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Post by ablrate on Oct 19, 2016 10:15:09 GMT
What is the relationship between this loan and the £2.2 million lent by Access Commercial Finance? Is this loan part of a package to refinance the ACF one? As jfm mentioned, has the 12MW grid connection work expected to be complete by mid 2016 been completed or is 2016 perhaps a mistake in the loan description at Ablrate and the borrowing proposal document? Are any Ablrate-related individuals involved in the London fund that provided the initial acquisition financing mentioned on page 8 of the proposal document? How is the current fund raising related to this loan, vs the ACF one, if at all? The loan description at Ablrate says that the purpose of the loan is to refinance £2.2 million of initial funding used to make the acquisition. The draft loan contract says that the purpose of the loan is working capital. Why the difference? The draft loan terms say 14% interest rate at the top and 12% lower down. I suppose 14% is correct? Hi James 1. That was a bit of PR on behalf of Access. They included our lenders £780k and the bridge which they 'arranged'. 2. This is an error in the doc. Updated 3. No relation on the funding to us - ACF as above in 1. 4. Sorry - that was an error - updated. Regards Ablrate
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Post by ablrate on Oct 19, 2016 10:20:46 GMT
The borrower has a bridge in place but approached for another tranche. After discussions with the borrower we were comfortable that good progress is being made and that the management are committed to making a success of the plant and have outperformed on projections. There is a dilution of security on the new tranche but even if the full amount of this tranche is raised we feel that the security is there should there be any problems (especially with cross guarantees etc). Of course, you need to look at the risks and balance your portfolio accordingly. Thanks ablrate for these comments. Will the borrower be reducing their bridge by whatever sum is raised through this loan listing (and presumably reduce their cost of finance), or will they be increasing their total indebtedness? Hi Ptr120 Yes, the borrower's bridge will be reduced by whatever we raise. Regards Ablrate
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markm
Posts: 44
Likes: 33
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Post by markm on Oct 20, 2016 10:38:37 GMT
What is the relationship between this loan and the £2.2 million lent by Access Commercial Finance? Is this loan part of a package to refinance the ACF one? As jfm mentioned, has the 12MW grid connection work expected to be complete by mid 2016 been completed or is 2016 perhaps a mistake in the loan description at Ablrate and the borrowing proposal document? Are any Ablrate-related individuals involved in the London fund that provided the initial acquisition financing mentioned on page 8 of the proposal document? How is the current fund raising related to this loan, vs the ACF one, if at all? The loan description at Ablrate says that the purpose of the loan is to refinance £2.2 million of initial funding used to make the acquisition. The draft loan contract says that the purpose of the loan is working capital. Why the difference? The draft loan terms say 14% interest rate at the top and 12% lower down. I suppose 14% is correct? Hi James 1. That was a bit of PR on behalf of Access. They included our lenders £780k and the bridge which they 'arranged'. 2. This is an error in the doc. Updated3. No relation on the funding to us - ACF as above in 1. 4. Sorry - that was an error - updated. Regards Ablrate Re point 2 . Updated in borrower proposal (to mid 2017) but the incorrect date is still on your header page / Loan Details Cheers Mark
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