bugs4me
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Post by bugs4me on Dec 20, 2014 9:59:48 GMT
I'll be most grateful if this turns out to be true, but the only part that's really relevant to us is the refinancing. If it proceeds, we'll be out of this loan no matter what happens on the PP front. However, I'm not about to believe anything actually is going to happen until AC can tell us that they've seen evidence of a firm refinancing offer -- and I don't mean one that's conditional on something happening on the planning front. If or when the Borrrower gets PP, I might like to extend the loan or refinance 'in house' and then offer a development loan, if it meant we lost the Intro-man. It maybe impossible to work with the Borrower in a new loan as relations may be damaged beyond repair. But as soon as PP is given on this project I'd have thought any of the other p2p platforms would offer a deal on good terms. In Edit. PP is refinance. I would have thought that if/when PP is obtained then any developer would have been more than willing to step in with a soft loan or probably a cash on the table offer. IIRC, the borrower's intentions were to obtain PP and move on but need to go through the doc's and Q&A's to confirm this.
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mikes1531
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Post by mikes1531 on Dec 20, 2014 21:47:00 GMT
If or when the Borrrower gets PP, I might like to extend the loan or refinance 'in house' and then offer a development loan, if it meant we lost the Intro-man. It maybe impossible to work with the Borrower in a new loan as relations may be damaged beyond repair. But as soon as PP is given on this project I'd have thought any of the other p2p platforms would offer a deal on good terms. In Edit. PP is refinance. I would have thought that if/when PP is obtained then any developer would have been more than willing to step in with a soft loan or probably a cash on the table offer. IIRC, the borrower's intentions were to obtain PP and move on but need to go through the doc's and Q&A's to confirm this. Unless chielamangus's report that "There is no sign on the Council website that a new application has been made, or an appeal made against the previous refusal" is incorrect, or that website is significantly out-of-date, I wouldn't expect PP to be granted any time soon. As such, I can't imagine that AC or its lenders would be willing to wait until then for the current loan to be repaid. So if the report that refinancing has been arranged is correct, then I expect AC would be more than happy to see that proceed so that they can close the books on this overdue loan.
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unmadem
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Post by unmadem on Feb 9, 2015 17:29:12 GMT
Trading suspended and interest rate zero shown
Could be good news - introducer funded refinance, bad news or just an admin/it issue ?
davidricketts1 can you enlighten us please ?
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 9, 2015 18:29:55 GMT
Trading suspended and interest rate zero shown
Could be good news - introducer funded refinance, bad news or just an admin/it issue ?
@davidricckets1 can you enlighten us please ? Could be something automatic. Although the final payment due shows as 8th May, the loan was set up as a 3 month extension to the original loan which had been due 8th November. This would mean the loan was scheduled for completion by midnight yesterday, so the system would have it flagged as late and therefore automatically suspend trading. Just a guess.
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kermie
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Post by kermie on Feb 9, 2015 20:28:50 GMT
Indeed - the 3 month extension was due for final repayment last night - although I think the length of extension was fairly arbitrary. It looks like it's been extended for a further 3 months (although the repayments tab shows no evidence of the scheduled repayment due on 8th Feb) - I suspect this is an administrative matter simply to allow interest to continue to accrue.
This one is dragging on a bit. If I were still in this loan, I'd be content to let it drag on (at 15% pa) provided I could be confident of a refinance or the planning permission coming through - but the initial planning decision (declined) scared me off. That said, I still have a non-trivial amount of interest due....so am still keeping an eye on this one.
The revaluation scheduled for this week should be interesting.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Feb 9, 2015 20:39:34 GMT
If I were still in this loan, I'd be content to let it drag on (at 15% pa) provided I could be confident of a refinance or the planning permission coming through - but the initial planning decision (declined) scared me off. That said, I still have a non-trivial amount of interest due....so am still keeping an eye on this one. The revaluation scheduled for this week should be interesting. It's been at default rate of 18%, so I've been more than content to let it drag on. As you say, will start to get more interesting now.
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mikes1531
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Post by mikes1531 on Feb 11, 2015 0:14:14 GMT
If I were still in this loan, I'd be content to let it drag on (at 15% pa) provided I could be confident of a refinance or the planning permission coming through - but the initial planning decision (declined) scared me off. That said, I still have a non-trivial amount of interest due....so am still keeping an eye on this one. The revaluation scheduled for this week should be interesting. It's been at default rate of 18%, so I've been more than content to let it drag on. As you say, will start to get more interesting now. If the introducer remains confident that the PP will be granted, and is willing/able to arrange financing based on the valuation assuming PP, then I'm willing to wait a bit longer. But if they ever have second thoughts about the likelihood of PP approval -- and if it hasn't even been requested yet... -- then the valuation would take quite a hit and put the refinancing in jeopardy. So while I like the thought of interest continuing to accrue at 18%, on balance I'd rather that the refinance happened very soon.
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bugs4me
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Post by bugs4me on Feb 11, 2015 10:29:21 GMT
I fortunately managed to bail out of this one - owed a couple of quid in accrued interest which may materialise. I hope PP is granted but I had sight of some of the original objections which were in the public domain and it didn't look too good. So a re-finance may be the best way out.
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mikes1531
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Post by mikes1531 on Feb 12, 2015 3:28:05 GMT
I fortunately managed to bail out of this one - owed a couple of quid in accrued interest which may materialise. I hope PP is granted but I had sight of some of the original objections which were in the public domain and it didn't look too good. So a re-finance may be the best way out. I've reduced my holding down to quite a low level as well. And, since the loan parts still are saleable on the Aftermarket, anyone who wants to get out now still has that opportunity. How much longer that opportunity will last is anyone's guess. And it appears that a few more parts have just been offered for sale. There was nothing for sale when I looked earlier this evening, but there's about £2k available right now.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 20, 2015 16:13:17 GMT
chris, I don't think this loan has been paused ? There is £2.79 on the aftermarket but it cannot be bought. It's been like this for over 24hrs, I think the system needs a gentle kick. Edit: Problem Fixed
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Post by brummiefred on Feb 20, 2015 19:15:22 GMT
That's strange 'cos I bought £2.79 on 19th !!!
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Post by chielamangus on Mar 14, 2015 13:51:48 GMT
I think someone else, apart from me, is concerned about the future of this loan. Over £96k now available on the aftermarket.
A nice opportunity at 18 per cent for somebody who likes life on a roller coaster.
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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 Mar 14, 2015 14:49:39 GMT
I think someone else, apart from me, is concerned a future of this loan. Over £96k now available on the aftermarket. A nice opportunity at 18 per cent for somebody who likes life on a roller coaster. Sold 50% of my modest holding couple of days ago before I highlighted the concerning responses in the Q&A. At that time, there was £600 available.
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unmadem
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Post by unmadem on Mar 14, 2015 15:13:20 GMT
I sold a little while ago as I was increasingly disturbed by the total lack of information from the borrower since the new year. At times I struggle to understand how AC accept borrowers or brokers just ignoring repeated requests for updates. I understand the desire to get solid proposals to put to lenders but the approach seems a bit flawed with those few lenders who just refuse to engage in any way. (Must be pretty annoying for the AC staff having to continually chase up too).
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bugs4me
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Post by bugs4me on Mar 14, 2015 15:31:49 GMT
I sold a little while ago as I was increasingly disturbed by the total lack of information from the borrower since the new year. At times I struggle to understand how AC accept borrowers or brokers just ignoring repeated requests for updates. I understand the desire to get solid proposals to put to lenders but the approach seems a bit flawed with those few lenders who just refuse to engage in any way. (Must be pretty annoying for the AC staff having to continually chase up too). I managed to get out as I simply didn't believe the spin that the borrower/introducer was giving to AC. So after a bit of DD on my part my thinking was proved correct and selling out was the correct decision. Higher rates of interest, whilst always welcome, does not turn a bad proposal into a good one. I'm sure the AC staff must have heard every excuse possible regarding loans and the lack of promised feedback from those borrowers/introducers - it must have them tearing their hair out at AC towers.
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