applets
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Post by applets on Dec 9, 2019 20:51:46 GMT
Alternatively, some lenders may be deterred by the fact that at least one of the large watch dealer loans is now almost 2 months overdue and technically in default. While Unbolted hopes to renew the loan in a couple of months time in conjunction with the implementation of a secondary market, in the current p2p climate the failure to repay a large loan (with potentially more to this same dealer to follow) may not be viewed as good news. Secondary market? Not read anything about that?? Loan 2DFDC5F12: - "These loans were issued with a maturity date of six months and are therefore technically overdue. We wish to renew these loans but we would ideally like to create a secondary market for these loans and issue them for longer periods of 24 months. Hence the delay in renewing them. We wish to get this implemented in the next two months. Please bear with us."
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applets
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Post by applets on Dec 9, 2019 19:52:45 GMT
Alternatively, some lenders may be deterred by the fact that at least one of the large watch dealer loans is now almost 2 months overdue and technically in default. While Unbolted hopes to renew the loan in a couple of months time in conjunction with the implementation of a secondary market, in the current p2p climate the failure to repay a large loan (with potentially more to this same dealer to follow) may not be viewed as good news.
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applets
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Post by applets on Dec 6, 2019 6:52:05 GMT
Perhaps we might also hear when the new business - Flipping Finance - will be launching.
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applets
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Post by applets on Dec 4, 2019 10:13:23 GMT
If you have 2DFDC5F12 in your overdue loans:
"These loans were issued with a maturity date of six months and are therefore technically overdue. We wish to renew these loans but we would ideally like to create a secondary market for these loans and issue them for longer periods of 24 months. Hence the delay in renewing them. We wish to get this implemented in the next two months. Please bear with us."
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applets
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Post by applets on Dec 4, 2019 8:52:01 GMT
Looks like a secondary market is on the way to Unbolted (See 2DFDC5F12). Initially it would seem to be intended to help one of our favourite watch dealers who is already almost 2 months late repaying one of his loans. It may be a good move, but perhaps not if renewals become MT style rollovers.
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applets
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Post by applets on Sept 17, 2019 11:59:48 GMT
The end of August has passed by now - I wonder how that refinancing is coming along? ablrate have you had any updates from the borrower? Thanks.
The admin note/ addendum to 1000043 dated 9 August 2019 may assist you
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applets
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Post by applets on Jun 21, 2019 12:17:41 GMT
I don't think a platform should give price sensitive information to individual lenders by telephone. My comment was a general observation on why Abl may not answer a question on this forum.
My separate observation is that where a lender is sufficiently worried about an answer to their question, they would do better to phone the platform rather than posting for a reply every couple of days. It might put their mind at rest, even if they are told an answer cannot be provided at the present time.
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applets
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Post by applets on Jun 21, 2019 11:57:02 GMT
Perhaps a telephone call to Abl might help rather than posting here every couple of days? It is of course possible that Abl are mindful that not all their lenders use this forum and therefore don't wish to give one group of lenders advance information that may be price sensitive.
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applets
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Post by applets on May 31, 2019 9:35:09 GMT
Somebody's panicking !!!!!!!!!!!!!!!! Perhaps because of concern about the quality of the various defaulted, non-performing and tradeable loans and the possibility that MT may be in more difficulty than some lenders give them credit. When MT moved into property loans a couple of years ago they suggested that this was where they had particular skills. The proportion of the loan book that has got into difficulty perhaps suggests otherwise. While it is laudable that MT are devoting significant time and resource to addressing the problems, there has been a lack of any new loans - notwithstanding the appointment of a member of staff with a job description that appears to include "to support lending applications and to help MT grow". Non-performing loans and a lack of new loans does no favours for lenders and, one assumes, greatly reduces platform income. The question in some people's minds therefore will be whether MT will be a survivor. With regards the pawn loans, attention has previously been drawn by others on the Forum to the accounts of the borrower and the support required from a parent company to cover past losses. It is of course quite possible that MT remain a solid platform, the loans will all come good and there is justification for lenders to invest more money. However, it is apparent from today's secondary market and the postings of some others on the Forum that this view is not universally shared. Everyone is of course entitled to their own opinion.
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applets
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Post by applets on May 11, 2019 7:02:53 GMT
Note the brewery update as well. Abl really are doing a great job.
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applets
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Post by applets on May 10, 2019 16:10:26 GMT
Looks like some wheels have been set in motion - three loans (that have paid no interest for months anyway) are paused for "restructuring", hopefully we will see some income from these loans again and a resolution will be reached. I'll be scrutinising the feasability of the new arrangements with great interest. ablrate , can you provide any further comment at this stage or will we have to wait for the addendum updates? There are full addendums (addenda?) coming, so we don't want to pre-empt and let everyone get the information at the same time. Update on site. Great work Abl.
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applets
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Post by applets on Feb 13, 2019 9:05:54 GMT
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applets
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Post by applets on Jan 22, 2019 19:34:35 GMT
Thank you for your question. I did not mean "alternatively".
You may be correct when inferring from Ablrate's post that they do not believe there is a 50% chance of liquidation. Lenders are very welcome to take your view. However, I think it is important for lenders to reflect on the situation first.
A winding up petition is usually only launched after a creditor has failed to get back money owed to them by other means. A Notice of the petition only appears in the Gazette if the Company continues not to repay the creditor. Once the Notice is published it is usual for banks to freeze a company bank account, but we do not know if this has happened in this case. What we do know from today's update is that the petition must have been passed by the Court at the hearing on 7 January, presumably after taking account of any submissions by our borrower, as Ablrate say the Company is now seeking to have "the WUO set aside". If the Company is unsuccessful in this action, it is normal for a winding up order to be implemented and liquidation commence.
The seriousness of a winding up petition/ order should not be under estimated and I am of the view that Ablrate should have suspended trading in these loans once it became aware of the situation. At the very least, lenders should have been informed about the petition so they could take a view on whether to buy, hold or sell loan parts based on the material increase in risk that the borrower may not be able to continue to trade.
The fact that the premium on the two loans has disappeared since last week and best offers are now set at par could be an adequate reflection of the risk that the Company may cease to trade after this week. This is for lenders to decide.
Ablrate clearly have far more information about what is going on than me and may be aware of new information that will enable the borrower to have the Court set aside its decision. Ablrate have a good track record and lenders may be absolutely right to accept their assurances. It is also possible, however, that the Court may not reach the hoped for decision. Whether it is 50:50 as I suggest, we will find out on Friday. In the meantime, if the loans are not to be suspended then lenders should be asking themselves whether they wish to take any action in the interim to mitigate the higher risk that now seems to apply.
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applets
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Post by applets on Jan 22, 2019 10:41:10 GMT
Hopefully lenders can draw some comfort from Ablrate's relaxed position on this, but the creditor seeking the WUP will no doubt have been aware of the probate situation before they launched proceedings to recover any monies owed by the borrowing company. Similarly, one would have expected the borrower to have advised the court on 7 January of the situation.
It is not entirely clear from the information provided how the granting of probate for a former director is impacting the affairs of the limited company. Clearly there may be information not available 2 weeks ago that will result in the court setting aside its decision. Equally, if the company is unsuccessful then it faces liquidation.
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applets
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Post by applets on Jan 16, 2019 8:01:44 GMT
so who is the other lender who is pushing for a winding up order? It is GS, but admin note says another creditor not lender. It was applets who turned that into 'other main lender', perhaps erroneously. Yes you may well be correct, the Gazette notice refers to creditor. The charge on Companies House in favour of Growth Street may indeed be inaccurate and they may have had some other business transaction with the borrower that gave rise to the winding up petition. However, the time line appears to be death of Director last May, winding up petition last October, Gazette Notice last December and (according to the Notice) Court hearing last week. It may well be that lenders should not be worried by these events. Abl do appear reassuring in their platform update, but I suspect that in the current climate many lenders would prefer to know about and be able to take a view of the repercussions of events such as winding up petitions a little sooner and without the need to stumble on them by chance. We will hopefully be more fully reassured by Abl today.
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