mikes1531
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Post by mikes1531 on Oct 14, 2014 15:43:28 GMT
Worcestershire Prop. 114: Just had a shadow-bid email call saying, " Drawdown is expected to take place mid week commencing 20th October 2014." There's also a suggestion that this loan may end up being a lot smaller than it started out to be.
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Post by Ton ⓉⓞⓃ on Oct 18, 2014 10:43:05 GMT
26th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 143
13/10
£
| C** Wind Turbine Portfolio Loan
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| No Info
| 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
| 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."
| 17/10
| * "Legal work is now complete and we are trying to complete the drawdown process this afternoon."
| 127
19/9
£
| Falmouth Wind Turbine Loan
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| 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
| 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
| 15/10
| *"Following on from the updates yesterday [which were about a change in the valuations/LTV] we are now looking at a drawdown during w/c 27/10/2014. We will update further on a more exact timescale with the benefit of additional legal due diligence by close of business, Wednesday 22 October 2014."
| 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
| 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
| 17/10
| *"You will be aware that the North Wales Bridging Loan has not been drawn down as expected.
We have been advised by the borrower that he required funds over and above what L** were lending and they were not prepared to increase their loan. He has now accepted terms with another bridging lender who can provide the full amount required secured on the East Wing. This unfortunately does mean that it will be another 7 days until drawdown. We have this morning spoken direct to the borrower’s solicitor who confirmed that she has received all the paperwork from the new lender and the borrower has already been in to sign this. She said that the new lender’s solicitor is very efficient and she expects drawdown to take place next Friday at the very latest.
We are still confident that the loan will proceed as the refinance of the entire site is critical to the success of the borrower’s plans. It is unfortunate that the complexities of the title have caused additional work for the borrower in refinancing the rest of the property to allow our loan to proceed and regrettable that there have been such delays.
Lenders will still be compensated at the full rate of interest until drawdown. We hope that you will remain in support of this loan."
| 120
12/8
£
| Dorset Property Development Loan | 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
| 14/10
| *"Interest continues to accrue to lenders as previously advised.
We have been informed in the last 24 hours that one of the flats to be purchased has flooded and whilst not a major issue the borrower unsurprisingly wants this sorted before purchase, This will slow the drawdown further.
We are now told that in all likelihood drawdown will be earliest the end of next week (w/c 20/10/2014) although it is more likely to slip into the following week (w/c 27/10/2014)." | 114
26/7
£
| Worcestershire Property Investment Loan | 14/10
| "Further to this morning's update we have now received further detail.
Whilst we are still expecting the sale of the C*** C**** property to complete imminently we are now looking at a drawdown midway through next week (w/c 20/10/14). Further detail will be provided by the end of the week on progress towards this.
- - - - - - - - - - - - - - - - - - - -
We are told that the proposed sale of the C*** C**** 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. We expect further detail on this over the next couple of days.
Should this be the case then full amount will be drawn with an immediate repayment then made for the amount of the sales proceeds ensuring that all lenders retain the same proportion of the loan."
| 16/10
| * We are still looking at a drawdown date of mid to late next week (w/c 20/10/2014).
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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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oldgrumpy
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Post by oldgrumpy on Oct 18, 2014 10:53:53 GMT
Huh!!! (Hi, Ton  ) North Wales! "expects drawdown to take place next Friday at the very latest....." Oh, those magic words ..... if only .... "....We hope that you will remain in support of this loan." Yeah? Shadow bids called in six weeks ago and we have options not to?
Isn't language a wonderful thing? (Used carefully) 
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star dust
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Post by star dust on Oct 18, 2014 11:25:10 GMT
Not so "magic" as tragic I think. Definitely 'wot no banana's' - I moved some money into my account in anticipation of about three draw-down's expected this week - nada. One more week and the money will be permanently removed, I guess no interest for two weeks is a slight improvement on my erstwhile no interest for three months while yet another bid unwound, but coupled with the much lauded platform re-launch still nowhere to be seen my patience is wearing too thin.
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star dust
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Post by star dust on Oct 20, 2014 8:35:30 GMT
I see Essex has finally drawn down. I think that's one I'm unlikely to pick up on the AM though. Here's hoping a few others draw this week  . |
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Post by Ton ⓉⓞⓃ on Oct 23, 2014 7:56:34 GMT
Yesterday I had shadow bid calls for C** Wind Turbine Portfolio Loan & call for Midlands Trade Finance Provider Loan Tranche 3
I quote the Wind Turbine email
"The legal work for the C** WInd Turbine Portfolio Loan has progressed quickly. We expect drawdown to take place imminently and request that shadow-bids are settled upon receipt of this email.
Due to recent changes to the website shadow-bids must be settled manually by Assetz Capital staff. If you have funds available and on platform your bids will be settled this morning....."
IN EDIT The last line of the email is
"If you need to introduce new funds to the platform please arrange to do so at the soonest opportunity to avoid delays with draw down.
Best regards,
etc"
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pikestaff
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Post by pikestaff on Oct 23, 2014 8:05:31 GMT
Yesterday I had shadow bid calls for C** Wind Turbine Portfolio Loan & call for Midlands Trade Finance Provider Loan Tranche 3
I quote the Wind Turbine email "The legal work for the C** WInd Turbine Portfolio Loan has progressed quickly. We expect drawdown to take place imminently and request that shadow-bids are settled upon receipt of this email. Due to recent changes to the website shadow-bids must be settled manually by Assetz Capital staff. If you have funds available and on platform your bids will be settled this morning....." I don't like the sound of that. I'm not in either of those two, but I have 4 other shadow bids outstanding. I have repeatedly asked that AC give us enough notice so that we can get cleared funds into our account. I wonder what happens if the loan is drawn after the cash is sent but before it shows on AC's system, and will it make a difference if we email AC to tell them the cash has been sent? Did the email say which account the cash should be in? Hopefully the main cash account and not the MLIA.
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Post by Ton ⓉⓞⓃ on Oct 23, 2014 8:16:56 GMT
Yesterday I had shadow bid calls for C** Wind Turbine Portfolio Loan & call for Midlands Trade Finance Provider Loan Tranche 3
I quote the Wind Turbine email "The legal work for the C** WInd Turbine Portfolio Loan has progressed quickly. We expect drawdown to take place imminently and request that shadow-bids are settled upon receipt of this email. Due to recent changes to the website shadow-bids must be settled manually by Assetz Capital staff. If you have funds available and on platform your bids will be settled this morning....." I don't like the sound of that. I'm not in either of those two, but I have 4 other shadow bids outstanding. I have repeatedly asked that AC give us enough notice so that we can get cleared funds into our account. I wonder what happens if the loan is drawn after the cash is sent but before it shows on AC's system, and will it make a difference if we email AC to tell them the cash has been sent? Did the email say which account the cash should be in? Hopefully the main cash account and not the MLIA. The Full email is
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oldgrumpy
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Post by oldgrumpy on Oct 23, 2014 8:32:44 GMT
On a recent one, I emailed Dominic to say a bank transfer had been made and the office made a manual adjustment credit on my account that same afternoon when the drawdown occurred. The next day, when the money arrived via their system they adjusted it back.
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Post by Ton ⓉⓞⓃ on Oct 23, 2014 9:13:24 GMT
We've just had a shadow bid call for Falmouth Wind Turbine Loan. The full email below.
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Post by batchoy on Oct 23, 2014 9:30:02 GMT
SBs for Midlands Finance T3 were called in yesterday, and the money in my CA has just been taken this morning. As yet I haven't check which statement this draw down of funds has appeared in.
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Post by bracknellboy on Oct 23, 2014 10:10:53 GMT
Deleted: Operator error: have now found what I was looking for.
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Post by Ton ⓉⓞⓃ on Oct 23, 2014 11:03:08 GMT
SBs for Midlands Finance T3 were called in yesterday, and the money in my CA has just been taken this morning. As yet I haven't check which statement this draw down of funds has appeared in. I've looked at my two statements I can't see a movement of money corresponding to this call/drawdown. Did they phone you and you asked them on the phone about this?
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baz657
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Post by baz657 on Oct 23, 2014 13:52:41 GMT
I had all my funds in the MLI account and nothing was taken so I just added enough back into the cash account for a shadow bid... just in case. As I'm (supposed to be and getting the evil eye from herself) on holiday and the phone is switched off in the safe I can't (if I want to walk onto the plane) answer any calls..
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Post by batchoy on Oct 23, 2014 14:25:27 GMT
SBs for Midlands Finance T3 were called in yesterday, and the money in my CA has just been taken this morning. As yet I haven't check which statement this draw down of funds has appeared in. I've looked at my two statements I can't see a movement of money corresponding to this call/drawdown. Did they phone you and you asked them on the phone about this? I had an email requesting funds, so I sold off some holdings (I'm not adding funds to AC until they sort the fundamental issues with the platform), the funds were then taken this morning from my CA with a corresponding entry on the CA statement to say that the funds had been used for MF T3.
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