post by bugs4me on Jan 28, 2014 13:55:02 GMT
Agreed, we do need to readily identify posters that have a vested interest in loan applications. The post from wilma sounds like a paragraph here and there extracted from the full credit report which is still not available with less than 6 hours to go!!! wilma is now identifed as "Representative of Loan Introducer", as are those individuals who were previously identified as "Thincat Sponsor". Its clear that several of these loan introducers are seeking funding on both AC and TC. I would hope they are not seeking to fund the same loan twice to see which one offers superior terms and there are checks in for this.
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gnasher
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Post by gnasher on Jan 28, 2014 14:20:58 GMT
"I would hope they are not seeking to fund the same loan twice to see which one offers superior terms and there are checks in for this." No, that would be very obvious to all lenders who are on both platforms, I am certain that there are quite a few. So they would not get away with it. It would do their reputation no good at all and reputation counts for a lot. I think it is a good thing if sponsors use more than one p2b platform; it should keep the platforms on their toes, but if Fred and Barney turn up next, then I will get a bit worried
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jan 28, 2014 15:30:05 GMT
I must admit I am a bit surprised at the small number of posters on here who say they have cancelled their pre-bids because the detailed information has yet to show up. If this was on FC and the only apparent security was a "Directors Guarantee" I would be with you all the way in fact it is very unlikely I would ever have got in in the first place! However this is an AC loan with security backed by a legal charge against not only the bricks and mortar but also on the directors home as well! So why the panic to cancel so early? I would have thought an hour or so before it goes live would be plenty soon enough. I too will want to see more detail before going the whole hog but I shall keep my pre-bid going until persuaded otherwise.
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