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Post by mrclondon on Nov 13, 2014 20:34:38 GMT
A rather ominous drawdown update on North Wales Bridge appeared yesterday (12th) - borrower told to pay accrued interest 1st Oct to date by end of today (Thur 13th) or risk loan offer being withdrawn without further notice. Further update promised tomorrow.
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mikes1531
Member of DD Central
Posts: 6,453
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Post by mikes1531 on Nov 13, 2014 21:32:07 GMT
A rather ominous drawdown update on North Wales Bridge appeared yesterday (12th) - borrower told to pay accrued interest 1st Oct to date by end of today (Thur 13th) or risk loan offer being withdrawn without further notice. Further update promised tomorrow. I realise that patience with this borrower is wearing thin, but sending a letter saying "pay across £21k by tomorrow or we will withdraw our loan offer" seems rather short on notice. I wouldn't want to try to justify such action in court.
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oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
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Post by oldgrumpy on Nov 13, 2014 23:43:39 GMT
That depends on what the previous (ten?) letters have said - which we haven't seen.
Edit.... and anyway, our message says that if the accrued interest is not received by 5pm 13 Nov, the funding offer will be withdrawn without further notice. It doesn't actually specify when that will actually happen.... just that no further notice will be given.
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Post by Ton ⓉⓞⓃ on Nov 15, 2014 0:35:14 GMT
30th 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
| "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
|
|
| 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. "
[That fortnight ends 19/11]
| 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
| 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. No new Updates this week, no *'s. 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 or something similar. North Wales Bridge is now defunct. 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
| ?/11
| S.Coast Plumber T2 146
| Called
| 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
|
NEXT UPDATE |
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Post by Ton ⓉⓞⓃ on Nov 22, 2014 11:36:58 GMT
31th Update PREVIOUS UPDATE Is just above^ Auc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 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
| 27/10
| "The auction closed last week and we are now progressing legals with a view to drawing down within the next 4 weeks."
| 18/11
| *"The borrower's solicitor is pushing for a drawdown this Friday but it is more likely this will slip into the early part of next week.
We are expecting confirmation over the next day or so that all Conditions Precedent are satisfied which will enable us to call for funds and set an expected drawdown date."
| 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." No Exp Date
| 126
11/9
£
| Midlands Engineering Business Loan
| 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. "[That fortnight ends 19/11] | 21/11
| *"The [security & drawdown] will be updated following a meeting on Monday morning. Thank you for your patience."
| 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
| 114
26/7
£
| Worcestershire Property Investment Loan | 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, but Shad bids called twice
| 21/11
| *"[Unfulfilled shadow bids] isn't the only issue as we await one last piece of information from the borrower's solicitor."
No Exp Date
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dates mean there's a chance of drawdown or by the info given are now due to be drawn in the next week or so. Three new Updates this week (they've got * at start of update). 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 or something similar. Midlands Trade Finance Provider Loan Tranche 4 was drawn yesterday along with South Coast Plumbing T2 If I've made any mistakes just say what it is and I'll correct it. date
called
| Name | status
Called/Drawn
| ?/11
| S.Coast Plumber T2 146
| 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
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Post by Ton ⓉⓞⓃ on Nov 25, 2014 14:46:59 GMT
Shadow bid call for Midlands Engineering Business
There seems to be some time yet to go.
I think I have to PM or email Dom or Stephen?
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pikestaff
Member of DD Central
Posts: 2,187
Likes: 1,546
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Post by pikestaff on Nov 25, 2014 16:36:12 GMT
Shadow bid call for Midlands Engineering Business... There seems to be some time yet to go. I think I have to PM or email Dom or Stephen? No need. If there is cash in your cash account they will take it.
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Post by Ton ⓉⓞⓃ on Nov 28, 2014 20:30:29 GMT
32th Update PREVIOUS UPDATE Is just above^ Auc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 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
| 18/11
| "The borrower's solicitor is pushing for a drawdown this Friday but it is more likely this will slip into the early part of next week.
We are expecting confirmation over the next day or so that all Conditions Precedent are satisfied which will enable us to call for funds and set an expected drawdown date."
| 25/11
| *" Legal process has progressed well and drawdown is expected within the next 10 days."
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
| 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."
| 27/11
| *"Progress has not been as quick as expected.
Given this we have sought an urgent update from borrower and his solicitor. We have also informed him that should drawdown not occur by month end then interest will accrue to lenders at a rate of 8% p/a equivalent from 01/12/2014. Unless we advise otherwise please assume this will happen.
Given borrower is already speaking to us about his next project we have no reason to doubt that this will progress to drawdown.
We will update further next week."
No Exp Date?
| 126
11/9
£
| Midlands Engineering Business Loan
| 24/11
| *"we have been provided with a number of updates over the last few days which we will now provide to lenders. In addition, having spoken to our legal team there are still a number of minor points that require settling with expectation that these will be completed within the next week or so. This would allow drawdown by the second week in December.
As regards the loan, the prior mortgagee on one of the second charge properties is refusing to allow consent to a second charge. We were asked whether we would continue without this but took the decision not to as this would increase the LTV. As such, vendor has agreed to increase his deferred consideration by some £50k and the loan amount will reduce by £50k to £275k. This has actually reduced LTV to 50.2%.
This £50k will be removed from the bids submitted by underwriters in due course (during this week) and at that juncture, loan amount and security will be updated.
Interest continues to accrue to lenders at 8% p/a equivalent and has done so since 1/11/14."
| 26/11
| *"We have seen decent progress this week and we are now hoping to achieve a drawdown towards the end of w/c 01/12/2014."
| 124
28/8
£
| Yorkshire Mobile Phone Distributor Loan
| 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]
| 27/11
| *"Unfortunately this has dragged on much longer than expected.
Lenders will be aware from previous updates that we were seeking replacement security due to doubts around the ability of the pension fund to charge the property. This has not progressed quickly enough.
As such, borrowers were given a deadline of 48 hours from yesterday to provide real progress including a payment to cover interest accrued to lenders to date. Deadline is close of business tomorrow.
We will update further on Monday 1 December." No Exp Date
| 114
26/7
£
| Worcestershire Property Investment Loan | 21/11
| "[Unfulfilled shadow bids] isn't the only issue as we await one last piece of information from the borrower's solicitor." No Exp Date, but Shad bids called twice
| 27/11
| *"Drawdown is being aimed for 28/11/2014 or 01/12/2014.
Accrued pre-drawdown interest will be paid to lenders shortly thereafter."
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dates mean there's a chance of drawdown or by the info given are now due to be drawn in the next week or so. Several encouraging Updates this week. But where no Expected drawing date is given you will see, [No Exp Date] or [date passed] at the bottom of the update or something similar. If I've made any mistakes just say what it is and I'll correct it.
Called Shadow Bid Status
date
called
| Name | status
Called/Drawn
| 25/11
| Midlands Engineering Bus126
| Called
| ?/11
| S.Coast Plumber T2 146
| 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
|
Loans awaiting the call are: York Phones 124, N.I. WT 135, Fostering Agency 144, Pembrokeshire WT 145. NEXT UPDATE |
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Post by Ton ⓉⓞⓃ on Dec 6, 2014 10:28:30 GMT
33rd Update PREVIOUS UPDATE Is just above^ Auc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 145
| Pembrokeshire WT
|
|
| 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
| 18/11
| "The borrower's solicitor is pushing for a drawdown this Friday but it is more likely this will slip into the early part of next week.
We are expecting confirmation over the next day or so that all Conditions Precedent are satisfied which will enable us to call for funds and set an expected drawdown date."
| 25/11
| " Legal process has progressed well and drawdown is expected within the next 10 days."
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
| 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."
| 27/11
| "Progress has not been as quick as expected.
Given this we have sought an urgent update from borrower and his solicitor. We have also informed him that should drawdown not occur by month end then interest will accrue to lenders at a rate of 8% p/a equivalent from 01/12/2014. Unless we advise otherwise please assume this will happen.
Given borrower is already speaking to us about his next project we have no reason to doubt that this will progress to drawdown.
We will update further next week."
No Exp Date?
| 126
11/9
£
| Midlands Engineering Business Loan
| 24/11
| *"we have been provided with a number of updates over the last few days which we will now provide to lenders. In addition, having spoken to our legal team there are still a number of minor points that require settling with expectation that these will be completed within the next week or so. This would allow drawdown by the second week in December.
As regards the loan, the prior mortgagee on one of the second charge properties is refusing to allow consent to a second charge. We were asked whether we would continue without this but took the decision not to as this would increase the LTV. As such, vendor has agreed to increase his deferred consideration by some £50k and the loan amount will reduce by £50k to £275k. This has actually reduced LTV to 50.2%.
This £50k will be removed from the bids submitted by underwriters in due course (during this week) and at that juncture, loan amount and security will be updated.
Interest continues to accrue to lenders at 8% p/a equivalent and has done so since 1/11/14."
| 26/11
| "We have seen decent progress this week and we are now hoping to achieve a drawdown towards the end of w/c 01/12/2014." Date passed, perhaps Monday?
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dates mean there's a chance of drawdown or by the info given are now due to be drawn in the next week or so. No Updates this week. Where no Expected drawing date is given above you will see, [No Exp Date] or [date passed] at the bottom of the update or something similar. York Phones #124 went into 'hibernation' (ie back to pre-view status) AC said they are seeking cashback for the time the offer was held open. Worcester Property #114 has been drawn! If I've made any mistakes just say what it is and I'll correct it.
Called Shadow Bid Status
date
called
| Name | status
Called/Drawn
| 25/11
| Midlands Engineering Bus126
| Called
| ?/11
| S.Coast Plumber T2 146
| 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
| DRAWN
| 8/10
| Carmathenshire WT 125
| DRAWN
|
Loans awaiting the call are: York Phones 124, N.I. WT 135, Fostering Agency 144, Pembrokeshire WT 145. NEXT UPDATE |
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baz657
Member of DD Central
Posts: 500
Likes: 189
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Post by baz657 on Dec 10, 2014 11:51:18 GMT
Had the phone call about the Fostering Agency (144). Shadow Bids called in and drawdown in the next few days.
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Post by Ton ⓉⓞⓃ on Dec 12, 2014 22:21:10 GMT
34th Update PREVIOUS UPDATE Is just above^ Auc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 145
| Pembrokeshire WT
| 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."
| 8/12
Q&A
| *"Legal process has progressed slowly but expectation is still for a drawdown this side of Christmas."
No Exp Date
| 144
-/-
| Fostering
Agency Business Loan
| 25/11
| "Legal process has progressed well and drawdown is expected within the next 10 days."
| 10/12
| *"We were informed last night that the pre-drawdown conditions are largely met and that outstanding lender funds can be requested to allow drawdown as soon as possible.
This is expected to complete within the next week."
Shadow bid notification email said;
"The Fostering Agency Business Loan is approaching draw down in approximately 3-5 working days..."
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
| 27/11
| "Progress has not been as quick as expected.
Given this we have sought an urgent update from borrower and his solicitor. We have also informed him that should drawdown not occur by month end then interest will accrue to lenders at a rate of 8% p/a equivalent from 01/12/2014. Unless we advise otherwise please assume this will happen.
Given borrower is already speaking to us about his next project we have no reason to doubt that this will progress to drawdown. We will update further next week."
| 11/12
| *"Unfortunately progress remains slow here.
As previously stated interest is accruing at 8%.
The borrower has been pushing solicitors but we still await settlement of a number of pre-drawdown conditions."
No Exp Date
| 126
11/9
£
| Midlands Engineering Business Loan
| 26/11
| "We have seen decent progress this week and we are now hoping to achieve a drawdown towards the end of w/c 01/12/2014."
Date passed
| 11/12
| *"We are nearly there as regards progressing to drawdown with the main outstanding issues being confirmation of insurance and receipt of signed documents.
Interest continues to accrue to lenders at 8% p/a equivalent."
No Exp Date.
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dates mean there's a chance of drawdown or by the info given are now due to be drawn in the next week or so. Exp=Expected All four loans Updates this week. Where no Expected drawing date is given above you will see, [No Exp Date] or [date passed] at the bottom of the update or something similar. If I've made any mistakes just say what it is and I'll correct it.
Called Shadow Bid Status
date
called
| Name | status
Called/Drawn
| 10/12
| Fostering Agency 144
| Called
| 25/11
| Midlands Engineering Bus126
| Called
| ?/11
| S.Coast Plumber T2 146
| 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
| DRAWN
| 8/10
| Carmathenshire WT 125
| DRAWN
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Loans awaiting the call are: N.Ireland WT 135 & Pembrokeshire WT 145. NEXT UPDATE |
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Post by Ton ⓉⓞⓃ on Dec 18, 2014 14:01:15 GMT
Shadow bid for Pembrokeshire WT #145 has just been called in, the email is below
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sl75
Posts: 2,092
Likes: 1,245
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Post by sl75 on Dec 18, 2014 22:03:54 GMT
Shadow bid for Pembrokeshire WT #145 has just been called in, the email is below How odd. Why would they be calling shadow bids for a loan that has so far had precisely zero progress towards drawdown? (at least according to the drawdown tab on the loan page).
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duck
Member of DD Central
Posts: 2,880
Likes: 6,962
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Post by duck on Dec 19, 2014 5:04:06 GMT
Shadow bid for Pembrokeshire WT #145 has just been called in, the email is below How odd. Why would they be calling shadow bids for a loan that has so far had precisely zero progress towards drawdown? (at least according to the drawdown tab on the loan page). To quote the Email that I received "The borrower has indicated they wish to draw before Christmas ...." AC believe this is possible.
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sl75
Posts: 2,092
Likes: 1,245
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Post by sl75 on Dec 19, 2014 10:20:24 GMT
To quote the Email that I received "The borrower has indicated they wish to draw before Christmas ...." AC believe this is possible. I can read that bit perfectly well... to be a little more direct about my original point: Why is the loan page still showing zero progress towards drawdown when it has reached a point where they're calling in shadow bids already?
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