blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 10, 2019 16:32:00 GMT
Ha! The post I had deleted (for having over-posted) has been resurrected. Maybe life after death is a possibility after all. Now - back to shouting at the traffic going past my care-home.
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on Sept 10, 2019 16:42:38 GMT
Ha! The post I had deleted (for having over-posted) has been resurrected. Maybe life after death is a possibility after all. Now - back to shouting at the traffic going past my care-home. Sorry my bad as did not notice - do you want me to delete? p.s don't shout at the traffic as it will disturb the pigeons
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 10, 2019 18:22:58 GMT
Ha! The post I had deleted (for having over-posted) has been resurrected. Maybe life after death is a possibility after all. Now - back to shouting at the traffic going past my care-home. Sorry my bad as did not notice - do you want me to delete? p.s don't shout at the traffic as it will disturb the pigeons No problem at all, thank you for quoting. These loans should be discussed more - by other people.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Sept 10, 2019 18:39:32 GMT
Would have thought Ablrate would read & answer my question re assets.
Think that could prompt more investment in this one, if there was more confidence in security.
It was 11% taken when interest was increased.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 10, 2019 18:59:20 GMT
Your question was one for the borrower - not ablrate. Maybe it influenced the increase in rate.
|
|
|
Post by ablrate on Sept 12, 2019 16:44:17 GMT
Would have thought Ablrate would read & answer my question re assets. Think that could prompt more investment in this one, if there was more confidence in security. It was 11% taken when interest was increased. leave it with me..
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Sept 13, 2019 7:21:12 GMT
Would have thought Ablrate would read & answer my question re assets. Think that could prompt more investment in this one, if there was more confidence in security. It was 11% taken when interest was increased. leave it with me.. OK. Could you please also let us know how near the mark I am, with my previous calculation as follows :- "It say's first charge on £3.15m assets.
Obviously the first £500k is well covered, but the loan increases to £2.5m over 12 months.
So assuming the remainder is drawn at say £500k every 2 months & as the loan is amortising, an average of 6 months repayments are made in the first 12 months.
The loan is over 48 months so 12.5% of the loan is paid back over the first 12 months.
After 12 months £2,18m is still owed which gives a LTV of 69% & reduces during the term."
|
|
|
Post by westcountry on Sept 17, 2019 11:09:41 GMT
Would have thought Ablrate would read & answer my question re assets. Think that could prompt more investment in this one, if there was more confidence in security. It was 11% taken when interest was increased. leave it with me.. ablrate , how are you getting on with providing further details of the loan security, please? I'm interested in investing in the loan, but it's a no-no when the borrowing proposal states "The Company’s fixed assets at the end of 2019 is forecast to be £3.15m" - a loan secured on a forecast of assets doesn't seem at all secure to me As well, please would you be able to explain in more detail, how the debenture over the company will prevent the company from offering charges on specific assets to other lenders etc, which would take precedence over ABLRate's charge, please? Something along those lines seems to have happened with the Bu***** N**** collapse, where the Crowdstacker? loan was secured by a debenture over the company, who then gave ABLRate first charges over lots of its assets - which as I understand it resulted in Crowdstacker investors losing a lot of their capital I'd like to be sure that I wouldn't be taking the same risk, if I invested in loan 131 which is similarly secured by a company debenture.
|
|
macq
Member of DD Central
Posts: 1,924
Likes: 1,192
|
Post by macq on Sept 17, 2019 11:43:58 GMT
It might be time for a general update from Abl in regards the loan in general and theirs & the borrowers feeling so far on its progression as it was obviously evaluated by both at the point of the rate increase i.e at the moment the listing date is for 15 more days and filled at just under 30% so do they intend to extend? Do they still envisage launching more tranches based on the market so far? (and would a extension on the first One effect that) etc
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 17, 2019 12:01:58 GMT
There is a complicating factor with the update on 85. At present the 85 borrower is a subsidiary of this borrower, but that is now under review and trading in 85 has been suspended. That may affect the view of holders of 85 when considering this loan.
|
|
blender
Member of DD Central
Posts: 5,719
Likes: 4,272
|
Post by blender on Sept 19, 2019 9:33:47 GMT
ablrate , how are you getting on with providing further details of the loan security, please? I'm interested in investing in the loan, but it's a no-no when the borrowing proposal states " The Company’s fixed assets at the end of 2019 is forecast to be £3.15m" - a loan secured on a forecast of assets doesn't seem at all secure to me As well, please would you be able to explain in more detail, how the debenture over the company will prevent the company from offering charges on specific assets to other lenders etc, which would take precedence over ABLRate's charge, please? Something along those lines seems to have happened with the Bu***** N**** collapse, where the Crowdstacker? loan was secured by a debenture over the company, who then gave ABLRate first charges over lots of its assets - which as I understand it resulted in Crowdstacker investors losing a lot of their capital I'd like to be sure that I wouldn't be taking the same risk, if I invested in loan 131 which is similarly secured by a company debenture. What he said! Needs to be kept visible. I also had loan 41, unexpectedly repaid at the start of the BN saga, and the Crowdstacker experience, in my head when commenting on this supposed security. And was concerned by posts in this thread which sought to state an LTV based on it. And when thinking of 129 as more 'Ablraty'. There is a problem for Ablrate that if you develop a reputation for promoting well-supported proposals (even if lenders have to work hard to fully understand the security) the lenders will come to rely on figures presented by the borrower as having been checked over by Ablrate and having some supporting information. Even though this £3.15m is clearly a borrower's figure, I do not recall a proposition on the site (asset backed lending) where there has been such a lack of authentication and no statement made by Ablrate about the value of the primary security offered. This security may be good. Ablrate needs to do more here, imo.
|
|
criston
Member of DD Central
Posts: 1,204
Likes: 628
|
Post by criston on Sept 19, 2019 15:17:28 GMT
Agreed. 'leave it with me' seven days ago !
To not even get at least 'the information is not forthcoming from the borrower' is poor to say the least.
So I have two questions outstanding, the asset breakdown & am I near the mark with my calculations on LTV.
Ablrate are usually on the ball, but they have failed on this one.
|
|
|
Post by Ace on Sept 19, 2019 17:13:59 GMT
Agreed. 'leave it with me' seven days ago ! To not even get at least 'the information is not forthcoming from the borrower' is poor to say the least. So I have two questions outstanding, the asset breakdown & am I near the mark with my calculations on LTV. Ablrate are usually on the ball, but they have failed on this one. Given that we're expecting £2.7m of repayments to be looking for a new home tomorrow, this would be a very good time to get the answers. Unless, of course, the answers are not entirely positive!
|
|
|
Post by westcountry on Sept 24, 2019 15:28:12 GMT
Would have thought Ablrate would read & answer my question re assets. Think that could prompt more investment in this one, if there was more confidence in security. It was 11% taken when interest was increased. leave it with me.. Any news yet ablrate, please? It's 12 days since your post and I still haven't seen anything explaining the security in more detail
|
|
|
Post by ablrate on Sept 25, 2019 7:49:02 GMT
Any news yet ablrate , please? It's 12 days since your post and I still haven't seen anything explaining the security in more detail We will have an addendum shortly
|
|