sapphire
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Post by sapphire on Aug 2, 2018 9:07:36 GMT
ablrate Please could you clarify if the LTV is max 70%? This was specified in an earlier Tranche document but does not seem to have been mentioned for this Tranche. **Edited to add**: The 'Details' tab on the website for Tranche V states: "The business is owned by Acc*** Com******* F****** and monitored by Ablrate to ensure that the loan represents no more than 70% of the current retail value (according to CAP Retail Value) of the underlying vehicles. Acc*** Com******* F****** will oversee the rolling stock and move cars in and out of the facility as they are bought and sold by the dealerships. The portfolio will be updated on a monthly basis." But these statements are missing in the details tab for Tranche VII, so ablrate please could you clarify if the terms and monitoring process have changed for Tranche VII?
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Post by westcountry on Aug 2, 2018 9:14:18 GMT
ablrate , in the borrowing proposal it states "The Group has been able to manage delinquencies and loan arrears to a minimum and is proud to note it is yet to crystallise a loss or bad debt on any single loan transaction" and "One of the key barometer's of Emily's [senior credit writer] success at A****s is that the group is yet to crystallise a loss across any of its lending products". Yet in the A**1 1 January 2018 to 30 June 2018 Profit & loss account, bad debts of £88k are shown for these six months. Please could you find out what is happening here? How A** claim no bad debts yet show £88k of bad debts in their accounts?
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sapphire
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Post by sapphire on Aug 2, 2018 9:21:06 GMT
ablrate Some more questions please. The value of the target security asset i.e. cars depreciates significantly over a period of time. 1.What annual depreciation rate is used when valuing cars? 2.How is it ensured that: a. the correct (depreciated) value of the car is used in the ongoing valuations over the period of the loan? b. the overall value of the security does not fall below the target? (70%?) I think the above questions are especially relevant as this loan is non-amortising.
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hantsowl
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Post by hantsowl on Aug 2, 2018 9:22:26 GMT
Minor typo on page 6 of the proposal.... Management figures for the 6mths to June 2017 show total income of £959,753, comfortably ahead of the same period last year. This should read " 6mths to June 2018" ablrate
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Post by ablrate on Aug 2, 2018 9:41:04 GMT
Hi sapphire - the terms and monitoring have not changed westcountry - these are provisions for bad debts, not crystalised write offs. I agree this should be clarified.. will sort.. thank you. sapphire - the cars are stock and the facilty for holding the cars is extended for 90 days but typically the stock turns over every 5 weeks, so the assets are not held long period of time where depreciation would be a factor. hantsowl - thank you..changing
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sapphire
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Post by sapphire on Aug 2, 2018 10:00:18 GMT
Hi sapphire - the terms and monitoring have not changed ..... sapphire - the cars are stock and the facilty for holding the cars is extended for 90 days but typically the stock turns over every 5 weeks, so the assets are not held long period of time where depreciation would be a factor. ...... ablrate Many thanks for your prompt response. The Balance Sheet as at 30 Jun 2018, shows the total value of the debtors (£3.465m) as Current Assets (but no stock). So is this (Debtors) the value of the underlying security for the various tranches to date? If so, the total value of the 6 tranches to date (£2.545m) is 73.4% of the value of the debtors i.e. exceeding the 70% LTV limit. Am I missing something? Shouldn't the value of the assets underpinning the loans to date be fully reflected in the balance sheet?
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sapphire
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Post by sapphire on Aug 2, 2018 10:07:18 GMT
Hi .... westcountry - these are provisions for bad debts, not crystalised write offs. I agree this should be clarified.. will sort.. thank you. .... ablrate The P&L account for 6 months ended 30 Jun 2018 shows "Bad Debt" of £88.6K **in addition** to 'Provision for Doubtful Debts B/S" of £92K. I can understand that "Provision" is not crystalised but isn't an explicit entry for "Bad Debt" used to denote crystallised write-offs?
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Post by MrHappyGoLucky on Aug 2, 2018 11:02:55 GMT
50% of the loan invested within 2 mins.
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gareot
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Post by gareot on Aug 2, 2018 11:06:41 GMT
I've got my nibble. no problems here.
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blender
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Post by blender on Aug 2, 2018 11:07:19 GMT
We both had a little. Worked perfectly.
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hantsowl
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Post by hantsowl on Aug 2, 2018 11:08:40 GMT
Seems to be a new problem with the interface.....I no longer see any broken cars or warnings about deadlocked transactions. In fact response was pretty instantaneous. I now have to find something else to use up the time i had allocated to buying this loan.....
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poppyland
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Post by poppyland on Aug 2, 2018 11:16:12 GMT
Well done Ablrate: you fixed the problems. It would have been easier not to care and not to bother, but you did it. Hats off.
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mickj
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Post by mickj on Aug 2, 2018 11:21:12 GMT
Had a little as it opened, small wait while page updated. Due to card being rejected? bank transferred a little more and was able to get this in at approx 12:15, instant page update - so much so it surprised me. So that was easier, good work ablrate
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Post by winger on Aug 2, 2018 13:23:33 GMT
After all the problems with the previous new loans, it was great to see my bid go through instantly this time (if not slightly unnerving!).
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Post by Ace on Aug 2, 2018 14:43:45 GMT
All gone. Well done ablrate. No complaints on here, so it seems that the fix was a good one. Despite me thinking that you had got it wrong with another 1% bid limit, it seems that you got it right. I hear the sound of a few hats being chewed!
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