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Post by PierToPier on Mar 18, 2019 10:13:08 GMT
The email received from ABL on the 5th March 2019 stated, "We continue to communicate with the Borrower almost on a daily basis at the moment to monitor their next steps and we will ensure that a further update is made no later than the 15th March." Unless I missed it, no further update was forthcoming. A question for ablrate ... where are we with regard to settlement on 1000080 & 1000098?
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Balder
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Post by Balder on Mar 18, 2019 18:45:30 GMT
Come on ablrate don't start missing your own set deadlines please.
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blender
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Post by blender on Mar 19, 2019 22:53:05 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Today's interest will be a day late. A shame to lose this borrower, but there is no practical system here to refinance a large existing loan. The old FC system of breaking a large loan origination down into smaller tranches, which could later be refinanced tranche by tranche, might be a way forward. The problem with that was that the platform had to guarantee the whole loan past the first tranche, because borrowers would only draw down tranche by tranche with a guarantee of the total. I did well from this project. That is appreciated.
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Post by Badly Drawn Stickman on Mar 19, 2019 23:14:02 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Interest will be a day late. On paper (and quite possibly in reality) this looks a good prospect now, I am 'all in'. I should clarify 'all' in this case was a fairly small amount of interest received today. I was a little bit surprised to find it still being sold at a small discount.
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Post by Ace on Mar 20, 2019 0:04:11 GMT
I'll be sad to see this one go off platform. It's been a good earner so far. I'd have been happy to fund the continuing development at a lower rate, given the increased security.
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Post by westcountry on Mar 20, 2019 10:45:29 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Today's interest will be a day late. A shame to lose this borrower, but there is no practical system here to refinance a large existing loan. The old FC system of breaking a large loan origination down into smaller tranches, which could later be refinanced tranche by tranche, might be a way forward. The problem with that was that the platform had to guarantee the whole loan past the first tranche, because borrowers would only draw down tranche by tranche with a guarantee of the total. I did well from this project. That is appreciated. blender, if you don't mind me asking, where did you find this information, please? I can see on the loan pages that the end dates have changed, but can't see anything about the interest being a day late. ablrate, in future, please would you consider e-mailing investors when a loan they're invested in is extended? I'm in both 80 and 98, but only found out about the extension thanks to blender's post on the forum.
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ilmoro
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Post by ilmoro on Mar 20, 2019 10:49:32 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Today's interest will be a day late. A shame to lose this borrower, but there is no practical system here to refinance a large existing loan. The old FC system of breaking a large loan origination down into smaller tranches, which could later be refinanced tranche by tranche, might be a way forward. The problem with that was that the platform had to guarantee the whole loan past the first tranche, because borrowers would only draw down tranche by tranche with a guarantee of the total. I did well from this project. That is appreciated. blender , if you don't mind me asking, where did you find this information, please? I can see on the loan pages that the end dates have changed, but can't see anything about the interest being a day late. ablrate , in future, please would you consider e-mailing investors when a loan they're invested in is extended? I'm in both 80 and 98, but only found out about the extension thanks to blender's post on the forum. They did and do. Email update received yesterday 17.33 Check your spam/email preference settings
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n
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Post by n on Mar 20, 2019 10:50:37 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Today's interest will be a day late. A shame to lose this borrower, but there is no practical system here to refinance a large existing loan. The old FC system of breaking a large loan origination down into smaller tranches, which could later be refinanced tranche by tranche, might be a way forward. The problem with that was that the platform had to guarantee the whole loan past the first tranche, because borrowers would only draw down tranche by tranche with a guarantee of the total. I did well from this project. That is appreciated. blender , if you don't mind me asking, where did you find this information, please? I can see on the loan pages that the end dates have changed, but can't see anything about the interest being a day late. ablrate , in future, please would you consider e-mailing investors when a loan they're invested in is extended? I'm in both 80 and 98, but only found out about the extension thanks to blender's post on the forum. My email arrived at 17:33 yesterday (19th).
Edit: crossed with ilmoro. Great minds think alike
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andy1
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Post by andy1 on Mar 20, 2019 11:00:41 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Today's interest will be a day late. A shame to lose this borrower, but there is no practical system here to refinance a large existing loan. The old FC system of breaking a large loan origination down into smaller tranches, which could later be refinanced tranche by tranche, might be a way forward. The problem with that was that the platform had to guarantee the whole loan past the first tranche, because borrowers would only draw down tranche by tranche with a guarantee of the total. I did well from this project. That is appreciated. blender , if you don't mind me asking, where did you find this information, please? I can see on the loan pages that the end dates have changed, but can't see anything about the interest being a day late. ablrate , in future, please would you consider e-mailing investors when a loan they're invested in is extended? I'm in both 80 and 98, but only found out about the extension thanks to blender's post on the forum. westcountry I got an email at 17.33 yesterday. Edit: also crossed with others. Great synchronicity on email timing though.
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blender
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Post by blender on Mar 20, 2019 12:57:38 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Today's interest will be a day late. A shame to lose this borrower, but there is no practical system here to refinance a large existing loan. The old FC system of breaking a large loan origination down into smaller tranches, which could later be refinanced tranche by tranche, might be a way forward. The problem with that was that the platform had to guarantee the whole loan past the first tranche, because borrowers would only draw down tranche by tranche with a guarantee of the total. I did well from this project. That is appreciated. blender , if you don't mind me asking, where did you find this information, please? I can see on the loan pages that the end dates have changed, but can't see anything about the interest being a day late. ablrate , in future, please would you consider e-mailing investors when a loan they're invested in is extended? I'm in both 80 and 98, but only found out about the extension thanks to blender's post on the forum. Sorry for not responding, westcountry, I was out. Yes emailed received at 17:33, but it was a general message because I have no holding. I used to have a very large sum in it, for me, but too large to risk into the final month. Too risky for me to buy back in because the path to repayment is not known. Presumably if they could pay it back today they would have done so. Repaying the principal on interest-only loans is becoming unfashionable.
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kaya
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Post by kaya on Mar 20, 2019 14:06:27 GMT
80 and 98 extended for two months, pending completion of a third party refinance. Today's interest will be a day late. A shame to lose this borrower, but there is no practical system here to refinance a large existing loan. The old FC system of breaking a large loan origination down into smaller tranches, which could later be refinanced tranche by tranche, might be a way forward. The problem with that was that the platform had to guarantee the whole loan past the first tranche, because borrowers would only draw down tranche by tranche with a guarantee of the total. I did well from this project. That is appreciated. Now now blender, not time to count your chickens yet!
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blender
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Post by blender on Mar 20, 2019 14:43:18 GMT
I already sold my chickens to the Colonel. Overall I did well. It's Hephaestus for me now (avoiding the later name).
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qwakuk
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Post by qwakuk on Mar 20, 2019 16:51:05 GMT
Just received an email from Ablrate with a survey looking for investors opinions on how to proceed, going to have a proper read tonight
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ptr120
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Post by ptr120 on Mar 20, 2019 16:54:19 GMT
An interesting survey has just been posted. It'd be interesting to hear the opinions of others. The choices seem rather binary: Exit by refinance, exit by refinance byt provide further funds on second charge basis, or extend on a first charge basis with a lower interest rate but an additional 1.3 m of finance required.
Personally I'd be happy to maintain a small investment in the project at a slightly lower interest rate (but would want to know how much the developer is putting in) but I'm not sure if there is an appetite for the level of additional funding the project would need.
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SteveT
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Post by SteveT on Mar 20, 2019 16:54:41 GMT
ablrate, the survey is like “how long is a piece of string” unless there is some indication I’ve missed of the indicative rates. “Reduced rate” could mean 14% or 6%, and my response would be a quite different!
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