spockie
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Post by spockie on May 27, 2014 7:09:43 GMT
I think they said end of May earliest for cashback.
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j
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Penguins are very misunderstood!
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Post by j on May 27, 2014 7:39:06 GMT
I think they said end of May earliest for cashback. Thanks. I just couldn't remember the time frames 
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Post by Ton ⓉⓞⓃ on May 27, 2014 11:50:05 GMT
Ah, well, that can only happen once a qualifying loan is drawdown....which takes us to a different topic.... The odd one has drawn down, K**t for example, but I don't recall seeing any cash back paid I think I accidentally started the conversation on Cash Back. As I was quoting how AC said they were going to compensate Lenders for delay on Weston S.M. Dev. It's four weeks of cashback equivalent to 2.5%. The Auction closed on the 4th April, when the Cashback deal was on, it makes no mention of this tho'. But there seems to be a semantics Q in the Q&A about this that might be a tax Q in disguise. The cashback is uptil this Wednesday when the loan is expected to be drawn ie 28th. The only other loan where I'm now expecting compensation is the Aber... one here AC simply say it will be at a rate of 3% pa from 4 weeks after the auction til it's drawn. With the April Birthday Cashback as spockie and you say j the loans have to draw down to qualify, and AC said the earliest payout would be the end of May. I'm also fairly sure they said it would be one payment, so to my mind we have to wait til all April +1 loans go and fly before they can work out what to pay.
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acorn
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Post by acorn on May 29, 2014 14:44:45 GMT
I don't suppose there is any feedback on whether the necessary consent has been given on Cov. S. O.? Looks like it's going to be pushed back yet again...
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Post by Ton ⓉⓞⓃ on May 29, 2014 18:18:46 GMT
I don't suppose there is any feedback on whether the necessary consent has been given on Cov. S. O.? Looks like it's going to be pushed back yet again... There's normally a 'general' update on Fridays, though it did happened once on a Wednesday, from memory, but lets hope it draws down and there's no need of an update. Talking about updates Weston S.M. Dev has a partial update on future compensation. Partial in that we know what AC are asking the Developer for, AC are looking for a serious increased rate from the present 2.5%pa to something closer to the actual loan rate to keep the loan open. I wonder if the Dev is delaying as much as possible hoping that the house price increase wave hits him before he finishes the development rather than after.
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oldgrumpy
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Post by oldgrumpy on May 29, 2014 22:51:56 GMT
My London handbag man shadow has been called in.
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Post by cyrilmadrid on May 30, 2014 5:44:41 GMT
That's about time  Thanks for letting us know. I thought it would be another week without a DD |
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mikes1531
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Post by mikes1531 on May 30, 2014 8:31:31 GMT
I wonder if the Dev is delaying as much as possible hoping that the house price increase wave hits him before he finishes the development rather than after. Any developer has a big incentive to not draw down the loan until the last possible moment.
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oldgrumpy
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Post by oldgrumpy on May 30, 2014 8:38:42 GMT
That's about time Thanks for letting us know. I thought it would be another week without a DD Don't hold your breath!! Coventry shadbids were called in ten days ago, yet nothing has happened. 
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Post by batchoy on May 30, 2014 12:45:22 GMT
That's about time Thanks for letting us know. I thought it would be another week without a DD Don't hold your breath!! Coventry shadbids were called in ten days ago, yet nothing has happened. Well it has been drawn down now, we just need the rest to follow suit. Edit: Just noticed the Herts Bridge has been pulled.
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Post by cyrilmadrid on May 31, 2014 7:45:45 GMT
West* Sup* is really disappointing... 2 months of waiting for a 6 months loan (which may not even happen in the end) really changes the financials. And 2.5 % pa paid on 1 month won't change that very much...
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oldgrumpy
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Post by oldgrumpy on May 31, 2014 9:19:22 GMT
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Post by Ton ⓉⓞⓃ on May 31, 2014 9:38:36 GMT
Is there a hint of "smirk" in the comment I notice on one of AC's updates?  "Drawdown planned for --/--/2014 although a day or so slippage may occur."
SLIPPAGE? BAN BANANAS IN THE AC OFFICES, I SAY. Not enough care taken with the skins!
(Actual date disguised so no one can ID or find it!)
I wish there was a 'really like' button IN ED. I'd love it if you made that into Question & put it into the Q&A of a loan, AC might ban you and not the bananas.
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Post by Ton ⓉⓞⓃ on May 31, 2014 9:50:29 GMT
West* Sup* is really disappointing... 2 months of waiting for a 6 months loan (which may not even happen in the end) really changes the financials. And 2.5 % pa paid on 1 month won't change that very much... But with W.S.M. Dev. we know that AC is now asking for more than that. 2.5% is for one month, but we don't know what this months compensation is going to be, AC is saying close to the true rate, I imagine the borrower will go for the compensation.
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Post by cyrilmadrid on May 31, 2014 15:25:53 GMT
We were supposed to have an update yesterday on whether the borrower accepted that or not. Why would they pay for waiting the same as for drawing the loan. I am afraid that after more than 2 months, they will drop it. Almost like having a free (or 2.5 % pa /2 since they pay it on 1 month out of 2) line of credit.
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Thanks for letting us know. I thought it would be another week without a DD 
