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Post by Dominic on Sept 19, 2014 16:37:36 GMT
An update was posted earlier under the "Steps to Drawdown" tab. Essentially there's a delay around Barclays' redemption fee & release of security. Frustrating. Our solicitors advise that DD should take place early next week. It would be nice if you would take the time to include dates in "Steps to Drawdown" updates.
The final sentence of Drawdown Update 2 is
"Our solicitors advise drawdown will occur early next week"
however neither drawdown update mentions anything resembling a date. In this context the statement is meaningless.
Agreed, that's confusing... chris  ??
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Vero
Member of DD Central
Posts: 196 
Likes: 163
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Post by Vero on Sept 19, 2014 16:41:27 GMT
It would be nice if you would take the time to include dates in "Steps to Drawdown" updates.
The final sentence of Drawdown Update 2 is
"Our solicitors advise drawdown will occur early next week"
however neither drawdown update mentions anything resembling a date. In this context the statement is meaningless.
Agreed, that's confusing... chris ?? Pffffff. This is not an IT problem.
Could you not bother to take a few seconds to type "early the week of 22 September" instead of the meaningless "early next week"?
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Post by chris on Sept 19, 2014 16:41:29 GMT
It would be nice if you would take the time to include dates in "Steps to Drawdown" updates.
The final sentence of Drawdown Update 2 is
"Our solicitors advise drawdown will occur early next week"
however neither drawdown update mentions anything resembling a date. In this context the statement is meaningless.
Agreed, that's confusing... chris ?? Not an issue on the new site, plus steps to draw down isn't being used as it should be  Separate internal discussion may be required.
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baz657
Member of DD Central
Posts: 500
Likes: 189
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Post by baz657 on Sept 19, 2014 16:46:22 GMT
What with the Go Cardless "discussions" being held elsewhere not a great end to the week for AC. Have a great weekend everybody (even though I'll be working  ) , chill and/or do what relaxes you and let's hope Monday is the first day of better things to come. |
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unmadem
Member of DD Central
Posts: 377 
Likes: 181
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Post by unmadem on Sept 19, 2014 16:46:27 GMT
An update was posted earlier under the "Steps to Drawdown" tab. Essentially there's a delay around Barclays' redemption fee & release of security. Frustrating. Our solicitors advise that DD should take place early next week. It would be nice if you would take the time to include dates in "Steps to Drawdown" updates.
The final sentence of Drawdown Update 2 is
"Our solicitors advise drawdown will occur early next week"
however neither drawdown update mentions anything resembling a date. In this context the statement is meaningless.
This point has been raised repeatedly on the forum and on Q&A on individual loans.
chris in the new system can you get the system to automatically add and display the date the text was entered rather than relying on a human remembering to do it. It would still be helpful if staff could say "week commencing 22nd sept" for example but at least if we have the system date we can workout what "next week" means if they forget.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Sept 19, 2014 16:54:59 GMT
It would be nice if you would take the time to include dates in "Steps to Drawdown" updates.
The final sentence of Drawdown Update 2 is
"Our solicitors advise drawdown will occur early next week"
however neither drawdown update mentions anything resembling a date. In this context the statement is meaningless.
This point has been raised repeatedly on the forum and on Q&A on individual loans.
chris in the new system can you get the system to automatically add and display the date the text was entered rather than relying on a human remembering to do it. It would still be helpful if staff could say "week commencing 22nd sept" for example but at least if we have the system date we can workout what "next week" means if they forget.
And the date of the steps to drawdown update. Currently impossible to tell which update is the latest. Everything else on the site runs latest at top except this. Better still, as Ive suggested before, just have one place to communicate key information rather than the current 3. If there is a Q that merits a significant update then just answer see latest update and put the actual information under the update tab. One thing I like about FC is all the loan updates are visible on the one update thread and then cross posted to the individual loan . Therefore all I need to do to see the latest updates on all loans is look at that one place. Hopefully the new system has a similiar approach!
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Post by Ton ⓉⓞⓃ on Sept 20, 2014 10:39:17 GMT
22th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 127
19/9
£
| Falmouth Wind Turbine Loan
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| No Info.
| 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
| 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."
| 20/9
| *'Drawdown has not yet occurred pending the release of B******'s first legal charge over the part of the estate of W******* C***** being re-financed through Assetz Capital. It has always been intended that the part we are to charge to Assetz would be released from this charge so that Assetz take a first legal charge.
It seems the borrower had not agreed a redemption figure with B******* in order to get that part released. We understand that the borrower is intending to refinance the B******* debt to LS* Finance Limited (who hold a second charge over the estate) and then will secure the release he needs for the part we are to charge.
Our solicitors advise drawdown will occur early next week.'
| 123
14/8
£
| North London Commercial Property Loan | 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.'
| 17/9
email
etc.
| *'[Details of Loan changes, amount, ltv, % rate increase to 11% etc.]... The bank has set a deadline to complete by the 26th September and we are working to this timescale but it is of course dependent upon the responsiveness of the borrowers Solicitor who is aware of this.' So Exp is now before 26 Sept
| 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 | 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
| 17/9
| *'The latest update suggests DD is set to take place by week commencing 29th September. When we have more information regarding draw down we will update lenders via the Recent Activity tab'
| 118
6/8
£
| Wood Green Development Loan | 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.'
| 15/9
| *'The borrower's solicitor created unacceptable delays to the transaction and we will now be dealing with the borrower direct on the remaining queries that were not answered by his solicitor. We anticipate that the loan should draw down within the next 10 days assuming we can arrange for the revised facility documentation to be signed and returned in a timely manner." So Exp is by 25/9
| 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.'
| 110
16/7
£
| West London Property Investment Loan | 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.
| 19/9
| *Shad-bid email,
'We anticipate draw down to take place early next week (week commencing 22nd September). Please arrange to settle your shadow-bid(s) upon receipt of this email.'
| 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 no Updates so to highlight the new Updates I've put an * (asterisk) next to it. NEXT UPDATE is just 3 or 4 post below. |
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Post by Dominic on Sept 23, 2014 13:37:01 GMT
I'm about to send the shadow-bid email for Wood Green (118).
I'm advised that legals are completed & DD can take place this week.
If you have a SB on this loan please arrange settlement.
Thanks,
Dom
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spockie
Member of DD Central
Posts: 299
Likes: 84
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Post by spockie on Sept 23, 2014 16:04:01 GMT
West London Property has drawn down.
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Post by westcountryfunder on Sept 26, 2014 16:20:29 GMT
Wood Green has drawn down!
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Post by Ton ⓉⓞⓃ on Sept 26, 2014 21:59:28 GMT
23th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 131
23/9
£
| Essex Bridging Loan
| 22/9
| "We are aiming to draw the loan by the week commencing 6th October."
| 29/9
| *" Borrower is looking to drawdown latest during w/c 6 October 2014 although there is a possibility this may move forward to Friday 4 October 2014. We are awaiting an update from borrower's solicitor in this regard."
| 127
19/9
£
| Falmouth Wind Turbine Loan
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| No Info, but in the Q&A 26th Sept it says that updates can be expected on all outstanding loans by Monday 29th Sept.
| 29/9
| *'Based on current wind turbine experience drawdown currently expected within last week of October although we will provide further updates as we firm up on this date.'
| 126
11/9
£
| Midlands Engineering Business Loan
| 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
| 23/9
Q&A
| *"We are awaiting a response from the borrower's solicitor to our legal enquiries. Once we have this we will be able to provide a more accurate drawdown date."
| 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
| *4/9
| '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
| 20/9
| 'Drawdown has not yet occurred pending the release of B******'s first legal charge over the part of the estate of W******* C***** being re-financed through Assetz Capital. It has always been intended that the part we are to charge to Assetz would be released from this charge so that Assetz take a first legal charge.
It seems the borrower had not agreed a redemption figure with B******* in order to get that part released. We understand that the borrower is intending to refinance the B******* debt to LS* Finance Limited (who hold a second charge over the estate) and then will secure the release he needs for the part we are to charge.
Our solicitors advise drawdown will occur early next week.'
| 26/9
| *"The borrower's solicitor has still not been in a position to send us the final item in order for us to progress to completion. We have been advised that drawdown will take place on Monday, however, interest at 5% per annum equivalent will accrue from today until drawdown and the interest will be payable on drawdown."
i.e. Exp maybe 29th Sept
| 123
14/8
£
| North London Commercial Property Loan | 17/9
email
etc
| '[Details of Loan changes, amount, ltv, % rate increase to 11% etc.]... The bank has set a deadline to complete by the 26th September and we are working to this timescale but it is of course dependent upon the responsiveness of the borrowers Solicitor who is aware of this.' So Exp is now before 26 Sept
| 23/9
| *"There has been progress in the interim and drawdown now expected towards the end of next week (w/c 28/09)."
Shad-bid email call sent 29/9
| 120
12/8
£
| Dorset Property Development Loan | *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.'
| 23/9
| *"We have been provided with a further update from the borrower's solicitor.
Unfortunately, the creation of individual leases for each flat is taking longer than hoped. We are advised that as such, drawdown is probably still a further two weeks minimum away.
Given these unacceptable delays we have informed the borrower that if drawdown does not happen by next Monday then interest will accrue at the full rate of 10% from Tuesday 30th September through to drawdown."
| 121
11/8
£
| Cornwall Wind Turbine Loan | 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
| 17/9
| 'The latest update suggests DD is set to take place by week commencing 29th September. When we have more information regarding draw down we will update lenders via the Recent Activity tab'
Shad-bid email call sent 29/9
| 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.'
| *4/9
| '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.'
| 105
11/7
£
| East Midlands Property Investment Loan |
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.'
| 23/9
Q&A
| *"We are told that the R******** want completion by 30/09 and are expecting the remaining legal formalities today / tomorrow to enable progress towards expected drawdown. "
|
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. To highlight loans with Updates I've put an * (asterisk) next to it, sometimes it's just the date itself that is new. Falmouth's Q&A says that all loans awaiting DD will have an Update by Monday (29/9). If I've made any mistakes just say what it is and I'll correct it. IN EDIT on 29/9: Added New date for Expected DD on EssexBridge, Added Shad-bid email call to Cornwall WT, same added to North London Comm. Prop. Added missing update for Falmouth all on the 29th NEXT UPDATE |
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mikeb
Posts: 1,072
Likes: 472
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Post by mikeb on Sept 27, 2014 18:35:24 GMT
Wood Green has drawn down! ... boing .... And has already partly come back!
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Post by batchoy on Sept 29, 2014 10:23:02 GMT
Have just received an SBC email for North London, looking for draw down this month
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Post by batchoy on Sept 29, 2014 16:22:06 GMT
Have just received an SBC email for Cornish Wind Turbine, looking for draw down this week
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Post by Ton ⓉⓞⓃ on Sept 29, 2014 18:08:38 GMT
Essex Bridge
I see this outstanding loan has been updated today with it now just being possible to be drawn end of this week.
I quote from 29/9,
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??
) , chill and/or do what relaxes you and let's hope Monday is the first day of better things to come.
