jj
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Jolly Jammy
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Collateral (COL) in Liquidation
IFISA
Oct 3, 2017 12:37:18 GMT
Post by jj on Oct 3, 2017 12:37:18 GMT
Hi collateral, What is your position regarding a IFISA ?
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Oct 3, 2017 6:38:45 GMT
I suggest you get a clock or a clock like countdown(channel 4) on the website somewhere, even the music.
Your time is vastly different from mine.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Oct 1, 2017 15:19:26 GMT
Can AC be called a P2P platform since it receives money from Financial institutions ?
I don't know the %, it would be interesting to know.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
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Post by jj on Sept 23, 2017 15:03:25 GMT
This is a picture of Fraserburgh harbour many moons ago. Everybody had a fishing related job. All my granddads, dad & uncles worked in the fishing industry. Now there are just a handful of boats left. Sad or progress, you have to make up your own mind up? Keep in mind that more than half the fish in UK waters are caught by foreign vessels.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
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Post by jj on Sept 23, 2017 14:27:38 GMT
Dear Collateral, I really like these kind of loan so long may it continue, but why have you to be so generous with my money? Could you have not issued one loan (to average risk) and offered 65LTV for added security again possible errors in valuation ? Best Regards JJ P.s. This is kinda like a Christmas wish list going forward. Prob because the borrower wanted max equity and would go to another platform to get it. Yes, you are right but I like to get my Santa list in early.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Sept 23, 2017 5:36:44 GMT
Dear Collateral, I really like these kind of loan so long may it continue, but why have you to be so generous with my money? Could you have not issued one loan (to average risk) and offered 65LTV for added security again possible errors in valuation ? Best Regards JJ P.s. This is kinda like a Christmas wish list going forward.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Sept 22, 2017 18:51:51 GMT
The only thing worth putting up as colaterial in the fishing industry are the fishing licenses. They are more valuable than gold dust. You can hardly buy them. As a sign of good faith this should be used. Will they ----I wouldn't hold my breath. Thought they were, least for the AC loan thought saw that The docs does say that don't they. I can't work out the value of them. The doc. has been laid out in a way its difficult to decipher. It is common to lease and rent licenses now.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Sept 22, 2017 18:00:34 GMT
The only thing worth putting up as colaterial in the fishing industry are the fishing licenses. They are more valuable than gold dust. You can hardly buy them.
As a sign of good faith this should be used. Will they ----I wouldn't hold my breath.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Sept 20, 2017 16:36:32 GMT
"If subsequent to a listing we are made aware of (by lenders own due diligence, which we value, or by the continued due diligence we are performing) the borrowing proposal is not an accurate picture, then we will make a decision about that borrowing request. We are in the same process we do on every loan right now, and will let you know our opinion and actions shortly."
Perhaps you can ask the borrower why they have included fishing vessel Su****** R** in the documents when it has been sold a few months ago subsequently purchasing fish vessel B*** S** with the proceeds ?
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Sept 19, 2017 17:05:51 GMT
AC must feel pretty naked just now. 8% vs 14% - same risk, same borrower. That why I don't invest much with AC anymore. If anyone wants to throw your money away at this loan can you throw some this way as well ? House of cards. AC loan looks considerable less risky. Clear fixed charge on a physical asset. Far less chance of cross contamination from subsiduaries going pear shaped. Well the physical asset valuation bit I would question. I remember a loan came up once and it when something like this. The borrower requires the loan to purchase a business property valued at £350,000 but managed to knock the seller down to £300,000. Therefore he can get £245,000 which is 70% LTV! Eh no that make a LTV of 81%. Thats not how it works. Also LTV for a business means nothing (unlike a house). Selling a business is extremely hard to do. Who wants a business ? Not alot of people, unlike a house. The successful repayment of a loan is totally reliant on the business itself not the LTV.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
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Post by jj on Sept 19, 2017 15:51:43 GMT
AC must feel pretty naked just now. 8% vs 14% - same risk, same borrower. That why I don't invest much with AC anymore.
If anyone wants to throw your money away at this loan can you throw some this way as well ? House of cards.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Sept 3, 2017 19:48:17 GMT
Hardly. The subject was virtually a direct quote - should I have dumbed it down? Regarding the comment about "as long as the security is good", that is FS's approach but at least they pay 12%. I cant comment on that platform but if they are paying 12% there is a reason for it. FS would be paying 7% also if they had a sugar daddy like AC has. In fact how much money does AC get in ratio to individual investers and the likes of Victory Park Capital ? Can AC still be called a P2P provider ? I don't know the answers but it would interesting to find the breakdown.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
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Post by jj on Sept 3, 2017 13:10:53 GMT
By chance one of AC's borrower is a customer of ours so I was interested in the credit report.
The report was accurate & correct and AC fulfilled all its legal obligations in revealing the financial state of the Co.
Now there is a background story that AC did not mention, which I am not going to write here but it would have affected the popularity of the loan.
This information is freely available to anyone with an internet connection and patients of a saint. Its not a secret.
The conclusion for me was to address P2P in a more algorithm way instead of relying solely on LTV figures & reports.
P.S. This example applys to ALL P2P platforms not just AC. There is always a reason why people borrow through P2P and not a bank.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Sept 2, 2017 16:59:01 GMT
AC are not as safe as one thinks.
Lower % does not equal lower risk.
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jj
Member of DD Central
Jolly Jammy
Posts: 320
Likes: 358
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Post by jj on Aug 31, 2017 16:13:56 GMT
I THOUGHT ablrate were going to apply some sort of bidding constraints .. being out most of today I didn't even see the announcement before it was all gone, never mind 'read the proposal'. Not impressed. Similar to what happened on Collateral yesterday. Seems to be an awful lot of money floating around just now.
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