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Post by dan1 on Sept 4, 2018 13:15:44 GMT
des - 0.5% bid limit, I guess that means you won't bother😁
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IFISAcava
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Post by IFISAcava on Sept 4, 2018 13:30:12 GMT
2nd charge and PG...... fingers down throat emoji..... balanced against 13% and a good liquid SM (for now). I suspect it will fill. I wonder what the other coming loans will be like.
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IFISAcava
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Post by IFISAcava on Sept 4, 2018 13:34:06 GMT
Healthcare and amortising suggests the asset is income generating, I'm thinking something like a care home. Pure speculation thoughnot really - scroll up...
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Post by Deleted on Sept 4, 2018 14:21:17 GMT
2nd charge and PG...... fingers down throat emoji..... balanced against 13% and a good liquid SM (for now). I suspect it will fill. I wonder what the other coming loans will be like. It will fill no worries, ABL has yet to make a bunch of errors and there is tonnes of money out there looking for a new home, for me a PG is valueless. If he had the value to put up he would have rather than pay us to cover his a@ e while a second charge is the same but some other sucker has it covered under the first charge. It screams avoid to me, but I might put in a few £100 just to watch it.
If you win your 13% and lose the 100% that is not a good place to be in.
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blender
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Post by blender on Sept 4, 2018 15:03:41 GMT
balanced against 13% and a good liquid SM (for now). I suspect it will fill. I wonder what the other coming loans will be like. It will fill no worries, ABL has yet to make a bunch of errors and there is tonnes of money out there looking for a new home, for me a PG is valueles. If he had the value to put up he would have rather than pay us to cover his a@ e while a second charge is the same but some other sucker has it covered under the first charge. It screams avoid to me, but I might put in a few £100 just to watch it.
If you win your 13% and lose the 100% that is not a good place to be in.
This is a bit harsh considering that we have not seen the proposition yet. We don't know why they want the cash. If it is a care home you would expect there to be some finance on the building with a first charge. It's a tad early to be discussing a possible 100% loss. Anyway, the dragons may get you on Wednesday night and you will have worried for nothing.
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Post by Deleted on Sept 4, 2018 16:09:18 GMT
You are right it is a bit harsh and I look forward to the proposition but .... it still feels uncomfortable and while I hope that everyone who invests in this deal does really well I just struggle with the fall back positions, let's hope we are not looking at a 70+% LTV eh :-)
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Post by mattygroves on Sept 4, 2018 17:13:51 GMT
You are right it is a bit harsh and I look forward to the proposition but .... it still feels uncomfortable and while I hope that everyone who invests in this deal does really well I just struggle with the fall back positions, let's hope we are not looking at a 70+% LTV eh :-) I agree with this which is a shame as I've got cash to invest. 2nd charge and personal guarantee does not equate to a 13% risk in my book.
No doubt it will fill though.
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blender
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Post by blender on Sept 4, 2018 17:13:51 GMT
Quite so, bobo. If this is what you think it will be, then the value of the bricks and mortar security will need some scrutiny.
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ceejay
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Post by ceejay on Sept 4, 2018 17:52:51 GMT
Quite so, bobo. If this is what you think it will be, then the value of the bricks and mortar security will need some scrutiny. Indeed. And this could be a controversial valuation. If it is a care home or anything like that, do you value the building as if hosting an ongoing business, or (the more relevant scenario, IMHO) as an empty building that used to hold a business which has now failed and whose best value is for some sort of redevelopment...
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blender
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Post by blender on Sept 4, 2018 18:53:37 GMT
Quite so, bobo. If this is what you think it will be, then the value of the bricks and mortar security will need some scrutiny. Indeed. And this could be a controversial valuation. If it is a care home or anything like that, do you value the building as if hosting an ongoing business, or (the more relevant scenario, IMHO) as an empty building that used to hold a business which has now failed and whose best value is for some sort of redevelopment... That depends on the context of the valuation. Valuing the business for sale as a going concern is rather different from valuing the building as security for a failed business. In our case it has to be the second - or at least that's what I will try to assess. They may be planning to develop/extend the building. We shall see.
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Post by pmac67 on Sept 4, 2018 20:25:27 GMT
The timing for the launch of this loan is a bit unfortunate considering the result of the Birkenhead default over on MT this evening. After disposal of the asset, the 2nd Charge investors have suffered a 100% loss... 1st Charge investors have limped away with 74% recovery... Recovery is ongoing but obviously further recoveries are far from certain... I'm not sure how many MT investors are here on ABL as well but i suspect a lot of us are spread across various platforms. I didn't need to witness this loan failure, I've never loaned against 2nd Charge loans and never will but Good Luck to all those who have a punt
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Post by fatbritabroad on Sept 5, 2018 6:31:35 GMT
This is why I now only put less than the interest I've earned into each loan.i freely admit my inability to decide what's a good and bad loan so now just have a little bit of everything. Takes a long time to build a decent holding but better that than seeing your capital go. Remember Warren buffets first rule of investing. 'don't lose money,', and second rule 'see rule one' lol
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oldtimer
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Post by oldtimer on Sept 5, 2018 10:38:07 GMT
ablrate is there a reason why you give such a short time to evaluate an upcoming loan? Most other platforms will publish details 24 hours in advance. It does not give much time to do your own DD.
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Post by flobberchops on Sept 5, 2018 13:32:13 GMT
On that subject - how did everyone find out about this loan? I received no email and I don't see anything on the platform either
Am I right in assuming it launches tomorrow at 12?
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garfield
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Post by garfield on Sept 5, 2018 13:38:23 GMT
On that subject - how did everyone find out about this loan? I received no email and I don't see anything on the platform either
Am I right in assuming it launches tomorrow at 12?
It launches at 10am, live at 2pm, bids restricted to £3K for the first 24 hours. Details sent out in an e-mail yesterday.
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