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 Sept 4, 2016 23:42:49 GMT
ablrate ablrateandy Information supplied by Ablrate when the offer was made named the directors who, as you would expect, are also directors of the parent company. Looking at the company via Companies House I find that two of the directors have since resigned. There is a notice for compulsory strike-off dated 16 August. I would also expect to see a charge with Ablrates name in some form against it. Could we have an update on the companies involved and links between any new loans being issued. I understand that such details cannot be placed here, but could they be added into comment section on the load details on the Albrate platform? ablrateandy ablrate This also effects APF the borrower on Secured Property as one of the directors was also a director of the SPV and has resigned from that as well. SPV for secured loans 1 & 2 also has overdue confirmation statement.
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Post by Deleted on Sept 5, 2016 9:19:08 GMT
MoneyThing forum has an update on this.
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Post by ablrate on Sept 5, 2016 9:52:44 GMT
ablrate ablrateandy Information supplied by Ablrate when the offer was made named the directors who, as you would expect, are also directors of the parent company. Looking at the company via Companies House I find that two of the directors have since resigned. There is a notice for compulsory strike-off dated 16 August. I would also expect to see a charge with Ablrates name in some form against it. Could we have an update on the companies involved and links between any new loans being issued. I understand that such details cannot be placed here, but could they be added into comment section on the load details on the Albrate platform? Looking into this now.
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Post by ablrate on Sept 5, 2016 11:24:14 GMT
Hi All
Spoken to the borrower on this. The information will be updated later on this afternoon on he Admin section of the loans, but we have cleared that all is OK.
Regards Ablrate
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james
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Post by james on Sept 5, 2016 11:27:46 GMT
The MoneyThing updates start with this post saying: " In contact with the borrower and all is in hand & will be resolved within the next week. Late accounts being filed shortly and strike off notice lifted within the next few days. IE has left the business, replaced by AK who is a recent member of their expanding team who has a strong background & experience within the dealer market." A quick summary of the three loans involved: Ablrate: 22/7/2016 marketing date for the (II) loan. Raised £380,100 of target range from £250k to £750k. 3 year term, interest only. Security cars at 70% of CAP retail price and 253k equity in the SPV. Was a previous Ablrate loan also, (I) £500k marketed from 25/4/2016 interest only, same equity aspect, same car LTV. 12%. MoneyThing: 18/3/2016 loan date, loan ID ACF371. Raised £200k. Interest only end date 17/9/2016 but I assume will have a repeat option offered. Security cars at 70% of CAP retail price. 12%. All for business expansion so they can lend more to car dealers and make more money from that activity.
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stevio
Member of DD Central
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Post by stevio on Sept 15, 2016 7:31:29 GMT
ablrate ablrateandy Information supplied by Ablrate when the offer was made named the directors who, as you would expect, are also directors of the parent company. Looking at the company via Companies House I find that two of the directors have since resigned. There is a notice for compulsory strike-off dated 16 August. I would also expect to see a charge with Ablrates name in some form against it. Could we have an update on the companies involved and links between any new loans being issued. I understand that such details cannot be placed here, but could they be added into comment section on the load details on the Albrate platform? ablrateandy ablrate This also effects APF the borrower on Secured Property as one of the directors was also a director of the SPV and has resigned from that as well. SPV for secured loans 1 & 2 also has overdue confirmation statement. ablrate ablrateandy How does this effect the security of Secured Property loan as it was also based on the SIPP's of each director? APF has the right to pursue the SIPP of each individual on a several basis in the event of a non-payment. The SIPP Trustee is a signatory to the loan document between APF and the individual.
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stevio
Member of DD Central
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Post by stevio on Sept 20, 2016 7:13:03 GMT
ablrateandy ablrate This also effects APF the borrower on Secured Property as one of the directors was also a director of the SPV and has resigned from that as well. SPV for secured loans 1 & 2 also has overdue confirmation statement. ablrate ablrateandy How does this effect the security of Secured Property loan as it was also based on the SIPP's of each director? APF has the right to pursue the SIPP of each individual on a several basis in the event of a non-payment. The SIPP Trustee is a signatory to the loan document between APF and the individual. ablrate ablrateandy hi both, any answer to this question I asked 5 days ago please?
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Post by ablrate on Sept 20, 2016 8:35:48 GMT
ablrate ablrateandy How does this effect the security of Secured Property loan as it was also based on the SIPP's of each director? APF has the right to pursue the SIPP of each individual on a several basis in the event of a non-payment. The SIPP Trustee is a signatory to the loan document between APF and the individual. ablrate ablrateandy hi both, any answer to this question I asked 5 days ago please? Hi Stevio Sorry for the delay. 1. The accounts are done on the company and the confirmation statement has been submitted, it was a timing issue with the accountants. 2. The security is unaffected on Property Loan. The loans are written against each individual and their SIPP where the trustee is also a signatory. Regards Ablrate
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Forward
Member of DD Central
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Post by Forward on Sept 27, 2016 8:41:16 GMT
1000043 Basket of Secured Loans (II) - Well this is a good start very 1st payment late
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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
Posts: 10,881
Likes: 11,105
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Post by ilmoro on Sept 27, 2016 8:57:10 GMT
1000043 Basket of Secured Loans (II) - Well this is a good start very 1st payment late Only because Ablrate didnt push the button to distribute the payment, regular occurence, not actually late. Paid now.
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james
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Post by james on Sept 27, 2016 8:57:39 GMT
1000043 Basket of Secured Loans (II) - Well this is a good start very 1st payment late Just the usual around midnight timing issue since the email notification of the payment being made has arrived. I expect that this is on the to do list for the developers at some suitable lowish priority level since it's an irritation for lenders and the CEO who currently does the switch flipping and has to be around at the time to do it.
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Post by ablrate on Sept 29, 2016 17:12:30 GMT
1000043 Basket of Secured Loans (II) - Well this is a good start very 1st payment late Just the usual around midnight timing issue since the email notification of the payment being made has arrived. I expect that this is on the to do list for the developers at some suitable lowish priority level since it's an irritation for lenders and the CEO who currently does the switch flipping and has to be around at the time to do it. Its on the list - we have quite a big thing on at the moment, which will be done shortly... the various bug fixes/updates will be coming thick and fast
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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
Posts: 10,881
Likes: 11,105
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Post by ilmoro on Oct 12, 2016 11:12:24 GMT
ablrate Could we update the text on all ACF/APF loan overviews to reflect that IE resigned as a director 3 months ago. The new APF loan seems to be a repost of this inaccurate info. Why is there no charges registered at companies house against the borrower ACI1. Security is supposed to include a debenture over the company which I assume should be registered at CH. I note that a charge has been registered by an equipment supplier subsequent to our loans. What is the potential impact on our security should this charge be called on?
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Post by ablrate on Oct 13, 2016 15:39:55 GMT
ablrate Could we update the text on all ACF/APF loan overviews to reflect that IE resigned as a director 3 months ago. The new APF loan seems to be a repost of this inaccurate info. Why is there no charges registered at companies house against the borrower ACI1. Security is supposed to include a debenture over the company which I assume should be registered at CH. I note that a charge has been registered by an equipment supplier subsequent to our loans. What is the potential impact on our security should this charge be called on? Hi Text updated. Charge will be there shortly as we have had the confirmation. Charge is on a specific asset that was re-financed within the portfolio. This was from the element of the 'float' of subordinated assets. So if this is called it would not affect the ABL lenders security (other than to remove the buffer of subordinated cash/assets, of course).
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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
Posts: 10,881
Likes: 11,105
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Post by ilmoro on Oct 13, 2016 18:25:11 GMT
ablrate Could we update the text on all ACF/APF loan overviews to reflect that IE resigned as a director 3 months ago. The new APF loan seems to be a repost of this inaccurate info. Why is there no charges registered at companies house against the borrower ACI1. Security is supposed to include a debenture over the company which I assume should be registered at CH. I note that a charge has been registered by an equipment supplier subsequent to our loans. What is the potential impact on our security should this charge be called on? Hi Text updated. Charge will be there shortly as we have had the confirmation. Charge is on a specific asset that was re-financed within the portfolio. This was from the element of the 'float' of subordinated assets. So if this is called it would not affect the ABL lenders security (other than to remove the buffer of subordinated cash/assets, of course). Thanks. The first basket of secured loans loan to ACI1 drewdown nearly 5 months ago. That seems a inordinately long time to register a debenture. Why the delay?
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