baz657
Member of DD Central
Posts: 500
Likes: 189
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Post by baz657 on Sept 29, 2014 18:18:18 GMT
Nice and fast transaction.
Is this the first one that hasn't used the same introducer? You know - the introducer that gave us the BL's that initially delayed drawdown and then delayed finals.
Maybe this one will only run to term and save the borrower a small fortune in punitive interest costs.
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Post by Ton ⓉⓞⓃ on Sept 29, 2014 18:32:09 GMT
I'm lending a whole months wages so I hope so, it's the least I can do to help sort out the mess the Rude Word created. |
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Post by pepperpot on Oct 2, 2014 11:52:55 GMT
SBC for E*sex bridge (136), still aiming for early next week though.
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Post by Ton ⓉⓞⓃ on Oct 3, 2014 22:20:42 GMT
24th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 133
3/10
£
| Leicestershire Care Home
| 23/9
| "Legal process is progressing well with expectation that loan will draw during or before the second full week in October."
| 3/10
| "Unfortunately the delay in fully funding will delay the drawdown to towards the last week of the month." i.e. w/c 27/10
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
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| 18/9
| "Drawdown should happen as soon as legals have been completed, which are being worked on now. Borrower is keen to start construction and everything is on place for this." No Exp Date.
| 131
23/9
£
| Essex Bridging Loan
| 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."
| 2/10
| Shadow bid call email sent 2/10
"We are on target to draw the loan early next week ( w/c 6th October 2014)."
| 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
| 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."
| 29/9
| "We have seen some progress towards drawdown but not sufficient to be able to accurately project a drawdown date as yet.
We will update further by next Tuesday, 7 October 2014 with the benefit of further information." No Date
| 125
4/9
£
| Carmarthenshire Wind Turbine Loan
| 18/8
| 'Drawdown expected within 4 - 6 weeks of auction closure.' So Exp is from 2/10 to 16/10
| 29/9
| "Whilst legal pack has been provided to the borrower's solicitor we have yet to receive a response or a target drawdown date. We are hopeful of receiving more information this week with a view to providing more concrete timescales by Wednesday 8 October 2014." No Exp Date
| 124
28/8
£
| Yorkshire Mobile Phone Distributor Loan
| 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
| 30/9
| "Whilst legal process is progressing slowly we are not yet at the stage where we can accurately project a drawdown date.
As such, we have agreed with the borrower that should drawdown not take place by next Monday, 6 October 2014 then interest will accrue to lenders at the equivalent of 8% p/a from Tuesday 7 October 2014. This will be payable on drawdown." No Exp Date
| 122
26/8
£
| North Wales Bridging Loan
| 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
| 1/10
| Delay caused by an earlier charge, see the site Update for full details & implications.
"The borrower does not want to lose lender commitment as this is paramount to his short term business plan and will resolve the issues as soon as possible. We have made an arrangement with the borrower to allow interest to accrue at the full rate of interest from 1st October."
No Exp Date
| 120
12/8
£
| Dorset Property Development Loan | 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."
| 29/9
| "There is no further update to that provided on 23/09/2014 with drawdown now expected earliest w/c 06/10/2014 although there remains a chance it could slip to the following week.
Interest continues to accrue to lenders as previously detailed."
| 121
11/8
£
| Cornwall Wind Turbine Loan | 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
| 2/10
| "We do believe that all conditions have now been settled to allow drawdown by Monday latest."
Shad -bids called a few days ago, so Exp 6/10
| 114
26/7
£
| Worcestershire Property Investment Loan | 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.'
| 29/9
| "Unfortunately the legal process continues slowly on this loan.
We continue to chase the borrower's solicitor to move the process along quicker and both borrower and introducer have now started to put pressure on them as well. Interest continues to accrue at 4% p/a to be payable on drawdown.
A further update is expected this week and we will update lenders further by Monday 6 October 2014 with regards to progress." No Exp Date
| 105
11/7
£
| East Midlands Property Investment Loan |
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. "
| 2/10
| "Unfortunately we have received nothing further from the borrower's solicitor.
As such, interest is now accruing at the full loan rate and will be payable to lenders on drawdown.
We continue to chase the solicitor daily and will update lenders further by close of business, Wednesday 8 October following the return from annual leave of the Relationship Manager dealing with this loan so he can speak to the borrowers and introducer directly."
No Exp Date
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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. I've now stopped using an * (asterisk) to highlight new Updates as almost all are now new, but often no Expected drawing date is given when this is the case you see, "No Exp Date" at the bottom of the update. In answer to one Q the following answer was given, "Given changes to the banking arrangements (and removal of Go Cardless) we are now looking for 5 days notice to allow shadow bids to be settled." If I've made any mistakes just say what it is and I'll correct it. NEXT UPDATE |
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Post by westcountryfunder on Oct 7, 2014 16:39:55 GMT
Cornwall Wind Turbine seems to have drawn down, I think!
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kermie
Member of DD Central
Posts: 691 
Likes: 462
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Post by kermie on Oct 7, 2014 18:13:02 GMT
Cornwall Wind Turbine seems to have drawn down, I think! Um - not convinced it has. The Repayments tab on the loan still shows "month 1" etc rather than specific dates, and I see no drawdown date on the loan page either.
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Post by cyrilmadrid on Oct 7, 2014 20:44:18 GMT
Soon we'll need another table like Ton's on drawdowns, to monitor loans that are suffering a delay !
I hope the new site highlights clearly loans which are not in performing status, that would be useful. I have so many delayed loans now that I am losing count.
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niceguy37
Member of DD Central
Posts: 504
Likes: 254
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Post by niceguy37 on Oct 8, 2014 8:12:07 GMT
Soon we'll need another table like Ton's on drawdowns, to monitor loans that are suffering a delay ! I hope the new site highlights clearly loans which are not in performing status, that would be useful. I have so many delayed loans now that I am losing count. I'm hoping the new site includes better monitoring screens - perhaps a centered around a Dashboard with a Loan Screen, showing all loans, and a range of remembered checkbox filter buttons: By Status: eg Upcoming / Pre-Bid / In Auction / Awaiting Drawdown / Performing / OverDue / Recovery / Written Off By User Rating: (entered by user when they first review the loan, so they only have to look at the loan in detail once, and record a brief note on their rating as an aide de memoire) Loans could be highlighted in Red or Orange if they were late, with days overdue etc clearly shown. And users could have the option of email alerts if loans were repaid early / overdue etc. But I'm not convinced this is coming as this is mainly a cosmetic change to the user interface rather than a major functional modification (which is my understanding of what's coming). Not long - we hope - till we see the new site!
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Post by cyrilmadrid on Oct 8, 2014 16:49:30 GMT
That would indeed be good...
But the email received this week announcing the new site seemed more focused on new AutoInvest options than on this type of features (which Chris had said indeed would be included in the new site). Wait and see !
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Post by Ton ⓉⓞⓃ on Oct 9, 2014 9:28:46 GMT
Just seen an email from yesterday saying,
I see it's tapping my a/c right now as it tries to settle itself.
IN EDIT That was a shadow bid call for Carmarthenshire Wind Turbine
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Oct 9, 2014 13:17:01 GMT
Just seen an email from yesterday saying, So much for AC's plan to give shadow bidders five days' notice to settle because of the time required to bring new funds into accounts! 
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walktall7
Member of DD Central
Posts: 184
Likes: 35
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Post by walktall7 on Oct 10, 2014 16:04:18 GMT
Carmarthenshire Wind Turbine Loan drawn down
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Post by Ton ⓉⓞⓃ on Oct 10, 2014 20:58:30 GMT
25th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 133
3/10
£
| Leicestershire Care Home
| 23/9
| "Legal process is progressing well with expectation that loan will draw during or before the second full week in October."
| 3/10
| "Unfortunately the delay in fully funding will delay the drawdown to towards the last week of the month." i.e. w/c 27/10
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
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| 18/9
| "Drawdown should happen as soon as legals have been completed, which are being worked on now. Borrower is keen to start construction and everything is on place for this." No Exp Date.
| 131
23/9
£
| Essex Bridging Loan
| 2/10
| Shadow bid call email sent 2/10
"We are on target to draw the loan early next week ( w/c 6th October 2014)."
| 10/10
| *"We are still waiting for the Deed of Priority to be returned by the existing lender. Having spoken to the Senior Corporate Manager again this morning, I can confirm that it is still with their credit department and they have not yet reviewed the document. I explained that we were ready to complete on receipt of this document and he will chase their credit department so we can effect drawdown as soon as possible."
| 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
| 29/9
| "We have seen some progress towards drawdown but not sufficient to be able to accurately project a drawdown date as yet.
We will update further by next Tuesday, 7 October 2014 with the benefit of further information."
No Date
| 7/10
| *"Unfortunately, whilst we have seen some progress over the last week we are not yet in a position to accurately project a drawdown date. The main issue is the receipt of ******** and *** documentation required from one of the directors of the borrower who is resident in the USA. This is now expected imminently which should also bring about progress in other areas.
Given we are now 4 weeks from auction closure we will be pushing the borrower and their solicitors for a definitive drawdown date over the next few days with a view to accruing compensation to lenders should this date not be soon." No Exp Date
| 124
28/8
£
| Yorkshire Mobile Phone Distributor Loan
| 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
| 30/9
| "Whilst legal process is progressing slowly we are not yet at the stage where we can accurately project a drawdown date.
As such, we have agreed with the borrower that should drawdown not take place by next Monday, 6 October 2014 then interest will accrue to lenders at the equivalent of 8% p/a from Tuesday 7 October 2014. This will be payable on drawdown." No Exp Date
| 122
26/8
£
| North Wales Bridging Loan
| 1/10
| Delay caused by an earlier charge, see the site Update for full details & implications.
"The borrower does not want to lose lender commitment as this is paramount to his short term business plan and will resolve the issues as soon as possible. We have made an arrangement with the borrower to allow interest to accrue at the full rate of interest from 1st October."
No Exp Date
| 9/10
| *"We have been advised that the interim charging order will be repaid on 16th, simultaneous with both L** drawing down their loan on the E*** W*** and completion of our loan on the W*** W***."
I take the 16th to be a possible Exp date
| 120
12/8
£
| Dorset Property Development Loan | 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."
| 29/9
| "There is no further update to that provided on 23/09/2014 with drawdown now expected earliest w/c 6/10/14 although there remains a chance it could slip to the following week.
Interest continues to accrue to lenders as previously detailed."
Possible Exp of w/c 13/10
| 114
26/7
£
| Worcestershire Property Investment Loan | 29/9
| "Unfortunately the legal process continues slowly on this loan.
We continue to chase the borrower's solicitor to move the process along quicker and both borrower and introducer have now started to put pressure on them as well. Interest continues to accrue at 4% p/a to be payable on drawdown. A further update is expected this week and we will update lenders further by Monday 6 October 2014 with regards to progress." No Exp Date
| 6/10
| *"Unfortunately we still do not have a drawdown date here.
As such, given delays have been caused by the borrower and their lawyers we have told them that if drawdown does not occur by this Friday, 10 October 2014 then interest will accrue on the full rate of the loan through to drawdown." No Exp Date
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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. I'm using an * (asterisk) to highlight new Updates. often no Expected drawing date is given when this is the case you see, "No Exp Date" at the bottom of the update. In answer to one Q the following answer was given, "Given changes to the banking arrangements (and removal of Go Cardless) we are now looking for 5 days notice to allow shadow bids to be settled." If I've made any mistakes just say what it is and I'll correct it. NEXT UPDATE |
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Post by Ton ⓉⓞⓃ on Oct 14, 2014 13:03:06 GMT
Worcestershire Prop. 114:
Just had a shadow-bid email call saying,
" Drawdown is expected to take place mid week commencing 20th October 2014."
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unmadem
Member of DD Central
Posts: 377
Likes: 181
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Post by unmadem on Oct 14, 2014 14:05:52 GMT
Worcestershire Prop. 114: Just had a shadow-bid email call saying, " Drawdown is expected to take place mid week commencing 20th October 2014." Although there is also an update in steps to drawdown today.
"We are told that the proposed sale of the Clay Cross property may be close. If the sale is imminent then this may delay drawdown further as borrower would be looking for sale to complete prior to drawdown"
EDIT - since posting there has been a further update in steps to drawdown confirming drawdown will be "midway through next week (w/c 20/10/14)."
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