baz657
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Post by baz657 on Aug 29, 2014 16:48:22 GMT
Having dealt with property, developers and builders (with all the grey hairs to prove it) I will only add funds if I can go without them for double the period on offer. If it says 6 months on the tin I'll assume it'll be 12.
When I'm wrong it's a bonus but more often than not my guess is more accurate than the ones asking for the money.
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pikestaff
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Post by pikestaff on Aug 29, 2014 16:50:13 GMT
Perhaps we should all think of "6-month bridge loans" as a 9-month loan with a small risk of pre-payment after 6-months! That's probably right, and I wish AC would not be so quick to take them off the market. I don't have vast sums available but I am keen to buy into defaulted bridging loans, thereby providing a welcome service to those who want/need liquidity, if interest is accruing at the default rate and I am OK with the circumstances of the default.
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j
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Penguins are very misunderstood!
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Post by j on Aug 29, 2014 17:43:28 GMT
Perhaps we should all think of "6-month bridge loans" as a 9-month loan with a small risk of pre-payment after 6-months! That's probably right, and I wish AC would not be so quick to take them off the market. I don't have vast sums available but I am keen to buy into defaulted bridging loans, thereby providing a welcome service to those who want/need liquidity, if interest is accruing at the default rate and I am OK with the circumstances of the default. It's good learning experience, all of this, provided the outcome ends up well. Accruing default interest is all well, at higher rates, again provided we get the full interest & sum invested back. Not to mention not having an urgent need for those funds at some point. Baz's point in now taken on board & we'll all do well from now on to budget as such going forwards
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j
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Penguins are very misunderstood!
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Post by j on Sept 9, 2014 17:10:17 GMT
Been out of sync in here over today so excuse me if I'm repeating something that might have been answered already but, hackney is still showing way less interest accrued than should be, having literally just checked. Did AC sort/will sort the recent problems with this & other loans? Thanks
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ilmoro
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'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 Sept 9, 2014 17:20:44 GMT
Been out of sync in here over today so excuse me if I'm repeating something that might have been answered already but, hackney is still showing way less interest accrued than should be, having literally just checked. Did AC sort/will sort the recent problems with this & other loans? Thanks See Three Bridging Loans thread part. last post by Chris.
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Post by Ton ⓉⓞⓃ on Sept 9, 2014 17:21:33 GMT
Been out of sync in here over today so excuse me if I'm repeating something that might have been answered already but, hackney is still showing way less interest accrued than should be, having literally just checked. Did AC sort/will sort the recent problems with this & other loans? Thanks No change from first thing Chris did shed some light With This. It answers it for me. Sorry Crossed Posts with ilmoro
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mikeb
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Post by mikeb on Sept 9, 2014 17:23:44 GMT
See "Three Bridging Loans Accounting Error" ... it's an ongoing wrinkle in reality.
Edit: Darn, crossed posts with everybody!
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j
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Penguins are very misunderstood!
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Post by j on Sept 9, 2014 17:31:14 GMT
Thank you gents! So, we simply need to sit & wait for the correction in figures. I better keep an eye this time & ensure the correct amount is 'refunded' once AC resolve the problem. The figure I have is less than tenth of what it should have accrued since it defaulted  |
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ilmoro
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'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 Sept 9, 2014 21:34:45 GMT
Thank you gents! So, we simply need to sit & wait for the correction in figures. I better keep an eye this time & ensure the correct amount is 'refunded' once AC resolve the problem. The figure I have is less than tenth of what it should have accrued since it defaulted The accrued interest showing for this loan is now only the sum accrued for the last month of normal interest prior to the default. Nearly a month of default plus, I presume, interest on the interest outstanding.
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koba
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Post by koba on Sept 10, 2014 6:49:11 GMT
I am a little surprised at the vehemence of some of the comments on this thread. So we have hit a road bump. I have no doubt that matters will be resolved. Let's cut AC some slack shall we? There are far worse out there believe me.
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koba
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Post by koba on Sept 10, 2014 6:53:40 GMT
Sorry, ignore the above. Posted to the wrong place.
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ilmoro
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'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 Sept 10, 2014 10:56:11 GMT
In amongst all the 'sturm und drang' on the I****** b********g Q&A I notice that AC says that the H****** & Li******* B*******L**n will be given the same extension treatment today. Hopefully this will be clearly communicated to avoid similiar mass confusion  |
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ilmoro
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'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 Sept 10, 2014 16:37:17 GMT
In amongst all the 'sturm und drang' on the I****** b********g Q&A I notice that AC says that the H****** & Li******* B*******L**n will be given the same extension treatment today. Hopefully this will be clearly communicated to avoid similiar mass confusion H****** has now repaid and new extended loan been set up. Default interest to be paid from 14/8 at 9% fee/18% pm. Detailed explanation on the Recent activity thread. Accured interest showing but havent calculated if correct yet. Much better AC Edit. Yes interest is right, though seems to have taken two attempts. (A*0.18)27/365 where A = investment
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Post by chris on Sept 10, 2014 16:40:52 GMT
It's still very manual to do these so it would have been showing incorrectly for a little while whilst we go through all the steps - it's initially paid out as of todays date and then we have to force the system to back date all the transactions and recalculate the accrued interest. Should be showing all the correct figures now.
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ilmoro
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'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 Sept 10, 2014 19:30:51 GMT
It's still very manual to do these so it would have been showing incorrectly for a little while whilst we go through all the steps - it's initially paid out as of todays date and then we have to force the system to back date all the transactions and recalculate the accrued interest. Should be showing all the correct figures now. I was watching in realtime so could see it evolving. One quick query. Would it make sense/be possible to copy the Recent Activity/Q&A sections from the old loans to the new as well? While existing holders have easy access to old communication on their dashboards Repaid loans, purchasers on the AM dont.
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