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Post by Ton ⓉⓞⓃ on Sept 12, 2014 22:26:06 GMT
21th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 126
11/9
£
| Midlands Engineering Business Loan
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| 28/8
Q&A
| 'We are looking to start the work towards formalising these [2nd Charges] next week with a view to achieving drawdown within 4 weeks of auction closure. The achievability of this will become clearer next week as we start the legal process." So Exp is before 9/10
| 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
| No
Date
| ' 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.'
Shad-bid request email sent 10/9
| 11/9
Q&A
| *'There has been a slight delay in relation to the S106 agreement but the deal team confirm this is a minor matter and will be dealt with quickly."
| 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 *(03/09/2014). 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
| *4/9
| '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 18/9 or 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 | No
Date
| '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.' ie Exp was by 12/9. Early Shad-bid email sent 4/9.
| 11/9
| *'The borrower has now terminated the services of his solicitor who has been causing the delays, and he is seeking drawdown as soon as possible. A further update from the deal team will be available shortly.'
| 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.'
| 11/9
Q&A
| *'It is disappointing that the borrowers solicitor has not yet provided full responses to our legal teams enquiries but they continue to push hard for the relevant information. The borrower remains fully liable for non-utlisation fees. We understand that the Receiver has given the Borrower until the end of the month to complete the re-finance or have the property placed into auction.'
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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. Some of the loans have Updates but to highlight which ones I've put an * (asterisk) next to it. In two cases I've put an * next to dates as a date for old info was added but no new info beyond that was added. So the loans without the * have no new info NEXT UPDATE |
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niceguy37
Member of DD Central
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Post by niceguy37 on Sept 13, 2014 11:33:42 GMT
Probably not really AC direct fault but I find myself quite irritated by my outstanding shadow bids currently. They're not drawing down but they should be soon so I need to keep a whole bunch of cash ready. I'd like to double up on some more of the fine loans on the AM but it's clear that if I do, I'm unlikely to be able to sell them quick enough to satisfy any shadow call. So the shadow bid facility is preventing me investing! How mad is that? I agree that the shadow bid facility is not perfect (although a big help in reducing dead time). You could place, say, 5 shadow bids of £500 each, and hope they are not all drawn down at once, but with drawdowns being difficult to predict I find it is uncomfortable committing oneself unless all the funds are readily available. AC are gradually improving the platform over time, and I hope the new release will be a help. Hopefully we might (in time) get some facility for shadow bid / cash flow management so we can see expected shadow bid settlement calls, and expected repayments. When the AC loan manager checks each loan (weekly/fortnightly/monthly or according to his or her diary) they could simply update the system with the date, a brief comment and current drawdown estimate. A screen could then easily display a lender's cashflow position and expect requirements. One day we might even have a clever AI feature that allows us to earmark some loans parts for resale to raise money a day or two before a shadow settlement is due, and it would automatically sell just enough to cover the settlement. (Hopefully by then the aftermarket log jam might have cleared.)
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Post by chris on Sept 13, 2014 13:03:32 GMT
Probably not really AC direct fault but I find myself quite irritated by my outstanding shadow bids currently. They're not drawing down but they should be soon so I need to keep a whole bunch of cash ready. I'd like to double up on some more of the fine loans on the AM but it's clear that if I do, I'm unlikely to be able to sell them quick enough to satisfy any shadow call. So the shadow bid facility is preventing me investing! How mad is that? I agree that the shadow bid facility is not perfect (although a big help in reducing dead time). You could place, say, 5 shadow bids of £500 each, and hope they are not all drawn down at once, but with drawdowns being difficult to predict I find it is uncomfortable committing oneself unless all the funds are readily available. AC are gradually improving the platform over time, and I hope the new release will be a help. Hopefully we might (in time) get some facility for shadow bid / cash flow management so we can see expected shadow bid settlement calls, and expected repayments. When the AC loan manager checks each loan (weekly/fortnightly/monthly or according to his or her diary) they could simply update the system with the date, a brief comment and current drawdown estimate. A screen could then easily display a lender's cashflow position and expect requirements. One day we might even have a clever AI feature that allows us to earmark some loans parts for resale to raise money a day or two before a shadow settlement is due, and it would automatically sell just enough to cover the settlement. (Hopefully by then the aftermarket log jam might have cleared.) Nice ideas but we have an alternate strategy in mind that should solve the situation.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 14, 2014 2:29:24 GMT
Nice ideas but we have an alternate strategy in mind that should solve the situation. We're all ears!!
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Post by Dominic on Sept 15, 2014 9:18:54 GMT
Good morning all,
I've had notice that M******e W*** T*****e & M********r H***l are due for imminent draw down. If you have an outstanding shadow-bid I've emailed you this morning. Please arrange to settle your SB ASAP.
Regards,
Dominic
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Post by Ton ⓉⓞⓃ on Sept 15, 2014 9:29:06 GMT
Good morning all, I've had notice that M******e W*** T*****e & M********r H***l are due for imminent draw down. If you have an outstanding shadow-bid I've emailed you this morning. Please arrange to settle your SB ASAP. Regards, Dominic Can you give us the loan No.s as well to make it quite clear as I'm just so bad at anagrams. I hope you enjoyed your holiday!
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Sept 15, 2014 9:30:47 GMT
Holidays over Mr R? Me too! I have just settled my Manchester shadow via Go Cardless. Now, had I transferred the cash via the new system of bank transfer, the money would not be uploaded to the site until tomorrow. What would happen if the loan were to be drawn down today, the money were to be in your bank today, but not credited to my account until tomorrow? Would my shadow bid be considered unpaid in time, hence cancelled .... and me get a yellow card for abuse of the shadow privilege?   |
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Post by Dominic on Sept 15, 2014 9:53:16 GMT
Good morning all, I've had notice that M******e W*** T*****e & M********r H***l are due for imminent draw down. If you have an outstanding shadow-bid I've emailed you this morning. Please arrange to settle your SB ASAP. Regards, Dominic Can you give us the loan No.s as well to make it quite clear as I'm just so bad at anagrams. I hope you enjoyed your holiday! Sure : 112 & 116 Holiday was great, thank you!
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Post by Dominic on Sept 15, 2014 9:57:05 GMT
Holidays over Mr R? Me too! I have just settled my Manchester shadow via Go Cardless. Now, had I transferred the cash via the new system of bank transfer, the money would not be uploaded to the site until tomorrow. What would happen if the loan were to be drawn down today, the money were to be in your bank today, but not credited to my account until tomorrow? Would my shadow bid be considered unpaid in time, hence cancelled .... and me get a yellow card for abuse of the shadow privilege? Although a bank transfer will not credit your lender account for at least 1 working day,the money will more than likely clear in our account same day. If you (or any other lender) makes us aware of the transfer we can look out for it and avoid and yellow cards for unsettled SB. Hope that helps
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Post by whitmanthecat on Sept 15, 2014 12:09:10 GMT
Dominic DominicI have a shadow bid on #116 (MH) but have not received any email today. Having read it here, I can settle it shortly, but if there has been some issue with the email then others not visiting the forum might not realise. Up to now, I have received emails for shadow settlements but sometimes get a phone call. Does an email always go out with the call being a chaser, or is the email sometimes skipped? James |
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Post by Dominic on Sept 15, 2014 12:23:59 GMT
Dominic DominicI have a shadow bid on #116 (MH) but have not received any email today. Having read it here, I can settle it shortly, but if there has been some issue with the email then others not visiting the forum might not realise. Up to now, I have received emails for shadow settlements but sometimes get a phone call. Does an email always go out with the call being a chaser, or is the email sometimes skipped? James Strange. The email always goes out as a bulk message. We try to get it out with a few days notice to DD, the call is generally a chaser. whitmanthecat , are you able to private message with your AC username and I will look further into this?
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 15, 2014 12:57:20 GMT
I have just settled my Manchester shadow via Go Cardless. Now, had I transferred the cash via the new system of bank transfer, the money would not be uploaded to the site until tomorrow. What would happen if the loan were to be drawn down today, the money were to be in your bank today, but not credited to my account until tomorrow? Would my shadow bid be considered unpaid in time, hence cancelled .... and me get a yellow card for abuse of the shadow privilege? Although a bank transfer will not credit your lender account for at least 1 working day,the money will more than likely clear in our account same day. If you (or any other lender) makes us aware of the transfer we can look out for it and avoid and yellow cards for unsettled SB. I'm surprised there was no mention that this issue might go away completely when the new website/system/model is released. 
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 15, 2014 13:01:04 GMT
... M******e W*** T*****e & M********r H***l are due for imminent draw down. Looks like another big chunk of loan parts will be hitting the Aftermarket very soon.
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jo
Member of DD Central
dead
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Post by jo on Sept 17, 2014 14:32:39 GMT
Not a protest or 'owt, but I've decided not to commit any new money to AC until my Accepted Bids awaiting drawdown goes sub '2 months ago'.
As I said, it's not a protest - as I'm glad AC do exhaustive due-diligence - just a bit of housekeeping.
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,808
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Post by jonno on Sept 17, 2014 14:54:27 GMT
Not a protest or 'owt, but I've decided not to commit any new money to AC until my Accepted Bids awaiting drawdown goes sub '2 months ago'. As I said, it's not a protest - as I'm glad AC do exhaustive due-diligence - just a bit of housekeeping. I understand your reticence,but have you considered asking for Shadow Bid status? At least you then only need to fund your bids when requested by AC,which is generally within a week of drawdown.
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