applets
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Post by applets on May 11, 2019 7:02:53 GMT
Note the brewery update as well. Abl really are doing a great job.
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SteveT
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Post by SteveT on May 11, 2019 8:36:53 GMT
ablrate, the Addendum to 1000085 (the brewery loan) confirms that it has been restuctured to the extended 10 year amortising profile at 14%pa and that 6 months of back interest at 14%pa have been added to the loan capital (ie. 7% additional capital owed). By my reckoning, the Repayments tab correctly displays the revised monthly and term-end payments based on these new terms. However, the displayed capital value of loan-parts held has not (yet?) changed, ie. a £100 loan part held pre-conversion is still currently displayed as £100 capital, not £107. As a result, the Yield (AER) calculation on the SM appears not to be taking any account of the 7% capitalised back-interest. By my reckoning, the forward AER on a £100 part bought pre-conversion, based on the revised repayments schedule now displayed, should be around 18.5%. However, listing a £100 part at Par on the SM currently generates a projected AER of 14.888% (which tallies with my estimated AER if the 7% back-interest is omitted). Will the capital value of loan parts held be amended to include the 7% of capitalised back-interest ? Or will the Yield (AER) calculation be amended to reflect the fact that each £100 loan-part should is actually expected to repay £107 of capital? Or will the displayed AER always understate the actual expected return on this loan (in which case, can I suggest that a notice to this effect be added)?
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 11, 2019 8:44:59 GMT
When will the SM re-open for these?
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IFISAcava
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Post by IFISAcava on May 11, 2019 9:25:53 GMT
Anybody know the outcome for lenders on crowdstacker? No resolution yet but reading between the lines looking looking a lot less positive for both the Bur**** Ni***t and Au******c Ale***** loans.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 11, 2019 11:00:26 GMT
ablrate Any news on #67/68 which do not feature in the latest welcome update?
Also I note that the addendum makes no reference to the ultimate controlling interest of the new owners of the borrowers. I assume that our borrowers will be direct subsiduaries of BkA and, Im guessing, the recently incorporated similarly named brewery, both of which are controlled by a party with links to a significant portion of the Abl loan book & wider finance/P2P industry. ISTM this is potentially pertinent to investors. Perhaps a note could be added identifying the links similar to that which was given in the original proposals regarding the BN group key players.
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Post by ablrate on May 13, 2019 7:57:10 GMT
ablrate , the Addendum to 1000085 (the brewery loan) confirms that it has been restuctured to the extended 10 year amortising profile at 14%pa and that 6 months of back interest at 14%pa have been added to the loan capital (ie. 7% additional capital owed). By my reckoning, the Repayments tab correctly displays the revised monthly and term-end payments based on these new terms. However, the displayed capital value of loan-parts held has not (yet?) changed, ie. a £100 loan part held pre-conversion is still currently displayed as £100 capital, not £107. As a result, the Yield (AER) calculation on the SM appears not to be taking any account of the 7% capitalised back-interest. By my reckoning, the forward AER on a £100 part bought pre-conversion, based on the revised repayments schedule now displayed, should be around 18.5%. However, listing a £100 part at Par on the SM currently generates a projected AER of 14.888% (which tallies with my estimated AER if the 7% back-interest is omitted). Will the capital value of loan parts held be amended to include the 7% of capitalised back-interest ? Or will the Yield (AER) calculation be amended to reflect the fact that each £100 loan-part should is actually expected to repay £107 of capital? Or will the displayed AER always understate the actual expected return on this loan (in which case, can I suggest that a notice to this effect be added)? Thanks Steve - this is something we are grappling with before opening up the SM. The likelihood is that we will increased the overall loan on the system which will increase the yield. This maintains the integrity of the discount/par system.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 13, 2019 14:08:21 GMT
67/68 update now recieved by email.
hazellend latest BN admin report being processed on CH so might give some insight in to where CS is once viewable
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hazellend
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Post by hazellend on May 13, 2019 16:06:31 GMT
67/68 update now recieved by email.
hazellend latest BN admin report being processed on CH so might give some insight in to where CS is once viewable I’m not in CS one but just curious as to why they thought 7% unsecured was appropriate when everybody else was getting 12-14% secured.
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Post by ablrate on May 15, 2019 12:54:54 GMT
ablrate , the Addendum to 1000085 (the brewery loan) confirms that it has been restuctured to the extended 10 year amortising profile at 14%pa and that 6 months of back interest at 14%pa have been added to the loan capital (ie. 7% additional capital owed). By my reckoning, the Repayments tab correctly displays the revised monthly and term-end payments based on these new terms. However, the displayed capital value of loan-parts held has not (yet?) changed, ie. a £100 loan part held pre-conversion is still currently displayed as £100 capital, not £107. As a result, the Yield (AER) calculation on the SM appears not to be taking any account of the 7% capitalised back-interest. By my reckoning, the forward AER on a £100 part bought pre-conversion, based on the revised repayments schedule now displayed, should be around 18.5%. However, listing a £100 part at Par on the SM currently generates a projected AER of 14.888% (which tallies with my estimated AER if the 7% back-interest is omitted). Will the capital value of loan parts held be amended to include the 7% of capitalised back-interest ? Or will the Yield (AER) calculation be amended to reflect the fact that each £100 loan-part should is actually expected to repay £107 of capital? Or will the displayed AER always understate the actual expected return on this loan (in which case, can I suggest that a notice to this effect be added)? OK - we have coded this. So what will be happening is that we will be capitalising the interest prorated across current holders. The list of agreements will reflect a new agreement showing this. This way we don't mess with the SM and you get the interest due on the amount you own. We will be doing this over the next few days and will send a mail to loan holders.
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marka
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Post by marka on May 15, 2019 17:58:24 GMT
In simple terms then, if I currently have £1000 in a loan and 7% is "capitalised", will I then have £1070 in the loan, as opposed to still having £1000 but with a promise to pay back 107% at maturity, ... or something else entirely?
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Post by ablrate on May 16, 2019 9:00:48 GMT
In simple terms then, if I currently have £1000 in a loan and 7% is "capitalised", will I then have £1070 in the loan, as opposed to still having £1000 but with a promise to pay back 107% at maturity, ... or something else entirely? hi - yes, I am not sure it will be exactly 7% - to manage expectations - but yes, we will be increasing your holding in the loan.
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TitoPuente
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Post by TitoPuente on May 16, 2019 12:25:59 GMT
If monthly interests are capitalised it should be 7.207% assuming monthly interests as 14% / 12
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withnell
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Post by withnell on May 16, 2019 17:55:57 GMT
ablrate - any view on when these postings will happen? The document detailing the revised structure says a payment for 97's 2-May repayment will be made within 48 hours (which would be Monday assuming only counting weekdays). Has the new borrower failed to keep the agreement, or has the repayment been made and we're just waiting on an coding fix to allow the correct figures to show?
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Post by ablrate on May 16, 2019 18:30:00 GMT
ablrate - any view on when these postings will happen? The document detailing the revised structure says a payment for 97's 2-May repayment will be made within 48 hours (which would be Monday assuming only counting weekdays). Has the new borrower failed to keep the agreement, or has the repayment been made and we're just waiting on an coding fix to allow the correct figures to show? it was waiting for the code and testing, but its now done and we will be making those changes over the next few days
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IFISAcava
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Post by IFISAcava on May 20, 2019 13:59:53 GMT
67/68 update now recieved by email.
hazellend latest BN admin report being processed on CH so might give some insight in to where CS is once viewable it's viewable now expectation is of "a significant if not full shortfall". CS are disputing it. Messy.
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