nw99
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Post by nw99 on Aug 24, 2015 21:53:28 GMT
Great news and thank you Ablrate top work
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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 Aug 25, 2015 0:51:01 GMT
So finally an end to the saga ... the loan is being pulled and cash returned to investors. However, theyre going to list another tranche of the existing ATR loan at 10% with Instant Returns and ... this is the good bit... if you invested in the cancelled loan you get 2% CB on your investment (up to sum held in cancelled loan) in the new one. New loan will be launched Wed. Old loan will be relaunched once UW resolved. Seems like a positive outcome to a very extended journey. Correction new loan will be listed on 27th which apparently isnt Wed but Thurs. Also on rereading email isnt entirely clear on how much investment CB will paid on, says `up to the amount of your commitment to 621' which is the new loan. I assumed they meant just any 'rolled' funds but it doesnt say that. Maybe ablrate could clarify if there are any restrictions on the CB.
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Post by ablrateandy on Aug 25, 2015 0:53:56 GMT
ilmoro - Cashback will be paid for however much you bid for on the new loan up to a maximum of however much you had in the cancelled loan.
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 25, 2015 9:20:22 GMT
Thanks ablrate; a welcome and positive proposal.
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stevio
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Post by stevio on Aug 26, 2015 8:05:50 GMT
Can I just check a) What were the issues why this did not go ahead originally? b) How have these been overcome in the new loan?
Thanks
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SteveT
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Post by SteveT on Aug 26, 2015 8:12:02 GMT
The issue was to do with lining up underwriting for the unsubscribed part (majority) of the loan.
The "new" loan is a 3rd tranche of an existing finance arrangement on a different aircraft.
The cancelled loan will hopefully reappear at some point once underwriting is arranged.
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Post by ablrateandy on Aug 26, 2015 8:17:33 GMT
Hi stevio . In this particular case (the withdrawn loan) we had an underwriter lined up to take the balance. That underwriter will also participate in some future transactions on the same basis (underwriting all/a significant part of transactions but allowing us to still max out with retail investors). I can't go into a massive amount of detail as it is a private individual, but he first suffered a bout of ill health and at the moment he has a couple of other pressing issues that are taking his attention. We have at all time believed that he is willing to push the button and indeed believe that he still will... but at the moment we want him to get other issues resolved and until those are sorted (in hours, days or weeks) we don't want to keep people hanging on. Believe me - we wouldn't have diligently kept paying Instant Returns unless we thought that we were about to get done. The new loan is a re-fi - Phoenix have substantial equity in the aircraft and vast interest coverage under the lease. To their credit, they want to keep investors happy and so are willing to do up to 300k.
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ianj
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Post by ianj on Aug 26, 2015 15:56:26 GMT
A potential 'fly in the ointment'. The lengthy dental appointment I face tomorrow caused me to consider as follows........ ......The ablrate email announcing the loan cancellation states ' what this will mean is that the loan will be cancelled on the system and funds returned to your account. We will then list 621 and you will be able to bid on the loan alongside other investors.' As there was £256k of lenders money invested in this loan and only £44k more available in new loan for the MSN 621 there is a possibility that some wishing to take advantage of the cashback will be barred from participation by ' other investors' better placed at launch time/with faster fingers. I hope this doesn't prove to be embarrassing.
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Post by ablrateandy on Aug 26, 2015 16:29:03 GMT
Fair point ianj . If you mail me I can happily submit the bid on your behalf to ensure all goes through and you can just worry about perfecting your smile
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oldgrumpy
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Post by oldgrumpy on Aug 26, 2015 16:56:23 GMT
Do we have to sit by our keyboards waiting, or has a time been chosen to return funds from the cancelled loan (it hasn't happened yet) and to list the new loan? I certainly don't want to have to withdraw a four figure sum from ABL tomorrow because I am five minutes too late and the £300K has gone.
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ianj
Member of DD Central
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Post by ianj on Aug 26, 2015 16:57:59 GMT
Fair point ianj . If you mail me I can happily submit the bid on your behalf to ensure all goes through and you can just worry about perfecting your smile Thanks for the offer. PM sent. The worrying will be all related to the Dentist's bill, I'm afraid.
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Post by ablrate on Aug 26, 2015 17:53:04 GMT
Do we have to sit by our keyboards waiting, or has a time been chosen to return funds from the cancelled loan (it hasn't happened yet) and to list the new loan? I certainly don't want to have to withdraw a four figure sum from ABL tomorrow because I am five minutes too late and the £300K has gone. Hi It will go live at midday tomorrow, the cancellation will happen in the morning. We will make sure all who were in 532 and want the loan get filled. Regards Ablrate
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oldgrumpy
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Post by oldgrumpy on Aug 26, 2015 19:04:55 GMT
Ta!
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nw99
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Post by nw99 on Aug 26, 2015 21:55:33 GMT
Excellent thank you
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Post by ablrate on Sept 8, 2015 16:42:29 GMT
Hi All
Those of you eligible for cashback on the new aircraft loan, it has been calculated and you should all have it credited by the end of the week.
Regards Ablrate
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