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Post by Badly Drawn Stickman on Mar 22, 2020 8:53:34 GMT
I am content enough to see what develops over the next few weeks...... however.
Looking at the current state of the secondary market I suspect many (me among them) would be happier if the two loans not drawn down were abandoned or at least suspended for a while.
I think there would probably be a consensus for the instant returns being not paid under the circumstances. Currently we would be straight into negative territory at launch.
Apologies for duplication of post, but a sage poster suggested a new thread.
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blender
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Post by blender on Mar 22, 2020 14:51:01 GMT
I agree. Circumstances have changed radically.
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Post by westcountry on Mar 22, 2020 15:31:12 GMT
I am content enough to see what develops over the next few weeks...... however. Looking at the current state of the secondary market I suspect many (me among them) would be happier if the two loans not drawn down were abandoned or at least suspended for a while. I think there would probably be a consensus for the instant returns being not paid under the circumstances. Currently we would be straight into negative territory at launch. Apologies for duplication of post, but a sage poster suggested a new thread. I doubt that loan 141 will fill, it's currently £207k short with 15 listing days left. Especially as loans 133 and 136 to the same borrower are (as I write) available to purchase on the secondary market at 89.7% and 93.4% respectively, so anyone wanting to lend to that borrower would probably buy those loans at their discounted price. The devil is in the detail for loan 141, as the borrowing proposal says ABLRate lenders' amount is "up to £500k", so it may draw down if the borrower can fill the funding gap from elsewhere. Whether that's likely (or if the borrower still wants to proceed) is a different matter!
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Post by Badly Drawn Stickman on Mar 22, 2020 15:50:13 GMT
I am content enough to see what develops over the next few weeks...... however. Looking at the current state of the secondary market I suspect many (me among them) would be happier if the two loans not drawn down were abandoned or at least suspended for a while. I think there would probably be a consensus for the instant returns being not paid under the circumstances. Currently we would be straight into negative territory at launch. Apologies for duplication of post, but a sage poster suggested a new thread. I doubt that loan 141 will fill, it's currently £207k short with 15 listing days left. Especially as loans 133 and 136 to the same borrower are (as I write) available to purchase on the secondary market at 89.7% and 93.4% respectively, so anyone wanting to lend to that borrower would probably buy those loans at their discounted price. The devil is in the detail for loan 141, as the borrowing proposal says ABLRate lenders' amount is "up to £500k", so it may draw down if the borrower can fill the funding gap from elsewhere. Whether that's likely (or if the borrower still wants to proceed) is a different matter! I would agree mostly, although I was having bids of 75% filled yesterday for reasonable amounts (now sold again). The more problematic loan is obviously 137, that is a seriously less attractive proposition at this point in time (I only have a token pledge, so on a personal level in the context of the loan am not losing any sleep). Its really more about the bigger picture of overall platform performance and adding two more under performing loans seems like a really bad decision. Especially given the linking with 137 and other loans. Edit, To save anybody reminding me I did suggest a bid limit was put on 141 before it was launched, but in that World I could watch football.
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nw99
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Post by nw99 on Mar 22, 2020 16:13:15 GMT
Like a new issue in the stock market both loans should be pulled due to extreme circumstances .
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iren
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Post by iren on Mar 23, 2020 0:07:50 GMT
I agree. I don’t think there’s any case at present for loans to add capacity to the leisure industry. Also, no case for loyalty to the borrower, who was already seeking to remove his other, better secured, loans.
The business case for the loan no longer exists. Recognising that now, could save a lot of predictable problems. If the loan does go ahead, Ablrate may find this thread getting a lot longer in future with “I told you so” comments.
I would prefer to have my funds back.
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Post by df on Mar 23, 2020 19:48:58 GMT
I am content enough to see what develops over the next few weeks...... however. Looking at the current state of the secondary market I suspect many (me among them) would be happier if the two loans not drawn down were abandoned or at least suspended for a while. I think there would probably be a consensus for the instant returns being not paid under the circumstances. Currently we would be straight into negative territory at launch. Apologies for duplication of post, but a sage poster suggested a new thread. According to video communication sent today, there's a new loan coming up this week.
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Post by Badly Drawn Stickman on Mar 23, 2020 20:10:06 GMT
I am content enough to see what develops over the next few weeks...... however. Looking at the current state of the secondary market I suspect many (me among them) would be happier if the two loans not drawn down were abandoned or at least suspended for a while. I think there would probably be a consensus for the instant returns being not paid under the circumstances. Currently we would be straight into negative territory at launch. Apologies for duplication of post, but a sage poster suggested a new thread. According to video communication sent today, there's a new loan coming up this week. I took that to mean the draw down on 137, but could easily be wrong. I felt under the circumstances the video was well done and useful. That said my view is unchanged on any draw downs. As to a whole new loan well good luck to any platform with that right now.
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Post by df on Mar 23, 2020 21:04:58 GMT
According to video communication sent today, there's a new loan coming up this week. I took that to mean the draw down on 137, but could easily be wrong. I felt under the circumstances the video was well done and useful. That said my view is unchanged on any draw downs. As to a whole new loan well good luck to any platform with that right now. You're probably right, it was to mean 137. I agree, it will be awkward to draw down now, never mind new loans. Generally speaking, more or less everything is on pause now.
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number5
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Post by number5 on Mar 23, 2020 21:10:38 GMT
I took that to mean the draw down on 137, but could easily be wrong. I felt under the circumstances the video was well done and useful. That said my view is unchanged on any draw downs. As to a whole new loan well good luck to any platform with that right now. You're probably right, it was to mean 137. I agree, it will be awkward to draw down now, never mind new loans. Generally speaking, more or less everything is on pause now. I also understood it as a new loan being launched this week. Which I did find strange, considering there are loans on the SM with the massive discounts that are not even being touched
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blender
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Post by blender on Mar 23, 2020 22:35:45 GMT
Yes, the chap with the beard, who did not say who he was, said that there would be a new loan launch. Not 137. Good luck with that.
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sapphire
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Post by sapphire on Mar 24, 2020 8:04:01 GMT
I agree. Circumstances have changed radically. ablrate , Are you able to clarify if at this point are you contractually committed to drawdown/fund #137 and #141 or do your contractual terms with the (potential) borrowers allow not proceeding further in the light of changed & exceptional market conditions?
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sapphire
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Post by sapphire on Mar 24, 2020 8:17:24 GMT
Yes, the chap with the beard, who did not say who he was, said that there would be a new loan launch. Not 137. Good luck with that. Hmm. Face seems familiar. I think I saw him at a golf event last summer.
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Post by Badly Drawn Stickman on Mar 24, 2020 8:28:20 GMT
Yes, the chap with the beard, who did not say who he was, It really wasn't that hard to find out. The curtains were distinctive, I merely tracked down the supplier. Emailed them for a list of customers and compared it to the staff profiles. Mmmm I have just realised they could have been working from another persons house.
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blender
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Post by blender on Mar 24, 2020 8:56:52 GMT
Yes, the chap with the beard, who did not say who he was, It really wasn't that hard to find out. The curtains were distinctive, I merely tracked down the supplier. Emailed them for a list of customers and compared it to the staff profiles. Mmmm I have just realised they could have been working from another persons house. You must also be a fan of 'Vera', the 74 year old detective inspector, typical of many here in the North. Eventually I downloaded the images from 'meet the team' and photoshopped a beard on each - and by process of elimination … . But it's not proof.
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