blender
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Post by blender on Mar 8, 2018 12:56:00 GMT
Suggesting taking on the loan book is a bold move. One wonders about the effect of that on the Ablrate platform. The extent of the book, perhaps including some pre-p2p loans, the quality of the book. The revenue stream which attaches to the book - if any. Does the overhead cost get funded by the revenue streams from the Ablrate loans? The diversion of scarce management time from origination and monitoring of Ablrate loans. I am not asking for answers on this hypothetical project. At present COL is just in administration, not liquidation, and the owners are still the owners. Very creditable to offer to help, but not at the risk of collateral damage.
Note: all I know of COL is what I read on the forum.
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Post by investorman on Mar 8, 2018 13:15:15 GMT
Does anybody else get the impression that most of that article was taken from threads on here.
Anyway, I dont know how I feel about this.
It is good for Ablrate to expand and diversify its borrowers.
However,
A. The loans would all be filled and would have shorter durations as have been running already. B. From what I have read Col loans seemed to almost perpetually roll over rather than be repaid. Surely that means the borrowes are not achieving the goal which they wanted to attain by borrowing the money. C. Ablrate would have to do DD on all the loans to offer them to us on the SM. D. ABL will be bombarded by worried COL investors for months, which may affect the service we get.
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blender
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Post by blender on Mar 8, 2018 13:29:56 GMT
Yes, the main concern is D. There is only one Ablrate. He is outstandingly competent (and second best platform rep), but he is key to this platform and he's ours.
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oldgrumpy
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Post by oldgrumpy on Mar 8, 2018 13:36:18 GMT
Making the assumption that ABL could buy the loan book is speculation IMHO. The y have not said that. They have offered help, that's all. It may be that ABL will take over selected loans which suit them, probably subject to a discount to cover the upfront fees that Col have already taken, and ABL wouldn't get.
Maybe Col's secret jewellery "partner" can refinance on to MT.
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Post by p2pimpressed on Mar 8, 2018 14:24:44 GMT
We have contacted the administrators to see if there is anything we can do to assist. This sounds promising!
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blender
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Post by blender on Mar 8, 2018 15:13:42 GMT
Making the assumption that ABL could buy the loan book is speculation IMHO. The y have not said that. They have offered help, that's all.It may be that ABL will take over selected loans which suit them, probably subject to a discount to cover the upfront fees that Col have already taken, and ABL wouldn't get. Maybe Col's secret jewellery "partner" can refinance on to MT. Keep up, Grumps:
“If there is a way we can buy the debt, take over the running of the debt or help out on the regulatory side, then this is the time for us all to pull together because there are a lot of worried people out there,” he said. ...
Bradley-Ward said there is an obvious synergy between Ablrate and Collateral, which are both asset-backed P2P lending platforms.
“We share a number of clients because of our asset-backed nature, so I got in touch with the administrators to see how we can help,” he said. “We’re waiting for them to get back to us.”
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oldgrumpy
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Post by oldgrumpy on Mar 8, 2018 15:36:27 GMT
Making the assumption that ABL could buy the loan book is speculation IMHO. The y have not said that. They have offered help, that's all.It may be that ABL will take over selected loans which suit them, probably subject to a discount to cover the upfront fees that Col have already taken, and ABL wouldn't get. Maybe Col's secret jewellery "partner" can refinance on to MT. Keep up, Grumps:
“If there is a way we can buy the debt, take over the running of the debt or help out on the regulatory side, then this is the time for us all to pull together because there are a lot of worried people out there,” he said. ...
Bradley-Ward said there is an obvious synergy between Ablrate and Collateral, which are both asset-backed P2P lending platforms.
“We share a number of clients because of our asset-backed nature, so I got in touch with the administrators to see how we can help,” he said. “We’re waiting for them to get back to us.”
Mmm! I had read that. I wonder though if DBW might identify some of the loans as "chancy" (polite adjective), therefore undesirable and not take on the whole debt. He hasn't actually seen them yet (at least not when he offered "help"). I'm waiting for the day the administrators open up the website so I can check exactly what Col say is my position.
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boundah
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Post by boundah on Mar 8, 2018 15:38:33 GMT
Making the assumption that ABL could buy the loan book is speculation IMHO. The y have not said that. They have offered help, that's all.It may be that ABL will take over selected loans which suit them, probably subject to a discount to cover the upfront fees that Col have already taken, and ABL wouldn't get. Maybe Col's secret jewellery "partner" can refinance on to MT. Keep up, Grumps:
“If there is a way we can buy the debt, take over the running of the debt or help out on the regulatory side, then this is the time for us all to pull together because there are a lot of worried people out there,” he said. ...
Bradley-Ward said there is an obvious synergy between Ablrate and Collateral, which are both asset-backed P2P lending platforms.
“We share a number of clients because of our asset-backed nature, so I got in touch with the administrators to see how we can help,” he said. “We’re waiting for them to get back to us.”
I for one would welcome ABL taking over COL's loanbook, subject to another layer of DD. As far as I can make out COL's main problem was originating/filling loans due to its small size - I had no particular worries about the quality of its loanbook. A 'merger' would fix the size problem, and its IFISA status would make it more attractive to lenders (esp with us about to go into a new FY).
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bg
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Post by bg on Mar 8, 2018 16:37:06 GMT
Keep up, Grumps:
“If there is a way we can buy the debt, take over the running of the debt or help out on the regulatory side, then this is the time for us all to pull together because there are a lot of worried people out there,” he said. ...
Bradley-Ward said there is an obvious synergy between Ablrate and Collateral, which are both asset-backed P2P lending platforms.
“We share a number of clients because of our asset-backed nature, so I got in touch with the administrators to see how we can help,” he said. “We’re waiting for them to get back to us.”
Mmm! I had read that. I wonder though if DBW might identify some of the loans as "chancy" (ploite adjective), therefore undesirable) and not take on the whole debt. He hasn't actually seen them yet (at least not when he offered "help"). I'm waiting for the day the administrators open up the website so I can check exactly what Col say is my position. I think he just means take on running the debt (ie the admin side of things), the lenders will still be as they are now. In theory I wouldn't think it necessarily matters the quality of the loans as long as ABL are adequately compensated for the extra administration they have to put in....this is not necessarily difficult as they could take their fees first on any debt realisations - just as the Administrators will do if they have to do it (but likely way cheaper). I don't think it would hit ABL loan stats either as they could run a seperate "legacy Collateral" loan book in parallel to their own loans, even with a new SM if they wish. Any defaults would not reflect badly on them - if its doable I think it could be a good solution all round, lots of new customers, exposure and revenue for ABL and a big relief for Collateral lenders.
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bg
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Post by bg on Mar 8, 2018 16:38:13 GMT
Keep up, Grumps:
“If there is a way we can buy the debt, take over the running of the debt or help out on the regulatory side, then this is the time for us all to pull together because there are a lot of worried people out there,” he said. ...
Bradley-Ward said there is an obvious synergy between Ablrate and Collateral, which are both asset-backed P2P lending platforms.
“We share a number of clients because of our asset-backed nature, so I got in touch with the administrators to see how we can help,” he said. “We’re waiting for them to get back to us.”
I for one would welcome ABL taking over COL's loanbook, subject to another layer of DD. As far as I can make out COL's main problem was originating/filling loans due to its small size - I had no particular worries about the quality of its loanbook. A 'merger' would fix the size problem, and its IFISA status would make it more attractive to lenders (esp with us about to go into a new FY). I don't think any more DD is necessary unless any buyer decides to proceed with extra tranches of any development loans.
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michaelc
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Post by michaelc on Mar 8, 2018 16:57:02 GMT
zer vill be nein cherry picking. I repeat. NO CHERRY PICKING !
Ok, took my silly hat off now. I must admit when I joined ablrate only a few months ago I thought it a bit cheesy getting emails from the ceo with his contact details etc. Put me off a little. But really in the grand scheme of things not very important.
Far more important was this apparent concern at p2p in general. I'm sure the initial soundings are clearly aimed far more at ABL's fortunes than anything else but I do detect an element of "what is good for p2p is good for us" and that is highly responsible at this time. If COL is left to rot and investors lose their shirts, it will be bad for the industry generally. So regardless of what happens next, I definitely welcome these kind of noises and the "feel good factor" for ABL has gone up a lot for me.
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mason
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Post by mason on Mar 8, 2018 18:30:01 GMT
Depending on what steps would need to be taken to resurrect COL, this could be a very positive move. If the existing loan book could be wound down under the existing infrastructure, and ABL could get first refusal from maturing loans wanting to renew and developments in need of further capital, it seems like everybody stands to gain from such a move. Hopefully channels of communication could be opened up from the COL side in order to avoid the ABL team being swamped with extra admin.
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pom
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Post by pom on Mar 8, 2018 18:55:06 GMT
Perhaps I'm the odd one out, but I'm not entirely sure I like the thought of ABL taking on COLs loan book - development loans in particular are rather different from ABLs usual stuff. Even if they don't start going a bit stinky (and lets be honest there's sure to be problems somewhere) it'll be a lot of work of a new kind for the ABL team, and unless they're already planning on heading into DFLs themselves what would be the point?
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mason
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Post by mason on Mar 8, 2018 22:11:15 GMT
Perhaps I'm the odd one out, but I'm not entirely sure I like the thought of ABL taking on COLs loan book - development loans in particular are rather different from ABLs usual stuff. Even if they don't start going a bit stinky (and lets be honest there's sure to be problems somewhere) it'll be a lot of work of a new kind for the ABL team, and unless they're already planning on heading into DFLs themselves what would be the point? Yes I agree there are some loans that it would make sense to leave in situ and try to refinance elsewhere.
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hazellend
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Post by hazellend on Mar 8, 2018 22:49:47 GMT
did I miss something? Why are people talking about ABL taking on COL loans??
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