mikes1531
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Post by mikes1531 on Feb 9, 2014 3:47:14 GMT
merlin - our new policy is that we will only open for prebids when the full credit report is available and therefore an auction start date has been set. I received an email from Assetz on 31/Jan. It was unsigned, but it had Andrew's photo at the bottom, so I presume it came from him. And it was general enough that I presumed it went to everyone. One of the things it said was... "To ensure a fair approach for all lenders we are implementing the following rules for bidding:
Loans below £250k: No pre-bids will be allowed by any lenders."
Inasmuch as Auction 71 is for £192k, I wasn't expecting pre-bids to be allowed at all. Have I got that wrong? The email invited comments. I did respond, and one of my comments was that I thought the elimination of pre-bids was a bad idea since it would send us back to the 'bad old days' when a lender had to be logged into their account when the auction went live if they wanted to have a chance of participating.
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Post by oldnick on Feb 9, 2014 4:25:44 GMT
I'm not big on asking questions as there are others out there more knowledgeable than me who can probably ask far more penetrating questions. However, I would like to know the precise nature of the administrative error that resulted in the building having no insurance when the fire started. 'Administrative error' could be seen as a euphemism for 'took a risk to save money on what seemed like an unnecessary expense at the time' or even 'just forgot'. But what's done is done. Surely the main issue is whether we will have clear title to an asset that can be easily and cheaply sold if the borrower doesn't make the payments?
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Post by yorkshireman on Jul 1, 2014 12:51:49 GMT
I trust that there is no reason for concern but I see that the June payment is late. 
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oldgrumpy
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Post by oldgrumpy on Jul 1, 2014 12:55:37 GMT
I trust that there is no reason for concern but I see that the June payment is late. There is an explanation in Q & A .... we await a further update which should be imminent.
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Post by pepperpot on Jul 1, 2014 12:59:52 GMT
I trust that there is no reason for concern but I see that the June payment is late. This was the first one to be covered by the borrower. The first 3 were 'retained at drawdown'. Given that it is 3 months ago, and they are (fingers crossed) fully engaged in a renovation, it might have slipped their minds. I'm sure AC will contact them soon, if not already, as a reminder.
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Post by Duane Dibley on Jul 4, 2014 16:40:24 GMT
Is the borrower still having 'an issue' with their electronic banking?
They could have written a cheque and hand-delivered it by now.
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Post by cyrilmadrid on Jul 4, 2014 17:10:26 GMT
I was also expecting the borrower to go to his branch today... but it looks like this wasn't done.
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mikeb
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Post by mikeb on Jul 4, 2014 17:22:06 GMT
I was also expecting the borrower to go to his branch today... but it looks like this wasn't done. Is "online banking issues" the new "the cheque's in the post?" we ask!  Oh, someone already did on the Q&A ...
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Post by cyrilmadrid on Jul 4, 2014 18:02:24 GMT
Well, from what is said on the Q&A, he was supposed to go to the branch today, in which case we could think the money will be arriving Monday...
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Post by Duane Dibley on Jul 8, 2014 19:50:04 GMT
Still nothing.
Wonder what his excuse is this time, the dog ate his chequebook?
Time to bail out of this one I reckon.
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Post by mrclondon on Jul 8, 2014 21:52:51 GMT
Still nothing. Wonder what his excuse is this time, the dog ate his chequebook? Time to bail out of this one I reckon. Time for the introducer or an AC RM to make a site visit me thinks. There's plently to talk about: - Have the renovations been completed ?
- Has the property been marketed by an estate agent ? If so, with whom and for what asking price ?
- Is a sale transaction actually under way, as claimed ?
- What is the nature of the current banking issue ? And will it occur again at the end of July ?
Once a borrower loses credibility, as IMO has already happened here, all previous assumptions need to be re-validated. Whilst I was quite happy to increase my exposure to Anglesey and Bolton post default, I'm not sure I want to increase my exposure on this one without a detailed review of the loan by AC. For the time being I have cancelled my AI mandate.
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duck
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Post by duck on Jul 9, 2014 16:17:45 GMT
I was also expecting the borrower to go to his branch today... but it looks like this wasn't done. Is "online banking issues" the new "the cheque's in the post?" we ask! Oh, someone already did on the Q&A ... Interesting Email from David Ricketts this afternoon ....... [snip] self censor  [snip]
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kermie
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Post by kermie on Jul 9, 2014 18:36:26 GMT
An update from David is also on the loan page. I suspect this one will come good in the end.
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Post by mogzi on Jul 11, 2014 14:14:53 GMT
Anyone have an update on the repayment that was promised today?
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mikeb
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Post by mikeb on Jul 11, 2014 17:41:28 GMT
Anyone have an update on the repayment that was promised today? Stiff letter to be written on Monday. No payment today.
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[snip]
