james
Posts: 2,205
Likes: 955
|
Post by james on Sept 6, 2015 1:57:26 GMT
Ablrateandy isn't the only person who reads contracts late at night. These are actually pretty decent, in spite of the posts about them. Not at all bad.
|
|
|
Post by oldnick on Sept 6, 2015 8:01:51 GMT
I feel a simple 'like' would not do justice to the erudition that james brings to this forum; so, instead, thank you.
|
|
|
New Loan?
Sept 6, 2015 8:07:07 GMT
via mobile
Post by ablrateandy on Sept 6, 2015 8:07:07 GMT
On principle I won't like it as it looks like more work . But yes thankyou. I will answer more fully tomorrow!
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Sept 6, 2015 8:21:13 GMT
ablrateandy, now that the new £300k tranche 3 loan essentially is filled, is there any reason why the large "cancelled" 11% ATR 42-500 loan couldn't be relaunched, perhaps in tranches too? I think you'll find there is a lot of P2P money looking for a good home right now (given FC's sudden self-immolation and the severe drought of opportunities elsewhere) and I suspect a strong Ablrate 11% aircraft loan would garner a lot more interest than was the case 6 months ago.
|
|
SteveT
Member of DD Central
Posts: 6,873
Likes: 7,918
|
Post by SteveT on Sept 6, 2015 8:27:20 GMT
ps. You really need to get "INSTANT RETURNS ENABLED" added to the top-level banner for the "Basket of British SME secured loans" offer (as it is for the ATR Tranche 3 offer). I know there's a note added under Comments to confirm that Instant Returns are indeed enabled but most people won't spot that and will hold off investing until they can see the loan is clearly going ahead and will start paying them interest.
|
|
surby
Minor shareholder in Assetz Capital
Posts: 32
Likes: 18
|
Post by surby on Sept 6, 2015 8:37:58 GMT
|
|
|
New Loan?
Sept 6, 2015 15:05:29 GMT
via mobile
Post by ablrateandy on Sept 6, 2015 15:05:29 GMT
Thanks SteveT and unthanks surby UCTA is a minefield and I'll look through it all again. I'll dust off my degree notes . As any lawyer will tell you, there's no such thing as a bulletproof contract or a predictable judge. We try to keep our noses clean and try to never get close enough to the edge to ever have to test one out.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Sept 6, 2015 18:12:54 GMT
On principle I won't like it as it looks like more work . But yes thankyou. I will answer more fully tomorrow! For tomorrow the important bits are instant returns and interest only. There's little reason for this loan to be raising money more slowly than the ATR and this may be why it's doing so. The rest can take a while, it's a good deal more potential work and more about longer term issues and cleanup. So far as unfair contract terms go, I think that you'll find it useful to read the OFT guidance if you haven't already, in part because if I recall correctly all P2P firms have that noted by the FCA as one of the documents they were required to follow as part of their interim permission. There are lots of examples of terms that have been found to be unfair in the Annex, which makes very informative reading. But this falls below keeping the loan pipeline nicely filled in the priority list. I agree about the 11% ATR, in tranches, though I suggest announcing that it'll be back a week before the end of the month with a specified launch date a few business days into the new month so there's more pay floating around. Two and a half million would still be too big for one lump, but perhaps not five chunks. Though if you've undertaken to let the underwriting person handle it, it'll be understandable if you don't do this and wait until they are in a position to proceed.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Sept 6, 2015 18:16:37 GMT
With instant returns, does that mean we earn interest from bidding or drawdown? If bidding, where does the interest accumulated from bidding show in your account?
Also please can we have more deals! Would like to diversify, but as SM is an auction, there is not much interesting there, so need something new of interest!
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Sept 6, 2015 18:29:52 GMT
With instant returns, does that mean we earn interest from bidding or drawdown? If bidding, where does the interest accumulated from bidding show in your account? Accrued but not paid instant returns or interest don't show up anywhere until paid. When paid they look like this in the statement: 06/08/2015 11:11 Correction £2.47 £aaaaa Instant Returns on ATR Loan 01/09/2015 12:29 Correction £3.45 £aaaaa Final Instant Returns on ATR 42-500 to Government Owned Airline (Refinance) (cancelled loan) 28/08/2015 23:32 Interest repayment £xx.yy £aaaaa Interest paid on loan New Marine Containers July 2015 for <censored borrower name>. And I see that the third tranche £300k ATR has filled today.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,839
Likes: 11,068
|
Post by ilmoro on Sept 6, 2015 18:33:38 GMT
With instant returns, does that mean we earn interest from bidding or drawdown? From when you invest/bid on the loan
|
|
|
New Loan?
Sept 6, 2015 18:46:28 GMT
via mobile
Post by ablrateandy on Sept 6, 2015 18:46:28 GMT
Yup. As above. Generally it is paid on drawdown but if that is delayed we may make an interim payment, as we did on the aTR loan that in the end didn't draw down. Normally our stuff draws very fast so you won't see long delays eg. Containers filled at 2pm, loan drew at 3pm and payment was made to Manufacturer at 4pm. sME loans is underwritten so it will fill in the stated date.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Sept 6, 2015 19:43:34 GMT
Certainly is. Consider again that "agreed by all Lending Members and Borrower" aspect and what it means if Ablrate or an Ablrate employee is a lender. It would appear to give Ablrate or the Ablrate employee a veto over proposed changes, just as each non-employee, non-Ablrate lenders has been given such a veto. Since a contract change might be part of resolving a problem and be agreed between lenders and borrower, it's perhaps not the greatest of ideas to give Ablrate and/or its employees the right to veto such an agreement. Yet having Ablrate employe money at stake is otherwise a good thing for beneficial alignment of interests between Ablrate, its employees and consumer or other lenders.
|
|
james
Posts: 2,205
Likes: 955
|
Post by james on Sept 7, 2015 19:51:49 GMT
Nice to see the "Instant returns" type indicating normal instant returns instead of all the correction ones for the intermediate payments on the other ATR loan:
07/09/2015 20:11 Instant returns £x.yy £aaa.zz Instant Return payment for £aaaaaaa invested on ATR 42-500 to Government Owned Airline Tranche 3 for 10 days.
|
|
jonah
Member of DD Central
Posts: 2,031
Likes: 1,113
|
Post by jonah on Sept 7, 2015 20:11:26 GMT
As this is my first Abl loan... I'm slightly surprised not to see that money in the interest field. Surely it is interest and therefore taxable and should be reported as such?
apologises if this is old ground.
|
|