des
Posts: 119
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Post by des on Dec 23, 2019 11:17:25 GMT
Borrower Sector: Property / Leisure
Loan Amount: £500,000.
Term: 48 months (12 months minimum term).
Rate: 14% - Amortising.
Security: Second Ranking Legal Charges, Company Debenture, Corporate Guarantees, Personal Guarantee.
Instant Returns: Enabled.
Loan Launch: 11am – 23rd December 2019 (READ ONLY).
Loan Live: 1pm – 23rd December 2019.
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IFISAcava
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Post by IFISAcava on Dec 23, 2019 11:28:53 GMT
I am in a lot of the For***n loans; can't shake the feeling that this one is more risky/speculative than most of the others. But then again I guess that's why you get 14%.
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KoR_Wraith
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Post by KoR_Wraith on Dec 23, 2019 11:46:15 GMT
Another pass from me.
70% LTV 2nd charge on a leisure resort development has fallen outside of my investment criteria for a good couple of years now, regardless of the interest rate being offered.
I was somewhat talked round on #1000133 despite my initial hesitations but I'll be surprised if the same is possible here.
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Post by GSV3MIaC on Dec 23, 2019 15:36:44 GMT
Too many loans to the same place .. feels like new ones might be covering interest on the old ones somehow .. probably not a fact, but gives me uncomfortable feelings all the same. I was in the RCC over on MT, and various SD loans in several places, and have now learned my lesson about diversification among borrowers as well as just loans.
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IFISAcava
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Post by IFISAcava on Dec 23, 2019 16:08:20 GMT
Too many loans to the same place .. feels like new ones might be covering interest on the old ones somehow .. probably not a fact, but gives me uncomfortable feelings all the same. I was in the RCC over on MT, and various SD loans in several places, and have now learned my lesson about diversification among borrowers as well as just loans. FWIW I had this uncomfortable feeling too - absolutely no evidence, but it's enough to make me pause.
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Post by ablrate on Dec 24, 2019 14:00:46 GMT
I think there needs to be some pause if there are going to be accusations about borrowers being underhand. This forum is public and as been discussed many times before we have to be very careful what is said.
Our borrower is a businessman with a number of very successful projects and companies. For some of those projects he has borrowed, over a number of years, £11.7 million on Ablrate, has paid back £6.3 million in capital alone and has never missed a payment and all outstanding loans bar one are amortising.... and all have separate identifiable security. I completely understand if you are not interested in the loan, and would urge diversification across borrowers, platforms and loans (we will be allowing and encouraging all of those with the new secondary market launch) that is completely your prerogative but I would politely urge you to be careful in the language that is used.
It is easy, sometimes, to see the forum as our own little corner of the web where we can have open and frank discussions and it doesn't really matter what people say, but we do have to be mindful that this is public and we have a responsibility to borrowers as well as lenders to not be making untruthful or misleading statements. Lambasting a delinquent borrower is one thing, many deserve it, but accusing good borrowers of being underhand or in trouble or potential loan failures will only drive decent borrowers away from p2p or even see platforms cherry pick them for institutional investors only.
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IFISAcava
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Post by IFISAcava on Dec 24, 2019 14:42:51 GMT
Point taken ablrateOn the note of how much capital has been repaid, this info doesn't seen readily available on the site. Is there or could there be a way to see how much capital remains on amortising loans?
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hazellend
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Post by hazellend on Dec 24, 2019 14:55:51 GMT
Point taken ablrateOn the note of how much capital has been repaid, this info doesn't seen readily available on the site. Is there or could there be a way to see how much capital remains on amortising loans? At the moment you can find out by putting in a buy or sell order and then it tells you how much is remaining. It’s pretty onerous and I hope ABLrate will make it more obvious
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Post by ablrate on Dec 24, 2019 15:06:33 GMT
Point taken ablrate On the note of how much capital has been repaid, this info doesn't seen readily available on the site. Is there or could there be a way to see how much capital remains on amortising loans? Thanks for understanding.. that info is available on page 17 of the borrowing proposal
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Post by ablrate on Dec 24, 2019 15:08:16 GMT
Point taken ablrate On the note of how much capital has been repaid, this info doesn't seen readily available on the site. Is there or could there be a way to see how much capital remains on amortising loans? Thanks for understanding.. that info is available on page 17 of the borrowing proposal The outstanding capital info will be directly on the details section shortly. - With the new platform there will be lots more information like this available and a much better system for cross references related loans.
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Post by dan1 on Dec 24, 2019 15:16:19 GMT
Point taken ablrate On the note of how much capital has been repaid, this info doesn't seen readily available on the site. Is there or could there be a way to see how much capital remains on amortising loans? For those with access to DDC.... p2pindependentforum.com/post/241177/threadI've not updated it for a couple of months but will look to do so in the next couple of weeks.
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iRobot
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Post by iRobot on Dec 24, 2019 16:30:46 GMT
... not updated it for a couple of months but will look to do so in the next couple of weeks. Just when I was starting to miss them, an update straight out of the FS playbook ...
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r00lish67
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Post by r00lish67 on Dec 25, 2019 10:14:38 GMT
I've decided to delete my post above, as on reflection it was probably unfair to the borrower. His payment record has indeed been exemplary and I have no evidence of imminent problems.
Point taken about the amortising loans and security, although I remain concerned about the the narrow concentration of borrowers on the platform and the sustainability of the various plan A's for such a large amount of money being borrowed at such high interest rates (that's no commentary on the borrower's abilities, I mean that as applied to anyone).
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Post by GSV3MIaC on Dec 25, 2019 21:05:53 GMT
Yes, his repayment record is fine, but afaict, his outstanding debts continue to grow. I'm happy to stay invested at my current level, and even top up some of the repayment money, but not to launch wholesale into new loans for the same borrowers.. not this one in particular, but repeat borrowers in general.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 26, 2019 13:06:43 GMT
Welcome back PBL057. Hopefully thing will work out better for you this time.
I hear after a brief stay in Yorkshire, you moved to Guernsey but now you are looking to split your time between there and Henley. Looks a bit complicated to me and not sure about these leisure developments. They dont seem to turn out as planned, eyes always bigger than the investors stomach it seems to me.
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