bigfoot12
Member of DD Central
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Post by bigfoot12 on Jul 15, 2014 19:37:13 GMT
Some people are hard to please. Only a month ago everyone was complaining that there was nothing to invest in (lend to or whatever). Now there is loads. In my view this is the much better situation. If you want to sell a loan part almost immediately you probably shouldn't buy it in the first place. This is probably of a consequence of andrewholgate 's announcement a few weeks ago. He said something like they would do more of their due diligence earlier in the process. We then had no loans for a while while this was being done. Now we have more than usual as the new loans have been drawn very quickly. The last 3 loans have taken between 4 and 14 days to draw from the auction finishing. I took money out of AC when there was nothing to buy. Maybe others did too. These new speedy drawdown loans have drawn before some of the older slow drawdown loans have been fully sold. Or perhaps it is a coincidence. In any case I repeat there is no pleasing some people |
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Post by Ton ⓉⓞⓃ on Jul 16, 2014 8:30:12 GMT
Some people are hard to please. Only a month ago everyone was complaining that there was nothing to invest in (lend to or whatever). Now there is loads. In my view this is the much better situation. If you want to sell a loan part almost immediately you probably shouldn't buy it in the first place. This is probably of a consequence of andrewholgate 's announcement a few weeks ago. He said something like they would do more of their due diligence earlier in the process. We then had no loans for a while while this was being done. Now we have more than usual as the new loans have been drawn very quickly. The last 3 loans have taken between 4 and 14 days to draw from the auction finishing. I took money out of AC when there was nothing to buy. Maybe others did too. These new speedy drawdown loans have drawn before some of the older slow drawdown loans have been fully sold. Or perhaps it is a coincidence. In any case I repeat there is no pleasing some people Part of the problem is it's an unexpected change, and we're not used to working in this way and are not sure what the consequences will be. Such as if I invest now will I be able to use it to pay my taxes, my stoozie credit card bill etc. I'm certainly doing things differently, as has been said, I'm buying less now but I think I'll be buying more when the AM is down to the last knockings of the loans I'm interested in. But thinking about it, I may simply have to change my policy, and if things stay this way I'll just have to get used to it.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jul 16, 2014 9:10:52 GMT
Some people are hard to please. Only a month ago everyone was complaining that there was nothing to invest in (lend to or whatever). Now there is loads. In my view this is the much better situation. If you want to sell a loan part almost immediately you probably shouldn't buy it in the first place. This is probably of a consequence of andrewholgate 's announcement a few weeks ago. He said something like they would do more of their due diligence earlier in the process. We then had no loans for a while while this was being done. Now we have more than usual as the new loans have been drawn very quickly. The last 3 loans have taken between 4 and 14 days to draw from the auction finishing. I took money out of AC when there was nothing to buy. Maybe others did too. These new speedy drawdown loans have drawn before some of the older slow drawdown loans have been fully sold. Or perhaps it is a coincidence. In any case I repeat there is no pleasing some people Or could it be just the time of year? Some of the other P2P businesses I have cash in are being very sleepy, SS being a prime example. Good old FC seems to be plodding along albeit not at the 100+ loan rate it was achieving a while back. Perhaps we have caught the Continental summer disease of virtually shutting down during July and August.
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bigfoot12
Member of DD Central
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Post by bigfoot12 on Jul 16, 2014 14:22:43 GMT
Or could it be just the time of year? Some of the other P2P businesses I have cash in are being very sleepy, SS being a prime example. ... Perhaps we have caught the Continental summer disease of virtually shutting down during July and August. I was wondering if it was the increase in size of ISA now up to £15k. I'd expect that is diverting some money at the moment. Ton ⓉⓞⓃ You are worse than Groucho Marx. 'If they want to sell it then I don't want to buy it'
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Post by Ton ⓉⓞⓃ on Jul 18, 2014 23:02:09 GMT
13th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 112
17/7
£
| Montrose Wind Turbine |
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| No date
| 'Drawdown expected within 4-6 weeks.' I imagine Exp from w/c11/8 to w/c25/8
| 110
16/7
£
| West London Property Investment Loan |
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| 24/6 | 'Drawdown expected within 4-6 weeks of auction closure.' So Exp is w/c11/8 to w/c25/8
| 113
16/7
£
| Nottingham Bridging Loan |
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| 4/7 | 'Drawdown expected within 4-6 weeks of auction closure.' So Exp is w/c11/8 to w/c25/8 | 106
11/7
£
| Swansea Wind Turbine | 15/7 | 'This is expected within 4 weeks or so although we will firm up on timescales over the next week or so as documents start to arrive from the borrower's solicitor.' so Exp is before 12/8
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| 105
11/7
£
| East Midlands Property Investment Loan | 24/6 | 'Drawdown expected within 4-6 weeks.' So Exp is from w/c4/8 to w/c18/8 |
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| 100
30/9
£
| London Software Business Loan | 16/6 | 'Drawdown expected within 4-6 weeks.'so Exp is from w/c28/7 to w/c11/8 |
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| 97
24/6
£
| West Midlands
Export Business | 10/6 | 'Drawdown expected within 4 weeks of auction closure.' so Exp is before 22/7 | 15/7
Q&A
| "I am checking the status of the drawdown today and will update lenders when I have more information." | 93
31/5
£
| Aberdeenshire Wind Turbine | 11/7 | 'We have been chasing the borrower's solicitor for the last conditions precedent today and these are still awaited. Completion is close but we now expect this to fall into the early part of next week.' ie Exp w/c 14/7 |
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| 92
17/5
£
| Liverpool Electrical Contractor Business Loan | 11/7 | Borrower was given a deadline which passed, but they agreed a degree of compensation to Lenders. Drawdown was Exp w/c 14/7
| 17/7
15/7
| Shadow bids called in on 17/7
'Further to our drawdown update last Friday we are still no nearer to obtaining consent from the first chargeholder to take our second charge. Whilst we are not expecting any issues here it is our experience that receiving these consents can take longer than we would all like. The borrower and his solicitor continue to chase for this on a daily basis....'
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Liverpool Electric now looks imminent as shadow bids have been called. Aberdeenshire W.T. has passed the w/c date given, so I guess it should be imminent too? West Midlands Export Business is just possible that it may be drawn as a date given is this Tuesday, but we're really waiting for an update. Where AC have said 'drawdown is 4 to 6 weeks time', I've taken the start date as the auction close and counted that as week zero to get my dates for Exp (expected) drawdown. NEXT UPDATE |
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pikestaff
Member of DD Central
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Post by pikestaff on Jul 25, 2014 11:12:59 GMT
Aberdeen WT shadow bids were called in yesterday. Per email, drawdown should be today.
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Post by Ton ⓉⓞⓃ on Jul 26, 2014 9:24:25 GMT
14th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 112
17/7
£
| Montrose Wind Turbine | No date
| 'Drawdown expected within 4-6 weeks.' I imagine Exp from w/c11/8 to w/c25/8 |
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| 110
16/7
£ | West London Property Investment Loan | 24/6 | 'Drawdown expected within 4-6 weeks of auction closure.' So Exp is w/c11/8 to w/c25/8 |
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| 113
16/7
£ | Nottingham Bridging Loan | 4/7
| 'Drawdown expected within 4-6 weeks of auction closure.' So Exp is w/c11/8 to w/c25/8 |
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| 106
11/7
£
| Swansea Wind Turbine | 15/7 | 'This is expected within 4 weeks or so although we will firm up on timescales over the next week or so as documents start to arrive from the borrower's solicitor.' so Exp is before 12/8 |
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| 105
11/7
£
| East Midlands Property Investment Loan | 24/6 | 'Drawdown expected within 4-6 weeks.' So Exp is from w/c4/8 to w/c18/8 | 22/7
Q&A
| 'We are aiming for a drawdown within one month of auction closure. Auction closed on 11/07/2014.' So Exp before 8/8
| 100
30/6
£
| London Software Business Loan | 16/6 | 'Drawdown expected within 4-6 weeks.'so Exp is from w/c28/7 to w/c11/8 |
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| 97
24/6
£
| West Midlands Export Business Loan | 10/6 | 'Drawdown expected within 4 weeks of auction closure.' so Exp is before 22/7 | 25/7 | 'Progress was being seen with an expectation that this would occur early next week at the latest but unfortunately when we received consent to the second legal charges these were addressed to the incorrect company. For the security to be valid consent needs to be in the name of the chargeholder and this was not the case.
We immediately reverted to the borrower who has gone back to their lenders who have unfortunately told them that it will be a further 10 days from yesterday for consent to be provided. Once this is to hand we are hopeful that drawdown should follow in fairly short order.
We, our legal team and the borrowers do continue to push for receipt of this documentation to hopefully allow a quicker drawdown. |
A drawdown update has been requested for London Software, we're awaiting an answer as it's just at the start of the time we were expecting it to be drawn. 'Exp' stands for expected or expected drawdown. Hopefully chris' new system will have a screen where all drawdown progress is all summarized in one place, thus negating the need for the above chart? NEXT UPDATE? |
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Post by chris on Jul 26, 2014 9:27:10 GMT
It's taken care of
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baz657
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Post by baz657 on Jul 27, 2014 11:33:57 GMT
On my dashboard W********** P******* I********* L*** (114) which closed on 26th July is already due now. Either it`s a mistake or the drawdowns are getting very quick!
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oldgrumpy
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Post by oldgrumpy on Jul 27, 2014 12:23:04 GMT
baz657 The "due" list comes up immediately whenever you make a shadow bid. The "pay up" email comes a few weeks later, before an imminent drawdown. Worcs Prop is not at that stage yet.
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unmadem
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Post by unmadem on Jul 27, 2014 12:45:06 GMT
It really would be much more effective if they were only highlighted when they were due to be paid rather than the second the auction closed. At the moment everybody just ignores the warning so they are just an annoyance.
The question has come up a few times on the forum so it obviously consistently confuses people when they get a shadow account.
If they were actually highlighted nearer drawdown they would assist anybody who had missed the email and ensure AC got the cash on time. What do you think chris ?
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Post by chris on Jul 27, 2014 17:23:29 GMT
It really would be much more effective if they were only highlighted when they were due to be paid rather than the second the auction closed. At the moment everybody just ignores the warning so they are just an annoyance.
The question has come up a few times on the forum so it obviously consistently confuses people when they get a shadow account.
If they were actually highlighted nearer drawdown they would assist anybody who had missed the email and ensure AC got the cash on time. What do you think chris ? This is dealt with on the new site
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baz657
Member of DD Central
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Post by baz657 on Jul 27, 2014 18:36:10 GMT
baz657 The "due" list comes up immediately whenever you make a shadow bid. The "pay up" email comes a few weeks later, before an imminent drawdown. Worcs Prop is not at that stage yet. Thanks for that oldgrumpy. The odd thing is that I've got another 15 shadow bids in my list and none of them are highlighted or have the "Due now" label. Is that because the other auctions haven't yet finished and so when it says Due now it means auction over?
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oldgrumpy
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Post by oldgrumpy on Jul 27, 2014 18:41:45 GMT
baz657 The "due" list comes up immediately whenever you make a shadow bid. The "pay up" email comes a few weeks later, before an imminent drawdown. Worcs Prop is not at that stage yet. Thanks for that oldgrumpy. The odd thing is that I've got another 15 shadow bids in my list and none of them are highlighted or have the "Due now" label. Is that because the other auctions haven't yet finished and so when it says Due now it means auction over? The shaded ones are for auctions which are closed and waiting for drawdown. The white ones are for auctions still in progress.
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baz657
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Post by baz657 on Jul 27, 2014 19:17:46 GMT
Many thanks for that oldgrumpy. I've had the shadow account for around a month now and never noticed!  |
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