agent69
Member of DD Central
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Post by agent69 on May 22, 2014 17:42:30 GMT
Drawdown status updated today.
Can't confirm date, as the borrower has gone on his hols. When he returns AC would like to talk to him about the fact he is a recently discharged bankrupt (which apparently wasn't relevant to disclose at the time of the auction).
Looks like if he agrees to a higher rate lenders will be given the option of taking the higher rate or having a refund. Think I will just have me money back now please!
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star dust
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Post by star dust on May 22, 2014 18:26:57 GMT
Think I will just have me money back now please! Agree entirely, why should investors have to wait. SS had a similar (although in my opinion less serious) situation with one of their bridging loans recently and lenders were given the option of getting their funds, together with interest and cash-back returned immediately. I am new to AC and pretty underwhelmed at the moment, I hope things improve soon.
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Post by Ton ⓉⓞⓃ on May 22, 2014 18:38:22 GMT
Drawdown status updated today. Can't confirm date, as the borrower has gone on his hols. When he returns AC would like to talk to him about the fact he is a recently discharged bankrupt (which apparently wasn't relevant to disclose at the time of the auction). Looks like if he agrees to a higher rate lenders will be given the option of taking the higher rate or having a refund. Think I will just have me money back now please! I can well understand your reticence, assuming a reasonable uplift I'm minded to stay. The point is the proposal is put together with the Borrower & Introducer they put down everything that's relevant, then AC checks everything and if they agree the loan can happen. This reflects badly on the Introducer but the Borrower will pay extra for the erm 'oversight'. All now depends on the uplift. It's the checking (searches) & legal charges that's delays drawdown. It's nice to know that it works. I imagine if the auction hadn't already have happened neither would've this loan...
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kermie
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Post by kermie on May 22, 2014 19:02:48 GMT
It's the checking (searches) & legal charges that's delays drawdown. It's nice to know that it works. Absolutely. I can understand that AC gets a bit of a bashing for the either the delays or general time taken for drawdown - but I'd rather everything was checked properly than corners were cut and fingers subsequently burnt. Reputation right now remains very important to AC as it grows. I'll wait to see what the uplifted rate is; I am not so concerned, given the LTV is reasonable, and security remains unchanged.
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andy2001
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Post by andy2001 on May 22, 2014 19:38:44 GMT
Hmmm. Does anyone have an example of where something surprising was found at the checking stage that *was* devastating enough to cancel the auction? Not saying that this one is, but I'd be reassured to know that AC would. When an auction gets cancelled it no longer shows on the site. There was a very early loan for a caravan park which had underwriting, that ended up having some sort of problem with the security, and the loan was cancelled.
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Post by Ton ⓉⓞⓃ on May 22, 2014 20:17:21 GMT
Hmmm. Does anyone have an example of where something surprising was found at the checking stage that *was* devastating enough to cancel the auction? Not saying that this one is, but I'd be reassured to know that AC would. When an auction gets cancelled it no longer shows on the site. There was a very early loan for a caravan park which had underwriting, that ended up having some sort of problem with the security, and the loan was cancelled. So are all 'missing numbers' in the completed list of loans ones that were stopped for one or other reason? I don't think there's a loan No.1 but there is a No2 etc... and there's no No.3 IN EDIT. I'll mention andrewholgate and perhaps he'll put a bit more light on this tomorrow.
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Post by batchoy on May 22, 2014 20:23:29 GMT
Hmmm. Does anyone have an example of where something surprising was found at the checking stage that *was* devastating enough to cancel the auction? Not saying that this one is, but I'd be reassured to know that AC would. When an auction gets cancelled it no longer shows on the site. There was a very early loan for a caravan park which had underwriting, that ended up having some sort of problem with the security, and the loan was cancelled. There was also the South Wales Fishery loan (the thread is still on the board) which turned out to be fishy in more ways than one and was pulled
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Post by Ton ⓉⓞⓃ on May 22, 2014 20:41:50 GMT
When an auction gets cancelled it no longer shows on the site. There was a very early loan for a caravan park which had underwriting, that ended up having some sort of problem with the security, and the loan was cancelled. So are all 'missing numbers' in the completed list of loans ones that were stopped for one or other reason? I don't think there's a loan No.1 but there is a No2 etc... and there's no No.3 IN EDIT. I'll mention andrewholgate and perhaps he'll put a bit more light on this tomorrow. Another reason for missing Numbers in the completed list can also be that the Borrower changed their mind.
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j
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Penguins are very misunderstood!
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Post by j on May 22, 2014 20:47:26 GMT
Drawdown status updated today. Can't confirm date, as the borrower has gone on his hols. When he returns AC would like to talk to him about the fact he is a recently discharged bankrupt (which apparently wasn't relevant to disclose at the time of the auction). Looks like if he agrees to a higher rate lenders will be given the option of taking the higher rate or having a refund. Think I will just have me money back now please! Hmmm...interesting. We've all been moaning lately at the lack of activity but, at least this shows AC's DD is doing its job on this occasion. Rather have a delayed or cancelled drawdown than problems later on. PS I doubt the uplift will be huge, probably around the 0.5%-1%
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Post by andrewholgate on May 23, 2014 9:37:20 GMT
Hi
In the early days, a few loans didn't fill and were pulled from the system, hence why some numbers are missing in the completed list. All the loans in the completed list are fully funded (some still to drawdown <dodges tomatoes being thrown> but are funded). We have also had loans funded that were later pulled as the borrower pulled out or there was extra information that meant we were nervous to proceed. They were also removed.
No fluff, no smoke and mirrors. What you see is exactly what we have done.
A
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Post by andrewholgate on May 23, 2014 9:41:43 GMT
Hi In the early days, a few loans didn't fill and were pulled from the system, hence why some numbers are missing in the completed list. All the loans in the completed list are fully funded (some still to drawdown <dodges tomatoes being thrown> but are funded). We have also had loans funded that were later pulled as the borrower pulled out or there was extra information that meant we were nervous to proceed. They were also removed. No fluff, no smoke and mirrors. What you see is exactly what we have done. A I forgot to add. The money that goes to the borrowers is yours, not AC's. AC have to be completely comfortable that the level of risk is appropriate and where we feel that what we have offered changes substantially before the loan draws down, then it is not right that we let the loan proceed. In the same way, I want to make sure that all the security is taken correctly and that there will be no horror stories in the future. Letting your cash go out the door is very easy, making sure it comes back is the tricky bit. I want your cash to be as safe as I can make it. To date, we have had no defaults.
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Post by andrewholgate on May 23, 2014 16:31:31 GMT
To date, we have had no defaults. Except the death, which is hard to predict and is not down to trading performance.
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Post by Ton ⓉⓞⓃ on May 23, 2014 17:19:55 GMT
Famous last words by Andrew there...
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Post by whitmanthecat on May 30, 2014 13:21:47 GMT
I see the loan has now disappeared and my shadow bid returned. Looks like a solution with the original loan couldn't be found.
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Post by chielamangus on May 30, 2014 15:22:00 GMT
Would someone kindly remind me what this loan was all about please. I have no idea whether I have been "clever", appropriately cautious or just lucky. I may have put a shadow bid in but then again, I may not have. There is no record of shadow bids, is there? Many thanks.
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