ganymede
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Post by ganymede on Jun 14, 2018 19:11:41 GMT
ablrate It took around 6 rejected attempts, on the 7th attempt I had the car crash page. But looking at account the bid had been accepted. Happy enough bid gone through still needs work on the system.
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r00lish67
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Post by r00lish67 on Jun 15, 2018 8:27:02 GMT
ablrate , I note that the parent group B***gn***t has in the last few years taken out quite substantial borrowings from a range of P2P/Crowdfunding providers. I had wanted to review their 2017 accounts, but unfortunately due to their group electing to shorten their 2017 accounting period by 1 day recently, the filing deadline on Companies House has been extended by 3 months and so they are not yet available. As you now have several loans relating to the group, have you had any early view of the group's accounts, and is there any comment you can make about the serviceability of the group's overall debt?
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empirica
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Post by empirica on Jun 15, 2018 12:12:37 GMT
ablrate , I note that the parent group B***gn***t has in the last few years taken out quite substantial borrowings from a range of P2P/Crowdfunding providers. I had wanted to review their 2017 accounts, but unfortunately due to their group electing to shorten their 2017 accounting period by 1 day recently, the filing deadline on Companies House has been extended by 3 months and so they are not yet available. As you now have several loans relating to the group, have you had any early view of the group's accounts, and is there any comment you can make about the serviceability of the group's overall debt? Great question. (If not already done so) Is it worth adding to the loan's Q&A?
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elliotn
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Post by elliotn on Jun 15, 2018 20:30:09 GMT
ablrate , I note that the parent group B***gn***t has in the last few years taken out quite substantial borrowings from a range of P2P/Crowdfunding providers. I had wanted to review their 2017 accounts, but unfortunately due to their group electing to shorten their 2017 accounting period by 1 day recently, the filing deadline on Companies House has been extended by 3 months and so they are not yet available. As you now have several loans relating to the group, have you had any early view of the group's accounts, and is there any comment you can make about the serviceability of the group's overall debt? Great question. (If not already done so) Is it worth adding to the loan's Q&A? Not worth it. I have several unanswered.
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elliotn
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Post by elliotn on Jun 15, 2018 20:31:33 GMT
The borrowing proposal is now available to view. ablrate I wonder if you could let us know the purchase price of the property, how much will be spent on the redeeming the lease, and how much will be spent on the refurbishments? I see that the valuation reports have some special assumptions which I'm generally not in favour of as they tend to inflate the value, and the special assumptions may not come to pass (in theory, the loan could default before any refurbishment has been undertaken). It would be helpful if the valuer could comment on the security value without the special assumptions - would that be possible? How are the letting rooms rented out? By the night - hotel style - or weekly / monthly lets to contractors and the like? Particularly as this is shuffling assets between BN directors.
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ptr120
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Post by ptr120 on Jun 18, 2018 7:04:33 GMT
Hi ablrate, any chance of answers? Also, when I try to post comments on the loan page they just disappear. Why is this please?
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ptr120
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Post by ptr120 on Jun 18, 2018 12:46:41 GMT
I've received an email with the following figures:
£365k purchase price
£150k lease redemption
£50k refurbishment
In addition, there will be other soft costs / stamp etc.
I have asked how the 70% LTV is being calculated but not received a reply. It certainly isn't the purchase price + refurbishment costs.
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andy1
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Post by andy1 on Jun 18, 2018 13:05:23 GMT
I've received an email with the following figures: £365k purchase price £150k lease redemption £50k refurbishment In addition, there will be other soft costs / stamp etc. I have asked how the 70% LTV is being calculated but not received a reply. It certainly isn't the purchase price + refurbishment costs. The valuation is on the same basis as the other pubs. It assumes full refurbishment is completed and the business in trading in line with the future projections. It is in no way related to the current state of the building or actual trading history.
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ptr120
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Post by ptr120 on Jun 18, 2018 13:38:02 GMT
...And that is the reason I've decided I'm not keen on this loan, and have come to the conclusion I'm not as keen on the other loans as I thought I was. If the loan defaults before refurbishment works have been undertaken we have an asset worth considerably less than the loan. In fact, even if the work is undertaken, we still have an asset worth less than the loan.
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blender
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Post by blender on Jun 18, 2018 14:04:13 GMT
And that's why they are paying us 13% and a goodly amount to Ablrate, and why we rely on Ablrate to closely supervise the total commitment to this and other similar lenders. If the total debt builds up much more quickly than the value of the assets (present value that is) is developed, then the business is at more risk. The earlier loans are the safest to hold long term, imo, because they have more time for the security assets to be developed in value, and because the later borrowing can support the interest repayments on the earlier loans, if needed. I do not believe that the funds borrowed against each pub are ring-fenced, though please correct if wrong. All credit to Ablrate for the transparency, but you have to read and understand the docs.
Edit: I should also have said that these loans are amortising, over 4 years, which favours the early loans as the debt goes down, towards the present value of the physical security going up, over time. The physical security is of course supported by other security and guarantees.
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victors
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Post by victors on Jun 18, 2018 15:41:13 GMT
Of the earlier loans, the one in So*****rt has already been redurbished and opened. Albeit under a different name
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ptr120
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Post by ptr120 on Jun 18, 2018 18:41:11 GMT
Of the earlier loans, the one in So*****rt has already been redurbished and opened. Albeit under a different name Interesting. It would be good if ablrate could comment if the refurbishment went according to budget and if early trading figures are in-line with expectations.
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