criston
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Post by criston on Sept 2, 2020 18:16:08 GMT
I thought the loan from the 1st charge holder had to be fully settled before the 2nd charge holder received anything. Isn't that what it means, and why we get 13%? Would have thought that to be the obvious answer. If so. when £3.11m Ist charge is paid off, (around 5 of the 8 dwellings), that leaves £1.89m eventual security against Ablrate current £550m loan or 29% of GDV. If PI are allowed to sell a further £237.5k to leave them with 10%, then Ablrates loan will be £787.5k, 42% of GDV. Contrary to what I thought earlier On that basis I might start building up some of the available offer at par.
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blender
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Post by blender on Sept 2, 2020 22:42:16 GMT
I thought the loan from the 1st charge holder had to be fully settled before the 2nd charge holder received anything. Isn't that what it means, and why we get 13%? Would have thought that to be the obvious answer. If so. when £3.11m Ist charge is paid off, (around 5 of the 8 dwellings), that leaves £1.89m eventual security against Ablrate current £550m loan or 29% of GDV. If PI are allowed to sell a further £237.5k to leave them with 10%, then Ablrates loan will be £787.5k, 42% of GDV. Contrary to what I thought earlier On that basis I might start building up some of the available offer at par.For what it's worth, I already have. The way I understand this works is that the most expensive second charge money is used first and kept fully employed, while the cheaper first charge money is drawn down as and when needed. I doubt the first charge lender would be happy to see us paid from sales of their security. Presumably the £50k element of this loan is being released to raise cash that the borrower needs for some purpose, without providing extra security. The housing market is strong (mortgage interest rates being very low).
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criston
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Post by criston on Sept 4, 2020 16:30:54 GMT
Ablrates original agreement was that PI could only sell at PAR.
Perhaps it would have been more beneficial to all, to allow PI to discount up to say 3%, for up to say 1 week.
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Post by Badly Drawn Stickman on Sept 4, 2020 16:59:29 GMT
Ablrates original agreement was that PI could only sell at PAR. Perhaps it would have been more beneficial to all, to allow PI to discount up to say 3%, for up to say 1 week. Probably a difficult one to get right, I am currently in investing mode so would be very happy for them to be obliged to sell at a fixed discount so as not to create a blockage at par. Was I in selling mode I would prefer them not to be able to sell at all, or at very least any sell offers I made at par to leapfrog theirs. I assume Ablrate gave it a lot of consideration in an effort to be fair to all concerned, maybe a bit more still was needed.
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ptr120
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Post by ptr120 on Mar 24, 2021 12:08:19 GMT
Hi ablrate 133 is due to repay in a month. Can you update us on this and the other projects from the borrower? The last progress report from the borrower was from October last year.
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Post by ladywhitenap on Apr 1, 2021 16:00:32 GMT
Good news/bad news 133 about to repay good/great but where to put the funds? Exemplary record form this borrower. AFAIK LW
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ptr120
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Post by ptr120 on Apr 9, 2021 15:45:48 GMT
ablrate have posted a little video about 133 for those who subscribe to their youtube channel (I see I just got an email about it too). However ablrate it made me realise that it was mid January when you last gave one of one of your nice fireside chats. Can we have another soon please? A comprehensive update on the whole loan book would seem about due
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Post by Ace on May 13, 2021 22:14:53 GMT
3 more of the PeaOne loans are due to mature within a month, and others shortly after. Can we have an update please ablrate. The regular updates on progress seem to have dried up.
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Post by ablrate on May 14, 2021 11:28:14 GMT
3 more of the PeaOne loans are due to mature within a month, and others shortly after. Can we have an update please ablrate . The regular updates on progress seem to have dried up. Yes, forgive me. I have my feet under the desk in the new place and will get a video update done. We are working on the various updates for loans. The borrower was in the office yesterday and all loans will be completed on time. We have several loans being evaluated from the group.
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Post by ladywhitenap on May 20, 2021 12:01:50 GMT
More PeeOne coming in a week or so? Looks like it might be before repayment of some of the others due soon LW
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