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Post by Ton ⓉⓞⓃ on Jun 10, 2014 13:53:26 GMT
A new loan's appeared.
West Midlands Export Business Loan - 5 years fully amortising - 11% per annum - 90% loan to value plus debenture over business assets
This is what was meant by interesting.
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Post by andrewholgate on Jun 10, 2014 13:54:04 GMT
I said more were coming. Few others in the pipe as well.
This loan is fully underwritten as well.
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baz657
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Post by baz657 on Jun 10, 2014 14:00:16 GMT
Better get some more in there.
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wysiati
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Post by wysiati on Jun 10, 2014 14:42:06 GMT
This one recently attempted to raise funds on TC with a variable rate auction starting at 12%. The funding attempt was apparently aborted within the past week with 5 days to go after only £15-20k was raised from parties other than the TC pooled lending vehicles.
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Post by Ton ⓉⓞⓃ on Jun 10, 2014 14:50:39 GMT
I said more were coming. Few others in the pipe as well. This loan is fully underwritten as well. Can you just clarify the interest rate to lenders on this loan, not sure if it's 11% or 12% IN EDIT Page 8 credit report say 12%, headline says 11%  2nd EDIT Thanks wysiati that probably helps to explain the interest rate situation, but not which exactly. 3rd EDIT The Q&A now confirms the rate at 11%
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wysiati
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Post by wysiati on Jun 10, 2014 15:23:11 GMT
As noted on the TC forum comparing the AC credit report and TC info pack respectively there appears to been some more thought put in to the security/loan covenants (at the insistence of AC?) for this latest attempt which might be put forward in support of a lower maximum (albeit fixed) rate of interest on offer.
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Post by westcountryfunder on Jun 10, 2014 16:39:54 GMT
Definitely this one is not for me. There is a need to be very very afraid where Nigeria is concerned - such an unstable part of the world and terrible things going on as reported by the news media. It says it all that export finance for Nigeria is all but unobtainable from conventional sources. That coupled with mediocre security, and the company thrashing around to find finance wherever it can, the proposal does not inspire confidence.
Also I wonder how physically secure are the ACSA premises in Lagos, upon which the proposal entirely relies for its fulfilment.
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pikestaff
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Post by pikestaff on Jun 10, 2014 18:04:19 GMT
I gave this one a miss on TC but the principals do seem very credible and have a good track record of trading in Nigeria. One thing brought out in the Q&A on TC was that the principals themselves will be spending a significant amount of time in Nigeria overseeing the operation. I also draw additional comfort from the fact that it has passed AC's tests and been underwritten. I will be supporting it, at a modest level.
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mikeb
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Post by mikeb on Jun 10, 2014 18:26:31 GMT
This company already borrowing on FC too, according to Q&A, would someone care to post the loan number on FC?
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wysiati
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Post by wysiati on Jun 10, 2014 18:45:25 GMT
This company already borrowing on FC too, according to Q&A, would someone care to post the loan number on FC? 103 (fully repaid) and 534 (31 of 36 repayments made).
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Post by Ton ⓉⓞⓃ on Jun 10, 2014 19:22:33 GMT
This company already borrowing on FC too, according to Q&A, would someone care to post the loan number on FC? 103 (fully repaid) and 534 (31 of 36 repayments made). Loan no 103 sounds like quite a time back, were there any late, missed payments? I don't know anything about FC.
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Post by Come_on_Grandad on Jun 10, 2014 19:28:10 GMT
This company already borrowing on FC too, according to Q&A, would someone care to post the loan number on FC? 103 (fully repaid) and 534 (31 of 36 repayments made). FC loan (and other finance) is discussed on page 10 of AC credit report.
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wysiati
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Post by wysiati on Jun 10, 2014 20:28:59 GMT
103 (fully repaid) and 534 (31 of 36 repayments made). Loan no 103 sounds like quite a time back, were there any late, missed payments? I don't know anything about FC. No visible notes or comments to suggest anything other than orderly/timely repayments. Loan 103 was drawn down in Feb 2011 with the final repayment in Feb 2014.
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gnasher
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Post by gnasher on Jun 10, 2014 20:54:36 GMT
Yes indeed, we all have a knee jerk reaction against anything to do with Nigeria; very understandably. However this must be a big problem for honest decent people doing business there, and there must be some! I was not happy with putting 1k into the TC offering, but I will support this here at a more modest level
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mikeb
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Post by mikeb on Jun 10, 2014 21:34:32 GMT
103 (fully repaid) and 534 (31 of 36 repayments made). Thanks: That's okay then, far enough back that I've dropped any loan parts in it already I know it's partly to refinance existing loans (e.g.), but there's no guarantee that will actually happen.
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