j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jun 5, 2014 11:50:24 GMT
Looks like we may have another Brummie Bridge. Now you're really talking draw down nightmare territory there!
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mikeb
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Post by mikeb on Jun 5, 2014 17:22:44 GMT
Funds released with 2.5%pa paid as stated, by AC. I think you mean "2.5%pa to be paid at some point in the future". There's quite a few of these "cashbacks" floating around that seem to need manual calculation and manual application, but it's not happening. It's all very well agreeing these extras to compensate lenders for the delays, but who compensates for the delay on the compensation? 
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Post by Ton ⓉⓞⓃ on Jun 5, 2014 18:13:05 GMT
I didn't get the Weston email, I'll have to see why.
But I see from Weston's Overview page that everyone's position is changed to a Shadow bid. Is that correct? Are they giving everyone a Shadow Account who was/is in that loan?
Once upon a time it was called the Gold Club and only a select few could join now-a-days they're letting anyone in...
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Post by batchoy on Jun 5, 2014 18:21:37 GMT
I didn't get the Weston email, I'll have to see why. But I see from Weston's Overview page that everyone's position is changed to a Shadow bid. Is that correct? Are they giving everyone a Shadow Account who was/is in that loan? Once upon a time it was called the Gold Club and only a select few could join now-a-days they're letting anyone in... I think they have got their own terminology a bit mixed up as it has gone back to preview and all bids have been reverted to prebids which can be deleted rather than shadow bids which you can't. I've pulled my prebids as just like the Brummie Bridge I can't see this one happening anymore, my gut feeling is that just like the Brummie Bridge we were being used as a contingency which the borrower had no intention of using unless things went wrong.
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oldgrumpy
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Post by oldgrumpy on Jun 5, 2014 18:23:28 GMT
paul123 "But Aber****** **tel been knocking about for about as long hasn't it? Will that be converting accepted bids to pre bids tomorrow?"
Unlikely. Aber's already on its second round (round one was in October/November 2013), and while HMRC messes everybody about Mr F is still paying 3% to keep the loan available.
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oldgrumpy
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Post by oldgrumpy on Jun 6, 2014 16:29:55 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 NOW: L*nd*n Ret*** .......... drawdown delayed until next week (HSBC again!) and Scots Wind will also now be slipping to undisclosed time next week ''' maybe. As Cactusroger says on Q&A, "YER GOTTA LARFF AINCHA!!"  Ah! There is a reply already on that one - I think I recognise the "speech patterns" ... it only goes to show that AC really cannot predict drawdown dates when so many outside agencies do their utmost to "justify their fees" by continuously wanting more "clarification". Therefore we should not keep demanding drawdown date predictions; updates can be given on progress (or lack of it) but drawdown forecasts should only be made when 99% certainty exists. (Who chucked out my grumpy pills?) Let's all be nice to Andrew for what AC does achieve rather than what it doesn't.  
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Jun 6, 2014 18:42:50 GMT
Ah! There is a reply already on that one - I think I recognise the "speech patterns" ... it only goes to show that AC really cannot predict drawdown dates when so many outside agencies do their utmost to "justify their fees" by continuously wanting more "clarification". Therefore we should not keep demanding drawdown date predictions; updates can be given on progress (or lack of it) but drawdown forecasts should only be made when 99% certainty exists. (Who chucked out my grumpy pills?) Let's all be nice to Andrew for what AC does achieve rather than what it doesn't. The only problem with all this (and I'm not placing blame on AC) is that one will be pushed to rely on their shadow bids, as little as that would stretch, which means AC being more reliant on underwriters, which pushes margins down for us & them. A vicious circle.
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Post by Ton ⓉⓞⓃ on Jun 6, 2014 18:57:53 GMT
<banana> Let's all be nice to Andrew for what AC does achieve rather than what it doesn't. The only problem with all this (and I'm not placing blame on AC) is that one will be pushed to rely on their shadow bids, as little as that would stretch, which means AC being more reliant on underwriters, which pushes margins down for us & them. A vicious circle. I suppose what you're saying is that growing is painful and expensive (for AC). AC have set this target so either they have the funds to 'burn' or they'll still be in profit or break even. I'm grateful that they are growing it gives me more variety of loans to spread into. I try to consider the other party in this business but they aren't really saying anything about this as a problem, I'm gonna have to assume they're happy, non-the-less it's in the back of my mind and I think you're right to raise it. IN EDIT Also I do seem to have bid more money than I really have, I'm assuming it's going to be drawn late by which time I'm going to have the money...
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Post by cyrilmadrid on Jun 6, 2014 22:10:31 GMT
Another week without a drawdown for me (out of 8 loans), and my money returned on W* S* M* after 2 months of waiting (for a 6 months loan; and the 2.5 % pa rate paid on 1 month will not change much).
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Post by Ton ⓉⓞⓃ on Jun 7, 2014 22:46:32 GMT
7th Update PREVIOUS UPDATEAuc. No &
Date
| Name | Entry date | Old Drawdown Date
From last time | Entry Date
| Newest Info Summary & Drawdown date | 96
7/6
| Manc Comercial
Prop Loan
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| New Loan
| 6/6
| 'Drawdown expected before the end of June.' | 95
6/6
| London Law
Tranche III
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| New Loan
| 6/6 | 'Drawdown expected by the end of June.' | 93
31/5
| Aberdeen Wind | 22/5 | Exp Last week in June |
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| 94
28/5
| South Manc
Tranche II
| 27/5 | Exp 11/6 |
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| 92
17/5
| Liverpool Loan | 30/5
| Old Exp. was w/c 9/6 |
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| 90
16/5
| Scots Wind
| 30/5 | Planned for 4/6 but may slip a day or so | 6/6 | 'Although drawdown was scheduled to happen this week a last minute hold up with the legal paperwork has delayed this. Given we are not happy to release lender funds until all security is correctly in place drawdown is now delayed until next week.' Exp w/c 9/6 | 89
30/4
| Staffy Prop
| 30/5 | Latest should be w/c9/6 |
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| 87
30/4
| London retail
| 30/5 | Exp on 2nd or 3rd June | 6/6 | 'Unfortunately, the **** Legal Team continue to frustrate efforts to draw this loan down. They have picked up what they feel is a potential issue in the paperwork. Our lawyers are working with them to remedy this but drawdown will now not occur until next week.' Exp w/c 9/6 | 88
30/4
| Redruth Dev
| 30/5 | Drawdown hoped for w/c 09/06/2014 |
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| 86
12/4
| Scots Prop
| 30/5 | Exp w/c 9/6
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79 Aber 30/5 Earliest Exp w/c9/6
17/3
Lots of spaces this time, i.e. no new info (last update still applies). Given that many of these auctions were in April it's only the newest loans that aren't expected to be drawn this coming week.
I've used Red Dates when it's not a w/c.
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,
Normally I say it's all very up to date info, this time it isn't. The reason might be that Andrew's been away or many of the loans will now get drawn and therefore no need for update as it's completely accurate...
IN EDIT I've also added the auction end date in the auction number column
NEXT UPDATE
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Post by oldnick on Jun 8, 2014 6:23:49 GMT
In appreciation of the work in summarizing this info for everyones benefit, and in place of posts like this each time, can I suggest that we all 'like' the table each time it appears. ( uncletone gets a free pass cos he don't like yoofspeak, OK?) |
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Post by uncletone on Jun 8, 2014 8:33:58 GMT
I can be hip and with it, man. Got down with all the modern lingo, even those abbreviations people have invented, like TTFN for "See you later alligator".
It's mainly the obsession with TwitFace I have a problem with with which I have a problem.
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blender
Member of DD Central
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Post by blender on Jun 8, 2014 10:31:12 GMT
I can be hip and with it, man. Got down with all the modern lingo, even those abbreviations people have invented, like TTFN for "See you later alligator". It's mainly the obsession with TwitFace I have a problem with with which I have a problem. You don't fool me uncletone. I think you're really a square.
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Post by Ton ⓉⓞⓃ on Jun 8, 2014 10:50:44 GMT
Thanks for the 'Likes' everyone. I see chris 'likes' it so maybe it's gonna be incorporated into the next AC site upgrade! These updates all LINK together now. batchoy yes I'll put auction end dates in aswell next time assuming these don't all get drawn, actually I'll do it right now; I'll put it just below the name of each auction. The Staffy Loan is coming upto it's deadline set by the Receiver so it really has be drawn this week (or possibly next?) unless the Receiver changes his mind. |
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Post by Ton ⓉⓞⓃ on Jun 9, 2014 14:37:15 GMT
London Retail has been drawn, £461,735 is now on the AM
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