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Post by investorman on Dec 11, 2017 17:02:43 GMT
If I recall the director that PGs these property loans is worth £14m+, plus you get a mortgage over the asset, so I will likely invest although like with the other loan recently you can easily be overexposed to certain borrowers.
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ptr120
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Post by ptr120 on Dec 11, 2017 17:54:04 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?
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Post by dan1 on Dec 11, 2017 18:23:11 GMT
F***** P********** Limited, Amortising Loan Details:
Amount: £850,000
Term: 36 months (18 months minimum term)
Rate: 13% - Amortising
Primary Security: Chattel Mortgage & Contract Assignments
Secondary Security: Cross Guarantee from ultimate parent company & Director Personal Guarantee
Instant Returns: Enabled
Loan Live: 5pm 11 December 2017
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madpierre
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Post by madpierre on Dec 11, 2017 18:24:39 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? I assume it's so if he chooses not to pay his debts, then he has Creditors to squabble over his relative liability, allowing plenty of time to dispose of his assets
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 11, 2017 18:28:01 GMT
I do so like an Amortising Loan, and I'm not being facetious (for a change!).
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 11, 2017 19:31:03 GMT
ablrate could you clarify the situation regarding the fixed & floating debenture in place over the subsiduary company C******* M******* & P******** B******** which would seem to capture the two assets being offered as security under the chattels mortgages (I asume that they are owned by said subsiduary as they were the borrower on the two prior loans). Has the lender agreed to our charges taking priority?
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sapphire
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Post by sapphire on Dec 11, 2017 21:52:57 GMT
The borrowing proposal mentions the net worth of the director providing the PG at being £14.5m+
Just wondering what DD is done to validate the accuracy of this amount?
*How is it confirmed that *all* liabilities of the PG provider have been fully accounted for and none missed?
*Are all the assets declared to be owned by the PG provider individually checked to confirm that he does indeed own them and that its valuation is accurate?
*Even if the assets are owned at the point in time the DD is done, is there anything stopping the PG provider from subsequently disposing off the assets?
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blender
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Post by blender on Dec 11, 2017 23:02:37 GMT
I see that the lenders get 13% pa and the platform gets 2% plus 1% per month. So about 50:50. Makes the loan expensive, but that has not stopped me lending.
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Post by Deleted on Dec 12, 2017 9:11:50 GMT
I've mulled this deal over night. The type of business (factory built offices, schools and homes etc) is very much the local region's business. A whole load of competitors with the possibility of interesting strategic changes in the offing. 1) There is a strong interest in better ways to develop factory built homes. www.yorkshirepost.co.uk/lifestyle/homes-gardens/making-a-splash-with-factory-built-homes-1-84282232) Sheppard Homes, for example, have a modular office factory, and that family are regularly re-structuring their companies. www.shepherd-group.com/3) Building houses with brickies is amazingly slow, poor quality and expensive. 4) The cry for 200k new homes a year continues to resound around the country 5) The bill for changing public housing clading has already passed £600m and they are still working. I'm in.
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elliotn
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Post by elliotn on Dec 13, 2017 7:17:09 GMT
ablrate could you clarify the situation regarding the fixed & floating debenture in place over the subsiduary company C******* M******* & P******** B******** which would seem to capture the two assets being offered as security under the chattels mortgages (I asume that they are owned by said subsiduary as they were the borrower on the two prior loans). Has the lender agreed to our charges taking priority? Hi ablrate , could you confirm this security question please, thanks.
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r1200gs
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Post by r1200gs on Dec 13, 2017 7:55:25 GMT
I've mulled this deal over night. The type of business (factory built offices, schools and homes etc) is very much the local region's business. A whole load of competitors with the possibility of interesting strategic changes in the offing. 1) There is a strong interest in better ways to develop factory built homes. www.yorkshirepost.co.uk/lifestyle/homes-gardens/making-a-splash-with-factory-built-homes-1-84282232) Sheppard Homes, for example, have a modular office factory, and that family are regularly re-structuring their companies. www.shepherd-group.com/3) Building houses with brickies is amazingly slow, poor quality and expensive. 4) The cry for 200k new homes a year continues to resound around the country 5) The bill for changing public housing clading has already passed £600m and they are still working. I'm in. I saw new homes put up near my place in Belgium where large sections of what pretty much looked like ordinary walls were unloaded from trucks and slotted together on the foundations with astonishing speed and efficiency. Literally a day and there was your house shell. Presumably the same sort of speed and efficiency was employed in putting those sections together in a nice warm factory totally unaffected by the weather. These were good sized four bed homes, quality stuff. I remember being very impressed at the time and thinking it made standing in the weather putting little bricks on top of each other look a bit silly. The end product were very nice four bed detached, so I nice I came close to buying one. Count me in too.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 13, 2017 15:00:10 GMT
Bit of a consensus so far, so I've been obliged to toss a few shekels in ABL's general direction. I was also interested to see blender's post that ABL earn the same as us without risking any of their own shekels. Makes me uncomfortable that.
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ben
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Post by ben on Dec 13, 2017 15:24:01 GMT
Bit of a consensus so far, so I've been obliged to toss a few shekels in ABL's general direction. I was also interested to see blender's post that ABL earn the same as us without risking any of their own shekels. Makes me uncomfortable that. Thats pretty common on most P2P sites that we only get about half the rate charged. On a few it is even worse.
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Post by ablrate on Dec 13, 2017 16:26:21 GMT
ablrate could you clarify the situation regarding the fixed & floating debenture in place over the subsiduary company C******* M******* & P******** B******** which would seem to capture the two assets being offered as security under the chattels mortgages (I asume that they are owned by said subsiduary as they were the borrower on the two prior loans). Has the lender agreed to our charges taking priority? Hi ablrate , could you confirm this security question please, thanks. The lawyers will be confirming the perfection of our security over the desired assets prior to draw down. We are working on the final docs at the moment.
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Post by captainconfident on Dec 13, 2017 16:37:35 GMT
This is not crucial information, but C****** M****** Etc had a 4 yr loan at 11% on FK which was cross-guaranteed by F******, and this ran without trouble for three years or so before being paid back early.
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