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Post by Badly Drawn Stickman on Apr 23, 2018 10:06:29 GMT
Is there a maximum period for which the 1000098 offer would be kept open before being withdrawn if not fully subscribed? What is the longest period another previous loan offer, if any, has been kept open before being withdrawn due to not being fully subscribed? There are 17 days of the listing period left. Page 12 of the proposal states:
"The loan has a minimum requirement of £1,495,000 being the total value of the loan. If the loan does not fill Instant Returns will be paid up until the point of closure and all bids will be returned to your Ablrate account."
So it has to reach the amount, or be returned with instant returns. If it is close at the end of the period, then I guess that Ablrate may wish to request lenders for a limited extension, but that would be exceptional. The instant returns will be considerable, and Ablrate would hope to have some fees to cover it. Also there is the consideration of the connectedness with 80, essentially the same project. In the early days, there was a plane loan which did not get close to its target and Albrate kept that open for months trying to get the rest underwritten. That did not work, and the practice has not been repeated. Loans rarely fail to fill in the time. One did fail recently, and was let go. This is not FC, where they effectively guarantee the fill of anything they approve, and the lenders are just a money supply.
With just a week left, its looking unlikely to fill. I am now neither short, longed or anything else on the partner loan. Shame but sometimes caution is the order of the day.
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Post by ablrate on Apr 23, 2018 11:09:07 GMT
We are in discussions on underwriting the rest of it, so we are pretty confident that it will get done.
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Post by investorman on Apr 23, 2018 14:31:18 GMT
We are in discussions on underwriting the rest of it, so we are pretty confident that it will get done. Is that for 98 or 100 or both? As the chain on here was 98 but your email referred to 100.
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nw99
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Post by nw99 on Apr 24, 2018 8:45:30 GMT
We are in discussions on underwriting the rest of it, so we are pretty confident that it will get done. Great news
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Post by Badly Drawn Stickman on Apr 24, 2018 9:33:09 GMT
We are in discussions on underwriting the rest of it, so we are pretty confident that it will get done. Great news It would be great news if the loan had been filled without the need for underwriting. I can see possible downsides for the SM in the current scenario. Hopefully I am wrong.
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blender
Member of DD Central
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Post by blender on Apr 25, 2018 21:57:24 GMT
I am glad that my confidence that Ablrate would have a plan B seems to be well placed, though I had rather hoped for increased interest, or some other incentive. Maybe the existing third-party lenders might care to halve their stake at 15%? Ref the SM, this was never one for a quick flip imo, but after a few months perhaps. When it fills, Ablrate lenders' confidence in the project will return, and lenders will probably see the interest rate before anything else.
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nw99
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Post by nw99 on Apr 27, 2018 13:06:24 GMT
100 trades up at 100.2
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nw99
Posts: 340
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Post by nw99 on Apr 30, 2018 12:17:46 GMT
98 extended makes 80 offered at 99.5 a bargain
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Post by investorman on Apr 30, 2018 12:20:28 GMT
98 extended for 31 days.
Really worried about this one, im not in it or 80, more that investors are already into this for £1.3m for 80, trying to push this £1.5m through to stop the £1.3m defaulting in due course, just means a £2.8m default could be a possibility in the future.
Should let this one die gracefully. Would hate to see it ruin the rep of a good platform.
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Post by ablrate on Apr 30, 2018 13:19:13 GMT
98 extended for 31 days. Really worried about this one, im not in it or 80, more that investors are already into this for £1.3m for 80, trying to push this £1.5m through to stop the £1.3m defaulting in due course, just means a £2.8m default could be a possibility in the future. Should let this one die gracefully. Would hate to see it ruin the rep of a good platform. The addendum clearly points out the benefits of the proposal and I wouldn't agree with your conclusions. We are comfortable with the security and the forward performance.. otherwise we would let it die.
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eeyore
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Post by eeyore on Apr 30, 2018 14:15:21 GMT
We are in discussions on underwriting the rest of it, so we are pretty confident that it will get done. So the discussions on underwriting were NOT referring to #98 (the O** H**** loan)?
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Post by ablrate on Apr 30, 2018 15:53:52 GMT
We are in discussions on underwriting the rest of it, so we are pretty confident that it will get done. So the discussions on underwriting were NOT referring to #98 (the O** H**** loan)? Yes, it was the latest loan #98. Underwriting was an option to have in place, the solution became something different
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nw99
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Post by nw99 on Apr 30, 2018 16:43:50 GMT
That’s great news thanks
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eeyore
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Post by eeyore on Apr 30, 2018 16:44:34 GMT
So the discussions on underwriting were NOT referring to #98 (the O** H**** loan)? Yes, it was the latest loan #98. Underwriting was an option to have in place, the solution became something different Thanks for the clarification. But what if the "solution" (allowing another month for the loan to fill) proves not to be effective? Will underwriting be reconsidered or is it still in place?
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blender
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Post by blender on Apr 30, 2018 17:45:48 GMT
98 extended for 31 days. Really worried about this one, im not in it or 80, more that investors are already into this for £1.3m for 80, trying to push this £1.5m through to stop the £1.3m defaulting in due course, just means a £2.8m default could be a possibility in the future. Should let this one die gracefully. Would hate to see it ruin the rep of a good platform. Do people read the addendum? So the existing lender of the 98 loan has indicated a willingness to convert the whole loan to equity, but the borrower would clearly prefer to maximise this loan and give any balance as equity. Or that is what I understand, though of course the question is how much equity do they want. That is some way from any idea of a loss of confidence in the project, and means that 98 does not have to fill or fail. It just sounds to me like people optimising their position in this opportunity. And that the problem is that the combined size is a big ask for this small platform. But I may be just a mug punter. I assume the term is still 8 months fixed, not 7.
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