oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
|
Post by oldgrumpy on Sept 25, 2014 15:05:29 GMT
Oh, the anticipation! - will a bridging loan actually get repaid? Not actually holding my breath of course!  I forget who this is after? Is the iron lung one of the " bolt on" variety.  ...Ahem! 
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on Sept 25, 2014 15:15:06 GMT
Update now in - apparently it's next Tuesday 'or else'. (Aawww - I'm just starting to enjoy my 18%  ) |
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Sept 25, 2014 15:15:59 GMT
Update promised by the end of business today. posted in Q&A at 14.27 25th Sep. Oh, the anticipation! - will a bridging loan actually get repaid? Not actually holding my breath of course! Hold on a bit longer... the update contains the two most important words "unfortunately" and "delay". Cobblers .... Nothing to do with "fortune". Next Wednesday will be interesting.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Sept 25, 2014 15:23:40 GMT
I made the mistake of holding my breathe for the Bolton Loan to be repaid, I'm now in an iron lung...I forget who this is after? Is the iron lung one of the " bolt on" variety. ...Ahem! Must be a very 'hackneyed' one now! 
|
|
kermie
Member of DD Central
Posts: 691
Likes: 462
|
Post by kermie on Sept 25, 2014 19:16:03 GMT
H***ey is one bridging loan I am still in because we're told refinancing has been agreed - I think this one is still gonna be OK. (Famous last words!).
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Sept 25, 2014 23:07:47 GMT
H***ey is one bridging loan I am still in because we're told refinancing has been agreed - I think this one is still gonna be OK. (Famous last words!). I'm still in it too. A first charge with an LTV of 70% ought to be adequate security even if the refinancing deal falls apart and an auction has to be arranged. (He says with fingers crossed!)
|
|
|
|
Post by mrclondon on Sept 25, 2014 23:17:49 GMT
Update now in - apparently it's next Tuesday 'or else'. (Aawww - I'm just starting to enjoy my 18% ) 18% is very nice, but it is so yesterday's news.  Those of us lucky (?!) enough to be in G** Tranche 2 learnt today a rather dramatic 'or else' has been issued which means we might start accruing default interest at 1% per week from Friday, on top of the 18% pa of the original loan. My rather tired brain makes that an eye watering 70% pa. Not sure when I wake up on Friday whether I'll class this as a dream or a nightmare.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Sept 26, 2014 19:02:23 GMT
Update now in - apparently it's next Tuesday 'or else'. (Aawww - I'm just starting to enjoy my 18% ) 18% is very nice, but it is so yesterday's news. Those of us lucky (?!) enough to be in G** Tranche 2 learnt today a rather dramatic 'or else' has been issued which means we might start accruing default interest at 1% per week from Friday, on top of the 18% pa of the original loan. My rather tired brain makes that an eye watering 70% pa. Not sure when I wake up on Friday whether I'll class this as a dream or a nightmare. I find AC's behaviour in the G** loan rather bizarre. On another overdue loan, they have given the borrower a month to provide evidence that they have exchanged contracts for a sale of the property and, if they do, another month to complete. The G** loan is less than ten days overdue, and AC have told that borrower that default interest of 1%/week will start accruing from tomorrow. In response to questions from lenders regarding other loans, AC have said that they are required by the regulators to treat both lenders and borrowers fairly. Could andrewholgate please explain to us how charging 1%/week default interest on top of the normal 18% interest on the G** loan could possibly be considered to be fair treatment of the borrower?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Sept 30, 2014 9:28:06 GMT
|
|
|
|
Post by Ton ⓉⓞⓃ on Sept 30, 2014 9:34:01 GMT
And S. Manc.! Hopefully I'll now have some money to bug a new lung.
|
|
kermie
Member of DD Central
Posts: 691
Likes: 462
|
Post by kermie on Sept 30, 2014 18:35:19 GMT
"The new bucks fizz" - what an insult!
Indeed, don't hold your breath on this one - a few more weeks would not surprise me here.
|
|
|
|
Post by andrewholgate on Oct 1, 2014 14:20:58 GMT
18% is very nice, but it is so yesterday's news. Those of us lucky (?!) enough to be in G** Tranche 2 learnt today a rather dramatic 'or else' has been issued which means we might start accruing default interest at 1% per week from Friday, on top of the 18% pa of the original loan. My rather tired brain makes that an eye watering 70% pa. Not sure when I wake up on Friday whether I'll class this as a dream or a nightmare. I find AC's behaviour in the G** loan rather bizarre. On another overdue loan, they have given the borrower a month to provide evidence that they have exchanged contracts for a sale of the property and, if they do, another month to complete. The G** loan is less than ten days overdue, and AC have told that borrower that default interest of 1%/week will start accruing from tomorrow. In response to questions from lenders regarding other loans, AC have said that they are required by the regulators to treat both lenders and borrowers fairly. Could andrewholgate please explain to us how charging 1%/week default interest on top of the normal 18% interest on the G** loan could possibly be considered to be fair treatment of the borrower? This is more a stance taken with the introducer of the loan (and others) and promises of refinance that were made an not delivered on. The company were well aware of the position at drawdown yet took no action.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Oct 1, 2014 15:35:39 GMT
I find AC's behaviour in the G** loan rather bizarre. On another overdue loan, they have given the borrower a month to provide evidence that they have exchanged contracts for a sale of the property and, if they do, another month to complete. The G** loan is less than ten days overdue, and AC have told that borrower that default interest of 1%/week will start accruing from tomorrow. In response to questions from lenders regarding other loans, AC have said that they are required by the regulators to treat both lenders and borrowers fairly. Could andrewholgate please explain to us how charging 1%/week default interest on top of the normal 18% interest on the G** loan could possibly be considered to be fair treatment of the borrower? This is more a stance taken with the introducer of the loan (and others) and promises of refinance that were made an not delivered on. The company were well aware of the position at drawdown yet took no action. I take this to mean that the 1%/week extra interest in the case of default was written into the loan contract. Wow!
|
|
|
|
Post by bengilbert on Oct 1, 2014 15:59:57 GMT
Update posted for H****ey. The borrowers are meant to be visiting their solicitors today to sign the documents for a refinancing. If AC don't get confirmation today from the solicitors that they've been signed and returned, they (AC) will issue the demand for full repayment. If the documents are signed, it would be 'reasonable to expect' it to take 3-5 working days for the money to come through.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Oct 2, 2014 18:59:12 GMT
Further update today, might actually get repaid, next week I would guess Believe I have identified the introducer for these bridging loans www.youtube.com/watch?v=yg5RgI2GeKk  Edit: This is a joke, not a real clue. |
|
)
Those of us lucky (?!) enough to be in G** Tranche 2 learnt today a rather dramatic 'or else' has been issued which means we might start accruing default interest at 1% per week from Friday, on top of the 18% pa of the original loan. My rather tired brain makes that an eye watering 70% pa. Not sure when I wake up on Friday whether I'll class this as a dream or a nightmare. 
