elliotn
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Post by elliotn on Jul 6, 2018 19:08:52 GMT
Given that thousands of people were shoveling millions of pounds into p2p long before permissions existed, I would say that the answer to your question is most of them. I simply don't buy into the idea that a large proportion of COL investors looked at the FCA register and based their investment decisions purely on what they saw there.
There appears to be only the most tenuous links between the example you posted and the situation at COL, so I won't be rushing to fund a class action. Perhaps you are correct, and I can only speak for myself when I say thing one when I'm looking at an investment company is to check the register to see that it is authorised. I can say categorically that I would not have gone anywhere near COL had it correctly stated that it was not authorised (even if it believed it didn't need to be authorised). For the same reasons I've avoided BM. Others may well take a very different view. BC?
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elliotn
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Post by elliotn on Jul 6, 2018 14:57:56 GMT
".....he (Gordon Craig) might have secured and retained just the information which was necessary to do the job he thought was required."
M'lud, the defendant stands before you charged with serious lack of judgement, lack of forward planning, lack of basic professional competence.
A platform with multi-tranche loans, tiered investments, senior, mezzanine, junior debt, call them what you will, and all you retain is a spreadsheet of total loans per investor? And of course quite a bit of money somehow unaccounted for and maybe diverted to other loans (illegally?)?
I don't buy it.
The cost of retaining FULL data would have been trivial and its importance blindingly obvious. It would have allowed a proper ordered administration at minimum cost.
Incompetence, malevolence and/or part of a plan of deliberate obfuscation, you choose.
I was not meaning to defend GC, in your quote of mine. It looks to me very much like a quick pre-pack was intended, using just those investor balances. I’d expect an administrator to work off more than just a list of balances provided by the directors.
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elliotn
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Post by elliotn on Jul 6, 2018 14:48:46 GMT
I fully agree with your analysis but given a choice between loans repaying early (on Abl) and not knowing if I'll ever see my money again (on Ly), I know which platform I prefer And I fully agree with you. The borrowers on Ablrate are generally paying a high rate overall, and if they are successful we should expect them to refinance as soon as the can, with the more mainstream lenders. If they continue a long way after the guaranteed interest period, you have to wonder whether things are going well. So far, Ablrate has chosen the borrowers well, and we do not want the platform to become a Lendy or FS (where it seems in many cases repayment is optional). Just more of the same quality is all we ask. From what I can see it is possibly close to a majority of loans linked to apf / acf, which if you look at the links includes NK of Catxxxx/AF and AH with the pub loans so I’m not so sure it is abl choosing the borrowers or their financial intermediaries (except now abl are an equity partner via HC) with indebted co’s and shared directors borrowing at extortionate rates. Abl did not even check before if they had put the securities in place. The borrowers are linked and repayments often seem to come from acf/apf cashflow, with loans pulled when problems are flagged (have you checked why B&W repaid yet?).
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elliotn
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Post by elliotn on Jul 6, 2018 14:43:16 GMT
There is a lot about to repay on ablrate including all Ecopark loans and the funding loans which I think is driving this. I do hope that there are some more deals coming soon - hopefully from some new borrowers. Yes, but this is the current situation before the loans 39,42,44,49,78 repay £3M, probably all within the next month. Also 98 has been with the borrower for a month, and if not drawn down that will add another £1.5M to the funds without a home. (I am confident about the 80, 98 project but I just worry they might find some cheaper money, or better terms). All these are good loans, imo, and I suppose that on Ablrate we are all spoilt lenders and looking for more of the same. The p2p market returns are generally going down. We last had a new borrower listed on 1st May, but the priority for me is to have the loan book growing more quickly.
I was not as convinced as you by all these loans. The quantity and usurious additional short term debt piled on to the eco parks in the latest financial statements was shocking - speaking as a chartered accountant and auditor - which made me sell out of all AF loans (the <1 year debt was x more than the net assets of the parent Corp guarantee - which itself has a note saying this is just for comfort of lending as it is spread across multiple subsidiaries). 80/98 is the kind of esoteric development worthy of early Ly. The lack of dev funding and the protracted refi are massive red flags. blender, we have hugely divergent risk appetites (and that’s speaking as an investment banker too).
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elliotn
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Post by elliotn on Jul 5, 2018 12:28:19 GMT
What about BDO moving the goal posts from cheaper Manchester to far more expensive London, after being "awarded" the business? AFAIK their "pitch" was based around having a local Manchester operation? If you don't think that stinks then you haven't got a nose. According to the admin proposals London had to be more heavily involved than originally planned due to state of the admin ie no books or records, ~no help from GC (despite have everything teed up for a quick 100p in the £ resolution), barest participation from dir’s. This required the highest level intervention insisting on cooperation from external solicitors, IT consultants and server providers ie from a starting position of ~nothing, they have been required to kick reluctant (recalcitrant?) third parties to add ANY information to a two page spreadsheet (and any potential covering up by others). If GC and the directors were fully cooperative, the Manc admin could have walked in and done a reccie of the records and opened up the portal. Unless you’re telling us BDO are lieing which would have them up for a serious misconduct charge for undermining their profession’s ethics and regulations (such as GC has had to face on more than one occasion). Edit - admirably crossed with agent69
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elliotn
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Post by elliotn on Jul 4, 2018 16:18:10 GMT
There was an ERC of 2% for the first 6 months, this expired in February 2018. The borrower completed his business plan early and sucessfully refinanced. Given the precedent, does the borrower expect similar success for its other HMO and any potential time guideline? Thanks.
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elliotn
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Post by elliotn on Jul 4, 2018 13:54:12 GMT
Afternoon - should all be fixed now (might need a CTRL F5 to refresh the session). Regards, Ed. Amazing. Very much appreciated The Shaung doesn’t know what to do with himself after the almighty IFISA launch!
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elliotn
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Post by elliotn on Jun 30, 2018 11:35:43 GMT
Liverpool Echo ran a story about the project failing. I won’t post a link because I’m not sure whether it’s allowed, but you can Google the project name along with the words “nightmare for investors”. Article states that the borrower intends to fight Lendy. You can provide it on DD Central, if not a member I can take it over for you. Edit - done.
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elliotn
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Post by elliotn on Jun 30, 2018 11:20:47 GMT
COL's will left £48K fixed fee for Administration. This was paid to Refresh Recovery, and then taken back. For RR’s pre-admin costs. BDO’s, inflated by preparing for the court hearing, were 36k on a time basis.
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elliotn
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Post by elliotn on Jun 30, 2018 11:08:41 GMT
Probably but you would to confirm with Lendy. I can confirm listing day before month did NOT get my CB despite still being wholly and unequivocally the loan part owner per their guidance notes.
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elliotn
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Post by elliotn on Jun 29, 2018 12:31:22 GMT
This is the authoritative feedback for C2F on IF. Trust Pilot is 8.4/10 just shy of 100 reviews.
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elliotn
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Post by elliotn on Jun 28, 2018 10:26:33 GMT
30 days up to 27 June 2018. Not much to see.
Quite a windy month.
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elliotn
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MoneyThing (MT) in Administration
IFISA
Jun 26, 2018 11:54:22 GMT
via Tapatalk
Post by elliotn on Jun 26, 2018 11:54:22 GMT
Similar problem for me which I have not yet opened a MT IFISA. Is there no way of transferring existing investments into the IFISA. I know you could, in theory, bed and breakfast them but no good if the secondary market is stuck. I managed to "transfer" most on my loans to an IFISA by putting up a loan for sale, then very quickly buying it back within my IFISA. Then move the funds over from the normal account into the IFISA and do the next loan. I lost about 5 percent snapped up by other lenders, but if you pick a quiet time you should get most in the IFISA. You could always use a second device (and possibly a second person) so that you don't have to switch your account over from normal to IFISA. The rest of my performing loans (i.e. those with current availability) are sitting in the sale queue until someone kindly buys them or the loan repays. You should be barred from buying your own taxable loan parts or at least time barred to ensure a fair and open market available for all users.
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elliotn
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Post by elliotn on Jun 26, 2018 9:52:02 GMT
ablrate Any update on these soon to mature loans. Will they renew or will I have to find new homes for the proceeds? LW Think these loans have threads. Update with repayment of the portfolio loan was that the equity partner would also redeem these two at term.
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elliotn
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Post by elliotn on Jun 25, 2018 18:35:29 GMT
My 'expert' tells me that teeming and lading is false accounting, and surely that is not something to even mention here. The funds are not ring-fenced for a purpose, afaik, though the statement that funds are needed for growth should be a true statement. Many of the Ablrate repeat borrowers are adding debt as general funds, though justified by new projects or growth, and it is only the physical security that is tied to particular loans. I have to trust Ablrate to supervise the overall lending, but Ablrate has more to lose than I do if it goes wrong. This is not FC. As an expert, T&L is one of the first things I would expect my audit staff to look for. ACF have over over 100 dealerships/bookkeepers to deal with. That's quite an ask to expect abl supervise this at a granular level, they did not even know when APF hadn't taken out the security charges on individual property deals.
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