nyneil
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Post by nyneil on Aug 9, 2019 8:51:06 GMT
Well, tomorrow has arrived and only a few hours late. I very much applaud ablrate for their high level ethos and ethics; they are outstanding for this industry. There are never any guarantees, but if anyone can find the best solution to the BN mess I do believe DBW and his team will. I am impressed by their creative approach and pure determination to resolve the issues which inevitably crop up from time to time. If L or FS had been dealing with this, we would have been looking at years of can kicking and eventually a massive loss!
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Post by ladywhitenap on Aug 9, 2019 8:57:09 GMT
Clearly a lot of work gone into this proposed solution - hats off to ABL
However, I've got over 8% of my ABL portfolio in BN related loans so I'm wary of investing more in the proposed solution even if it helps secure the solution.
Will wait to see the follow up statement on 85/97/104/105 I think.
LW
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Post by stevem on Aug 9, 2019 9:10:35 GMT
Clearly a lot of work gone into this proposed solution - hats off to ABL However, I've got over 8% of my ABL portfolio in BN related loans so I'm wary of investing more in the proposed solution even if it helps secure the solution. Will wait to see the follow up statement on 85/97/104/105 I think. LW
I think that the solution is certainly pragmatic and congratulate Ablrate for devising it.
I'm in a similar situation re the proportion of my Ablrate investment in these loans BUT I though that the issue with the remainder of them was purely getting the re-structured loans to work in the IFISA environment (which has now been the situation for almost 3 months) That's certainly the impression that has been given, unless of course Ablrate have not in fact been receiving the interest payments they/we are due.
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stevio
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Post by stevio on Aug 9, 2019 9:18:31 GMT
ablrate My queries are: - Would anything happen with the unpaid interest so far on these loans, would that also be capitalised? - The new loan will be paid quarterly, but the 67 and 68 will pay back monthly? - When will the work be completed, you mention to capture the Xmas trade, so I imagine in the first quarter?
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squid
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Post by squid on Aug 9, 2019 9:19:27 GMT
Agreed - re. the IFISA that is what we were told.
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Post by ladywhitenap on Aug 9, 2019 9:19:45 GMT
Clearly a lot of work gone into this proposed solution - hats off to ABL However, I've got over 8% of my ABL portfolio in BN related loans so I'm wary of investing more in the proposed solution even if it helps secure the solution. Will wait to see the follow up statement on 85/97/104/105 I think. LW
I think that the solution is certainly pragmatic and congratulate Ablrate for devising it.
I'm in a similar situation re the proportion of my Ablrate investment in these loans BUT I though that the issue with the remainder of them was purely getting the re-structured loans to work in the IFISA environment (which has now been the situation for almost 3 months) That's certainly the impression that has been given, unless of course Ablrate have not in fact been receiving the interest payments they/we are due. I agree the next BN update should be solely about IFISA logistics but I'll wait to see that and the details of todays new loan as diversification is really my only issue with ABL. In any case it is likely to be a few day before the new BN loan is floated. LW
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bod
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Post by bod on Aug 9, 2019 9:55:53 GMT
Well done Ablrate for the hard work in finding a sensible way forward. I am willing to invest a bit more, subject to the business proposal, to see this through but this is probably the only platform I trust enough to do so. A minor point - I assume the update should say “Loan #67 has £500,000 ...” not “Loan 68 ...”
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Post by ablrate on Aug 9, 2019 9:59:04 GMT
Well done Ablrate for the hard work in finding a sensible way forward. I am willing to invest a bit more, subject to the business proposal, to see this through but this is probably the only platform I trust enough to do so. A minor point - I assume the update should say “Loan #67 has £500,000 ...” not “Loan 68 ...” Thanks. Correct, sorry for the error
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withnell
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Post by withnell on Aug 9, 2019 10:13:22 GMT
Well done Ablrate for the hard work in finding a sensible way forward. I am willing to invest a bit more, subject to the business proposal, to see this through but this is probably the only platform I trust enough to do so. A minor point - I assume the update should say “Loan #67 has £500,000 ...” not “Loan 68 ...” Thanks. Correct, sorry for the error Will the update be added to the admin notes? I can buy parts of 67 without any knowledge of the content of the update...
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blender
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Post by blender on Aug 9, 2019 10:42:31 GMT
67 has been paused, and quite rightly. I have read the email, being a small lender on one of them, but I do not think we can or should discuss the meat of it here. Lenders can email ablrate with their thoughts, but that means he will have comments only from those with a stake in the existing loans. A favourable response is therefore almost guaranteed.
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nw99
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Post by nw99 on Aug 9, 2019 10:54:20 GMT
Well done Ablrate great work again.
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Aug 9, 2019 11:42:25 GMT
Just to lend my voice to a number of previous comments: - Wow - what an innovative solution to a complex problem, thank you ablrate for pulling this together - I'm not aware of any other P2P platform that would go to these lengths to protect lenders' capital
- Even if another platform did make a similar proposal, I probably wouldn't trust them to see it through
- I never envisaged investing more in these particular loans but (so long as other loans pay up on time) I will back the proposal
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Post by fatbritabroad on Aug 9, 2019 14:22:21 GMT
I have asked if any of the platforms institutional investors were being asked to back this? May give confidence to the retail investors if the 'smart money' was involved too.
Just a thought
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macq
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Post by macq on Aug 9, 2019 14:50:59 GMT
having read the email more then once i now realise that i am moving past my threshold level of understanding (or maybe just dim in the first place) But the email says the builder will buy in the venue and the loans from the administrator but in an admin note(7th Feb) it was said that the BN assets were acquired by a creditor from the administrator already - so am i looking in the wrong place i.e did that fall through and i missed it and who owns the asset now?(and maybe even at the end)
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blender
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Post by blender on Aug 9, 2019 16:31:44 GMT
having read the email more then once i now realise that i am moving past my threshold level of understanding (or maybe just dim in the first place) But the email says the builder will buy in the venue and the loans from the administrator but in an admin note(7th Feb) it was said that the BN assets were acquired by a creditor from the administrator already - so am i looking in the wrong place i.e did that fall through and i missed it and who owns the asset now?(and maybe even at the end) The asset, such as it is, is not a problem because the lenders of the two loans have a first and second charge on it. What needs to be followed is the borrower company, which was a subsidiary of that group, but which is still in administration. The borrower company owns the asset still (as far as I know) and to restructure the loans the borrower company will need to be purchased out of administration presumably by the Newco, with the borrower company's asset and the personal guarantee, such as it is (not mentioned). The loans cannot be bought by or reassigned to another borrower - that would be more than a restructure. The assets bought by the other Newco from the administrator are different. I hope this explanation does not breach any confidences.
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