ptr120
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Post by ptr120 on Aug 18, 2016 12:13:10 GMT
ablrate has the borrower come back with responses to any of the queries raised on this thread? If they are not being responsive when they want to borrow a six-figure sum of money from us, I'm worried that they will become even less responsive in the event that they run in to difficulties servicing any of their various loans.
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ptr120
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Post by ptr120 on Aug 25, 2016 8:50:26 GMT
ablrate ablrateandy One week since my last post on this thread and we've had no feedback from the borrower on the quite reasonable questions that have been asked. It worries me that such questions can't be answered to help fill this loan, and it also worries me that the borrower will be equally unresponsive in the event that any of his multiple loans run in to difficulty. If no further information is forthcoming I won't be increasing my bid beyond the nominal sum already invested, and may also start selling down my other holdings with this borrower. Can you provide any reassurance? I hope that Ablrate isn't turning in to FC in terms of standards of communication!
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blender
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Post by blender on Aug 25, 2016 9:07:38 GMT
I like to think that the delay in gathering these responses is due to Ablrate concentrating full resources on two more urgent tasks which will confirm their credibility: 1. Taking physical possession of the containers as security for their first default. 2. Agreeing an interest rate for 532 with the borrower/Ablrate director, whose business borrows about 40% of the loan book, in time to make the interest payment on 29th.
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ptr120
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Post by ptr120 on Aug 25, 2016 17:16:59 GMT
I like to think that the delay in gathering these responses is due to Ablrate concentrating full resources on two more urgent tasks which will confirm their credibility: 1. Taking physical possession of the containers as security for their first default. 2. Agreeing an interest rate for 532 with the borrower/Ablrate director, whose business borrows about 40% of the loan book, in time to make the interest payment on 29th. I'd like to believe you but we were promised an update on 532 and containergate by today - given that it is now after business hours and the sun is shining I'm not sure we are going to get it.
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blender
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Post by blender on Aug 25, 2016 20:05:16 GMT
I like to think that the delay in gathering these responses is due to Ablrate concentrating full resources on two more urgent tasks which will confirm their credibility: 1. Taking physical possession of the containers as security for their first default. 2. Agreeing an interest rate for 532 with the borrower/Ablrate director, whose business borrows about 40% of the loan book, in time to make the interest payment on 29th. I'd like to believe you but we were promised an update on 532 and containergate by today - given that it is now after business hours and the sun is shining I'm not sure we are going to get it. I think there should be strict weekly updates to the lenders on containergate, whether they have news or not. As for 532, the payment on 29th is the crunch point which cannot be dodged - bank holiday or not. It's getting a bit like an FC property loan.
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james
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Post by james on Aug 25, 2016 23:19:51 GMT
The plan on the containers is an update probably each Friday evening regardless of whether it says just "things are working their way through legal processes" or something more substantial. But subject to the possibility of legal advice or situation making it unwise, though a sorry, can't say anything substantive at the moment would probably be OK in that situation. Ablrate have recognised that this is desirable even if nothing substantive can be said. Mentioned in the update email on the 19th, along with the possibility of something more often if a substantive enough development happens between fridays.
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blender
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Post by blender on Aug 26, 2016 7:43:30 GMT
The plan on the containers is an update probably each Friday evening regardless of whether it says just "things are working their way through legal processes" or something more substantial. But subject to the possibility of legal advice or situation making it unwise, though a sorry, can't say anything substantive at the moment would probably be OK in that situation. Ablrate have recognised that this is desirable even if nothing substantive can be said. Mentioned in the update email on the 19th, along with the possibility of something more often if a substantive enough development happens between fridays. Thanks James. I am not in containers and so did not know that they are doing what I would like to see done. The rest of us are not so important to update.
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stevio
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Post by stevio on Aug 31, 2016 10:05:38 GMT
The plan on the containers is an update probably each Friday evening regardless of whether it says just "things are working their way through legal processes" or something more substantial. But subject to the possibility of legal advice or situation making it unwise, though a sorry, can't say anything substantive at the moment would probably be OK in that situation. Ablrate have recognised that this is desirable even if nothing substantive can be said. Mentioned in the update email on the 19th, along with the possibility of something more often if a substantive enough development happens between fridays. Thanks James. I am not in containers and so did not know that they are doing what I would like to see done. The rest of us are not so important to update. Understandable attention is drawn away, however they can't function as a platform if they can't handle multiple loans This particularly loan has been open for funding for at least 2wks and the reasonable questions asked haven't been responded too ablrate ablrateandyAt the moment investors are bidding on a loan that could be anywhere from 40-80% LTV or a good deal vs a not so good deal - the LTV really needs to be tied down or adaptable based on the loan size
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blender
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Post by blender on Aug 31, 2016 10:56:33 GMT
Those concerned about the variable LTV will presumably wait until nearer the close to see what the loan size looks like - though Ablrate closes can be moveable feasts.
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Post by ablrate on Aug 31, 2016 23:55:57 GMT
Hi All chasing up on questions for the borrower:
I would be interested to know a little more about what our money is to be used for. One use stated is "This along with investing funds into the sites and land the company owns which will increase the value through planning gain and development." I wonder if this could be land "north of the boarder"? We will be paid 13% so I can only assume our borrower has deals set up that will exceed this rate of return. I have no problem with is, but if my money is to be risked in this venture I would like a little more deal.
The funds are being used for investment in further modular units (which produce a very healthy margin) and improvements to land
and sites the company owns such lands will and the Group has land sales planned (on options) for £1mn and £5mn expected to close in the next 12 months.
1) building security - how are these modular units building valued? These multi storey buildings will not be cheap to relocate so unless you tell me otherwise I assume their value depends on them being used at the polo club.
Any relocation costs are billed to the borrower or guarantors under the agreements as part of any default. The units are valued by qualified valuers and have a clear secondary market something which the borrower is highly experienced in as it is his main line of business.
2) polo club security - what gives you confidence that the polo club can service the rent for the next three years?
The polo club accounts show net worth reducing rapidly each year, down to -£530k in 2015.
So maybe I need to rely on the PG as he sounds like a dynamic entrepreneur with many assets.
The accounts of the Borrower show a clear ability to make the repayments on the loan even with the lack of rental income. Whilst the buildings are on site at the Polo Club they also form part of the offices of F******s Properties so there is a personal and group vested interest to ensure performance here.
Chasing the others..
Regards
Ablrate
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shimself
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Post by shimself on Sept 2, 2016 16:12:19 GMT
The value of the security - having despaired of an answer here I looked up "portakabin" on ebay - 25K tops, down to 3K. It's hard to believe the 83% LTV. And given the skullduggery in a related area I'm out diddly out out.
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stevio
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Post by stevio on Sept 7, 2016 17:48:11 GMT
Someone just bid about £45k on this one and just maxed out the total able to invest - do they not realize the more they invest, the higher the LTV  ablrate ablrate could raise the limit please so us mere mortals can put our shrapnel in! |
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shimself
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Post by shimself on Sept 10, 2016 18:33:14 GMT
The value of the security - having despaired of an answer here I looked up "portakabin" on ebay - 25K tops, down to 3K. It's hard to believe the 83% LTV. And given the skullduggery in a related area I'm out diddly out out. See http://www.f******sbuildings.co.uk/portakabin-units-for-sale/ secondhand standalones are very variable. Doesn't give prices to browse for the new ones or more complex modular buildings This is one occasion when the ******** are really getting in the way. I haven't a clue
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SteveT
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Post by SteveT on Sept 10, 2016 18:50:37 GMT
Replace with the borrower's name
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shimself
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Post by shimself on Sept 11, 2016 9:27:41 GMT
OK that makes it even more ridiculous. They sell second hand larger units for £9500, 10 units in this loan so second hand value (ie best possible security value) under 100K. Loan 400K.
This isn't ltv it's V T L
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