1000118 - Refinance - Land and Equestrian Centre

Totally missed it. Not sorry about that though, Mr F already owes me enough.

there was several hundred left when I logged in.  Entered that amount - but then there was only several hundred minus £50.  So entered that amount - then there was only several hundred minus £50 minus £100.  Etc Etc.

Eventually got £25!

On MT, I would have got what was left if I overbid - which I think is a better solution.

As it is I have just taken £7.5K out of my ISA and about to take another £2.5K as I can't fill it due to lack of new loans aided by the lack of bid limits on this one (I assumed I could get a thousand or two in the first few hours as has been the case with all recent offerings).
 

I'm in quite a few of these loans, and I certainly feel that ABL are remiss in not highlighting Mr F's involvement in all of his connected loans. To be honest, I wasn't aware that it was as many as 25! (Note to self to up my DD 😔)[EDIT: it would seem that my DD isn't as bad as I thought as there are only 10 connected loans. see here]. I also wish that ABL would reduce their fees to attract more diverse and higher quality borrowers. 19% per annum platform fees feel too high to me. I would be prepared to accept a lower rate for this, but would expect ABL to reduce their fees to say 50/50.

However, having said that, I've looked at my position in the ones where I've invested and I'm fairly contented for the following combined reasons.

Mr F has always paid on time so far, and over a long period of time.
All of his loans that I am in pay me at least 13%.
They all have their own first line security, so Mr F's personal guarantee is only second or lower tier security.
They are all amortizing loans, so the actual LTVs are all significantly lower than when the loans started (one is down from 83% to 21.2%), so he's likely to fight hard not to default these loans  to avoid having his valuable security eaten away by repossession costs and fire-sale values.
His loans often trade at a discount on the SM, so I'm happy to allow my repayments to be reinvested for higher AERs.

I'm probably missing something important, so please don't take any of this as advise.

Its 10 loans, the others are via a connection to the new principal at A"F who is a director of a couple of group cos. Neither he nor his companies are the borrower on any of these other loans.

Apologies offered from me about the statement of 25. I had connected two major groupings by mistake. It is only 10.

And I did not say the same borrower. Links to the same borrower are always shown and the information on connections of financial interest is there in the documents. I misled ozboy.

As for the platform fees, there is no up front fee to cover the direct costs, and so it looks better for the minimum term of 6 months than it does for the max 48.

Sorry about my mistake - I will retire.

Technically the only connection is via a common ultimate owner/director. There are 6 loans including this one to one group , 2 to a separate group, & 2 to another group. So while linked each group is several times removed from the others. The main issue is that ablrate has not indicated the full exposure of the principal via his PG which covers 8 of the 10 loans & possibly other borrowing (reference to the waste loans which have been repaid or is that an error)

Would be very surprised if its for sale at par , if so will hoover it all up
I see secondary at 100 bid to 101 offered