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415
Aug 26, 2017 9:13:26 GMT
Post by crabbyoldgit on Aug 26, 2017 9:13:26 GMT
I am a bit spooked by this request its the paranoia kicking in , sold half my stake yesterday. Ok no reason is gived to in effect reduce our security, such as asset required to raise a new loan for a new project like the pub asked recently. So on the face of this,it just protects the borrowers assets in the case of 415 defaulting by removing them from our grasp. If all is hunky dorry at 415 , why, does he know something we do not.
I am not that worried about exta interest for the increased risk ,just need to know ,why. minded to vote b.Off to take the blue pills ,washed down with a pint of bananna punch.
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Post by lynnanthony on Aug 26, 2017 9:23:23 GMT
We are being asked to give up our make-weight security, on the grounds that the value of the main property has increased. Well yes, we expected the value of the main property to increase, that was the point of the loan. We accepted an LTV of 70% at the start of the loan on the (unstated) basis that the LTV would reduce with time, on the basis that our risk would decrease. We are now asked, with no benefit to us, to give up some of it. I can’t see it myself, why would I give up security? I don’t especially like LTVs of 70%, but I lend on them on the assumption that they will reduce. Can anyone suggest why a vote to give up security is the way to go?
Any deal should benefit both parties. Where is our benefit?
[Edit: Voted no.]
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SteveT
Member of DD Central
Posts: 6,875 
Likes: 7,924
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415
Aug 26, 2017 9:33:05 GMT
jjc likes this
Post by SteveT on Aug 26, 2017 9:33:05 GMT
I guess the only benefit could be that the AC loan continues at the current rate, as opposed to the borrower re-financing elsewhere against the increased valuation and paying off the AC loan early.
Personally, I'd prefer to be repaid than lose the secondary security (if the rate remains unchanged)
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edward
Member of DD Central
Posts: 66
Likes: 24
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415
Aug 26, 2017 11:33:54 GMT
Post by edward on Aug 26, 2017 11:33:54 GMT
I am surprised that AC would even put this to a vote. Having said that, I would not be surprised if it is voted through...
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Esmeralda
Member of DD Central
Posts: 107 
Likes: 36
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415
Aug 27, 2017 17:45:09 GMT
Post by Esmeralda on Aug 27, 2017 17:45:09 GMT
It's a "no" from me, and hopefully the majority of other lenders in this loan too.
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ton27
Member of DD Central
Posts: 431
Likes: 267
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415
Aug 28, 2017 19:37:54 GMT
Post by ton27 on Aug 28, 2017 19:37:54 GMT
I have also voted "No" and hope others do likewise - BUT the vote is still likely to go the other way - no idea why but it happens (as does sxxt).
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m2btj
Member of DD Central
Posts: 631
Likes: 772
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415
Aug 29, 2017 9:01:28 GMT
Post by m2btj on Aug 29, 2017 9:01:28 GMT
It's a NO from me too!
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edward
Member of DD Central
Posts: 66
Likes: 24
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415
Sept 2, 2017 13:41:48 GMT
Post by edward on Sept 2, 2017 13:41:48 GMT
As feared, despite apparently unanimous rejection from forum members who commented, option A to accept the borrowers proposals was approved by the overall vote. Hopefully my holding will be quickly purchased on Monday.
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Esmeralda
Member of DD Central
Posts: 107
Likes: 36
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415
Sept 2, 2017 17:51:10 GMT
Post by Esmeralda on Sept 2, 2017 17:51:10 GMT
I've put my holding up for sale too - better to be safe than sorry.
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Post by lynnanthony on Nov 15, 2017 19:04:51 GMT
Sigh. I've just had the following question on the Q&A of this loan struck through, "Please could you advise what is the holdup here? The repayment that was due two weeks ago and was in your hands six days ago." Apparently, and paraphrasing, it wasn't "free of any commentary, scene setting etc". Notably someone for Assetz found the time to wag their finger at me for a couple of paragraphs but not to answer the question, which has now been re-asked more succinctly by someone else. Perhaps next time I'll restrict myself to "WHERE'S OUR MONEY?"  |
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edward
Member of DD Central
Posts: 66
Likes: 24
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415
Nov 15, 2017 21:21:37 GMT
Post by edward on Nov 15, 2017 21:21:37 GMT
So payments being received progressively later from borrower, and then this month compounded by AC processing delays. Glad I sold after the vote result.
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415
Nov 16, 2017 9:35:09 GMT
Post by andrewholgate on Nov 16, 2017 9:35:09 GMT
Sigh. I've just had the following question on the Q&A of this loan struck through, "Please could you advise what is the holdup here? The repayment that was due two weeks ago and was in your hands six days ago." Apparently, and paraphrasing, it wasn't "free of any commentary, scene setting etc". Notably someone for Assetz found the time to wag their finger at me for a couple of paragraphs but not to answer the question, which has now been re-asked more succinctly by someone else. Perhaps next time I'll restrict myself to "WHERE'S OUR MONEY?" Hi I'm sorry you feel this way but I also think the above could be taken out of context. There has been a lot of discussion here about how the Q&A is handled and we are seeking to improve it. The full response from use makes that clear. For clarity, our full response was... Thank you for your question.
We are aiming to keep the Q&A as succinct and direct as possible and we are asking lenders to, wherever appropriate, to post questions free of any commentary, scene setting etc. This is following feedback from lenders about the Q&A so it is easier for everyone to find information about each loan without the need to read more wording than necessary. Please do ask questions and we will gladly provide answers but we have deleted your post here to fall in line with the Q&A guidelines. If you repost and just ask the question:
“Please can you advise when the repayment will take place?”
Without the commentary/scene-setting, we will have enough information to provide and answer and will gladly do so.
We thank you for your understanding in this matter and trust you understand it’s in the interests of all lenders. We have included a link to the Q&A guidelines and our contact details for your convenience.
Regards
The Assetz Capital Team
We want to improve the Q&A for all lenders and as such we ask that the rules are adhered to. We do state that we will answer the question. I hope we can all work to make the Q&A a better tool for all lenders. Andrew
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Post by lynnanthony on Nov 16, 2017 11:20:09 GMT
Sigh. I've just had the following question on the Q&A of this loan struck through, "Please could you advise what is the holdup here? The repayment that was due two weeks ago and was in your hands six days ago." Apparently, and paraphrasing, it wasn't "free of any commentary, scene setting etc". Notably someone for Assetz found the time to wag their finger at me for a couple of paragraphs but not to answer the question, which has now been re-asked more succinctly by someone else. Perhaps next time I'll restrict myself to "WHERE'S OUR MONEY?" Hi I'm sorry you feel this way but I also think the above could be taken out of context. There has been a lot of discussion here about how the Q&A is handled and we are seeking to improve it. The full response from use makes that clear. For clarity, our full response was... Thank you for your question.
We are aiming to keep the Q&A as succinct and direct as possible and we are asking lenders to, wherever appropriate, to post questions free of any commentary, scene setting etc. This is following feedback from lenders about the Q&A so it is easier for everyone to find information about each loan without the need to read more wording than necessary. Please do ask questions and we will gladly provide answers but we have deleted your post here to fall in line with the Q&A guidelines. If you repost and just ask the question:
“Please can you advise when the repayment will take place?”
Without the commentary/scene-setting, we will have enough information to provide and answer and will gladly do so.
We thank you for your understanding in this matter and trust you understand it’s in the interests of all lenders. We have included a link to the Q&A guidelines and our contact details for your convenience.
Regards
The Assetz Capital Team
We want to improve the Q&A for all lenders and as such we ask that the rules are adhered to. We do state that we will answer the question. I hope we can all work to make the Q&A a better tool for all lenders. Andrew If you are concerned about context it might be worth adding the context that the reply given on the 9th ("Funds have been received and should be transferred to lenders' accounts this afternoon.") has proved to be a lie in that funds were not transferred that afternoon nor any time since. If there is an issue why not put a quick line on the activity tab? Forgive me if I get a little bit ratty over Assetz's apparent cavalier attitude regarding timely payments.
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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Post by oldgrumpy on Nov 16, 2017 11:50:05 GMT
If you are concerned about context it might be worth adding the context that the reply given on the 9th ("Funds have been received and should be transferred to lenders' accounts this afternoon.") has proved to be a lie in that funds were not transferred that afternoon nor any time since. If there is an issue why not put a quick line on the activity tab?
When delays such as this occur, I trust AC will be paying interest up to the date funds are credited to lenders rather than just the date funds have been received by AC.
andrewholgate
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Post by Butch Cassidy on Nov 16, 2017 11:59:23 GMT
Hi I'm sorry you feel this way but I also think the above could be taken out of context. There has been a lot of discussion here about how the Q&A is handled and we are seeking to improve it. The full response from use makes that clear. For clarity, our full response was... Thank you for your question.
We are aiming to keep the Q&A as succinct and direct as possible and we are asking lenders to, wherever appropriate, to post questions free of any commentary, scene setting etc. This is following feedback from lenders about the Q&A so it is easier for everyone to find information about each loan without the need to read more wording than necessary. Please do ask questions and we will gladly provide answers but we have deleted your post here to fall in line with the Q&A guidelines. If you repost and just ask the question:
“Please can you advise when the repayment will take place?”
Without the commentary/scene-setting, we will have enough information to provide and answer and will gladly do so.
We thank you for your understanding in this matter and trust you understand it’s in the interests of all lenders. We have included a link to the Q&A guidelines and our contact details for your convenience.
Regards
The Assetz Capital Team
We want to improve the Q&A for all lenders and as such we ask that the rules are adhered to. We do state that we will answer the question. I hope we can all work to make the Q&A a better tool for all lenders. Andrew If you are concerned about context it might be worth adding the context that the reply given on the 9th ("Funds have been received and should be transferred to lenders' accounts this afternoon.") has proved to be a lie in that funds were not transferred that afternoon nor any time since. If there is an issue why not put a quick line on the activity tab? Forgive me if I get a little bit ratty over Assetz's apparent cavalier attitude regarding timely payments. Whilst I don't subscribe to the "lenders asking the WRONG question" school of thought, I have advocated for an improvement to the Q&A for several years now, in my experience by far the easiest way to solve the vast majority of questions would be for AC to perform in an efficient & effective manner each & every time when it comes to standard tasks such as processing payments, votes & other "bread & butter" jobs & when they inevitably fail from time to time don't cover it up with limp excuses like inter account bank transfers & IT delays just admit that a human or IT error has occurred & will be rectified ASAP. If a specific date is given for any action then an update, even a holding one, should be provided by that date WITHOUT FAIL & NO EXCUSES.
Most lenders are reasonable people & can accept that mistakes &/or delays are part of everyday life BUT THEY ARE NOT STUPID & WILL NOT TOLERATE BEING TREATED AS SUCH. Whilst I wouldn't personally judge AC as cavalier in their attitude, they are most definitely slow in their actions with regards to implementing & more importantly maintaining improvements, it should not require andrewholgate having to readdress the same issues every few months as any changes have either not been adhered to or have been ignored. This not only wastes his valuable time but just infuriates lenders that feel they are not being taken seriously.
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