spockie
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Post by spockie on May 15, 2014 15:34:30 GMT
New 5 year loan at 12.5%
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Post by rudry2677 on May 15, 2014 16:52:39 GMT
How long before drawdown I wonder?
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j
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Post by j on May 15, 2014 17:43:00 GMT
How long before drawdown I wonder? Target date of mid-June but, bur experience says reality can be somewhat different. Let's be optimistic!
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on May 15, 2014 18:07:44 GMT
An afterthought but it looks like this one might be fully subscribed before it evens starts. Underwriting of £50k & pre-bids of some £30k already!
Seems decent enough but I would like more history on the bankruptcy/ccj & how the borrower allowed themselves to get into the position of being owed £55k in the first instance.
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Post by Ton ⓉⓞⓃ on May 15, 2014 18:28:10 GMT
An afterthought but it looks like this one might be fully subscribed before it evens starts. Underwriting of £50k & pre-bids of some £30k already! Seems decent enough but I would like more history on the bankruptcy/ccj & how the borrower allowed themselves to get into the position of being owed £55k in the first instance. If you go to page five of the credit report you can see the same sort of thing being done now that must've happened then to cause the business to fall over. He does work and makes payments and has costs which he then invoices for it (perhaps quarterly or in line with the contract), while carrying on more work for the same contract. He must've been promised it, told there were delays, problems with someone else not paying them. etc. etc. It's interesting that it took 55k to cause the problem then, but he's now awaiting for 75k without problem. I think this shows that there's more to it. IN EDIT Note to self Liverpool Elec.
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Post by Ton ⓉⓞⓃ on May 15, 2014 18:32:59 GMT
How long before drawdown I wonder? Target date of mid-June but, bur experience says reality can be somewhat different. Let's be optimistic! If he gets the HMRC refund quickly he might be tempted to delay this tranche of money until he's spent all that, less that 25k of course.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on May 15, 2014 18:34:32 GMT
An afterthought but it looks like this one might be fully subscribed before it evens starts. Underwriting of £50k & pre-bids of some £30k already! Seems decent enough but I would like more history on the bankruptcy/ccj & how the borrower allowed themselves to get into the position of being owed £55k in the first instance. If you go to page five of the credit report you can see the same sort of thing being done now that must've happened then to cause the business to fall over. He does work and makes payments and has costs which he then invoices for it (perhaps quarterly or in line with the contract), while carrying on more work for the same contract. He must've been promised it, told there were delays, problems with someone else not paying them. etc. etc. It's interesting that it took 55k to cause the problem then, but he's now awaiting for 75k without problem. I think this shows that there's more to it. I was thinking more along the lines of did he not see it coming but maybe he's more of an electrical engineer than a businessman. The report portrays him as having been both within his field for some years so it makes you wonder whether that particular debtor was a regular long-term customer who simply couldn't pay anymore, which I can understand & sympathise with or, whether it was a totally different story, in which case, I'd like more info.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on May 15, 2014 18:40:50 GMT
This is now filling quickly. Only ~£14k left to fully fund. Why can't we have lots more of these smaller loans AC? Market dynamics will be the answer I'm sure!
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andy2001
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Post by andy2001 on May 15, 2014 18:47:38 GMT
This is now filling quickly. Only ~£14k left to fully fund. Why can't we have lots more of these smaller loans AC? Market dynamics will be the answer I'm sure! If you take out the underwriting it's only 47.83% filled.
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Post by brummiefred on May 15, 2014 19:29:19 GMT
Whenever a builder (Main Contractor) fails financially then inevitably the sub-contractors are placed in a difficult position.
Payments are made, usually monthly, after a valuation of the works completed, and then paid less a retention, a further month later, by which time all
parties have invested at least two months of completed work together with any uninstalled material, which becomes the property
of the MC, and the Client/Customer. Not possible to stop work, even if one suspected problems, whilst under contract to complete the work by
a certain date.
With small margins and a history of failures, I would describe the life of a subbie as truly 'living on the edge', further complicated by the
'eggs in a basket' problem. One gets to know a MC who gets to enjoy the working relationship and offers more work, and so on..........
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Post by Ton ⓉⓞⓃ on May 15, 2014 20:04:49 GMT
Whenever a builder (Main Contractor) fails financially then inevitably the sub-contractors are placed in a difficult position. Payments are made, usually monthly, after a valuation of the works completed, and then paid less a retention, a further month later, by which time all parties have invested at least two months of completed work together with any uninstalled material, which becomes the property of the MC, and the Client/Customer. Not possible to stop work, even if one suspected problems, whilst under contract to complete the work by a certain date. With small margins and a history of failures, I would describe the life of a subbie as truly 'living on the edge', further complicated by the 'eggs in a basket' problem. One gets to know a MC who gets to enjoy the working relationship and offers more work, and so on.......... What do you make of the HMRC over payment of 76k. I wondered if it was for the previous co. It's such a big figure compared to the t/o. Is it a kind of protection that HMRC do in this sort of situation with a new/phoenix co?
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Post by jevans4949 on May 16, 2014 10:24:20 GMT
... It's interesting that it took 55k to cause the problem then, but he's now awaiting for 75k without problem. I think this shows that there's more to it. ... If he had 3-4 guys working on a contract for a major building, plus all the parts, billing quarterly or at the end of the contract, £55K is not an unreasonable sum. Then the bankers wanting their umbrella back ...
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on May 16, 2014 18:23:21 GMT
With only 6% left of underwriting to be taken out on this loan, it should close within 24-48hrs max, if that. I wonder when the next live loan will materialise, hopefully it won't be as long a wait as we've been having recently on AC.
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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 Jul 4, 2014 18:32:48 GMT
This one is dragging on. Having used my shadow bid limit at the time this opened, I bid with real funds, which have now been tied up for nearly 2 months. Judging by the Q&A on the loan page, a lot of other people are fed up too. I think AC should have given the option at the time (esp when some significant details emerged after auction close that borrowers didn't disclose) to withdraw bids if so wished. andrewholgate, any updates on this one or can we have funds back/bids cancelled?! |
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Post by cyrilmadrid on Jul 4, 2014 19:16:03 GMT
Getting my funds back after 2 months of 0 interest is not a satisfaction at all. The solution is more a remuneration after a relatively short period.
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