snowmobile
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Post by snowmobile on Apr 25, 2017 13:32:51 GMT
That is possible but isn't stated anywhere. The proposal attributes equal value to each of the 4 units @ $50,000. If the new ones were significantly smaller it would increase concerns over risk of theft. The proposal states I have asked for clarification further up - I imagine $60k is the retail price and $50k the cost price, hence the new x2 generators valued at cost - but does confuse the issue of what value Where does the $60k come from? According to my calculator the first two cost $90k each (total $180k)
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ilmoro
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'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 Apr 25, 2017 13:40:15 GMT
It would have been easy enough to say which make/model of generators were to be purchased. Like the Wales loan, this Ablrate proposal seems economical with information about the physical security. Not a good trend. Asset backed is getting undefined and intangible. Is this not covered by the doc entitled Generator Specification ?(Cant open on this device to see)
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stevio
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Post by stevio on Apr 25, 2017 13:53:17 GMT
I have asked for clarification further up - I imagine $60k is the retail price and $50k the cost price, hence the new x2 generators valued at cost - but does confuse the issue of what value Where does the $60k come from? According to my calculator the first two cost $90k each (total $180k) Yes sorry, I am still on 'review at lighting speed' mode $89,865 in specifications document - but not sure if the specifications refer to the old or new generators? I presume the assets would lose value overtime anyway, but the rental agreements would more than service the loan even without the value in the assets
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 25, 2017 14:13:49 GMT
It would have been easy enough to say which make/model of generators were to be purchased. Like the Wales loan, this Ablrate proposal seems economical with information about the physical security. Not a good trend. Asset backed is getting undefined and intangible. Yep, and watch the FCA sit back and do FA about it. "Light Touch" indeed.
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elliotn
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Post by elliotn on Apr 25, 2017 14:36:26 GMT
ablrate just to reiterate the obvious operational point noted above, tried to log in at 12.01 and loan then fully subscribed. Every platform I use has a version of funding limits to not alienate their investors. I'm finding it difficult to muster the energy to even work out if the generators were fairly valued/secured or not.
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Post by ablrate on Apr 25, 2017 16:02:17 GMT
It would have been easy enough to say which make/model of generators were to be purchased. Like the Wales loan, this Ablrate proposal seems economical with information about the physical security. Not a good trend. Asset backed is getting undefined and intangible. Yep, and watch the FCA sit back and do FA about it. "Light Touch" indeed. The document '"Generator Specifications" is a downloadable document. You did not see this or couldn't download? Regards Ablrate
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Post by ablrate on Apr 25, 2017 16:37:01 GMT
ablrate I dont see any mention of the borrowers recent loan through Growth St which has debenture registered on 21/4 which includes a fixed charge over equipment. What impact does this have on our security? Edit I note 'The first ranking Company debenture ensures that Ablrate lenders would also have recourse to any other, unencumbered Company assets.' so does that mean Growth St have agreed to a deed of priority and to get bumped down the pecking order? No mention of this debenture on the Term Sheet. This debenture is being cancelled. The company lined up a facility with GS in case we didn't raise the funds... Regards Ablrate
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mickj
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Post by mickj on Apr 25, 2017 16:37:33 GMT
Well after not being able to get a tad of this 100,000 loan at lunchtime I did manage to get 200 into some racingcars across the road at 4pm, I suppose it makes little difference to the platform if the loan is taken up in a few big hits of lots of small hits as long as its taken up. For me a bid limit would be nice - providing funds into Ablrate then pulling back out (one way quicker than the other) is not something I want to keep doing, just a small investor in p2p and like Ablrate alot.
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greatmarko
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Post by greatmarko on Apr 25, 2017 16:40:44 GMT
... in case we didn't raise the funds... lol ...He says after 100% funding was raised in a matter of seconds! Bid limits in future please, ablrate!
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Post by ablrate on Apr 25, 2017 16:41:36 GMT
Just for a little perspective - 58 lenders completed this loan, it wasn't just two or three as some may imagine.
We are addressing this issue and will have some feedback soon.
Regards Ablrate
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fasty
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Post by fasty on Apr 25, 2017 16:44:29 GMT
I secured a modest nibble, but I did get in quick.
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agent69
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Post by agent69 on Apr 25, 2017 16:56:19 GMT
I secured a modest nibble, but I did get in quick. Likewise I was trying to look at the loan documents at about 20 seconds past 12 when I noticed that it was 40% funded. Panic mode ensued while I got my bid in.
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Post by loanstar on Apr 25, 2017 17:05:03 GMT
So if Growth Street has a first charge over the company asserts what security is being offered?
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madpierre
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Post by madpierre on Apr 25, 2017 17:23:07 GMT
Just for a little perspective - 58 lenders completed this loan, it wasn't just two or three as some may imagine. We are addressing this issue and will have some feedback soon. Regards Ablrate Be careful not to sound patronising, although even 58 Lenders is a very small number and probably not a large proportion of your Lender base
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Post by ablrate on Apr 25, 2017 17:26:48 GMT
So if Growth Street has a first charge over the company asserts what security is being offered? We answered this elsewhere. It was a debenture for an undrawn facility and is being cancelled. Regards Ablrate
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