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Post by Ton ⓉⓞⓃ on Oct 29, 2014 13:04:42 GMT
The below is all old information AFAIK All Called Shadow Bids. date
called
| Name | status
Called/Drawn
| 29/10
| Leicester Care Home 133
| Called
| | 27/10 | Dorset Prop Dev 120 | Called
| 23/10
| Falmouth WT 127
| DRAWN
| 22/10
| Midlands Trade Finance T3
| DRAWN
| 22/10
| C** WT Portfolio 143
| Called
| 14/10
| Worcestershire Prop 114
| Called
| 8/10
| Carmathenshire WT 125
| DRAWN
| 10/9
| North Wales Bridge
| Called
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Have I missed any? Is that all correct? Added on 31/10 Leicester 133 |
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pikestaff
Member of DD Central
Posts: 2,187 
Likes: 1,546
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Post by pikestaff on Oct 29, 2014 13:23:42 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. As per the email quoted by Ton ⓉⓞⓃ, AC admin will settle bids using cash in the cash account. I assume they will do so at any time afer they send out the settlement requests. I think all max47 meant was that he'd sent the cash to his cash account.
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Post by Ton ⓉⓞⓃ on Oct 29, 2014 16:48:37 GMT
Justgot the call for shad-bids in Worcesters[h]ire Property Investment Loan
This is the second time it's been called... OR are there two, or do they mean another loan?
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Post by Ton ⓉⓞⓃ on Oct 29, 2014 17:00:08 GMT
I think the above should've been the shadow bid for Leicestershire Care Home 133
and not Worcs again as it says above,
As it's the Care Home listed in my Cash a/c that arew being settled for us right now
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Post by Ton ⓉⓞⓃ on Oct 29, 2014 17:05:15 GMT
Just got his shad bid call for Leicestershire Care Home 133
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Post by Ton ⓉⓞⓃ on Nov 1, 2014 0:50:35 GMT
28th 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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| 31/10
| *"The drawdown was dependent upon when the loan filled. This was only achieved yesterday meaning drawdown has been delayed slightly. It is now expected to be back end of next week possibly early the following week."
| 145
| Pembrokeshire WT
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| 30/10
| *"Yes loan is going ahead. Auction achieved full funding this afternoon and will move to "Loans Coming Soon" when we get the auction closed off later today." No Exp Date
| 144
-/-
| Fostering
Agency Business Loan
| 10/10
| "[Drawdown] expectation is that this should take around 3 - 4 weeks from auction closure."
| 27/10
| *"The auction closed last week and we are now progressing legals with a view to drawing down within the next 4 weeks."
| 143
13/10
£
| C** Wind Turbine Portfolio Loan
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| No Info, but
Shadow bids called 22/10/14
| 133
3/10
£
| Leicestershire Care Home
| 24/10
| "We are looking at a drawdown during next week (w/c 27/10/2014)."
| 30/10
| *"As soon as all funds to settle shadow bids are received from lenders then drawdown will happen. We are hoping for tomorrow but this may slip to early next week depending upon receipt of these funds."
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
| 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."
| 29/10
| *"Expectation is that we are still a good two weeks off drawdown here. We will be looking at the lack of progress over the coming days with a view to formulating a plan to move this forward quicker."
| 126
11/9
£
| Midlands Engineering Business Loan
| 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."
| 28/10
| *" We have been advised that whilst the majority of the pre-drawdown conditions have been satisfied we are still waiting for a number including mainly the consent from the prior mortgagees to the second charges. Given time elapsed we have approached borrower today to inform them that in order to keep the loan offer open, interest needs to accrue from 01/11/2014 should completion not happen before then. Once we have their confirmation that they are happy to proceed (expected tomorrow morning latest we will provide a further update to lenders)." Borrowers has agreed to compensation. 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
| 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.
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.
| 30/10
| *"We have been advised by the borrower that drawdown will take place on or shortly after 5th November. This further delay has arisen due to the requirement for our loan to draw down simultaneously with repayment of funds to an existing lender as well as the splitting up of a commercial portfolio. The split of the portfolio cannot take place until this date. Interest will continue to accrue from 1st October 2014 at the full rate."
| 120
12/8
£
| Dorset Property Development Loan | 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)
| 28/10
| *" We have now completed all the legal work and drawdown will happen when all lenders shadow bids have been settled during this week / next Monday." | 114
26/7
£
| Worcestershire Property Investment Loan | 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
| 28/10
| *"The borrower's solicitor has confirmed that the sale of the C*** C**** property completed last week meaning that a total loan of only £180,000 will be required.
We now wait confirmation from our lawyers that all pre-drawdown conditions have been met which will then enable funds to be requested and drawdown effected. In all likelihood we will remove the underwriter bids over and above the new loan unless lenders have any objection to proceeding this way." No Exp Date, but Shad bids called twice
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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. If I've made any mistakes just say what it is and I'll correct it.
Shadow Bid Status
date
called
| Name | status
Called/Drawn
| 29/10
| Leicester Care Home 133
| Called
| | 27/10 | Dorset Prop Dev 120 | Called
| 23/10
| Falmouth WT 127
| DRAWN
| 22/10
| Midlands Trade Finance T3
| DRAWN
| 22/10
| C** WT Portfolio 143
| Called
| 14/10
| Worcestershire Prop 114
| Called
| 8/10
| Carmathenshire WT 125
| DRAWN
| 10/9
| North Wales Bridge
| Called
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NEXT UPDATE |
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tonyr
Member of DD Central
Posts: 477
Likes: 258
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Post by tonyr on Nov 1, 2014 9:55:03 GMT
Shadow Bid Status
date
called
| Name | status
Called/Drawn
| 29/10
| Leicester Care Home 133
| Called
| | 27/10 | Dorset Prop Dev 120 | Called
| 23/10
| Falmouth WT 127
| DRAWN
| 22/10
| Midlands Trade Finance T3
| DRAWN
| 22/10
| C** WT Portfolio 143
| Called
| 14/10
| Worcestershire Prop 114
| Called
| 8/10
| Carmathenshire WT 125
| DRAWN
| 10/9
| North Wales Bridge
| Called
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NEXT UPDATE Busy isn't it! One of the main objectives of the new site is to get investors funds invested - that is to do all the automatic investing so that they get their funds deployed as efficiently as possible and earning interest. The flip side of this is that there is less cash sitting in the system for underwriters to get hold of when they need cash to meet a call. For example, Burnley WT was in great demand and now has lots for sale, I strongly suspect because underwriters were expecting it to be liquid and they are suddenly finding that it is not. So I think there will be a lot more interesting activity as the cash to fund the five called loans above is shuffled between many accounts.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Nov 1, 2014 13:35:54 GMT
Shadow Bid Status
date
called
| Name | status
Called/Drawn
| 29/10
| Leicester Care Home 133
| Called
| | 27/10 | Dorset Prop Dev 120 | Called
| 23/10
| Falmouth WT 127
| DRAWN
| 22/10
| Midlands Trade Finance T3
| DRAWN
| 22/10
| C** WT Portfolio 143
| Called
| 14/10
| Worcestershire Prop 114
| Called
| 8/10
| Carmathenshire WT 125
| DRAWN
| 10/9
| North Wales Bridge
| Called
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NEXT UPDATE Busy isn't it! One of the main objectives of the new site is to get investors funds invested - that is to do all the automatic investing so that they get their funds deployed as efficiently as possible and earning interest. The flip side of this is that there is less cash sitting in the system for underwriters to get hold of when they need cash to meet a call. For example, Burnley WT was in great demand and now has lots for sale, I strongly suspect because underwriters were expecting it to be liquid and they are suddenly finding that it is not. So I think there will be a lot more interesting activity as the cash to fund the five called loans above is shuffled between many accounts. Very interesting. If AC re-introduce the ability to sell at discount then it might help the situation, but until then I can see the problem for underwriters. From my perspective when a large amount hits the AM suddenly, questions need asking. Previously, I could see who was selling by attempting to buy then cancelling, now I have no idea. This functionality is gone for good, another factor reducing liquidity. It might be a good idea if underwriters post here when they are selling large amounts.
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Post by max47 on Nov 1, 2014 15:31:56 GMT
max47: How have you settled your bid? I didn't think lenders had any control over the process any more. As per the email quoted by Ton ⓉⓞⓃ, AC admin will settle bids using cash in the cash account. I assume they will do so at any time afer they send out the settlement requests. I think all max47 meant was that he'd sent the cash to his cash account. Correct. It then sat there for 2 days. I emailed asking if I need to do any more only to be told that I don't have such a bid. That would explain why I have never received a reminder email. It is still sitting in my Accepted Bids page.
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Post by mrclondon on Nov 1, 2014 16:05:23 GMT
The flip side of this is that there is less cash sitting in the system for underwriters to get hold of when they need cash to meet a call. For example, Burnley WT was in great demand and now has lots for sale, I strongly suspect because underwriters were expecting it to be liquid and they are suddenly finding that it is not. So I think there will be a lot more interesting activity as the cash to fund the five called loans above is shuffled between many accounts. Unless and until the underwriters manage to persuade AC that the promised re-indroduction of the ability to sell at a discount is accompanied by a clear indication of the level of discount available for each loan, liquidy is inevitably going to be weaker than previously. I'm not prepared to commit significant new funds to AC until I see how this is going to work, and am currently in withdrawal mode pending this.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Nov 2, 2014 22:27:47 GMT
As per the email quoted by Ton ⓉⓞⓃ, AC admin will settle bids using cash in the cash account. I assume they will do so at any time afer they send out the settlement requests. I think all max47 meant was that he'd sent the cash to his cash account. Correct. It then sat there for 2 days. I emailed asking if I need to do any more only to be told that I don't have such a bid. That would explain why I have never received a reminder email. It is still sitting in my Accepted Bids page. : Is there any chance that you forgot that those bids had been paid for already rather than being shadow bids? Or does being an Accepted Bid confirm that it's a shadow bid?
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Post by Ton ⓉⓞⓃ on Nov 2, 2014 23:18:32 GMT
As shadow bids are being called and settled the wording on my "Your Bids" report changes from shadow to bid. Changing from shad to bid seems to happen when the cash is drawn from my Cash account by AC. And when the loan is drawn by the Borrower it disappears off the report completely, as the money is effectively now in my loan book.
Hopefully that explains the process, as I see it, for those who don't have any bids etc. If I want to check what happened I can search (CRLT F) my Cash a/c statement to see how much money was taken. But they do do some odd things such as just one £20 shadow bid in Worcestershire Property Investment Loan 114 has not been called in all the rest have, in fact Worcs has been called twice.
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baz657
Member of DD Central
Posts: 500
Likes: 189
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Post by baz657 on Nov 4, 2014 12:16:44 GMT
Looks like Dorset has finally drawndown and gone live.
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Post by Ton ⓉⓞⓃ on Nov 8, 2014 0:57:45 GMT
29th 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
| 31/10
| "The drawdown was dependent upon when the loan filled. This was only achieved yesterday meaning drawdown has been delayed slightly. It is now expected to be back end of next week possibly early the following week."
| 5/11
Q&A
| *"We will be settling shadow bids from those not transferring funds from the original loan and calling in underwriter funds over the next 2 - 3 days with a view to drawing down early next week."
| 145
| Pembrokeshire WT
|
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| 30/10
| "Yes loan is going ahead. Auction achieved full funding this afternoon and will move to "Loans Coming Soon" when we get the auction closed off later today." No Exp Date
| 144
-/-
| Fostering
Agency Business Loan
| 10/10
| "[Drawdown] expectation is that this should take around 3 - 4 weeks from auction closure."
| 27/10
| "The auction closed last week and we are now progressing legals with a view to drawing down within the next 4 weeks."
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
| 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."
| 29/10
| "Expectation is that we are still a good two weeks off drawdown here. We will be looking at the lack of progress over the coming days with a view to formulating a plan to move this forward quicker." Possibly some time after 12/11?
| 126
11/9
£
| Midlands Engineering Business Loan
| 28/10
| "We have been advised that whilst the majority of the pre-drawdown conditions have been satisfied we are still waiting for a number including mainly the consent from the prior mortgagees to the second charges. Given time elapsed we have approached borrower today to inform them that in order to keep the loan offer open, interest needs to accrue from 01/11/2014 should completion not happen before then. Once we have their confirmation that they are happy to proceed (expected tomorrow morning latest we will provide a further update to lenders)." | 5/11
| *"Interest is accruing in line with the previous update.
However, we have been informed that one of the prior mortgagee is unwilling to grant a second charge. Given this, loan will be reduced by £50,000 providing the current business owner accepts an extra £50,000 as deferred consideration. This was put to him today and we are expecting an early response.
Once we know the position here we should be able to advise on a drawdown date although expectation is that providing vendor is OK with the change in deal structure then drawdown will be within the next fortnight. "
No Exp date
| 124
28/8
£
| Yorkshire Mobile Phone Distributor Loan
| 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]
| 5/11
| *"Interest continues to accrue to lenders in line with the previous update.
As expected, security is taking longer to complete than hoped. Borrower is now seeking alternative property to replace the charge from the pension fund property. They are still keen for loan to go ahead as it will help their growth but we do not have a definitive drawdown date as yet." No Exp Date
| 122
26/8
£
| North Wales Bridging Loan
| 30/10
| "We have been advised by the borrower that drawdown will take place on or shortly after 5th November. This further delay has arisen due to the requirement for our loan to draw down simultaneously with repayment of funds to an existing lender as well as the splitting up of a commercial portfolio. The split of the portfolio cannot take place until this date. Interest will continue to accrue from 1st October 2014 at the full rate."
| 7/11
| *" We have received correspondence from the borrower confirming that in his opinion we are very close to getting the matter over the line and the broker has also had the same discussion with him, however, we await verification of this from his solicitor and will report back once received."
No Exp Date
| 114
26/7
£
| Worcestershire Property Investment Loan | 28/10
| "The borrower's solicitor has confirmed that the sale of the C*** C**** property completed last week meaning that a total loan of only £180,000 will be required.
We now wait confirmation from our lawyers that all pre-drawdown conditions have been met which will then enable funds to be requested and drawdown effected. In all likelihood we will remove the underwriter bids over and above the new loan unless lenders have any objection to proceeding this way." No Exp Date, but Shad bids called twice
| 5/11
| *"We were told today that borrower is satisfied that they can proceed to drawdown. All we await now is confirmation from our legal team that all pre-drawdown conditions are met. Once this is the case (expected by the end of the week) then we will be able to set a drawdown date."
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] or [date passed] at the bottom of the update. If I've made any mistakes just say what it is and I'll correct it. It's not clear to me what's happening right now with South Coast Plumbing & Mech. Serv. Loan T2 wrt calling in shad-bids; the Update implies it's been called. I'm rolling only some of my money in T1 into T2 so maybe I wouldn't have received that email.
Shadow Bid Status
date
called
| Name | status
Called/Drawn
| 29/10
| Leicester Care Home 133
| DRAWN
| | 27/10 | Dorset Prop Dev 120 | DRAWN
| 23/10
| Falmouth WT 127
| DRAWN
| 22/10
| Midlands Trade Finance T3
| DRAWN
| 22/10
| C** WT Portfolio 143
| DRAWN
| 14/10
| Worcestershire Prop 114
| Called
| 8/10
| Carmathenshire WT 125
| DRAWN
| 10/9
| North Wales Bridge
| Called
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kermie
Member of DD Central
Posts: 691
Likes: 462
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Post by kermie on Nov 8, 2014 11:13:22 GMT
Ton ⓉⓞⓃ said: It's not clear to me what's happening right now with South Coast Plumbing & Mech. Serv. Loan T2 wrt calling in shad-bids; the Update implies it's been called. I'm rolling only some of my money in T1 into T2 so maybe I wouldn't have received that email.
Yes, a little unclear. I sent AC an email a few days ago asking if I needed to just fund the difference, which judging from Q&A and info on this board seems to be the way it can be done. With that in mind, rather than 'settle' my shadow bid explicitly, I simply upped my investment in the original loan to match the shadow bid. Then AC can sort it out on the day of draw-down. This has the advantage of earning interest whilst waiting for draw-down.
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