hector
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Post by hector on Jan 9, 2018 23:01:35 GMT
Having watched yesterday evenings Panorama (see also General Discussions P2P, item - Bankrupts enjoy 'lavish lifestyles') it would appear perhaps that PGs provided by bankrupts might have most substance? Surprised that our friend from Somerset with the Tin Shed & many other assets didn't have star billing on the programme. Perhaps there will be a squeal........ Presumably featuring the pig farm, that also belonged to 'our friend in Somerset'. It's just been announced. A 'squeal' featuring Kevin S **cey
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oldgrumpy
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Post by oldgrumpy on Jan 10, 2018 9:12:35 GMT
Is he keeping pigs in the 'tin sheds'? I wish I had a pound in the lost loan just to get the updates. (cue bacon-related puns). Yes, he does have somewhat of a streaky past, if I may be so rash. Or more a case of out of the fire into the frying pan. OK, OK no more Cure-iously I avoided those two loans. Very por kwality ... I'm scratching around for good loans these days.
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Post by ribble on Jan 11, 2018 15:05:32 GMT
E-mail, received ~1.30p.m. says AC has today released an addendum to provide an update on the company's progress over the holiday season and the early part of January.
The addendum has been uploaded to the document section of the loan.
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iren
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Post by iren on Jan 11, 2018 15:25:56 GMT
Have seen the addendum. While this is a business startup, the prospects look good and the management are clearly working hard and making impressive progress. To me, this looks less risky than some of the loans against development sites on Col etc. Also, I’d love to see Ablrate expand in the aircraft space, so hope this loan fills in the next few days and that it’s a springboard for further business.
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SteveT
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Post by SteveT on Jan 11, 2018 16:08:05 GMT
I agree. The addendum info, combined with my trust in Ablrate's judgement (earned over the last 3 years), has tipped the balance and I'm now in. Anywhere else, I'd probably leave it alone but this is very much in Ablrate's sphere of expertise.
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blender
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Post by blender on Jan 12, 2018 12:12:49 GMT
I agree with iren and stevet, as my earlier post on this thread, and am keen to see this loan proposal complete, with my cash included (interest declared).
It seems that a good part of the yacht funds have been transferred to this loan, but it has a way to go. I expect it to get there. However, the report that the borrower has exceeded targets for equity funding may have some effect on the requirement for loan funding. If the total offered by lenders did not make the full amount, then if the extra equity funding made a small reduction in the loan requirement possible, then I would not see that as a problem. In fact, as long as the business has its cash needs, a reduced gearing might be beneficial to the company's prospects and to the lender's security, all other things being equal. So, personally, I am not too troubled about the loan having to get to £850k.
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blender
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Post by blender on Jan 12, 2018 12:31:58 GMT
So, personally, I am not too troubled about the loan having to get to £850k. Minimum Loan Required is £780k, so closer than you may have thought You are right. From the addendum they seem very keen to get going, and will presumably wish to draw down as soon as they have the amount they now need. ps A few days ago I watched the sun set behind the Isle of Man. Spectacular. Never been there.
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stevio
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Post by stevio on Jan 12, 2018 17:02:14 GMT
€850,000 (around £750k) was paid for the planes. They are valued higher in the proposal, we are led to believe bought at a discount. Its unclear if a similar discount would be needed to sell them if the loan defaulted.
The business is untested, no further assets, not fully setup and yet to guarantee sales or have contracts in place. A business alternative has been suggested which we are told would support the loan interest, but financial details are not provided to support this.
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elliotn
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Post by elliotn on Jan 13, 2018 1:40:28 GMT
€850,000 (around £750k) was paid for the planes. They are valued higher in the proposal, we are led to believe bought at a discount. Its unclear if a similar discount would be needed to sell them if the loan defaulted. The business is untested, no further assets, not fully setup and yet to guarantee sales or have contracts in place. A business alternative has been suggested which we are told would support the loan interest, but financial details are not provided to support this. Yep, a punt on a business plan, the yatch was blamed as an early start equity venture but at least had a prototype!
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Jan 13, 2018 2:12:39 GMT
€850,000 (around £750k) was paid for the planes. They are valued higher in the proposal, we are led to believe bought at a discount. Its unclear if a similar discount would be needed to sell them if the loan defaulted. The business is untested, no further assets, not fully setup and yet to guarantee sales or have contracts in place. A business alternative has been suggested which we are told would support the loan interest, but financial details are not provided to support this. All true. One thing that could have been amplified is the stranglehold the IOM steam packet company has on freight to and from the island. The government have been concerned for many years about this monopoly situation costing its citizens dear. I really do hope that the company can help with speed of fresh food supply after poor weather has kept boats in port (most winters). Looks like next week will be a case of this, probably, looking at the weather forecast. The addendum seems to indicate that the borrowers are trying to get supply contracts set for signature as soon as the funding is in place. I have taken a punt as I have experience of being ripped off by the makeapacket company some years ago that they blamed on market forces.
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macq
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Post by macq on Jan 13, 2018 14:28:33 GMT
Following on from the publication of the addendum I also applied funds considering these as 'speculative' adjusting my allocation to reflect a personal assessment of risk. Factoring in (for me) deciders: chattels over aircraft, family/friends cash, excellent market share grabbing idea, decent/good prospect of signed contracts, enthusiastic/zesty Directors and potentially huge social benefits to an Island community. Are zesty directors the ones who take the pith?
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Post by wildlife2 on Jan 13, 2018 15:40:21 GMT
Following on from the publication of the addendum I also applied funds considering these as 'speculative' adjusting my allocation to reflect a personal assessment of risk. Factoring in (for me) deciders: chattels over aircraft, family/friends cash, excellent market share grabbing idea, decent/good prospect of signed contracts, enthusiastic/zesty Directors and potentially huge social benefits to an Island community. Are zesty directors the ones who take the pith? Only if they don't have ice and a slice
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ceejay
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Post by ceejay on Jan 16, 2018 15:32:35 GMT
I note that the minimum has now been reduced, and the loan deadline extended. Anyone fancy shaking a few more pennies into the pot?
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msenanna
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Post by msenanna on Jan 16, 2018 20:33:14 GMT
I note that the minimum has now been reduced, and the loan deadline extended. Anyone fancy shaking a few more pennies into the pot? Am buying into this using interest/capital repayments received so another large (not!) investment just made. In fairness my investment is slowly creeping up to my usual max figure, it's nice to have the time to do it this way for a change.
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r1200gs
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Post by r1200gs on Jan 17, 2018 13:15:53 GMT
I note that the minimum has now been reduced, and the loan deadline extended. Anyone fancy shaking a few more pennies into the pot? I've put a bit in and maybe more after a bit more thought on the matter. I do like the idea of giving the ferry a little competition. I remember years ago when the cross channel ferries had it all nicely stitched up and we got stitched up as a result. £300 quid to cross for two weeks in the summer, £1 for a day trip. GRRRRRRRR. I hardly ever visited the UK for years because of the cost of those damned ferries. One thought that crossed my mind is that someone mentioned that there could be shortages of fresh produce on the island when the weather kept the boats in port. I wonder what weather these can fly in?
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