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Post by Ton ⓉⓞⓃ on Oct 23, 2014 15:02:44 GMT
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. All of my money was in my MLI si I've just transferred enough over for both this & Falmouth. I'll PM Riddles to say what I've done and hopefully that will make it clear as to where we should leave the money for future calls.
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kermie
Member of DD Central
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Post by kermie on Oct 24, 2014 18:57:09 GMT
Looks like "Midlands Trade Finance Provider Loan Tranche 3" has drawn down today. Minor niggle, chris - the loan as listed as 25/24 months remaining. I'm guessing that's just an edge-case display-only bug for the first day of any given loan. |
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Post by chris on Oct 24, 2014 18:58:15 GMT
Looks like "Midlands Trade Finance Provider Loan Tranche 3" has drawn down today. Minor niggle, chris - the loan as listed as 25/24 months remaining. I'm guessing that's just an edge-case display-only bug for the first day of any given loan. Yeah, sorry. It'll correct tomorrow and I'll work on a proper fix.
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Post by Ton ⓉⓞⓃ on Oct 24, 2014 22:40:43 GMT
27th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 146
| South Coast Plumbing & Mech. Serv. Loan T2
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| No Info
| 145
| Pembrokeshire WT
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| No Info
| 144
-/-
| Fostering
Agency Business Loan
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| 10/10
| "[Drawdown] expectation is that this should take around 3 - 4 weeks from auction closure."
| 143
13/10
£
| C** Wind Turbine Portfolio Loan
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| No Info, but
Shadow bid called 22/10/14
| 133
3/10
£
| Leicestershire Care Home
| 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
| 24/10
| *"We are looking at a drawdown during next week (w/c 27/10/2014)."
| 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]
| 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.'
Shadow bid called 23/10/14
| 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 E*** W***. 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. [date passed]
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." [date passed]
| 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 | 16/10
| "We are still looking at a drawdown date of mid to late next week (w/c 20/10/2014)." [Date Passed]
| 24/10
| *"We will now be looking at a drawdown next week and will be discussing with underwriters with a view to undertaking the eminently sensible suggestion." Exp w/c 27/10/14
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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] or [date passed] at the bottom of the update. Several loans/proposals are in need of an update, in some cases above; the last entry date was in Sept. I only updated the info for two loans (An * says which ones) If I've made any mistakes just say what it is and I'll correct it. NEXT UPDATE |
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baz657
Member of DD Central
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Post by baz657 on Oct 25, 2014 8:33:24 GMT
There seems to be a lot of possible shadow bids to be called w/c 27th.
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Post by pepperpot on Oct 25, 2014 13:08:43 GMT
There seems to be a lot of possible shadow bids to be called w/c 27th. The eternal optimist.
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shimself
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Post by shimself on Oct 25, 2014 13:16:22 GMT
I had an email on Thursday to settle a shadow bid on Thursday, I replied to say the cash is on the platform. No reply and it's still there. The email really does need to say which pot the money should be in (cash cash is my guess)
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Post by bracknellboy on Oct 25, 2014 14:58:58 GMT
I had an email on Thursday to settle a shadow bid on Thursday, I replied to say the cash is on the platform. No reply and it's still there. The email really does need to say which pot the money should be in (cash cash is my guess) Likewise (email, reply to say on its way etc). Though if I recall I also had enough cash in my cash account to settle some of the bids and as much as could be was taken from there.
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baz657
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Post by baz657 on Oct 25, 2014 15:33:57 GMT
None was taken from my loans account but my cash account was empty. It may be a coincidence but within a few minutes of transferring enough back into the cash account it was taken for the shadow bid. The question has been asked but we're still waiting for the answer - cash, loans account or it doesn't matter?
It wont matter once all the auctions that used shadow bidding have either drawn down or disappeared but it would be nice to know one way or another during the interim/hybrid period.
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oldgrumpy
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Post by oldgrumpy on Oct 25, 2014 15:42:41 GMT
I just want AC to make sure they give enough notice for me to transfer money into the client account so that a manual adjustment can be made to my cash account as before if the drawdown is immediate. While it takes until the next day to complete this, I shall be highly displeased if my shadow bid on a smallish loan is eliminated and the units sold to some one else just because the money is languishing in the client account. TWO WORKING DAYS NOTICE BEFORE DRAWDOWN PLEASE!
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Post by Ton ⓉⓞⓃ on Oct 26, 2014 7:24:21 GMT
None was taken from my loans account but my cash account was empty. It may be a coincidence but within a few minutes of transferring enough back into the cash account it was taken for the shadow bid. The question has been asked but we're still waiting for the answer - cash, loans account or it doesn't matter? It wont matter once all the auctions that used shadow bidding have either drawn down or disappeared but it would be nice to know one way or another during the interim/hybrid period. Almost exactly the same here. I PMed; no answer so far. All my money was in the MLI, I moved over enough for one or two half an hour later they'd taken the money. On seeing this I moved more over for the third and that was promptly taken to. So I think it's clear the money for shadow bids has to be put in your Cash Account, but not certain...
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Post by chris on Oct 26, 2014 14:18:46 GMT
It will be the cash account, but I'll pass on the messages internally to make sure communication is improved.
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Post by Ton ⓉⓞⓃ on Oct 28, 2014 10:36:54 GMT
Just seen this email calling the shadow bid for #120 Dorset Development
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Post by max47 on Oct 29, 2014 11:32:44 GMT
I have a shadow bid on this loan but have received no email request for settlement. Have settled anyway on the basis of this thread but would be interested to know whether all emails have been sent
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mikes1531
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Post by mikes1531 on Oct 29, 2014 12:36:54 GMT
I have a shadow bid on this loan but have received no email request for settlement. Have settled anyway on the basis of this thread but would be interested to know whether all emails have been sent : How have you settled your bid? I didn't think lenders had any control over the process any more.
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