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Post by GSV3MIaC on Jan 29, 2019 13:35:09 GMT
Since nobody else has posted news of it. Goes live today at 2pm (details already there to be read). Don't get TOO excited, it is YALtaEB (Yet Another Loan to an Existing Borrower) ... in this case a borrower who is already in the frame for an awful lot of ABL capital.
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macq
Member of DD Central
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Post by macq on Jan 29, 2019 13:46:28 GMT
and by looking at page 8 of the borrowing proposal they will be back for a bit more soon on another refinance deal
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invester
P2P Blogger
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Post by invester on Jan 29, 2019 13:54:44 GMT
Well, their track record on payment has to count for something.
I am not too sure about the security. At first reading you would think we would have a piece of the Polo club, but instead it is first charge over a bit of land and equitable charges over everything else.... in the event of something goes bad that it may not be the best exit route.
I bet it goes within the hour.
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nw99
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Post by nw99 on Jan 29, 2019 14:04:46 GMT
Going in large not much else around to beat this loan
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SteveT
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Post by SteveT on Jan 29, 2019 14:11:25 GMT
Hmmm, looks to me that it's effectively a 2nd-ranking charge on the bulk of the centre (behind a £1.01m 1st charge to the local B.Soc) plus a 1st charge on a 15 acre field. We get 14%pa but the borrower is also paying 19%pa to the platform.
So 75% LTV, with a mainly 2nd-ranking charge, at 33% effective total borrowing rate...
[Valuation looks interesting too. Assumed 10% yield on an annual £76k rent, but is this a true open-market rent, I wonder. Then £12k per acre on the land (must be very nice land)]
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boundah
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Post by boundah on Jan 29, 2019 14:26:44 GMT
All gone in 26m.
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macq
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Post by macq on Jan 29, 2019 14:29:59 GMT
can't wait to see there faces when everybody turns up to play a chukka - free Pimm's all round
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Post by GSV3MIaC on Jan 29, 2019 14:53:14 GMT
Yeah, ablrate still don't believe in any sort of limits to let more than a few folks get a bid in. 8<.
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Post by ablrate on Jan 29, 2019 15:19:35 GMT
Yeah, ablrate still don't believe in any sort of limits to let more than a few folks get a bid in. 8<. Yeah - we usually have bid limits as you know... but the wind up to this looked like it was going to take a couple of days. i.e not very many deposits up front. Lots of them came in on debit card during the raise. Sorry about that, we will review again for the next one.
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Post by df on Jan 29, 2019 18:43:25 GMT
Yeah, ablrate still don't believe in any sort of limits to let more than a few folks get a bid in. 8<. Yeah - we usually have bid limits as you know... but the wind up to this looked like it was going to take a couple of days. i.e not very many deposits up front. Lots of them came in on debit card during the raise. Sorry about that, we will review again for the next one. I thought it will be filled very quickly because other loans to this borrower are currently at premium on SM and the loan is not too large. I don't know how most lenders do it, but I normally make a debit card deposit few minutes before bidding starts.
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Post by GSV3MIaC on Jan 29, 2019 18:54:21 GMT
Yeah, ablrate still don't believe in any sort of limits to let more than a few folks get a bid in. 8<. Yeah - we usually have bid limits as you know... but the wind up to this looked like it was going to take a couple of days. i.e not very many deposits up front. Lots of them came in on debit card during the raise. Sorry about that, we will review again for the next one. There is little downside to having a limit which turns out to be not needed, vs getting it wrong the other way....
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nw99
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Post by nw99 on Jan 29, 2019 19:47:58 GMT
Yeah, ablrate still don't believe in any sort of limits to let more than a few folks get a bid in. 8<. Yeah - we usually have bid limits as you know... but the wind up to this looked like it was going to take a couple of days. i.e not very many deposits up front. Lots of them came in on debit card during the raise. Sorry about that, we will review again for the next one. With the 8% loan not filled they would not expect this rush . The key was the secondary market in all the other loans were at a premium which guarantees success.
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bazoftsrevenge
My glass is neither half full or half empty it is simply twice the size it needs to be.
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Post by bazoftsrevenge on Jan 29, 2019 20:45:17 GMT
Peeved I missed this one. Got a few months of interest and returned capital just sat there. Missed yesterdays announcement so didn't log in at lunch time. I'd have probably still missed out anyway.
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Post by Deleted on Jan 30, 2019 9:52:55 GMT
I avoided this loan for three reasons which I hope ABLrate take on board
1) Yet another loan for the same company (how often can a personal "net" worth be stretched). Why is it that this borrower (for all his net wealth) cannot get a loan from lower cost lenders?
2) The lack of clarity about exactly what was being offered as the asset behind it, in fact, I felt the "write up" was just a cut and paste from previous documents without a real thought of communication and the same typos as previous. Yes details within the loan allowed you to find out what assets were up for grabs, but the "please read" documents was too puffy for me
3) The asset values did not compute, I know B******* well (and the core problems of the flat pack office industry which is part of this guy's empire) and while there is a race course there, it is only an "area of wealth" in comparison with Hull (which is one of the poorest parts of the country), it is not a true wealthy environment. A few steel sheds where ponies are schooled and access to land where polo is played cannot really be a ~£2M polo club (before mortgage).
Still, I'm glad it loaned out, I'm just glad it doesn't have any of my money and I'm now considering my position on his other loans.
Addendum (oh and thanks Dan), I went for a snowy walk yesterday and pondered my position with this borrower. I came to the conclusion that I didn't understand why he only wants to borrow so little money (which in the scale of his purported wealth but despite his inability to access mainline lenders is really very little). My conclusion is that it is all too "odd". I have halved all my holdings with this borrower.
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Post by flobberchops on Jan 30, 2019 11:20:46 GMT
Well that flew off the bl**dy shelves, didn't it? I second a request for a bid limit next time. Alternatively, any plans for a "pending loans" section on the platform, like MT? Either I'm not getting the emails or they're going to my junkmail folder. And to be honest I check the platform more frequently than my emails.
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