oldgrumpy
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Post by oldgrumpy on May 31, 2014 16:14:24 GMT
....and they are "both" recovering from misdemeanours by a previous partner.... I think we all know who ... now, why? It'll all be revealed when the full credit document is revealed.
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Post by batchoy on Jun 2, 2014 13:54:30 GMT
Having read the answers currently posted against the questions for this loan asking for clarification as to whether this the same law firm, my feeling is that the loan has been listed too early, and it certainly should not have auto-invest activated.
Its a pity that AC always seem to mange to drop a clanger just before a holiday or a weekend.
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Post by Ton ⓉⓞⓃ on Jun 2, 2014 14:15:16 GMT
Interesting batchoy as I just checked and I'm fairly sure I'd set AI to put in £20, now I see it's back to zero. So maybe they listen to you?? Well parially listened as I've stuck my £20 back in again. |
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Post by jevans4949 on Jun 3, 2014 1:50:04 GMT
I take the reply in the Q & A as to whether this is the same company as before to imply that it is, or else is closely related. If not, a simple No would have been possible. After all, there are hundreds of law firms all over London.
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j
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Penguins are very misunderstood!
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Post by j on Jun 4, 2014 8:36:30 GMT
Any update on this one? It was supposed to go live 2/3 June
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Post by batchoy on Jun 4, 2014 8:49:49 GMT
Any update on this one? It was supposed to go live 2/3 June Nothing other than their response to my question, where they state that they fully expect the auction to start this week despite the fact that they don't have all the paperwork in place, hence the reason they can't answer the one question we need them to answer. Plus we all know from experience with draw downs AC can be highly optimistic in their expectations. Personally I am doubtful that this one will happen at all let alone this week
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Post by pepperpot on Jun 4, 2014 9:23:46 GMT
If they are back for more already that is not a good sign .... Generally I agree, but one mitigating factor there would be the increased debtor book (t2-900k / t3-1.5m), so I can't decide whether they're booming or trying to trade out of trouble/reliance on original large debtor. Either way their workload has increased, so additional funds is not in itself an issue for me. What is, is the bricks'n'mortar cover only extends to t2, and even then it's a bit close for comfort but I can't see the London bubble bursting before next May.
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Post by batchoy on Jun 6, 2014 10:42:52 GMT
Well the auction has gone live and it has been confirmed that it is our favourite legal firm (though not in the Q&A and contrary to the statements in the popup on securities the details have not be updates even though the auction is live ), but with no transition time between the confirmation that it is tranche 3 and a loan which will run concurrent with an existing loan and the auction going live, anyone who set up AI for this one but does not want it now that it as been confirmed to be the same law firm is stuffed because their bids are in and can't be withdrawn.
I have to say I think it was extremely poor practice on AC's part to have the AI system running against the loan whilst it was in preview and lenders were unable to access critical and pertinent information, and then to compound the issue by not having a transition period where people could view all the information and withdraw/change their AI setting before the loan auction went live.
PS It didn't affect me personally as I didn't set up my AI for this loan, however given how quickly this loan has come after tranche 2 was listed and drawn down, I am seriously considering the options my shares in tranche 2.
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Post by Ton ⓉⓞⓃ on Jun 6, 2014 20:05:27 GMT
With the auction has closed, it now says LTV is 42%, when in preview I'm sure it said something like 30.63% indeed the Q&A mentions this figure. Anyone know when this changed?
About LTV. Forget the two decimal places (unless the deal is in millions), it's best to think of loans as being below 50% or in the 60's, 70's or above 80 LTV. Recent experience and common sense say these LTV figures are guides. If a buyer of an asset gets the vaguest hint of distress from the seller the price plummets and selling agents are more than happy to pass this sort of info onto buyers.
AC should still do the maths showing the precise figure though.
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Post by batchoy on Jun 6, 2014 20:28:06 GMT
With the auction has closed, it now says LTV is 42%, when in preview I'm sure it said something like 30.63% indeed the Q&A mentions this figure. Anyone know when this changed? About LTV. Forget the two decimal places (unless the deal is in millions), it's best to think of loans as being below 50% or in the 60's, 70's or above 80 LTV. Recent experience and common sense say these LTV figures are guides. If a buyer of an asset gets the vaguest hint of distress from the seller the price plummets and selling agents are more than happy to pass this sort of info onto buyers. AC should still do the maths showing the precise figure though. The LTV will fluctuate because it is primarily in the form of a debenture against WIP and Debtors which can fluctuate; in the tranche 2 this was £900k and for tranche 3 it is £956k and I'm sure at some point I read the value £1.5M. What I would like explaining is that in tranche 2 we have a debenture against WIP and Debtors yet on Tranche 3 it states that the prior changes against WIP and Debtors is £0
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Post by Ton ⓉⓞⓃ on Jun 6, 2014 21:01:40 GMT
With the auction has closed, it now says LTV is 42%, when in preview I'm sure it said something like 30.63% indeed the Q&A mentions this figure. Anyone know when this changed? <snipper> AC should still do the maths showing the precise figure though. The LTV will fluctuate because it is primarily in the form of a debenture against WIP and Debtors which can fluctuate; in the tranche 2 this was £900k and for tranche 3 it is £956k and I'm sure at some point I read the value £1.5M. What I would like explaining is that in tranche 2 we have a debenture against WIP and Debtors yet on Tranche 3 it states that the prior changes against WIP and Debtors is £0 I can't find the 'typo' you refer to in the full report, tho there is a related typo on page 11 in Security, about the debenture, it just says, "valued at £k" ie no figure. Are you talking about the Summary?
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Post by Ton ⓉⓞⓃ on Oct 28, 2014 17:14:00 GMT
I've noticed that since the new system came in I'm picking up more of this loan, I can't see any obvious reason to be selling London Law T3. Unless they're doing an oldgrumpy, you know selling everything by mistake. |
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Oct 28, 2014 17:27:29 GMT
I wondered what I'd been tagged for just then  I do wonder whenever I pick up some little bits and bobs whether someone is deliberately selling, or has cocked up the target system (or the target system has cocked up an alteration like it did for me when I tried to raise a target ... still not explained but the odd £20.99 doesn't matter - the system ended up buying two lots of £20.99 for me rather than one!) |
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Oct 28, 2014 17:39:06 GMT
I've noticed that since the new system came in I'm picking up more of this loan, I can't see any obvious reason to be selling London Law T3. Unless they're doing an oldgrumpy, you know selling everything by mistake. I'm jealous - I'd like to have more of it, but haven't seen a sniff of any of it since my initial chunk at drawdown. I assume you are only picking up tiddly bits and I've just been unlucky in the draw.
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Post by Ton ⓉⓞⓃ on Oct 28, 2014 17:45:48 GMT
I've noticed that since the new system came in I'm picking up more of this loan, I can't see any obvious reason to be selling London Law T3. Unless they're doing an oldgrumpy, you know selling everything by mistake. I'm jealous - I'd like to have more of it, but haven't seen a sniff of any of it since my initial chunk at drawdown. I assume you are only picking up tiddly bits and I've just been unlucky in the draw. Small to some I guess. I've picked up a total of £40.61 I think in two different bites. Either two different people or one person making a second adjustment. So by random it should really be your turn next ramblin rose.
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