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Post by westcountry on Sept 25, 2019 9:25:35 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 Thanks ablrate - I look forward to it
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Post by Badly Drawn Stickman on Oct 3, 2019 11:42:33 GMT
So we have an extension on this offer, to allow (no idea who, presumably after the impending repayment) to make a few final pledges. Then what? A new listing that logically nobody would invest in.
There comes a time with some offers when they are declared as non runners, this would seem to be that time with this one.
I respect and to an extent admire the platform commitment to this borrower, but there is a clear risk of damaging future offerings if common sense seems absent.
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criston
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Post by criston on Oct 3, 2019 11:45:57 GMT
And why no response to a breakdown of the assets. Unless I have missed something.
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Post by ablrate on Oct 3, 2019 12:38:57 GMT
And why no response to a breakdown of the assets. Unless I have missed something. We have been working through a number of final completions on another loan to get this across the line. We will update lenders on this matter within the next few days.
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criston
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Post by criston on Oct 3, 2019 13:14:44 GMT
And why no response to a breakdown of the assets. Unless I have missed something. We have been working through a number of final completions on another loan to get this across the line. We will update lenders on this matter within the next few days. Come on now. We have been waiting weeks.
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blender
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Post by blender on Oct 3, 2019 14:29:34 GMT
There is a genuine problem with loan 85, where the borrower is currently a subsidiary of this aspiring borrower but may be sold. That has to be sorted because the disposal would affect the financial position of this borrower company. The hope must be that all the cash from 80 and 98 comes back and some of it finds its was to 131. In current circumstances, and without any definition of the security, it would be wise, imo, to treat this loan like an FC unsecured loan, though lacking the personal guarantee. I do believe that ablrate is working hard on this loan, and 85, but cannot personally supply the required information.
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nw99
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Post by nw99 on Oct 4, 2019 14:04:41 GMT
Closing soon
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nw99
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Post by nw99 on Oct 9, 2019 13:19:42 GMT
Trades at a premium in the secondary
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macq
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Post by macq on Oct 9, 2019 13:44:28 GMT
Trades at a premium in the secondary Trading as in people buying or trading as in people asking? is there not another £2m on the way?
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blender
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Post by blender on Oct 9, 2019 13:44:48 GMT
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blender
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Post by blender on Oct 9, 2019 15:36:04 GMT
So we have an extension on this offer, to allow (no idea who, presumably after the impending repayment) to make a few final pledges. Then what? A new listing that logically nobody would invest in. There comes a time with some offers when they are declared as non runners, this would seem to be that time with this one. I respect and to an extent admire the platform commitment to this borrower, but there is a clear risk of damaging future offerings if common sense seems absent.Common sense may well be absent, but maybe not in the place suggested. This business is or was funded by £2.6m of debt from the director/owner. That debt is not subordinated to the new Ablrate debt. There is no personal guarantee. So all the risk will be with Ablrate lenders, imo. And the security? It is still not defined but it is probably the kind of security which has value if the business is successful, but falls away if the business is not successful - which is when you need the security. What's not to like - if you own this business?
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Post by Badly Drawn Stickman on Oct 9, 2019 16:02:11 GMT
So we have an extension on this offer, to allow (no idea who, presumably after the impending repayment) to make a few final pledges. Then what? A new listing that logically nobody would invest in. There comes a time with some offers when they are declared as non runners, this would seem to be that time with this one. I respect and to an extent admire the platform commitment to this borrower, but there is a clear risk of damaging future offerings if common sense seems absent.Common sense may well be absent, but maybe not in the place suggested. This business is or was funded by £2.6m of debt from the director/owner. That debt is not subordinated to the new Ablrate debt. There is no personal guarantee. So all the risk will be with Ablrate lenders, imo. And the security? It is still not defined but it is probably the kind of security which has value if the business is successful, but falls away if the business is not successful - which is when you need the security. What's not to like - if you own this business?
Pretty much my entire post proved to be wrong (not the first or last time I suspect), so why not that bit as well. You will take comfort (but not as much as me) that my holding in this has moved to a new owner, and indeed at a token premium. Odd World.
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nw99
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Post by nw99 on Oct 9, 2019 21:09:05 GMT
Trades at a premium in the secondary Trading as in people buying or trading as in people asking? is there not another £2m on the way? Buyers above par
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blender
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Post by blender on Oct 9, 2019 21:50:34 GMT
Common sense may well be absent, but maybe not in the place suggested. This business is or was funded by £2.6m of debt from the director/owner. That debt is not subordinated to the new Ablrate debt. There is no personal guarantee. So all the risk will be with Ablrate lenders, imo. And the security? It is still not defined but it is probably the kind of security which has value if the business is successful, but falls away if the business is not successful - which is when you need the security. What's not to like - if you own this business?
Pretty much my entire post proved to be wrong (not the first or last time I suspect), so why not that bit as well. You will take comfort (but not as much as me) that my holding in this has moved to a new owner, and indeed at a token premium. Odd World. I think you are only guilty of thinking that what should happen will happen. There is a good deal more 80&98 money out there waiting for another tranche at 15%, and the token premium probably reflects a view that otherwise the money will wait till next week. Early purchasers may be making a calculation that they can hold for six months and sell at 99% and still make a 13% return. The problem is that I think that lending decisions may have little to do with risk and everything to do with interest rate and liquidity expectations. I do that myself, but there are limits. The promised update on security has still not appeared, and why bother until progress gets sticky? How much of this £2.5m is taken and how high the gearing can be ramped up is yet to be seen.
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Post by westcountry on Oct 10, 2019 11:10:17 GMT
Pretty much my entire post proved to be wrong (not the first or last time I suspect), so why not that bit as well. You will take comfort (but not as much as me) that my holding in this has moved to a new owner, and indeed at a token premium. Odd World. I think you are only guilty of thinking that what should happen will happen. There is a good deal more 80&98 money out there waiting for another tranche at 15%, and the token premium probably reflects a view that otherwise the money will wait till next week. Early purchasers may be making a calculation that they can hold for six months and sell at 99% and still make a 13% return. The problem is that I think that lending decisions may have little to do with risk and everything to do with interest rate and liquidity expectations. I do that myself, but there are limits. The promised update on security has still not appeared, and why bother until progress gets sticky? How much of this £2.5m is taken and how high the gearing can be ramped up is yet to be seen.
Quite - until ablrate explain the security I don't understand it, and so won't be investing - even at 15%!
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