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Post by ablrateandy on Sept 17, 2015 13:38:43 GMT
The underwriters are all individuals who are willing to take a percentage of either the full amount or any residual. In this case, there were 3 underwriters willing to take a maximum of £500k between them, for which they receive a small fee based on their maximum possible exposure. If the loan is fully sold, they still get their fee. If some of it is unsold, they buy the unsold portion pro rata. In this case one of the underwriters was happy to hold on to X percentage for the duration. One of the others is happy to hold or to sell, hence there being an offer up there at the moment. In response to why they don't just buy it and put it up on the secondary market, that's not the way we want to work - we'd rather everyone had a chance to comment on loans, ask questions, invest or pass. The crowd diligence is important to us so that you get a good view of the loan and any other thoughts that people have. I think that on other platforms where you only get it on secondary there is the risk that only the underwriters have visibility and the "right" to ask questions. We are always happy to talk to people who are interested in underwriting loans.
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SteveT
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New Loan?
Sept 17, 2015 13:43:30 GMT
via mobile
Post by SteveT on Sept 17, 2015 13:43:30 GMT
Is there a reason why your underwriters don't appear to be underwriting the SEAB loan?
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Post by ablrateandy on Sept 17, 2015 15:34:14 GMT
Sorry - thought El Honcho was responding to this but he's busy signing documents I think!
We don't need to underwrite every loan (and tbh if we do it costs us money!). If we are pretty happy at the outset that it will go anyway then we won't get underwriters for it. That remains the case on this loan as we know of a couple of decent sized "lurkers".
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jonah
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Post by jonah on Sept 17, 2015 20:00:23 GMT
Just spotted that the loan 'bundle' is marked as 1 on the SM. Does this mean you are looking at a second or subsequent similar offerings? (I couldn't find the thread for that loan... I suspect a generic new loan thread could get VERY long so you might want to have separate threads as needed.... Feel free to drop hints about upcoming loans in any response )
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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New Loan?
Sept 17, 2015 20:08:49 GMT
via mobile
Post by ilmoro on Sept 17, 2015 20:08:49 GMT
Just spotted that the loan 'bundle' is marked as 1 on the SM. Does this mean you are looking at a second or subsequent similar offerings? (I couldn't find the thread for that loan... I suspect a generic new loan thread could get VERY long so you might want to have separate threads as needed.... Feel free to drop hints about upcoming loans in any response ) Somewhere theres a post referring to the original JLG press release - 10mil facility, so yes more to come I suspect
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huxs
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Post by huxs on Oct 7, 2015 15:15:45 GMT
Hi ablrateandy, Any news on upcoming loans ? Is there much in the pipeline and any estimates on if we are going to see a plane anytime soon?
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elliotn
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Post by elliotn on Dec 17, 2016 16:19:55 GMT
Hi, apologies to bump but as far as I can Search this is the main thread re JBL loans.
I've just registered and this is the sole discount loan on SM.
I like the look of the loan ie diversifed, secured & exchangeable SME loans based on JL partner risk with a good management board.
How have lenders found this partner - AFAICS from T&C, loans that have 3 late payments are Paused on SM and this had 4 late payments July-Oct - was this paused and how ab/normal are these, is it best to barge pole any instance of SM pausing?
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SteveT
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Post by SteveT on Dec 17, 2016 16:23:51 GMT
AFAIK, the payments weren't really late, just that the payment processing button was pressed by Ablrate the morning after, rather than late at night on the day due.
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elliotn
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Post by elliotn on Dec 17, 2016 17:09:19 GMT
Thank you ST. I read about repayment timing at day or evening based on SM listings/interest accruals(?). I'm surprised they give themselves an amber for pressing button next morning but admire the honesty and will consider another nibble if no adverse investor experiences to date .
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elliotn
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Post by elliotn on Dec 27, 2016 7:45:55 GMT
2015 audited accounts (18 months) for JLG had loss of 6M primarily due to write off of development costs with revenues expected to increase in 2016 and costs stabilise as part of the business growth strategy and anticipated turn into profit. 2016 half year accounts showing a bigger loss than same period for 2015 so hope they had a better H2 16.
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