unmadem
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Post by unmadem on Feb 24, 2014 14:23:47 GMT
What is happening with this loan ? Auction mid dec. The email updates we were getting with info on drawdowns appear to have dried up.
Somebody asked for an update on 19th feb on Q&A but no answer yet.
On 24th Jan 2014 at 16:03 Assetz Capital answered:
"We are confident draw down could occur next week.
On 6th Feb 2014 at 11:19 Assetz Capital answered:
"We are progressing towards drawing this loan. Our aim is to have the loan drawn down by the end of week commencing 10th February 2014.
On 14th Feb 2014 at 17:40 Assetz Capital answered:
"This loan is due to draw down early next week."
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j
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Penguins are very misunderstood!
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Post by j on Feb 24, 2014 14:35:02 GMT
What is happening with this loan ? Auction mid dec. The email updates we were getting with info on drawdowns appear to have dried up.
Somebody asked for an update on 19th feb on Q&A but no answer yet.
On 24th Jan 2014 at 16:03 Assetz Capital answered:
"We are confident draw down could occur next week.
On 6th Feb 2014 at 11:19 Assetz Capital answered:
"We are progressing towards drawing this loan. Our aim is to have the loan drawn down by the end of week commencing 10th February 2014.
On 14th Feb 2014 at 17:40 Assetz Capital answered:
"This loan is due to draw down early next week."
It takes us back to the point of possibly giving the opportunity to lenders a back door to withdraw their bids if draw down does not occur after a specified date, which should be agreed upon at auction commencement. I hope AC introduce this rule on each one of their future auction. It's fair for lenders who don't want their funds tied up & also deters time wasting borrowers.
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bugs4me
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Post by bugs4me on Feb 24, 2014 15:03:52 GMT
What is happening with this loan ? Auction mid dec. The email updates we were getting with info on drawdowns appear to have dried up.
Somebody asked for an update on 19th feb on Q&A but no answer yet.
On 24th Jan 2014 at 16:03 Assetz Capital answered:
"We are confident draw down could occur next week.
On 6th Feb 2014 at 11:19 Assetz Capital answered:
"We are progressing towards drawing this loan. Our aim is to have the loan drawn down by the end of week commencing 10th February 2014.
On 14th Feb 2014 at 17:40 Assetz Capital answered:
"This loan is due to draw down early next week."
It takes us back to the point of possibly giving the opportunity to lenders a back door to withdraw their bids if draw down does not occur after a specified date, which should be agreed upon at auction commencement. I hope AC introduce this rule on each one of their future auction. It's fair for lenders who don't want their funds tied up & also deters time wasting borrowers.
Agreed - getting close to 10 weeks since close of auction. Could be another borrower shopping around with an 'approved AC loan' piece of paper in their hands. Not good.
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mikes1531
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Post by mikes1531 on Feb 24, 2014 15:13:37 GMT
It takes us back to the point of possibly giving the opportunity to lenders a back door to withdraw their bids if draw down does not occur after a specified date, which should be agreed upon at auction commencement. I hope AC introduce this rule on each one of their future auction. It's fair for lenders who don't want their funds tied up & also deters time wasting borrowers.
It would deter time wasting borrowers only if there was a non-refundable fee paid to AC when applying. Is there?
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Feb 24, 2014 15:14:40 GMT
Also agreed and with due respect to Andrew and Co this is getting seriously close to taking the p*ss!
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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Post by j on Feb 24, 2014 15:16:53 GMT
It takes us back to the point of possibly giving the opportunity to lenders a back door to withdraw their bids if draw down does not occur after a specified date, which should be agreed upon at auction commencement. I hope AC introduce this rule on each one of their future auction. It's fair for lenders who don't want their funds tied up & also deters time wasting borrowers.
It would deter time wasting borrowers only if there was a non-refundable fee paid to AC when applying. Is there? Agree! Non refundable if they do not draw down after a time limit, but refundable if they do.
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Post by andrewholgate on Feb 24, 2014 15:17:45 GMT
I'll go and find out what is happening.
A
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bugs4me
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Post by bugs4me on Feb 24, 2014 15:18:22 GMT
It takes us back to the point of possibly giving the opportunity to lenders a back door to withdraw their bids if draw down does not occur after a specified date, which should be agreed upon at auction commencement. I hope AC introduce this rule on each one of their future auction. It's fair for lenders who don't want their funds tied up & also deters time wasting borrowers.
It would deter time wasting borrowers only if there was a non-refundable fee paid to AC when applying. Is there? Not as far as I'm aware as AC thought IIRC that introduction of same may/would put off potential borrowers. But at this rate extended drawdowns are starting to put off potential lenders. Appreciate it's often beyond the control of AC but I'm leaning more towards the aftermarket where there is zero dead money.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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Post by j on Feb 24, 2014 15:30:28 GMT
Not as far as I'm aware as AC thought IIRC that introduction of same may/would put off potential borrowers. But at this rate extended drawdowns are starting to put off potential lenders. Appreciate it's often beyond the control of AC but I'm leaning more towards the aftermarket where there is zero dead money. I'm leaning with you on the aftermarket part, which is a shame as we'd all like to support loans at the start, thus reducing fees to AC, which would ultimately mean better rates for us. But that's just not working out with a number of loans the last 3-4 months.
Patience is a virtue 
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bugs4me
Member of DD Central
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Post by bugs4me on Feb 24, 2014 15:38:49 GMT
Not as far as I'm aware as AC thought IIRC that introduction of same may/would put off potential borrowers. But at this rate extended drawdowns are starting to put off potential lenders. Appreciate it's often beyond the control of AC but I'm leaning more towards the aftermarket where there is zero dead money. I'm leaning with you on the aftermarket part, which is a shame as we'd all like to support loans at the start, thus reducing fees to AC, which would ultimately mean better rates for us. But that's just not working out with a number of loans the last 3-4 months.
Patience is a virtue
Speedy drawdown times are especially important with 1% per month for 6 month bridging loans. On the surface you've got a false 12% pa return. Add in a 2 month drawdown and you're down to 9% pa return and that's assuming the loan will run it's full term. Plus there are funds tied up before auction end. Hmmm.......
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mikes1531
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Post by mikes1531 on Feb 24, 2014 15:59:37 GMT
I'll go and find out what is happening. A Thank you. I'm sure we all eagerly await your report.
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Post by andrewholgate on Feb 24, 2014 16:40:12 GMT
Right, I've found out what is happening.
Essentially there is an old lease registered against the property which needs to be removed – the old tenants have disappeared after a fire at the property so we can’t go down the usual surrender route as they’ve gone abroad. The seller’s solicitors have made an application to the land registry to remove it but we need the detail.
Our Legal Counsel has been on the phone for an hour this afternoon sorting the detail. As it stands, we will have detail later today and make the removal of the lease a concurrent project with drawdown. This has meant a slight amendment to the loan document which will be re-signed this week. We have given them an ultimatum of having drawdown this week.
A
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Feb 24, 2014 16:43:21 GMT
Right, I've found out what is happening. Essentially there is an old lease registered against the property which needs to be removed – the old tenants have disappeared after a fire at the property so we can’t go down the usual surrender route as they’ve gone abroad. The seller’s solicitors have made an application to the land registry to remove it but we need the detail. Our Legal Counsel has been on the phone for an hour this afternoon sorting the detail. As it stands, we will have detail later today and make the removal of the lease a concurrent project with drawdown. This has meant a slight amendment to the loan document which will be re-signed this week. We have given them an ultimatum of having drawdown this week. A thanks for the update
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unmadem
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Post by unmadem on Feb 24, 2014 19:36:23 GMT
Right, I've found out what is happening. Essentially there is an old lease registered against the property which needs to be removed – the old tenants have disappeared after a fire at the property so we can’t go down the usual surrender route as they’ve gone abroad. The seller’s solicitors have made an application to the land registry to remove it but we need the detail. Our Legal Counsel has been on the phone for an hour this afternoon sorting the detail. As it stands, we will have detail later today and make the removal of the lease a concurrent project with drawdown. This has meant a slight amendment to the loan document which will be re-signed this week. We have given them an ultimatum of having drawdown this week. A Thanks for digging out the information Andrew, appreciated
However shouldn't really have taken the managing director's involvement/time to keep us informed, especially as there was an outstanding question to prompt the team. I presume somebody will answer the question now to let lenders not on this forum know the situation.
I do appreciate that you don't want to get into updates after every little action or inaction but this one has been dragging on and just moving a week at a time.
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Post by andrewholgate on Feb 24, 2014 20:30:08 GMT
Right, I've found out what is happening. Essentially there is an old lease registered against the property which needs to be removed – the old tenants have disappeared after a fire at the property so we can’t go down the usual surrender route as they’ve gone abroad. The seller’s solicitors have made an application to the land registry to remove it but we need the detail. Our Legal Counsel has been on the phone for an hour this afternoon sorting the detail. As it stands, we will have detail later today and make the removal of the lease a concurrent project with drawdown. This has meant a slight amendment to the loan document which will be re-signed this week. We have given them an ultimatum of having drawdown this week. A Thanks for digging out the information Andrew, appreciated
However shouldn't really have taken the managing director's involvement/time to keep us informed, especially as there was an outstanding question to prompt the team. I presume somebody will answer the question now to let lenders not on this forum know the situation.
I do appreciate that you don't want to get into updates after every little action or inaction but this one has been dragging on and just moving a week at a time.
Noted
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