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Post by andrewholgate on Jul 3, 2014 10:50:10 GMT
All the plantains we have been eating.  |
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Post by andrewholgate on Jul 3, 2014 10:50:46 GMT
Joking aside, do you feel it is getting better?
A
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oldgrumpy
Member of DD Central
Posts: 5,087 
Likes: 3,233
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Post by oldgrumpy on Jul 3, 2014 10:50:59 GMT
AAAAAAAAAAAAHHH!! Plantain!! One of the four causes of my hay fever!!!  Better? This one is. I tend to fume less these days now that shadow facilities are provided. I am trying to make my shadow even bigger!  Aaahh! Just listened to a splendid Nielsen 3!! Nearly in a good mood!  |
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mike
Member of DD Central
Posts: 187
Likes: 121
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Post by mike on Jul 3, 2014 11:51:02 GMT
Is it getting better? andrewholgate. Since I joined I've bid on the following loans with the outcome as detailed. Loan Status Elasped time
R****** Development Loan Cancelled 6 weeks H************ Bridging Loan Cancelled 4 weeks L******* E******** Contractor Awaiting drawdown 6 weeks S***** M********* Bridging Loan Drawndown 2 weeks L***** L** F*** Drawndown 4 weeks M********* C********* P******* Drawndown 4 weeks So after my first bid two months ago half of my cash is earning interest. Draw your own conclusions. Mike PS: get the L******** one sorted, it's overdue! |
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Post by andrewholgate on Jul 3, 2014 12:14:24 GMT
ok. Good feedback
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Post by whitmanthecat on Jul 3, 2014 12:39:25 GMT
On the other hand, Auction 104, Mi****** Tr*** Fi***** Pr****** shadow bids have been called in already, yet the auction hasn't even finished. (Though being underwrittem, I can see the auction finishing early).
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Post by Jack Barlow on Jul 3, 2014 12:53:19 GMT
PS: get the L******** one sorted, it's overdue! Q&As - borrower has promised payment tomorrow (Friday)
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Post by Ton ⓉⓞⓃ on Jul 4, 2014 22:56:54 GMT
11th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date
| Old Drawdown date & Info
| New Entry Date
| Newest Info Summary &
Exp Drawdown | 101
4/7
| West Lancashire
Care Home Loan | 19/6
| 'Drawdown expected in the next 4 - 6 weeks.'
| 3/7 | 'All parties are working towards drawdown on 10/07/2014 although there is the possibility that this may slip by a day or two.' | 100
30/6
| London Software Business Loan |
| New Loan
| 16/6 | 'Drawdown expected within 4-6 weeks.' | 99
30/6
| South Coast Plumbing & Mechanical Services | 20/6 | 'Drawdown expected within 4 - 6 weeks.' | 3/7 | 'Drawdown now expected early w/c 07/07/2014.' Shadow bid called in on the 3/7
| 97
24/6
| West Midlands
Export Business | 10/6
| 'Drawdown expected within 4 weeks of auction closure.'
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| 93
31/5
| Aberdeenshire Wind Turbine | 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.' | 3/7
also in Q&A on 1/7
| 'Drawdown now expected early w/c 07/07/2014.' In Q&A it says 'We are speaking with the borrower's lawyers to ascertain an accurate projection of drawdown however we are hopeful that difficulties encountered in the last Scottish Wind Turbine will not re-occur.'
| 92
17/5
| Liverpool Electrical Contractor Business Loan | 26/6 in Q&A
| 'We requested an urgent update from the borrower's lawyers on 25th June as to where they are up to with satisfying the pre-drawdown conditions and will update lenders when this is received.' | 3/7 | 'Borrower has been given a deadline to drawdown of 11/07/2014.' A discussion is raging in Q&A!
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The last three loans are the only ones that were in the previous summary, the first three listed are newly closed auctions. I'm using a RED DATE when a specific date for Drawing is given & a BLUE DATE when it's a w/c I'm using this only in the Newest info box. One of the reasons I do this summary is so I know how much money I need to have ready for shadow bids. Of course the shadow bid has already been called in for Loan104 Midlands Trade Finance T1, before the auction has even closed! (along with Loan 99's shadow bid as mentioned in the table above) I hope to be going out Saturday, so if I've made any mistakes do post and tell me, but I'll only be able to update the above on Sunday. NEXT UPDATE |
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Jul 11, 2014 2:42:57 GMT
Inasmuch as there are no entries in the above table for auctions that closed before mid-May...
Does this mean that the April Cashback payments can be made now?
Or do the auctions that should have qualified for cashback but have been put back to pre-bid status have to be resolved before the cashback can be paid?
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Post by Ton ⓉⓞⓃ on Jul 13, 2014 17:47:40 GMT
12th Update PREVIOUS UPDATEAuc. No
& Date | Name | Old Entry Date | Old Drawdown date & Info | New Entry Date | Newest Info Summary &
Exp Drawdown | 106
11/7
| Swansea Wind Turbine |
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| 105
11/7
| East Midlands Property Investment Loan | 24/6 | 'Drawdown expected within 4-6 weeks.' So Exp is from w/c4/8 to w/c18/8
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| 101
4/7
| West Lancashire Care Home Loan | 3/7 | 'All parties are working towards drawdown on 10/07/2014 although there is the possibility that this may slip by a day or two.' |
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| 100
30/6
| London Software Business Loan | 16/6 | 'Drawdown expected within 4-6 weeks.'so Exp is from w/c28/7 to w/c11/8
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| 97
24/6
| West Midlands
Export Business | 10/6 | 'Drawdown expected within 4 weeks of auction closure.' so Exp is before 22/7
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| 93
31/5
| Aberdeenshire Wind Turbine | 3/7
also in Q&A on 1/7 | 'Drawdown now expected early w/c 07/07/2014.' In Q&A it says 'We are speaking with the borrower's lawyers to ascertain an accurate projection of drawdown however we are hopeful that difficulties encountered in the last Scottish Wind Turbine will not re-occur.' | 11/7 | 'We have been chasing the borrower's solicitor for the last conditions precedent today and these are still awaited. Completion is close but we now expect this to fall into the early part of next week.' ie Exp w/c 14/7
| 92
17/5
| Liverpool Electrical Contractor Business Loan | 3/7 | 'Borrower has been given a deadline to drawdown of 11/07/2014.' A discussion is raging in Q&A! | 11/7 | 'We still await consent from the first chargeholder to register our second charge - borrower's solicitor is pressing hard from that.
In order to keep the offer of funding open we have informed the borrower and he has agreed that the following will be payable on drawdown:
- 4% per annum equivalent to cover the last 4 weeks (i.e. weeks 4 - 8 after auction).
- 8% per annum equivalent to cover each subsequent week moving forwards.
The sums due will be deducted from the gross loan on drawdown and credited to lenders accounts shortly thereafter.
In the meantime we are hopeful of achieving a drawdown next week but will update lenders further in the early part of the week when we have received further communication from the borrower's solicitor.' |
With Swansea Wind there is no info on drawdown. Where AC have said 'drawdown is 4 to 6 weeks time', I've taken the start date as the auction close and counted that as week zero to get my dates for Exp (expected) drawdown. No RED DATES (unless you count Loan no.101), but I've highlighted some dates and phrases in BLUE that suggest drawdown might happen in the next week or ten days, so that's loan 92, 93 & 97 that might be next week. West Lancashire Care Home Loan no.101 should've been drawn on the 10th so I'm now Exp (expecting) this to be early next week but no new info. NEXT UPDATE
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Post by Ton ⓉⓞⓃ on Jul 15, 2014 12:26:08 GMT
Email saying that 101 West Lancashire Care Home is imminent. Email came yesterday.
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Post by cyrilmadrid on Jul 15, 2014 16:55:45 GMT
Drawdown for West Lanc has now taken place.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Jul 15, 2014 17:22:48 GMT
Well when that draws down we can expect another £2.25mm on the already rather full AM. And, sure enough, we do -- £2.369M to be exact. Somewhere I had got the impression that AC require -- or at least request -- underwriters to release their units onto the Aftermarket in a measured way. Am I mis-remembering? The way things are, smaller lenders in this loan will find themselves locked in for some considerable time, as any lender offering up units on the Aftermarket would be very unlikely to sell their units while there are large numbers of underwriter units for sale as well. I certainly wouldn't consider buying units of this loan on the AM for this very reason. I would suggest that -- to counter this likely reaction from non-underwriters -- AC need to adopt a policy of prioritising non-underwriter units in the Aftermarket over underwriter units for sale. SS do that, and it makes it possible for non-underwriters to sell units in underwritten loans instead of finding themselves locked into their investment for a considerable time. A side effect of this policy would be that it would encourage more investments by smaller lenders lenders into large underwritten loans and lenders could diversify their portfolios more easily. In fact, I think I should go looking for the Suggestions thread and make a contribution.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Jul 15, 2014 17:42:40 GMT
However, the current indigestion in the AM is making me rethink buying it (or at least buying less of it). Frankly, what I buy I may very likely have to hold to maturity. That tends to make me want to buy less. I have similar thoughts. Just as the establishment of the Aftermarket and the abolition of selling fees have encouraged lenders to invest more, so will the current AM logjam make lenders pull in their purse-strings and invest less.
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Jul 15, 2014 18:04:22 GMT
I only buy into larger loans if I expect to hold until the end. Rapid access to funds via the AC aftermarket is unlikely to be rapid, in my view.
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