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Post by Ton ⓉⓞⓃ on May 31, 2014 15:55:21 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. As far as I can work out they've paid, or agreed to pay, the 2.5% so I think that show good bonifides and they will take up the loan (I hope). I suppose they only want to draw it when they have to; such as the workers pay day or a big bill comes in. As mikes1531 says in a market where house prices are going to rise you don't want to be selling just before it does. Perhaps they only have a handful of people working on site, and when they draw it they'll get a full gang in. AC's tactic is to gradually take away the free line of credit, first free, then 2.5%, then 90% of the yield of the loan(?). As to yesterdays update it's 'bananas' again I feel. To quote OG
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Post by Ton ⓉⓞⓃ on May 31, 2014 22:29:33 GMT
6th Update LINK TO PREVIOUS UPDATEAuc.
No.
| Name | Entry
Date
| Old Drawdown Date
From last time
| Entry
Date
| New Info Summary & Drawdown date
| | 93 | Aberdeen Wind
|
| new loan
| 22/5
| 'Given knowledge gained from previous wind turbine deals it is hoped that drawdown will be quicker than previously and is aimed for during June.' Exp Last week in June
| | 94 | South Manc
|
| new loan
| 27/5
| 'Drawdown will be in line with loan expiry of the existing loan.' I.E. Exp 11/6
| | 92 | Liverpool Loan
| 15/5 | Exp. w/c9/6
| 30/5
| 'Legal documentation is with borrowers solicitor to satisfy pre-drawdown conditions. We currently have no update on drawdown date but will be able to firm up on this as solicitor responds to queries' I.E. Old Exp. was w/c 9/6
| | 90 | Scots Wind
| 23/5 | Slip to w/c2/6
| 30/5
| 'All parties are currently still aiming for drawdown next week which, barring any last minute hitches, should be achievable.' Planned for 4/6 but may slip a day or so
| | 89 | Staffy Prop
| 23/5 | Hope w/c26/5
| 30/5
| 'We are still awaiting update as to full satisfaction of pre-drawdown conditions although ******* set a deadline of mid June for drawdown so this needs to happen by 14/06/2014.' I.E. Latest should be w/c9/6
| | 87 | London Retail
| 23/5 | Exp. w/c26/5
| 30/5
| 'Deed of Priority was held up by HSBC but this is now in place with drawdown expected early next week.' I.E. Exp on 2nd or 3rd June
| | 88 | Redruth Dev
| 23/5 | Hoping w/c26/5
| 30/5
| 'Legal documents are with borrowers solicitor in order to satisfy pre drawdown conditions. Given timescales to date we feel it will be safer to project a drawdown earliest w/c 09/06/2014. Given auction closure on 30/04/2014 then if we start to get much past that date then we will be looking for cashback for lenders.'
| | 86 | Scots Prop
| 23/5
| Hoping w/c26/5
| 30/5
| 'Legal due diligence is progressing quicker than previously now with drawdown now pencilled in for w/c 09/06/14.'
| | 80 | Weston SM Dev
| 23/5 | Exp. 28/5. 2.5% cashback
| 29/5
| 'Our view to the borrower last week was that in order to keep the offer open the cost would significantly increase from the previous 2.5% p/a. This hasn't changed and if the deal is to remain open then that will be the case.' Awaiting update on this.
| | 79 | Aber... Loan
| 23/5 | Exp. earliest w/c2/6.
| 30/5
| Mtg has taken place but HMRC have many questions which are now in the process of being answered by Borrower. 'HMRC seem not to understand where loan funds are coming from and this is also being explained.' '**** HMRC to date it is now likely that drawdown will slip to earliest w/c 09/06'
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I've tried to use a red date when it's not a w/c date to highlight it Often there are apologies and thanks for our continued patience in the usual suspects overview which I accept. I've used 'quote Marks' where I'm directly quoting hope AC don't mind. The **** in Aber is me Moding don't worry it's not a swear word. (Similarly in Staffy loan) Coventry Office (82) has been drawn. Herts Loan died as we all know. If I've made any mistakes just tell me and I'll edit the above. Try not to quote the whole of the above with the error as it just gets confusing as to where to look. Sometimes there's new info in the Q&A but this time there was nothing useful. Exp. is short for expected Entry date is basically how old is the info, which is generally very up-to-date again. LINK TO NEXT UPDATE |
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star dust
Member of DD Central
Posts: 2,998
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Post by star dust on Jun 1, 2014 12:29:58 GMT
Thanks for this Ton, I find these updates very useful even though as a new investor in AC I'm not involved in that many bids. I am likely to avoid bids in the future as I don't have an infamous 'shadow' account, but its good to know when some units might possibly appear on the AM. I would have simply liked your post to show support, but this function has been withdrawn  .
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Post by Ton ⓉⓞⓃ on Jun 1, 2014 12:42:45 GMT
Thanks for this Ton, I find these updates very useful even though as a new investor in AC I'm not involved in that many bids. I am likely to avoid bids in the future as I don't have an infamous 'shadow' account, but its good to know when some units might possibly appear on the AM. I would have simply liked your post to show support, but this function has been withdrawn . IS that being discussed on the Grade of Membership thread?, I see we've also lost our Grades to, such as senior etc, but not 'new' if you're new here and not the reps of companies LINK HERE
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star dust
Member of DD Central
Posts: 2,998
Likes: 3,531
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Post by star dust on Jun 1, 2014 14:09:01 GMT
snip> ...IS that being discussed on the Grade of Membership thread?..... Yup, and I see you've commented already. Anyone know how to construct a poll? It seems the like 'like's are the most vociferous at the moment!
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Post by cyrilmadrid on Jun 5, 2014 5:21:29 GMT
A bit desparating... Weston, we were supposed to have an update 'tomorrow' (for May 30th)... London Ret*, after a long delay was expected early this week...
Another week without any drawdown for me (and waiting for 7 of them) ?
And we cannot say the pipeline for loan compensates for that.
Is this losing stamina ? Hope not !
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oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
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Post by oldgrumpy on Jun 5, 2014 7:41:51 GMT
A bit desparating... Weston, we were supposed to have an update 'tomorrow' (for May 30th)... London Ret*, after a long delay was expected early this week... Another week without any drawdown for me (and waiting for 7 of them) ? And we cannot say the pipeline for loan compensates for that. Is this losing stamina ? Hope not ! L*nd*n Ret*** Shadow bids called in 29 May. *Dear lender, Our legal counsel has indicated that draw down is to take place tomorrow. Please take this email as notice to settle your shadow-bid(s). Regards,... That was a week ago!!! Even AC's one day forecasts are totally unreliable !
PS but....and Scots Wind (ahem!) has (already) slipped a day ..... so they got that right....so
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mike
Member of DD Central
Posts: 187
Likes: 121
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Post by mike on Jun 5, 2014 8:51:46 GMT
When pretty much 100% of your commitments are late the only reasonable conclusion to draw is that the process is completely broken. I like a lot about AC, have been building up my position and would like to increase it substantially during the year but am having second thoughts and might have to look elsewhere. This inability to meet commitments plus the lack of investment opportunities has to be a major threat to the ongoing success of AC. Some evidence that it will be fixed would be much appreciated.
Mike
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Post by batchoy on Jun 5, 2014 9:22:58 GMT
Auc.
No.
| Name | Auction
End
| Entry
Date
| Old Drawdown Date
From last time
| Entry
Date
| New Info Summary & Drawdown date
| | 93 | Aberdeen Wind
| 31/5
|
| new loan
| 22/5
| 'Given knowledge gained from previous wind turbine deals it is hoped that drawdown will be quicker than previously and is aimed for during June.' Exp Last week in June
| | 94 | South Manc
| 28/5
|
| new loan
| 27/5
| 'Drawdown will be in line with loan expiry of the existing loan.' I.E. Exp 11/6
| | 92 | Liverpool Loan
| 17/5
| 15/5 | Exp. w/c9/6
| 30/5
| 'Legal documentation is with borrowers solicitor to satisfy pre-drawdown conditions. We currently have no update on drawdown date but will be able to firm up on this as solicitor responds to queries' I.E. Old Exp. was w/c 9/6
| | 90 | Scots Wind
| 16/5
| 23/5 | Slip to w/c2/6
| 30/5
| 'All parties are currently still aiming for drawdown next week which, barring any last minute hitches, should be achievable.' Planned for 4/6 but may slip a day or so
| | 89 | Staffy Prop
| 30/4
| 23/5 | Hope w/c26/5
| 30/5
| 'We are still awaiting update as to full satisfaction of pre-drawdown conditions although ******* set a deadline of mid June for drawdown so this needs to happen by 14/06/2014.' I.E. Latest should be w/c9/6
| | 87 | London Retail
| 30/4
| 23/5 | Exp. w/c26/5
| 30/5
| 'Deed of Priority was held up by HSBC but this is now in place with drawdown expected early next week.' I.E. Exp on 2nd or 3rd June
| | 88 | Redruth Dev
| 30/4
| 23/5 | Hoping w/c26/5
| 30/5
| 'Legal documents are with borrowers solicitor in order to satisfy pre drawdown conditions. Given timescales to date we feel it will be safer to project a drawdown earliest w/c 09/06/2014. Given auction closure on 30/04/2014 then if we start to get much past that date then we will be looking for cashback for lenders.'
| | 86 | Scots Prop
| 12/4
| 23/5
| Hoping w/c26/5
| 30/5
| 'Legal due diligence is progressing quicker than previously now with drawdown now pencilled in for w/c 09/06/14.'
| | 80 | Weston SM Dev
| 4/4
| 23/5 | Exp. 28/5. 2.5% cashback
| 29/5
| 'Our view to the borrower last week was that in order to keep the offer open the cost would significantly increase from the previous 2.5% p/a. This hasn't changed and if the deal is to remain open then that will be the case.' Awaiting update on this.
| | 79 | Aber... Loan
| 17/3
| 23/5 | Exp. earliest w/c2/6.
| 30/5
| Mtg has taken place but HMRC have many questions which are now in the process of being answered by Borrower. 'HMRC seem not to understand where loan funds are coming from and this is also being explained.' '**** HMRC to date it is now likely that drawdown will slip to earliest w/c 09/06'
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I've tried to use a red date when it's not a w/c date to highlight it Often there are apologies and thanks for our continued patience in the usual suspects overview which I accept. I've used 'quote Marks' where I'm directly quoting hope AC don't mind. The **** in Aber is me Moding don't worry it's not a swear word. (Similarly in Staffy loan) Coventry Office (82) has been drawn. Herts Loan died as we all know. If I've made any mistakes just tell me and I'll edit the above. Try not to quote the whole of the above with the error as it just gets confusing as to where to look. Sometimes there's new info in the Q&A but this time there was nothing useful. Exp. is short for expected Entry date is basically how old is the info, which is generally very up-to-date again. A slight tweak to Ton ⓉⓞⓃ's table, namely a column showing when the auctions actually ended just to highlight how long some of these loans are taking to draw down
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Jun 5, 2014 10:26:06 GMT
AC are going through a very rough patch at the moment, both in terms of draw down times & providing fresh loans. I think my sentiments echo the majority of fellow members that everyone is getting very frustrated now (a backhand compliment to AC as it means we all care how the platform progresses & performs). I'll monitor the situation & if the status quo is still the same a number of weeks from now, I think AC might lose some of its most probably older members, especially with some smaller platforms having a not too bad stream of new loans & a decent level of asset security to back their loans, not just a PG. I won't sell out & will keep my toes dipped in AC but may consider a big shift on where to invest free funds & interest money (a situation I hope never arises & will hope AC come through with their promises)
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Jun 5, 2014 10:34:34 GMT
Formal update to bidders on West** Super DL due this morning, followed by update on website. Ominous!  |
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Jun 5, 2014 10:51:45 GMT
Formal update to bidders on West** Super DL due this morning, followed by update on website. Ominous! Ominous indeed! Is this another that will bite the dust? PS I was going to add I'll use any released funds in AM, but there are none on there either 
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Jun 5, 2014 11:07:08 GMT
Yep.
West** has been pulled and sent back to pre-auction status. Funds released with 2.5%pa paid as stated, by AC. Borrower and his solicitor causing the delay. Now that AC have released all funds, they should dump this borrower IMHO, but that would mean losing a lot of revenue for work already done. Let the borrower suffer! However, maybe the new auction will only occur when ALL legals have been dealt with, then the borrower can wait until we refund it .... at a higher rate.
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Post by jevans4949 on Jun 5, 2014 11:23:51 GMT
I was wondering about the point of a 6 month loan which had been delayed for 3 months! It always seemed to me to be a bit of a contingency thing (for the borrower) from the start, so may well now never happen.
I doubt that the borrower has been sitting on his backside all this time, and has probably just progressed the project at a slower pace.
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Post by batchoy on Jun 5, 2014 11:30:52 GMT
Yep. West** has been pulled and sent back to pre-auction status. Funds released with 2.5%pa paid as stated, by AC. Borrower and his solicitor causing the delay. Now that AC have released all funds, they should dump this borrower IMHO, but that would mean losing a lot of revenue for work already done. Let the borrower suffer! However, maybe the new auction will only occur when ALL legals have been dealt with, then the borrower can wait until we refund it .... at a higher rate. Looks like we may have another Brummie Bridge. Still with this one being pulled and the Herts bridge being dropped I now don't have to transfer any funds to cover my shadow bids, however with the lack of new loans and with a number of loans due to be paid back this month it looks like I may well be testing system for withdrawing funds.
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