|
|
Post by fatbritabroad on Dec 11, 2017 16:22:31 GMT
Yacht Company, Interest Only Loan Details:
Amount: £470,000
Term: 36 months (12 months minimum term)
Rate: 12% - Interest Only
Primary Security: Chattel Mortgage over vessel
Secondary Security: Debenture over Company & Debenture over Parent Company
Instant Returns: Enabled
Loan Live: 5pm 11 December 2017, view only to 10am 12 December 2017
|
|
boundah
Member of DD Central
Posts: 367 
Likes: 430
|
Post by boundah on Dec 11, 2017 16:45:01 GMT
I'm planning to do both STDD. Good to see we have a decent view-only window for the new borrower - I just can't understand why ABL still refuse to give any DD time for the existing one. Every loan is different, unless it's simply a new tranche on exactly the same terms as a previous loan (which this one isn't).
|
|
|
|
Post by fatbritabroad on Dec 11, 2017 16:49:34 GMT
Thanks boundah was just interested in others views. I don't do due diligence as I only put v small amounts(50quid to 100quod max) in each loan and am not sophisticated enough to understand what I should be doing in this regard so this site is interesting for me
|
|
|
|
Post by Deleted on Dec 11, 2017 17:23:56 GMT
Anyone been on one of these weird boats, is the main asset one of these things or something more sensible? Yep it is a prototype.
Not sure how they valued the thing as there is no historical market place to set a price.
The video they have stuck on ABL is interesting, it seems to move fast through the river water (with a slight wave pattern), I'd like to see it in a big sea. I would have put a more "interesting" video up.
Pricing worries me.
|
|
alanp
Member of DD Central
Posts: 168
Likes: 72
|
Post by alanp on Dec 11, 2017 17:39:42 GMT
Anyone been on one of these weird boats, is the main asset one of these things or something more sensible? I think it is the actual prototype - a tad confusing, but that is what the VR is for ablrate - will we take precedent over the recent October Charge (same boat - £200k loan), or it that charge being settled by this loan? I love the VR -
The VR has a really hard job - obviously, there are no comparables and much of the information provided is "taken on trust" (For example, no images of the vessel in a developed sea). There is a lot of speculative and hope value here (IMO) P8 - Point 1 under Use of Funds in the Borrowing Proposal refers to some of this funding repaying the existing £200k loan:
|
|
boundah
Member of DD Central
Posts: 367
Likes: 430
|
Post by boundah on Dec 11, 2017 17:42:29 GMT
Anyone been on one of these weird boats, is the main asset one of these things or something more sensible? Yep it is a prototype. Not sure how they valued the thing as there is no historical market place to set a price. The video they have stuck on ABL is interesting, it seems to move fast through the river water (with a slight wave pattern), I'd like to see it in a big sea. I would have put a more "interesting" video up. Pricing worries me. Not sure many people have been on board - it's a brand new design so difficult to value (according to the valuer). It's the only tangible security but there are also first-ranking debentures over the company and its parent (the latter seems more robust that the former, which apparently has yet to make a sale despite 18 enquiries).
|
|
elliotn
Member of DD Central
Posts: 3,063
Likes: 2,681
|
Post by elliotn on Dec 11, 2017 17:53:31 GMT
We have the loan details to split these into two threads now.
|
|
rgog
Member of DD Central
Posts: 95
Likes: 70
|
Post by rgog on Dec 11, 2017 17:58:34 GMT
In respect of the watery one, I am probably missing something but I don't see how they will pay the interest after the first 12 months let alone the capital given the current cash burn.
|
|
|
|
Post by Deleted on Dec 11, 2017 17:58:53 GMT
I think for the risks I see with the boat this should be an equity loan not an interest paying loan. It should be on Syndicate Room or similar, too early in the develpment to be here.
On the other loan the containerised building concept is very much his baby, trouble is it comes in waves of work, with a down turn always just around the corner, a bit like caravan sales. Needs more mulling.
|
|
eeyore
Member of DD Central
Posts: 746
Likes: 737
|
Post by eeyore on Dec 11, 2017 18:01:07 GMT
1000091 G****** Yachts
The valuation report (I assume paid for by the borrower not Ablrate) doesn't seem too hopeful about the prospects for the borrower's designs. In the valuation section, after comparing this G***** design to other products on the market and pointing out that there isn't anything really comparable, he points out in Para 7.3 that he included two designs in his comparison "as examples of high tech. innovative designs that could not find a market". In the concluding Para 7.4 when stating his valuation, he adds the proviso "... if the market for the vessel exists".
If anything, I'll only be making a token investment.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,156
Likes: 4,830
|
Post by ozboy on Dec 11, 2017 18:05:35 GMT
In terms of the existing borrower, does anyone have some insight as to why he is again taking on further expensive debt if he really is so wealthy? use your own money? 
|
|
|
|
Post by dan1 on Dec 11, 2017 18:19:39 GMT
\Mod hat on I'll attempt to split this thread into one for each loan. I'll leave it open for posting unless I get in a real tangle! Edit: new thread created for the other loan here. Unfortunately posts appear in chronological order hence my post of the loan details is not at the top. @bobo you may want to split your last post |
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Dec 11, 2017 18:31:53 GMT
A number of boats require a bargepole and i have a long one for this!
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on Dec 11, 2017 18:37:34 GMT
As to the uniqueness of this yacht and where it stands in development i'm surprised this is not a slightly higher % rate
|
|
pom
Member of DD Central
Posts: 1,922 
Likes: 1,244
|
Post by pom on Dec 11, 2017 19:01:36 GMT
As to the uniqueness of this yacht and where it stands in development i'm surprised this is not a slightly higher % rate Me too... quite a high LTV for what is a pretty uncertain valuation
|
|
