baz657
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Post by baz657 on Sept 4, 2014 18:35:43 GMT
Due to a lot of lenders having shadow bids there was a gentle reminder that Wood Green (118) should be drawing down next week - make sure you have the funds there to cover it.
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Post by Ton ⓉⓞⓃ on Sept 5, 2014 22:06:12 GMT
20th Update Auc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 125
4/9
£
| Carmarthenshire Wind Turbine Loan
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| 18/8
| 'Drawdown expected within 4 - 6 weeks of auction closure.' So Exp is from 2/10 to 16/10
| 124
28/8
£
| Yorkshire Mobile Phone Distributor Loan
| 29/7
| 'Loan expected to draw down within 4-6 weeks.'
So Exp is from 25/9 to 9/10
| No
Date
| 'Following closure of auction last week legal process has now commenced. Given varying types of security required we are expecting around a 4 week timescale to drawdown from this week.' So Exp must be about 3/10
| 122
26/8
£
| North Wales Bridging Loan
| 20/8
Q&A
| 'As things stand we are aiming to drawdown towards the end of the w/c 1 September but will advise lenders further as we firm up on timescales.'
| No
Date
| 'Legal process is now just about complete with drawdown expected to take place by the middle of next week. Current plan is for Tuesday 9 September although this may slip by a day.'
| 123
14/8
£
| North London Commercial Property Loan | 11/8
| 'Drawdown should be within 4 weeks of auction closure.' Then Exp should be before 11/9
| No
Date
| Legal process is continuing although we have been made aware of a potential issue with S******** that came to light yesterday. We await further detail in that regard and will provide an update to lenders when this information is available.
Given this we are unable to put a meaningful timescale on when drawdown will occur but will seek to remedy this in the coming days.
| 120
12/8
£
| Dorset Property Development Loan | 24/7
| 'Quick drawdown expected.' If it's less than 4wks Exp is before 9/9, if less than 6wks then Exp is before 23/9
| 4/9?
| 'Unfortunately the vendor's solicitor has been slow to provide the requisite information to allow the expected quick drawdown. This is still ongoing.
As such, we have agreed with borrower that should drawdown not take place by Tuesday 9 September (4 weeks from auction closure) then from Wednesday 10 September interest will accrue at 5% per annum equivalent until drawdown occurs.'
| 121
11/8
£
| Cornwall Wind Turbine Loan | 29/7
Q&A
| "We are now aiming to drawdown all loans within 4 weeks of auction closure." So Exp is before 8/9
| No
Date
| 'Legal process is progressing slowly here although we are expecting drawdown within the next fortnight which will ensure drawdown occurs within 6 weeks of auction closure.
We will of course update lenders as soon as further information becomes available.'
So Exp is before 22/9
| 116
8/8
| Manchester Hotel Loan | 15/8
| 'Drawdown is being targeted for 1 September 2014'
| No
Date
| 'Following recent answer in the Q&A we can confirm that drawdown is being targeted for 15 September. Due to timescales seen to date interest will accrue to lenders at a rate of 6% per annum equivalent from 5 September through to drawdown.'
| 118
6/8
| Wood Green Development Loan | 15/8
| 'A significant amount of legal documentation was received from the borrower's solicitor yesterday. Whilst this is still to be fully checked it looks fairly comprehensive and providing that is the case then drawdown by the end of the month should be achievable.' Exp is before 3/9
| No
Date
4/9
email
| 'Legal process has been slower than expected although the last bits of information are expected this week to enable drawdown by the end of next week. We will update lenders further as more information becomes available.'
| 114
26/7
£
| Worcestershire Property Investment Loan | 29/8
| 'We have sought a further update although there has been a delay in receiving the valuation which we will require prior to drawdown.
We will provide a formal update to lenders by the middle of next week.'
| No
Date
| 'Legal process is taking longer than anticipated. As such, whilst we cannot accurately provide lenders with a drawdown date as yet we have arranged for interest to accrue at a rate of 4% per annum equivalent from next Wednesday 10th September through to drawdown. This will be paid at drawdown.
We will provide a further update as soon as this becomes available.'
| 112
17/7
£ | Montrose Wind Turbine
| 15/8
| 'Drawdown now being targeted by month end.'
| No
Date
| 'Drawdown is now being targeted for Wednesday 10 September although this may slip by a day or two.'
| 110
16/7
£
| West London Property Investment Loan | 29/8
Q&A
| [Interest is now accruing and] 'we are pushing hard for drawdown soon. However, this may be delayed by the requirement for borrower's son (aged over 18) to consent to the charge as he is resident in the property. He is currently overseas and doesn't return for at least 10 days. Given failure to do this could invalidate the legal charge we do require this to happen to allow drawdown.'
| No
Date
| Further to latest answer in the Q&A we are awaiting a letter of consent from borrower's son as he is technically resident in the property. He returns to this country on the 10th. We are also awaiting consent from the first chargeholder.
Current expectation is that loan will drawdown by 17th September however, interest is currently accruing to lenders at 4% per annum equivalent and has been since 28th August.
| 105
11/7
£
| East Midlands Property Investment Loan |
11/8
| 'given we are 4 weeks past auction closure then interest will start accruing on the loan at the initial rate of 4% per annum from today. This will cover the next 4 week period and will be payable to lenders on drawdown.'
| 29/8
Q&A
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AC said in July "We are now aiming to drawdown all loans within 4 weeks of auction closure." RED dates mean it's fairly certain of drawdown or by the info given are now due to be drawn in the next week or so. A couple of deals have hit hold ups, making drawdown unknown for the moment. Several deals now due to pay compensation to Lenders because of delays. East Midlands Property Investment has a couple of unanswered Q's about drawdown. Most new updates didn't have dates associated but they're all from this week if not Thursday or Friday. NEXT UPDATE |
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Post by Ton ⓉⓞⓃ on Sept 9, 2014 17:16:56 GMT
Somebody seems to have settled some of my North Wales BL. Has anybody been asked to settle shadow bids for this one? I'm in the same position, two fifth has been settled, no email. Must be everybody? Today's the day they said on the loan overview tab for drawdown.
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unmadem
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Post by unmadem on Sept 9, 2014 17:21:46 GMT
Somebody seems to have settled some of my North Wales BL. Has anybody been asked to settle shadow bids for this one? Me too, cash taken from account balance. No email received.
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Post by Ton ⓉⓞⓃ on Sept 9, 2014 17:30:34 GMT
I really need them to send an email about this ahead of the necessary drawdown date. NW BL is a reasonably large position I need to fund. True, they said it would draw today but frankly AC say that often and it then doesn't draw for days/weeks/ever. This is somewhat poor communication. That sounds slightly as if you didn't have enough money in your account? So I wonder if drawdown foundered on a sudden change/lack of money in a Lenders Account... IN EDIT. It's that OR they accidentally started to draw the wrong loan...
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baz657
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Post by baz657 on Sept 9, 2014 17:55:22 GMT
Luckily I had the cash there (I'd withdrawn some earlier today) but if that's the way they want shadow accounts to operate then I don't want one.
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Post by batchoy on Sept 9, 2014 18:19:20 GMT
Money taken from my cash account to settle my North Wales BL shadow bid with no notification that this action would be taken and no request to settle the bids prior to the event either. Not a happy bunny and a definite black mark against AC.
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Post by mrclondon on Sept 9, 2014 18:55:20 GMT
On a couple of previous occaisons when a quicker than expected drawdown was expected, AC settled what shadow bids they could from cash balances, before hitting the phones to drum up the rest. I have the cash available in the account to settle Wood Green, but not the larger single bid on North Wales. No email and no phone call, so none the wiser. We really need an update on the drawdown schedule for both these loans. andrewholgate - can you suggest to the appropriate team that some comms first thing Wednesday might a good idea ...
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edward
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Post by edward on Sept 9, 2014 19:18:05 GMT
I invested funds today simply to cover various potential shadow bid draw downs over the next week when I will have limited internet access, including a quite large position in NW. Really pleased reading these posts thinking that money would not be sitting idle at all. Yet nothing has been taken. I am sure there must be a simple explanation, but totally confused.
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Post by bracknellboy on Sept 9, 2014 21:31:18 GMT
defo some sort of muck up here. I have a bunch of NW which appear to have been settled, but a bunch outstanding as well, and cash in there that would cover the outstanding. But what is more obscure is that under my 'Accepted Bids' all my bids are showing as Shadow bids, even though under Shadow Bids its showing less than that. And my cash balance has reduced. Looks like something has gone extremely wonky. I also know that I moved some cash in a couple of weeks ago because of an announced imminent drawdown (and I was going to be away) but I can't recall which loan that was.
Me thinks some assessment and update from AC in order.
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Post by batchoy on Sept 10, 2014 16:52:35 GMT
I have received and email explaining the Ipswich Bridge but nothing with regards to the taking of money to settle the NW BL.
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Post by yorkshireman on Sept 10, 2014 17:37:32 GMT
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Post by Ton ⓉⓞⓃ on Sept 10, 2014 19:06:51 GMT
NWBL does get a mention Here, on the topic of being partially drawn.
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Post by andrewholgate on Sept 11, 2014 12:37:20 GMT
Hi all - can see that this didn't happen as it should have, so thanks for bringing it to my attention. The loan in question was ready for drawdown earlier than expected, and so we began to settle the shadow bids. Normally we'd manually send an email to bidders initially and then follow up with anyone who hasn't settled. This happened the other way around this time - i.e. we tried to settle all shadow bids and then emailed those which couldn't be settled.
We're putting written procedures in place to prevent problems like this. In this case it was confusing for investors so please accept my apologies. I'll be keeping an eye on this thread for the next hour or so though, so do let me know if there are any outstanding questions on this.
Thanks,
On behalf of Andrew Holgate
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mikes1531
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Post by mikes1531 on Sept 11, 2014 14:08:22 GMT
Hi all - can see that this didn't happen as it should have, so thanks for bringing it to my attention. The loan in question was ready for drawdown earlier than expected, and so we began to settle the shadow bids. Normally we'd manually send an email to bidders initially and then follow up with anyone who hasn't settled. This happened the other way around this time - i.e. we tried to settle all shadow bids and then emailed those which couldn't be settled. We're putting written procedures in place to prevent problems like this. In this case it was confusing for investors so please accept my apologies. I'll be keeping an eye on this thread for the next hour or so though, so do let me know if there are any outstanding questions on this. Thanks, On behalf of Andrew Holgate Thanks for the comment on behalf of andrewholgate. An outstanding question, I think, is why some lenders who had enough cash in their accounts to cover all their NWBL shadow bids had only some of those bids settled and some left unsettled despite the available cash.
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