victors
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Post by victors on Jun 20, 2018 13:05:08 GMT
The same thing happened with this loan a few weeks ago.
£10,000 appeared at 99.0 - I took most of it.
A few hours later another £10,00 appeared at 99.0. Wonder if that will happen this time?
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KoR_Wraith
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Post by KoR_Wraith on Jun 25, 2018 11:57:41 GMT
They're all stand alone loans - but obviously interlinked. All gone now anyway. more available (at least there was a few minutes ago) weird that the shorter dated ACI loans are still selling at a premium and this longest dated loan has a healthy discount Underwriters? The longer dated loans have a higher risk of default. The company is currently able to raise funds, some of which could I assume be theoretically used to help repay earlier loans as they expire. To be clear, I'm not suggesting that this is happening but there's many examples elsewhere of companies adding further tranches for the purpose of paying interest on older debt. Longer dated loans require the company to be successful for years longer than the shorter loans so higher risk of default.
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elliotn
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Post by elliotn on Jun 25, 2018 18:35:29 GMT
My 'expert' tells me that teeming and lading is false accounting, and surely that is not something to even mention here. The funds are not ring-fenced for a purpose, afaik, though the statement that funds are needed for growth should be a true statement. Many of the Ablrate repeat borrowers are adding debt as general funds, though justified by new projects or growth, and it is only the physical security that is tied to particular loans. I have to trust Ablrate to supervise the overall lending, but Ablrate has more to lose than I do if it goes wrong. This is not FC. As an expert, T&L is one of the first things I would expect my audit staff to look for. ACF have over over 100 dealerships/bookkeepers to deal with. That's quite an ask to expect abl supervise this at a granular level, they did not even know when APF hadn't taken out the security charges on individual property deals.
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blender
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Post by blender on Jun 27, 2018 13:56:21 GMT
My 'expert' tells me that teeming and lading is false accounting, and surely that is not something to even mention here. The funds are not ring-fenced for a purpose, afaik, though the statement that funds are needed for growth should be a true statement. Many of the Ablrate repeat borrowers are adding debt as general funds, though justified by new projects or growth, and it is only the physical security that is tied to particular loans. I have to trust Ablrate to supervise the overall lending, but Ablrate has more to lose than I do if it goes wrong. This is not FC. As an expert, T&L is one of the first things I would expect my audit staff to look for. ACF have over over 100 dealerships/bookkeepers to deal with. That's quite an ask to expect abl supervise this at a granular level, they did not even know when APF hadn't taken out the security charges on individual property deals. I was hoping this would go, or at least have the borrower names removed, but since it is still here; Your expertise is acknowledged Elliottm - my 'expert' was the internet. There were apparent problems of supervision by Ablrate a while back (but nothing compared with horrors elsewhere). There were no defaults. From my analysis, lessons were learned and adjustments made, particularly that it might be a false economy to rely on valuations created for others, or to allow solicitors acting for others to do work essential for lenders' security. I link this to an intensified level of own-work, professional expenses, and general supervision by the platform, linked of course to increased funding to pay for that - we might wish to question the amount. Agreed, not at the granular level of the Borrower's accounts, and those of their clients. They need good auditors in place, and that's their cost.
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