elliotn
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Post by elliotn on Sept 29, 2018 7:42:58 GMT
WhT about the 7 mill unsecured loan on cxxdstackers, did it draw down. If so that will massively dent crowdstackers reputation. Also, weren’t they equity crowdfunding on crowdcube at one ppint 2x yep (although c8M secured on BNG & funded as recently as 1.5 weeks ago on Seedrs), fortunately they managed to seed before any of us were told (rather than inferred) - don’t they have some kind of prospectus with full disclosure of their known, let alone potential, risks?
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elliotn
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Post by elliotn on Sept 29, 2018 2:38:49 GMT
I was wary of those after some posts from my friend and mentor, Elliottm. So I am only in 59, and the physical security looks good enough not to panic. Think I will sit this one out. Good choice, sir. I can add some 102, bit nearer the mark but the SIPP layer is attractive for me with AH cherry-picking profitable going concerns for his pension. Nowhere near any BNG guaranteed co’s given the warning signs - B&W in administration, the (non-abl) CTxxck securities in receivership, the haemorrhaging in their last group accounts (curiously not mentioned in the latest Borrowing Proposals sold to lenders still burnishing the c2 year old 3M net asset cross corporate guarantee as a key part of the security suite which, while these historical accounts were not yet filed, would hopefully have been known from abl’s monitoring fee for existing loans and their origination duedil for the latest ones). Apart from the volume of co’s sharing the guarantee, VRs based on revenues for boozers not yet open are not punts I’m willing to wager, hopefully their capex translate at least ballpark into the kind of sustainable profits for those individual securities outlined at origination. Unlike, say, the Wxxxxxxxxx Tavern docs where BNL is accredited with a formidable 1.2M EBITDA for 9m to April 2018; that’s quite the turnaround in a few months (we are told abl have known about BNL’s commercially sensitive probs for a while).
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elliotn
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Post by elliotn on Sept 28, 2018 2:51:23 GMT
... is confronted about their problem by a loved one. Thanks hazellend, don't think I've ever been loved by a male before . That’s the problem with society; fathers not sufficiently emoting.
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elliotn
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Post by elliotn on Sept 26, 2018 12:01:37 GMT
Certainly different and interesting times for Archover after years of no NPL. I am reserving judgement and want to see how these failed loans play out and the impact of the insurance on the S&I loans. The updates from Archover are written in proper English and action taken and communication to date has been professional and impressive. I have stopped investing more but will resume and probably increase if there are positive outcomes. I had an interesting conversation today with an Archover borrower. [not U* ***m finance] This borrower felt that Archover were "incredibly lax" his early dealings with them. Latterly, he feels they have become "very pernickety".... Very interesting. Warning though, often T&C forbid lenders from contacting borrowers.
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elliotn
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Post by elliotn on Sept 26, 2018 11:54:05 GMT
Your omniscience is slipping. COL had a series of car loans default in July last year (which they fully recovered). Corrected ! I ment they never had any losses. All their loans were of reasonable quality and should have been able to refinance those that did not fully redeem. A current state of all loans should be the least we should expect. Quick action on those not performing which should include using their contacts to help borrowers refinance. The car loans were “ technically defaulted” due to company failure they did no go beyond term and did not need recovery as they paid when due you just could not trade the loans. More slippage. I'd call liquidation and dumping us on the state of affairs' list of creditors with a huge deficit a full on default - it was only the threat of legal action against the directors for our missing stock (alleged fraud, theft - take your pick) that rescued us.
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elliotn
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Post by elliotn on Sept 26, 2018 11:46:45 GMT
Below link is an example of the work BDO do.
P.s. Half way down the page.
I read that tragic story yesterday. Can't help thinking of these people as vultures picking over a carcass....that's exactly what they did at Carillion! Subsequently abbreviated to Carrion
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elliotn
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Post by elliotn on Sept 25, 2018 15:01:35 GMT
Would be good to get: A breakdown of loans with a column for each of capital outstanding, interest/fees outstanding and cash on account, plus a rec of any other cash on account by loan for those settled A view on recovery of investor records (eg holding per investor by loan) Indications of any proposed repayment Thanks in advance for giving up your time for this! Yes, that would be incredible to get!
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elliotn
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Post by elliotn on Sept 25, 2018 12:06:15 GMT
I never like to see "with immediate effect" as it could imply some sort of disagreement at the top. Andrew and his blatant advertising on the old FC indy board was the reason I moved over to Assetz, so I am disappointed to see him leave. I also appreciated his pithy comments on here from time to time. Whilst no one knows, it's fairly standard in financial services. Several times I've gone in one door, resigned, and left by another door (with an escort and a black bin liner ). I didn't even have a bin liner but I think I still made it home on Paddy's day with a couple of carrier bags tied to my belt loops c5am!
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elliotn
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Post by elliotn on Sept 24, 2018 14:27:15 GMT
Dont bother , i referred the wife paid in 1000 for her have just got email saying she hasn't met the criteria for 18 days, so not eligible for 50 bonus, previous to that an email saying congratulations, as usual AC have not thought this through i paid 1000 into QAA somehow this has immediately lost money and supposedly barred my wife from her 50 bonus. I havent griped before on here but im getting a little tired of the over complicated mess and the way they do there transactions. I dont want to know that they work it out to the tenth decimal place i just want them to get it right and display it in a way thats understanderble I don’t think you’re meant to use someone else’s account, might be worth reading T&C to check.
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elliotn
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Post by elliotn on Sept 22, 2018 2:08:45 GMT
You are quick on the draw my man Make your next post count and you too (can apply) to post such links on DDC
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elliotn
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Post by elliotn on Sept 22, 2018 2:00:32 GMT
It would have only melted in the post here anyway
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elliotn
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Post by elliotn on Sept 22, 2018 1:41:07 GMT
Dear ablrate CH have recently updated me to a change on this loan - would you be able to comment? I can't recall off the top of my head (and forgive me, I'm too lazy to go back and read the docs at this time on a Friday) if there is a PG involved in this loan, but confirmation that it remains in place would be appreciated. There is PG, for this borrower I can only see discontinued Gazette strike for late CS (although it wasn’t a good month for some other Sig****** named co’s). New director with property experience appointed end July might suggest some movement. ablrate , do we know how clearance of the PP conditions or the refi is progressing, thanks.
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elliotn
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Post by elliotn on Sept 21, 2018 17:34:26 GMT
The only bad thing was having to go to Gravesend!
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elliotn
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Post by elliotn on Sept 21, 2018 12:11:24 GMT
What would the plural of Deja vu be? Or did I ask that last time? The plural of deja vu is groundhog dayMarmottes du jour. Edit - modes, apologisement for the French* *& the use of their language! ( thanks blender ! )
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elliotn
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Post by elliotn on Sept 21, 2018 12:10:04 GMT
Profits down significantly despite matching last year’s sales in only 8m as reality of borrowings costs hit, that said still good profits and margin plus realisable assets charged, plus large network of dealerships to diversify: after the amount of SMEs with less I’ve looked at this Summer, I’m in. (Disclaimer - with added advantage of not holding any atm 😉 ).
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