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Post by chielamangus on Mar 23, 2015 19:17:45 GMT
Hi I have only invested in the geia so far but am going to go for a upcoming new loan on the manual side small time,I get the impression you can pre bid for a share but have not got the remotest clue how to go about it and can't seem to find out information of how this works.any guidance would be gratefully recieved.must be getting adventurous in my old age, thanks I wouldn't mind some guidance too. And I ain't a newcomer! It seems you need some luck in guessing when a loan is going to draw down because one is never informed and only those hovering over their computers and/or mobile phones with internet for every working hour have an inkling of when the great event occurs. And even then you have to have the money ready in your manual investment account which is difficult when you don't know when the event is to occur. And, of course, you have to put in a target holding against the loan under Upcoming Loans. If you get these three things right, then you should pick up a share of the loan. The exception is for loans which are undersubscribed initially such as K*****m*****r, 21st ******, Travel J** etc where you avoid all the hassle and pick up what you want on the aftermarket. But one never knows in advance which ones will be undersubscribed ... Until AC announce a date BY EMAIL to every member, it will remain a lottery. Best of luck, mate!
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kermie
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Post by kermie on Mar 26, 2015 14:25:13 GMT
#164 St******dge completion loan now listed as "coming soon". 9 months at 10.5%.
Drawdown date not clear, but given its a refinance I'd hope it would be not too long.
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bugs4me
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Post by bugs4me on Mar 26, 2015 14:41:31 GMT
#164 St******dge completion loan now listed as "coming soon". 9 months at 10.5%. Drawdown date not clear, but given its a refinance I'd hope it would be not too long. From the Q&A section 10th March regarding the loan - this replaces #56 '....However, once this is funded we will look to ensure that all lenders are provided with 48 hours notice to drawdown to allow them to put targets in place for the loan so that when they receive repayment they will be able to buy units in the new loan from repayment of the old loan....'
Not sure if this is indicative that existing lenders in 56 will be given preferential treatment or whether a level playing field will prevail. Expect it will be the latter as the new amount is considerably higher than the old loan. All depends on the U/W requirements.
AC stated - 23rd March - '....The auction has not been fully funded as yet and as such has been extended until this Friday. Once it is fully funded it will be available for all lenders to view....'
So I assume the U/W's are not piling in (yet).
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Post by pepperpot on Mar 26, 2015 14:58:47 GMT
"Once it is fully funded it will be available for all lenders to view...."
Doesn't that mean it should now be fully funded, as it's now viewable?
Given the stage the development is up to, 10.5% doesn't seem too shabby (was hoping for 11%), but I'll probably roll over. Interest retained helps too.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 26, 2015 15:11:46 GMT
Loan #164 is for £567,000 and has an LTV of 47.25% calculated on the old GDV of £1.2m. The project is 80% complete, but the latest valuation is £585,740. That means the LTV should be 97%. Not much short-term security for 10.5%.
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kermie
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Post by kermie on Mar 26, 2015 16:12:21 GMT
Loan #164 is for £567,000 and has an LTV of 47.25% calculated on the old GDV of £1.2m. The project is 80% complete, but the latest valuation is £585,740. That means the LTV should be 97%. Not much short-term security for 10.5%. That's a little misleading. £585k does not include any uplift in value so far. I think I read that in the QnA or credit report somewhere.
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am
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Post by am on Mar 26, 2015 17:02:41 GMT
Loan #164 is for £567,000 and has an LTV of 47.25% calculated on the old GDV of £1.2m. The project is 80% complete, but the latest valuation is £585,740. That means the LTV should be 97%. Not much short-term security for 10.5%. Loan 56 was for £311,750. Loan 164 is for £567,000. Some of the difference will be attributable to increased borrowing costs due to the project overrun. But does anyone know why the requirement has increased so drastically?
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bugs4me
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Post by bugs4me on Mar 26, 2015 17:26:26 GMT
Loan #164 is for £567,000 and has an LTV of 47.25% calculated on the old GDV of £1.2m. The project is 80% complete, but the latest valuation is £585,740. That means the LTV should be 97%. Not much short-term security for 10.5%. Loan 56 was for £311,750. Loan 164 is for £567,000. Some of the difference will be attributable to increased borrowing costs due to the project overrun. But does anyone know why the requirement has increased so drastically? The only info is from the latest credit report - may be of help:- The Borrower owned the land and a development facility was granted by Assetz Capital in December 2013 in the sum of £311,750 as part of the overall development cost of £868,050. The Borrower’s contribution of £556,300 was to have been funded by the personal resources of Mr xxx, including the sale proceeds of a small development he was carrying out personally in Wxxx Bxxxxxxx. Unfortunately, in the early part of 2014, Mr xxx became seriously ill, resulting in an operation and recuperation, which took six months. As he was doing much of the development work himself, this meant that both the company’s Sxxxxxxxxxx development and the personal Wxxx Bxxxxxxx development were effectively mothballed mid-stage. The knock-on effect of this has been twofold. Firstly, the maturity date for the Assetz Capital facility of 2.2.2015 has passed, meaning that the loan is now in default and attracting default interest. Secondly, the personal resources available to Mr xxx do not include the sales proceeds of his Wxxx Bxxxxxxxx development, meaning that the original funding plan is now short.
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bugs4me
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Post by bugs4me on Mar 26, 2015 17:38:44 GMT
Loan #164 is for £567,000 and has an LTV of 47.25% calculated on the old GDV of £1.2m. The project is 80% complete, but the latest valuation is £585,740. That means the LTV should be 97%. Not much short-term security for 10.5%. I'm also struggling with this as presumably the GDV would include a respectable profit element assuming it gets to that stage. Also I presume (again) that the GDV would be achieved over a reasonable time scale sale period of anything up to 6 months. Whist the valuation must have increased somewhere since the original loan I cannot find to what extent the uplift in value has been. Whilst the owner is agreeable to the services of sub-contractors he is also going to be actively involved in I suppose doing more work himself. Hopefully his illness will not return but in the event that it did and sub contractors would be required 100% in order to complete the project, would this loan be sufficient to achieve the 1.2m GDV. Fence sitting time and pondering for me as there's too many gaps in this ATM.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Mar 26, 2015 19:23:31 GMT
Loan #164 is for £567,000 and has an LTV of 47.25% calculated on the old GDV of £1.2m. The project is 80% complete, but the latest valuation is £585,740. That means the LTV should be 97%. Not much short-term security for 10.5%. That's a little misleading. £585k does not include any uplift in value so far. I think I read that in the QnA or credit report somewhere. I'm sure there is some uplift, but this is not realizable at this stage. The CR security section states "Whilst the development is ongoing, the security is only worth the value of the work in progress, and even this does not reflect what a partially completed development would realise in a forced sale scenario. This highlights the need for the development to be completed in as short a time as possible."
The Work in Progess valuation is from 14th Jan 2015 and there is another valuation due early April. This will need to be significantly higher before I invest.
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mikes1531
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Post by mikes1531 on Mar 26, 2015 19:42:17 GMT
#164 St******dge completion loan now listed as "coming soon". 9 months at 10.5%. Drawdown date not clear, but given its a refinance I'd hope it would be not too long. In the 13/Mar update on the Overview tab of the original loan (#56) AC said... Since the loan has just appeared on the Upcoming Loans list, I take that to mean the auction has just finished and the four-week period has started. So repayment of the old loan and drawdown of the new loan should happen in the w/c 20/Apr.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Mar 26, 2015 20:20:00 GMT
#164 St******dge completion loan now listed as "coming soon". 9 months at 10.5%. Drawdown date not clear, but given its a refinance I'd hope it would be not too long. In the 13/Mar update on the Overview tab of the original loan (#56) AC said... Since the loan has just appeared on the Upcoming Loans list, I take that to mean the auction has just finished and the four-week period has started. So repayment of the old loan and drawdown of the new loan should happen in the w/c 20/Apr. Hmm, opportunity knocks 
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spockie
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Post by spockie on Mar 28, 2015 9:17:50 GMT
Is it my imagination or has Bangor Industrial Estate disappeared from upcoming loans?
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Post by Come_on_Grandad on Mar 28, 2015 9:27:16 GMT
Is it my imagination or has Bangor Industrial Estate disappeared from upcoming loans? It has the following update: "Drawdown Update 23rd Mar 2015 at 17:00 Given the unacceptable delays here the decision has been taken to revert this auction to preview and release all bids. We still feel that the loan will return and progress to drawdown but will not be relaunching the auction until definitive progress on legals has been received. A separate email will be sent to all those who had bids in this auction covering the pre-drawdown interest."
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Post by Ton ⓉⓞⓃ on Mar 31, 2015 12:32:30 GMT
Mildenhall Bridge#159 just been drawn, for the moment there is £111.8k on the (after)market.
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