sapphire
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Post by sapphire on May 30, 2019 16:59:26 GMT
Silence from a platform is always troubling, they are rarely silent when the news is good. Let's hope that is not the case here. ablrate , I've also noticed on the platform that both loans have been extended by a month (to 19th/20th June), without an e-mail notification or admin note. In future would you mind notifying lenders if you extend loans, please? And the lack of the 20th May update is concerning, I would be grateful if you could update lenders as to what's happening with these loans as soon as you can, please. I echo the sentiments. I realise such loans carry a risk of delays / defaults / losses and would expect *any* amendments to the loan terms to be made explicitly, with a clear upfront communication to all investors, on or before the amendment is made, on the background and rationale behind this and the future expectations following the amendment. I think I am capable of coping with bad news honestly communicated upfront, and this stealth extension to the loan term has left a sour taste in my mouth. I do hope this is an exception and not a precursor to a slip in Ablrate 's standards. I have a significant stake across various Ablrate's loans and so an interest in its success and do hope and expect continued high standards if it wishes to retain my business.
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blueblazer
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Post by blueblazer on May 30, 2019 21:36:53 GMT
If you read the email again from May 17th it says
Presumably the short period of time is the extra month to 19/20 June 2019.
Still doesn't explain the missing update from May 20th.
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sapphire
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Post by sapphire on May 31, 2019 3:52:23 GMT
If you read the email again from May 17th it says Presumably the short period of time is the extra month to 19/20 June 2019.
Still doesn't explain the missing update from May 20th.
Thanks for sharing this info. I have double checked my mail box (including the spam folder) and haven't received the email dated 17th May. (I have received earlier emails on #80). Going through the various posts on this thread, it looks like a number of other lenders too have missed receiving his one! There have been numerous posts on this thread over the past couple of weeks and I would have expected Ablrate to have responded and clarified that it had sent an email on 17th May. (Ablrate has been responding to posts on other threads). ablrate should also have published the info in the email dated 17th May on its website for ease of reference, especially for the benefit of those who missed receiving the email. (This info is also very relevant for those considering buying on the SM who do not have any holdings in this loan, and so not expected to receive the email update.) I can now see that it has (belatedly) added an admin note yesterday evening on its website referring to this (missing) email.
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blender
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Post by blender on May 31, 2019 8:58:59 GMT
This giving of cryptic/partial information to lenders on the loan by email is not good. The message of 17th does not even say that a further one month extension has been granted, just an extension requested. Maybe these ad-hoc extensions will continue. This is also material information for purchasers on the SM, and it is being given (sort of) to sellers but not to new buyers. Would you buy now at 99%? How would you do your due diligence? Time to renew principles of transparency and fairness to all involved, which is slipping a little at a busy time. I am not saying that there is anything wrong with this loan, just that the refinancing has gone way past the planned timescale. Why?
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sapphire
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Post by sapphire on May 31, 2019 9:34:38 GMT
Also, still awaiting the response to the survey on 20th March regarding funding development.
Don't wish to jump the gun, but do hope that those who invested at the start on a 6-10 months loan will not be involuntarily required, 21 months later, to fund a development loan, regardless of the interest rate offered being the same or changed - lowering the rate would obviously be very disappointing to a number of investors.
I don't believe that saying there is a SM for those who wish to exit is an acceptable solution, if this loan involuntarily mutates into a development loan, unless a guaranteed minimum bid price of 100 is ensured (say via some form of underwriting?) for a limited period after the change.
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blender
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Post by blender on May 31, 2019 9:45:28 GMT
On the other hand, if other sources of refinancing are available, the option for ablrate lenders to participate voluntarily in the development of this project would be welcome. As a new loan.
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Post by ablrate on Jun 12, 2019 16:14:05 GMT
Last week were being asked to disclose everything 'even if it was no change' this week we are being 'cryptic' it is like watching the Tory leadership contest. The refinance clearly carries some commercially sensitive information for the borrower. As we have said before we are unable to disclose all parts of a transaction if to do so may disclose information to which we are under an obligation not to disclose, one which could compromise such a refinance or one that is based on speculation. We really do appreciate the issue with such loans, especially with recent news, however we are in close contact with the borrowers and we are aware of their plans and they are short term. As soon as we are able to disclose any aspect of the refinancing in more detail we be very happy to do so.
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n
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Yet another Nick
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Post by n on Jun 12, 2019 17:22:02 GMT
Update today, via email @ 15:04 BST, reads; "We have received ... very soon."It goes on to say: *This message is intended only for the use of the person(s) ("Intended Recipient") to whom it is addressed. It may contain information which is privileged and confidential. Any dissemination, distribution, copying or other use of this message or any of its content by any person other than the Intended Recipient is strictly prohibited. If you are not the Intended Recipient, please contact the sender as soon as possible. This email and its attachments are not intended as a solicitation of investment.
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Post by ablrate on Jun 12, 2019 19:46:42 GMT
Not having a go..but kinda proves our point.. confidential email published in a public board. Hence why we have to be careful what is disclosed.
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blender
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Post by blender on Jun 12, 2019 20:46:06 GMT
Hmmm. Hardly confidential in content. It just says that the loan has been extended a month, and that is also on the repayments tab for all to see. But the point is right, it would be very unwise to give out actual confidential information that could damage the future position. What I also consider wrong is to give out material information only to the holders of a loan when it is able to be traded. Defaulted loans are different, but for live loans that are offered for sale, we all have an equal right to information, imo.
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hazellend
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Post by hazellend on Jul 2, 2019 15:27:48 GMT
On THC pipeline
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sapphire
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Post by sapphire on Jul 4, 2019 14:54:04 GMT
Per THC, funding has commenced and their loan is aimed to start 1st Aug so looks like ablrate investors could expect a repayment around then, after presumably another (short) extension?
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hazellend
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Post by hazellend on Jul 4, 2019 15:03:53 GMT
Interest rate is too low to be of interest to ABLrate lenders although seems justified by the very low LTV
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withnell
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Post by withnell on Jul 9, 2019 17:36:46 GMT
Interest rate is too low to be of interest to ABLrate lenders although seems justified by the very low LTV Healthy uptake so far (285k) given that interest isn't paid until drawdown so many investors would wait until nearer the end of the month to commit
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mw
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Post by mw on Jul 9, 2019 18:50:58 GMT
Couldn't work out what THC is? Probably not allowed to say?
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