duck
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Post by duck on Dec 19, 2014 15:16:35 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? Apologies, didn't see the point you were trying to make and the wording of the Email I received was different from that posted by ton, it is now showing "19/12/2014
Good progress has been made on the legals this week with drawdown now being targeted for early w/c 22/12/2014"
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pikestaff
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Post by pikestaff on Dec 19, 2014 17:03:33 GMT
AFAICS the Drawdown tab is not to be trusted. It's rarely updated and there is often info in the Q&A or Overview that should be in the Drawdown tab.
They have now updated both the Q&A and the Drawdown tab, but it's a bit late in the day.
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Post by Ton ⓉⓞⓃ on Dec 19, 2014 19:12:46 GMT
35th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 145
| Pembrokeshire WT
| 8/12
Q&A
| "Legal process has progressed slowly but expectation is still for a drawdown this side of Christmas.."
| 19/12
| *"Good progress has been made on the legals this week with drawdown now being targeted for early w/c 22/12/2014."
Shadow bid called on 18/12/14
| 135
30/9
£
| Northern Ireland Wind Turbine Loan
| 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"
| 16/12
Q&A
| *"Question from Lender in Q&A-I know interest is now accruing at 8% but will it ever be paid? AC's track record of recovering pre-drawdown interest on loans that never draw down is not encouraging. If the delay drags on, will AC require the borrower to settle interest monthly in order to keep the auction open?
Answer-Yes we will otherwise lender bids will be released.
However, we are more confident of this progressing to drawdown given borrower has other WT projects he is looking to fund through AC (indeed initial brief details on second project were received last week).."
No Exp Date
| 126
11/9
£
| Midlands Engineering Business Loan
| 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."
| 19/12
| *"We are currently aiming to drawdown next Tuesday, 23 December."
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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. All three 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
| 18/12
| Pembrokeshire WT 145
| Called
| 10/12
| Fostering Agency 144
| 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
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Final Loan awaiting the call is: N.Ireland WT 135. NEXT UPDATE |
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niceguy37
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Post by niceguy37 on Dec 24, 2014 9:09:49 GMT
Is there a NIROC (Northern Ireland Renewable Obligation i.e. FIT equivalent) deadline for Northern Ireland Wind Turbine Loan #135? It's been so long in the pipeline I'm wondering if this might become an issue.
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bigfoot12
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Post by bigfoot12 on Dec 24, 2014 11:06:41 GMT
in the Q&A they say April 2017. Somewhere else I saw that Northern Ireland has different rules which give 3 years to commission a turbine. I can't remember where I saw this so I might have misunderstood.
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Post by Ton ⓉⓞⓃ on Dec 26, 2014 19:44:50 GMT
36th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 135
30/9
£
| Northern Ireland Wind Turbine Loan
| 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"
| 16/12
Q&A
| "Question from Lender in Q&A-I know interest is now accruing at 8% but will it ever be paid? AC's track record of recovering pre-drawdown interest on loans that never draw down is not encouraging. If the delay drags on, will AC require the borrower to settle interest monthly in order to keep the auction open?
Answer-Yes we will otherwise lender bids will be released.
However, we are more confident of this progressing to drawdown given borrower has other WT projects he is looking to fund through AC (indeed initial brief details on second project were received last week)"
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. The last loan (with retail bids) has not been Updated 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
| 18/12
| Pembrokeshire WT 145
| DRAWN
| 10/12
| Fostering Agency 144
| DRAWN
| 25/11
| Midlands Engineering Bus126
| 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
| DRAWN
| 8/10
| Carmathenshire WT 125
| DRAWN
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Final Loan awaiting the call is: Northern Ireland WT 135. NEXT UPDATE? |
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spockie
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Post by spockie on Dec 27, 2014 10:24:01 GMT
This has been a useful thread, especially with your weekly table, Ton ⓉⓞⓃ. I guess from now in its just going to be 'Loans about to draw down' based purely on information from the Q&A and tabs, unless there is a friendly UW who can indicate when their bids are called in. |
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tonyr
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Post by tonyr on Jan 13, 2015 9:43:50 GMT
This has been a useful thread, especially with your weekly table, Ton ⓉⓞⓃ. I guess from now in its just going to be 'Loans about to draw down' based purely on information from the Q&A and tabs, unless there is a friendly UW who can indicate when their bids are called in. Ah, that's a pain, this thread has been very useful. South Coast P* & M* S* Tranche 4 was called last week - not that I expect that to be of any interest to anyone. Most of the others I have visibility on are just stuck stuck stuck. There's Work* Prop* which is now going to be sometime in Feb at the earliest, I can also see Llan* Hotel and NI Wind Turbine both of which haven't done anything for three months. Perhaps all I am seeing here is what everyone else can see but if any of these do every get to drawdown I'll get notification.
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sl75
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Post by sl75 on Jan 13, 2015 10:05:55 GMT
South Coast P* & M* S* Tranche 4 was called last week ... No such thing as far as I'm aware - there's the original loan under the "repaid" section and tranche 2 under the "live" section, but not even a tranche 3 in the "upcoming loans"/"coming soon" section, let alone a tranche 4. As far as I'm concerned, the only upcoming loans that exist are #135, and #147 to #151 inclusive, and there are no other loans in the pipeline with underwriting in place (which I had believed were the criteria for displaying them in the "upcoming loans"/"coming soon" section). Have AC been moving the goalposts without telling anyone again?
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acorn
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Post by acorn on Jan 13, 2015 11:02:42 GMT
Maybe it's the G**** D*** B***** tranche 4......
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sqh
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Post by sqh on Jan 13, 2015 12:54:42 GMT
South Coast P* & M* S* Tranche 4 was called last week ... No such thing as far as I'm aware - there's the original loan under the "repaid" section and tranche 2 under the "live" section, but not even a tranche 3 in the "upcoming loans"/"coming soon" section, let alone a tranche 4. As far as I'm concerned, the only upcoming loans that exist are #135, and #147 to #151 inclusive, and there are no other loans in the pipeline with underwriting in place (which I had believed were the criteria for displaying them in the "upcoming loans"/"coming soon" section). Have AC been moving the goalposts without telling anyone again? Tonyr has UW access which gives more information. South Coast P* & M* S* Tranche 4 would make sense because Tranche2 includes Tranche3, should be renamed Tranche2/3. I'm glad L Hotel still exists, like that one. As for the other upcoming loans it looks a bit bleak when you consider that some loans are being repaid or partially repaid in the near future.
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sl75
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Post by sl75 on Jan 13, 2015 13:11:30 GMT
Tonyr has UW access which gives more information. South Coast P* & M* S* Tranche 4 would make sense because Tranche2 includes Tranche3, should be renamed Tranche2/3. Granted, however, it seems a major departure from established procedure for a loan to be sufficiently close to drawdown that UW bids are being called in, and yet so far away from drawdown that it does not yet appear in the upcoming loans section. Does this mean AC are abandoning the upcoming loans section, with the intention of giving retail investors zero notice of a new loan going forwards?
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 13, 2015 13:28:40 GMT
I really hate to say I told you so, but............................  |
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sqh
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Post by sqh on Jan 13, 2015 13:37:13 GMT
If UW have both better economics and better info than us retail types then that's building an asymmetry that doesn't makes me want to invest more with AC ... Of course that is almost irrelevant since with their new system I just don't see how I will ever access a decent chunk of any new loans without holding a vast amount of cash in the MLIA. It doesn't help the deal flow has seemingly fallen to almost zero. Underwriters have always had more information. They have to decide whether to support a loan or not. Look at it as a vetting procedure, where potential issues get resolved before the retail investors get their paws on them. They are your friend not your enemy.
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bugs4me
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Post by bugs4me on Jan 13, 2015 14:13:21 GMT
Tonyr has UW access which gives more information. South Coast P* & M* S* Tranche 4 would make sense because Tranche2 includes Tranche3, should be renamed Tranche2/3. Granted, however, it seems a major departure from established procedure for a loan to be sufficiently close to drawdown that UW bids are being called in, and yet so far away from drawdown that it does not yet appear in the upcoming loans section. Does this mean AC are abandoning the upcoming loans section, with the intention of giving retail investors zero notice of a new loan going forwards? It does appear to be heading in that direction. In the upcoming loans under the drawdown tab the information tends to read '4-6 weeks after close of auction' with little indication when the close will be. So you either need to set your target investment to whatever not of course knowing when the units will become available (if at all) or simply take your chances on the AM. The days of getting involved before the loan goes live are IMO over for retail investors. AC have managed to sort out the drawdown delays and all the associated queries that went with it and investors are now in the dark. So it's become more of a passive lending/investing scenario. No doubt a quieter life for AC but less 'fun' for the retail lenders.
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