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Post by pmac67 on Feb 15, 2018 16:05:29 GMT
I especially like the "Please Read" bit I have only limited legal training, but I suspect that a Chairman has to be a Director (exec or non-exec) and would treated as one by a court of law. Certainly there would have to be very good reasons why the Chair is not a Director and this information should be filed at companies house I think. Anyone else? Apart from the spelling mistakes the explanation document is very good. What we need to work out is:- 1) are the offices worth what they claim in an uncertain market for second hand modular properties which would also have encompased the company running out of cash.. To put it more simply, if the conditions were right for the company to go bust would not those same conditions lower the value of second hand buildings? 2) companies famously go bust when they try to grow not when they try to shrink.. is this one of those times? I like the loan, actually I like the business, but I will be thinking carefully this afternoon and will need to push the claret away at 8 to bid... tut, who works after 6? I share your concerns on the office valuations, they do sound a bit punchy.. There's a lot of info to get thru there, but the company is turning over a decent profit and whilst I'm not really a fan of PGs the main director does seem to have a sizeable net worth enough to provide reassurance regarding the existing loans already on the platform. My main concern is the over exposure to this borrower but I need to get funds out of holding accounts so i'll probably be IN at 8pm
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registerme
Member of DD Central
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Post by registerme on Feb 15, 2018 16:12:20 GMT
1) are the offices worth what they claim in an uncertain market for second hand modular properties which would also have encompased the company running out of cash.. To put it more simply, if the conditions were right for the company to go bust would not those same conditions lower the value of second hand buildings? 2) companies famously go bust when they try to grow not when they try to shrink.. is this one of those times? Good questions. On the flip side my quick scan with Mk1 Eyeball suggests that the financials are good, the security is ok (and aided by the amortising nature of the loan), and the rationale makes sense. Plus I like the fact that essentially we'd be supporting UK manufacturing (and associated jobs). Equally I'm already exposed to the borrower.
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blender
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Post by blender on Feb 15, 2018 16:25:20 GMT
The use of conspicuously supercilious phrasing is not one of the finest attributes of Albrate Maybe the cracks that are now showing are actually chasms hence the terse response to suppliers of capital lenders👿 I hope not. This is an independent forum, and all participants can be a bit sarky if they wish. I don't think the rules were tested there.
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Post by ablrate on Feb 15, 2018 16:29:33 GMT
The use of conspicuously supercilious phrasing is not one of the finest attributes of Albrate Maybe the cracks that are now showing are actually chasms hence the terse response to suppliers of capital lenders👿 I hope not. The truth is that this forum.. sadly in my opinion... appears to be turning into a game of point scoring. Why would opinions be given beforw a loan goes live.. before documents have even been read? We have been happy to participate for going on 4 years. However the line is almost being crossed into posts from some as 'giving advice' and that will.. ultimately.. be the end of this incredibly useful place to have a discussion. I do apologise if I have come across terse, my intention is to be succint to protect an authorisation we worked very hard to acheive. By answering an opinion with an opinion is giving advice.. we are not licensed to do so. Those who seek to point score know this and know we cannot respond with anything but fact. There is also no context here, some posts are made, that could influence others and they are baseless or perhaps from someone with a lack of knowledge. Anonymity of whether you are an investor or not in a loan even, God forbid, more nefarious motives. While we are happy to educate we also dont want to patronise. Occassionally a useful poster will correct someone but wouldnt it be much better to get in touch with us for clarifucation? It almost feels like people want to get in and post negatives without reading the document.. which is unhelpful. If there is anything you are unsure about ask on here or preferably ask us. We, probably more than most platforms, listen to our lenders.. create products and functionality they want, adjust loan terms and even cancel loans. We are launching a monitoring page with up to dare credit data for all companies soon, for example..because it was asked for. The relationship between our lenders and ourselves is symbiotic but, by that very nature, it is a two way street. If all we get is opinions (good or bad) based around getting popularity on the forum.. then that is not a game we are willing to play and sadly our interaction will decrease. If you have genuine questions not covered in the borrowing proposals we will contact borrowers for answers and we will post them/add addendums. In the background we are pretty tough with our borrowers on your behalf if they stray out of line. Again, please dont be offended if we appear to be terse, this place is not our forum, we dont have a 24/7 monitor on it and if a question is asked where the answer is in the BP.. you can imagine the frustrations. All the best
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des
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Post by des on Feb 15, 2018 16:43:15 GMT
ablrate Maybe announcing the loan but holding back the documents is causing some of the the opinion/speculation? Any reason why the announcement and documents cannot be simultaneous, now that there is a preview period between live and bidding? Edited to make clear: The question that received the terse reply, was asked in the period between the email being sent out identifying the borrower/existing connected shareholder, and the loan docs being made available to lenders.
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Post by davids on Feb 15, 2018 16:56:04 GMT
With reference to the documents, the case study 2 is a building which i've visited for work purposes and to be honest i was absolutely amazed by the building, it is very impressive if you ever get to go!
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poppyland
Member of DD Central
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Post by poppyland on Feb 15, 2018 16:56:26 GMT
Does anyone have any ratings info for Stanifords who valued the modules on which the security is based? I'm a little suspicious of valuations after the events of this morning.
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Post by Deleted on Feb 15, 2018 17:20:07 GMT
I used to work in Beverley and Stanifords were the "go to guys" for residential in the area, don't know their commercial record but I know they do it. Frankly the whole Hull area is a little cut off from the rest of the country and I doubt there is much choice.
What happened this am?
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ptr120
Member of DD Central
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Post by ptr120 on Feb 15, 2018 17:27:50 GMT
Maybe the cracks that are now showing are actually chasms hence the terse response to suppliers of capital lenders👿 I hope not. The truth is that this forum.. sadly in my opinion... appears to be turning into a game of point scoring. Why would opinions be given beforw a loan goes live.. before documents have even been read? We have been happy to participate for going on 4 years. However the line is almost being crossed into posts from some as 'giving advice' and that will.. ultimately.. be the end of this incredibly useful place to have a discussion. I do apologise if I have come across terse, my intention is to be succint to protect an authorisation we worked very hard to acheive. By answering an opinion with an opinion is giving advice.. we are not licensed to do so. Those who seek to point score know this and know we cannot respond with anything but fact. There is also no context here, some posts are made, that could influence others and they are baseless or perhaps from someone with a lack of knowledge. Anonymity of whether you are an investor or not in a loan even, God forbid, more nefarious motives. While we are happy to educate we also dont want to patronise. Occassionally a useful poster will correct someone but wouldnt it be much better to get in touch with us for clarifucation? It almost feels like people want to get in and post negatives without reading the document.. which is unhelpful. If there is anything you are unsure about ask on here or preferably ask us. We, probably more than most platforms, listen to our lenders.. create products and functionality they want, adjust loan terms and even cancel loans. We are launching a monitoring page with up to dare credit data for all companies soon, for example..because it was asked for. The relationship between our lenders and ourselves is symbiotic but, by that very nature, it is a two way street. If all we get is opinions (good or bad) based around getting popularity on the forum.. then that is not a game we are willing to play and sadly our interaction will decrease. If you have genuine questions not covered in the borrowing proposals we will contact borrowers for answers and we will post them/add addendums. In the background we are pretty tough with our borrowers on your behalf if they stray out of line. Again, please dont be offended if we appear to be terse, this place is not our forum, we dont have a 24/7 monitor on it and if a question is asked where the answer is in the BP.. you can imagine the frustrations. All the best Mine was the comment earlier which received the terse response which I have to admit I did find a little surprising. To try and make things up to ablrate I should make the point that I'm in all but one of the loans to this ultimate borrower and their various projects. I have no axe to grind or points to score here. However, it would appear to me that my security is partly eroded with each new loan to this ultimate borrower due to the PG and cross guarantee. It can also sometimes make me wonder why the borrower repeatedly returns for more high cost finance if they really are doing so well, and have so much unencumbered wealth. The answer to my question could have been: The ultimate borrower has to date repaid XXXXX of capital - all payments have been made on time Across all loans, the borrower has been able to achieve X, Y, and Z Alongside this financing round, the borrower is injecting XXXX of their own funds They have received an expression of interest from an equity investor I agree that there are some clear positives in the BP, but it is a weighty and complex document, and so far there are also a few question marks in my mind too - the ongoing motivation of the borrower being one, as well as my own personal concentration risk (and that of the platform).
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Post by mike1963 on Feb 15, 2018 17:45:42 GMT
Just a suggestion but as many of the (negative) comments on here are borne from over exposure to the ultimate guarantor, could this not be helped by him providing something a bit more tangible than a Personal Guarantee, ie. a charge over the family home *********, if he was comfortable to do so?
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blender
Member of DD Central
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Post by blender on Feb 15, 2018 17:53:58 GMT
Many of us have made comments on the forum between a borrower being announced and the loan details being posted. I know I have. But I do not think we could expect Ablrate to answer questions during that period, when the answers are to be expected in the loan details. If the answers are not in the details when posted, that's the time to ask and expect a response (which we usually get but not always). So I do not think Ablrate could have given those answers, two posts above, at that time. Nothing wrong, imo, knowing the borrower but not the loan details, with posting views on what issues are expected to be covered by the loan details, or what to watch out for in the loan details, especially if bidding starts straight away. In this case there is a six hour gap during which discussions/questions can occur. In this case, I don't have any questions, but am well into the existing loans. One comment though, in the 2017 accounts balance sheet I think it says net current liabilities when it means net current assets. Makes a difference.
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xtab
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Post by xtab on Feb 15, 2018 18:37:11 GMT
Is it just me or is the C*****s loan looking like a leverage too far? I'm invested in their others, but starting to feel twitchy about adding to them.
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poppyland
Member of DD Central
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Post by poppyland on Feb 15, 2018 19:59:23 GMT
I used to work in Beverley and Stanifords were the "go to guys" for residential in the area, don't know their commercial record but I know they do it. Frankly the whole Hull area is a little cut off from the rest of the country and I doubt there is much choice. What happened this am? Thanks for the info about Stanifords. As for what happened this morning, I'd better not tell you, in case I get accused of being the "Ranty" mentioned in another thread.
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jontyab
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Post by jontyab on Feb 15, 2018 20:05:23 GMT
Filling fast - 63% in 5 minutes
Edit: 8:20pm - Jumped from 90% to 60% Filled? I guess the initial percentange is to drawdown minimum.
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Post by df on Feb 15, 2018 20:05:28 GMT
8.05pm - 61% filled.
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