j
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Penguins are very misunderstood!
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Post by j on Jan 29, 2014 10:43:07 GMT
Taken from AC's website -''AUCTION REVERTED TO PREVIEW STAGE DUE TO UNCERTAINTY OVER DRAWDOWN TIMESCALE - AUCTION TO RECOMMENCE ONCE CONDITIONS FOR DRAWDOWN ARE MET''.
Looks like further issues with draw down time so we're given option of withdrawing bids if wished. Bit disappointing considering it's been on-going for 2 months, but also appreciate the opportunity of investing somewhere else by exiting this one. Will have to think of next step to take. 
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markr
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Post by markr on Jan 29, 2014 13:38:45 GMT
Can I respectfully ask that some of you remove a few bids please  . I missed this one (it was before the maximum bid cap and pre-bidding) and my pre-bid is now in the first few hundred quid over the top of the full loan amount. Thank you. |
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Post by andrewholgate on Jan 29, 2014 14:40:24 GMT
Taken from AC's website -''AUCTION REVERTED TO PREVIEW STAGE DUE TO UNCERTAINTY OVER DRAWDOWN TIMESCALE - AUCTION TO RECOMMENCE ONCE CONDITIONS FOR DRAWDOWN ARE MET''.
Looks like further issues with draw down time so we're given option of withdrawing bids if wished. Bit disappointing considering it's been on-going for 2 months, but also appreciate the opportunity of investing somewhere else by exiting this one. Will have to think of next step to take. As I've said before, I'm just in the mood to get back to an even keel and stop the protracted drawdowns. It's a pain, but I'd rather clear the decks and move on.
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Post by batchoy on Jan 29, 2014 15:26:23 GMT
Can I respectfully ask that some of you remove a few bids please . I missed this one (it was before the maximum bid cap and pre-bidding) and my pre-bid is now in the first few hundred quid over the top of the full loan amount. Thank you. I've deleted my bid/pre-bid but there was such frenetic bidding that even though it was a four figure sum it was promptly refilled. Given that the borrower was going to repay the loan with the money from a farm sale and is due to get the first payment next month and the payment is reported to be almost ten times the loan amount, I am very circumspect about this loan ever actually happening hence the deletion of my pre-bids. Given the delays this particular loan has had me wondering whether or not the borrower actually had any intention of completing the necessary legals and drawing down the loan or whether AC and us lenders were being used as a long stop just in case the borrower's own funds could not be eked out until next month.
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mikes1531
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Post by mikes1531 on Jan 29, 2014 16:38:38 GMT
Can I respectfully ask that some of you remove a few bids please . I missed this one (it was before the maximum bid cap and pre-bidding) and my pre-bid is now in the first few hundred quid over the top of the full loan amount. Thank you. I can see how markr could tell where his bid was in the queue at the time he placed it, but is it possible to tell at a later time whether any pre-bids that had been in front of you in the queue have been deleted? I think it would be very useful to know where one's bids stand in an overfunded pre-bid situation.
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markr
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Post by markr on Jan 29, 2014 20:53:02 GMT
I can see how markr could tell where his bid was in the queue at the time he placed it, but is it possible to tell at a later time whether any pre-bids that had been in front of you in the queue have been deleted? I think it would be very useful to know where one's bids stand in an overfunded pre-bid situation. Agreed, it would be very useful to know. My pre-bid on this one must be in because when I just looked the last 5 prebids (which didn't include mine) totalled £12600 and the total bids were nearly £87000, so all bids below those 5 are definitely in. But I was lucky that the top 5 included some biggies, in general as you say there's no way to know if your pre-bid has wheedled its way in.
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spockie
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Post by spockie on Jan 29, 2014 21:01:16 GMT
I think the five bids you are looking at are the final five bids of the original auction two months ago.
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markr
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Post by markr on Jan 29, 2014 21:29:30 GMT
I think the five bids you are looking at are the final five bids of the original auction two months ago. Rats!
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Post by batchoy on Jan 29, 2014 21:34:04 GMT
I think the five bids you are looking at are the final five bids of the original auction two months ago. I'm pretty sure you are right, pre-bids don't register because they aren't bids, the only bids that are listed are those from the original auction and are all shown as being rejected due to the reversion of the loan. So unless you pre-bid whilst the pre-bid total is below 100% of the loan there is currently no way of knowing if your pre-bid is going to be accepted.
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mikes1531
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Post by mikes1531 on Jan 29, 2014 22:52:25 GMT
So unless you pre-bid whilst the pre-bid total is below 100% of the loan there is currently no way of knowing if your pre-bid is going to be accepted. Looks like we have an idea for the Suggestions for Improvements thread. Do we have a volunteer?
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markr
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Post by markr on Jan 30, 2014 8:33:44 GMT
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j
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Penguins are very misunderstood!
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Post by j on Feb 3, 2014 21:31:29 GMT
I'm flabbergasted! Some 42% oversubscribed whilst still in preview stage & 2 months+ behind schedule. Am I missing something here?!  or is it down to the lack of activity that people just got keyboard happy with their pre-bids? |
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bugs4me
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Post by bugs4me on Feb 3, 2014 22:40:49 GMT
I'm flabbergasted! Some 42% oversubscribed whilst still in preview stage & 2 months+ behind schedule. Am I missing something here?! or is it down to the lack of activity that people just got keyboard happy with their pre-bids? Nope, IMO you're not missing anything. Cannot see the point of pre-bidding if it's that far oversubscribed.
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mikes1531
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Post by mikes1531 on Feb 4, 2014 5:25:01 GMT
I'm flabbergasted! Some 42% oversubscribed whilst still in preview stage & 2 months+ behind schedule. Am I missing something here?! or is it down to the lack of activity that people just got keyboard happy with their pre-bids? Nope, IMO you're not missing anything. Cannot see the point of pre-bidding if it's that far oversubscribed. A lot of those pre-bids will be from people who simply are trying to preserve the opportunity to participate in the loan if it ever comes to pass. Many of them probably will decide they're not interested when the details become available, or won't have funds available at the time, or will decide they don't really want as large a share as they pre-bid. So I'd expect a lot of those pre-bids to fail to turn into live bids when the time comes. So someone putting a pre-bid in now might have no problem being included. One thing we've asked for but don't have yet, is an indication of where in the queue our pre-bids actually are. Someone who puts in a bid today would start in the 142% position, but won't have a clue what happens after that. Over the following week, 50% of the bids in front of them in the queue could be cancelled, while more bids are made that go into the queue behind them. After that activity there might still be 142% of pre-bids but the lender could have moved forward in the queue far enough to be in the first 100%. At the moment there's no way to know if that's happened.
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Post by batchoy on Feb 4, 2014 9:23:38 GMT
Nope, IMO you're not missing anything. Cannot see the point of pre-bidding if it's that far oversubscribed. A lot of those pre-bids will be from people who simply are trying to preserve the opportunity to participate in the loan if it ever comes to pass. Many of them probably will decide they're not interested when the details become available, or won't have funds available at the time, or will decide they don't really want as large a share as they pre-bid. So I'd expect a lot of those pre-bids to fail to turn into live bids when the time comes. So someone putting a pre-bid in now might have no problem being included. One thing we've asked for but don't have yet, is an indication of where in the queue our pre-bids actually are. Someone who puts in a bid today would start in the 142% position, but won't have a clue what happens after that. Over the following week, 50% of the bids in front of them in the queue could be cancelled, while more bids are made that go into the queue behind them. After that activity there might still be 142% of pre-bids but the lender could have moved forward in the queue far enough to be in the first 100%. At the moment there's no way to know if that's happened. I'm scratching my head over this one and trying to work out why it is so popular, given that on my reading of the abridged credit report it made sense when it was first listed but with sum 10x the value of the loan due to be paid to the borrowers this month I personally cannot see the loan actually going ahead, just reinforcing my view that they have been stringing us along.
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. I missed this one (it was before the maximum bid cap and pre-bidding) and my pre-bid is now in the first few hundred quid over the top of the full loan amount. Thank you.
or is it down to the lack of activity that people just got keyboard happy with their pre-bids?