blender
Member of DD Central
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Post by blender on Nov 12, 2017 16:05:48 GMT
Things have been bad here since Aslan went all Puritan and monogamous on us. Mr Tumnus is under investigation for touching Prince Caspian 'inappropriately' during Greek lessons, and the 'best of all badgers' is not allowed to see Lucy unsupervised. Still a tax haven, though. Now back to calculating 8pm on 13th November. Oh! I've been upgraded! You have spelled commode incorrectly. You might want to change the greenfly avatar while your at it. There you go complicating things again when the answer is obviously simple. It should have been Commando dragon - the clue is the lack of underpants. And another thing - 'your' for 'you're' will not do here.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 12, 2017 16:50:06 GMT
You have spelled commode incorrectly. You might want to change the greenfly avatar while your at it. There you go complicating things again when the answer is obviously simple. It should have been Commando dragon - the clue is the lack of underpants. And another thing - 'your' for 'you're' will not do here.
Quite.
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guff
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Post by guff on Nov 12, 2017 16:50:54 GMT
There you go complicating things again when the answer is obviously simple. It should have been Commando dragon - the clue is the lack of underpants. And another thing - 'your' for 'you're' will not do here.
Quite. Quiet you.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Nov 12, 2017 16:54:18 GMT
Yerright, I might offend someone.
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blender
Member of DD Central
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Post by blender on Nov 12, 2017 17:32:51 GMT
Just you wait until I work out how to do the fire-breathing. Toasting-time. There's nothing against it in forum rules.
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Post by GSV3MIaC on Nov 12, 2017 18:30:18 GMT
Just you wait until I work out how to do the fire-breathing. Toasting-time. There's nothing against it in forum rules. Just as long as you do it politely and constructively. And leave Guff's deformed poppy out of it.
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blender
Member of DD Central
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Post by blender on Nov 13, 2017 0:44:42 GMT
I've decided I can't handle the role of Komodo dragon. Too demanding. So have reverted to blender. Those flies will have to watch out for my tongue!
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Post by ablrate on Nov 13, 2017 10:53:23 GMT
Sorry for the radio silence... for some reason the p2p board was not letting us log in and the password change function only worked this morning!
For those asking what the Pro Club is. It is a group of invited platform lenders who we put loans to that may require extra work, that are sometimes half done, are large or are something different that we haven't done before. We do this to test structure, have extra DD and to gauge whether it would be a loan that will ultimately fill. Basically to get feedback.
We can't offer this facility to everyone for a number of reasons the prime of which is that some of the loans will come with information that we, ourselves, have not performed DD on at that time, so we don't want that to be in the general view of all as it could be misleading. There is, of course, a commercial element too where we would not want everyone to know what loans are coming up.
To be clear, the Pro Club is not intended as a elite club of big hitters who get first dibs on loans, it is intended more as a sounding board and sanity check on some loans we may, or may not, offer.
Going forward the Pro Club is something we are putting thought into about how it works, who is in it, what benefits are there etc etc... when this has been fleshed out we will be publicizing it more.
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macq
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Post by macq on Nov 13, 2017 13:43:49 GMT
after thinking for a couple of hours i can't make my mind up about pro club. My first thought was to give a thumbs up to a company that was prepared to seek customer feedback and also listen to ideas on a new loan and not assume they had not missed something or as mentioned "or are something different we have not done before" But then on the other side of the coin should i not trust the company i am investing with to know everything and not seek advice/feedback from a select group of lenders?
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Post by GSV3MIaC on Nov 13, 2017 14:24:56 GMT
Personally I'm in favour of 'phone a friend' feedback to the platform, especially if they are venturing into a new area, or if they want someone(s) to underwrite it in some way ('yeah, that looks OK to me, I'd stick a couple of £100k in if it was 13% or better'). Platforms who know a lot about boats, or airplanes, may turn out to know 'not enough to avoid getting ransomed' when they dabble in property (and pubs are 'well specialist' IMO .. a half mile location change can turn it from a money spinner into a money pit, or (more often) an 'apply for PP to un-license it and turn it into residential'.)
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ptr120
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Post by ptr120 on Nov 13, 2017 14:34:15 GMT
Hi ablrate what is the reason that this borrowing requirement is split between two different loans please?
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SteveT
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Post by SteveT on Nov 13, 2017 14:41:27 GMT
Although I can't spot mention of it within the Borrowing Proposal, Ablrate previously confirmed my guess that the £150k cash in the borrower's PG Net Asset Summary includes the £130k he's injecting into the purchase.
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james100
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Post by james100 on Nov 13, 2017 14:53:07 GMT
I assumed that too Steve...the PG value even on paper is very small.
Also, I note the borrower Mr C*** T*** appears to have led an exciting life.
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macq
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Post by macq on Nov 13, 2017 14:55:04 GMT
after thinking for a couple of hours i can't make my mind up about pro club. My first thought was to give a thumbs up to a company that was prepared to seek customer feedback and also listen to ideas on a new loan and not assume they had not missed something or as mentioned "or are something different we have not done before" But then on the other side of the coin should i not trust the company i am investing with to know everything and not seek advice/feedback from a select group of lenders? Thumbs up from me. A platform will know what it knows having asked the usual questions based on experience and common sense. Occasionally there will be a feeling that its' not necessarily asking all the right questions - ie it doesn't know what it doesn't know. The only way to find out what you don't know is to ask those you think do know the right questions to ask. Problem is, not knowing what you don't know makes identifying the right person / people to approach a bit tricky. So, if you have a sizeable group of people from a wide range of backgrounds that can be trusted with reasonably sensitive information, then it makes a good deal of sense to run a proposal by them for comment and feedback. You may not get any actual answers, but you could get some "Have you considered ...?" or "What about ...?" type questions that might save a good deal of pain later on. And if that source of scrutiny / advice / feedback is free, what's not to like from a platform perspective? Personally, ABL lend to some really diverse borrowers with atypical securities and (comparatively speaking) more complicated exit proposals. If ABL were to tell me they knew everything about everything on all their deals, I'd disbelieve them and NOT invest. Some good points and to be fair it looked good in Abl answer in their post.But its just the idea of who are the pro club i.e background etc but i guess more knowledge can only be a good thing
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blender
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Post by blender on Nov 13, 2017 15:14:27 GMT
Personally I'm in favour of 'phone a friend' feedback to the platform, especially if they are venturing into a new area, or if they want someone(s) to underwrite it in some way ('yeah, that looks OK to me, I'd stick a couple of £100k in if it was 13% or better'). Platforms who know a lot about boats, or airplanes, may turn out to know 'not enough to avoid getting ransomed' when they dabble in property (and pubs are 'well specialist' IMO .. a half mile location change can turn it from a money spinner into a money pit, or (more often) an 'apply for PP to un-license it and turn it into residential'.) I agree with that, and generally with Ablrate gathering as much advice as possible about the expected quality of their loan offerings. If this was paid-for independent professional advise from qualified persons then there would be not problem, except cost. The only problem comes with using lenders. I should say that I would not wish to be a member of ProClub - despite having a substantial stake in the loans. The issues I see are; The role is as an advisor/consultee of the platform about potential forthcoming loans. It is not a lender role as such, and is not covered in the lender terms and conditions. This is a separate role being solicited from people who happen to be lenders, and it provides presumably free (are there any incentives?) and non-professional advice which Ablrate cannot rely on - Ablrate will naturally take full responsibility for its decisions, no problem with that. I am not sure what the Pro in ProClub means, but it does not mean that Ablrate are taking professional advice. The members will gain extra and early information about the loan opportunity and Ablrate's assessment of it, plus the chance to influence the loan offering. When it comes to bidding they will know more about the loan than ordinary members and will have had longer to use knowledge to assess the loan and perform enhanced due diligence, which for example may be advantageous in making a larger or smaller bid. Presumably there is no Chinese wall between the two roles, advisor and lender. Effectively two classes of lender are being created - one class having enhanced information about loans. The role of advisor is undefined and unknown to ordinary lenders on the platform. This forum is not the platform. The selection of advisors is an arbitrary process operated by Ablrate. The whole process is neither open nor transparent.
Apart from that, it seems a sensible process to improve loan offerings, and so just the bathwater needs to be thrown out.
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