elliotn
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Post by elliotn on Dec 13, 2017 8:00:03 GMT
I think it is really excellent that a delay before the start of bidding has been applied to this loan. If only we had enjoyed the same due diligence period for the last seaborne loan. Genius idea.
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elliotn
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Post by elliotn on Dec 13, 2017 7:52:46 GMT
Current loan being paid back (£200k) to a shareholder. Why do they not want to transfer this for equity, if they are confident in the product? or subordinated to this loan to show confidence? There seems to be a transfer of risk to current investors To look on the bright side: AFAIK equity is normally subordinate to debt. And there are the debentures on the other assets too... The borrower has net liabilities (ie costs of development/marketing before any sales & as the company is technically insolvent there's no real equity behind us, just cumulative losses) and the parent company only has assets in the borrower so be careful of the weighting placed on the debentures in your investment. As for the value of the chattels mortage on the prototype there have been no sales yet so final market price is still to be determined.
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elliotn
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Post by elliotn on Dec 13, 2017 7:17:09 GMT
ablrate could you clarify the situation regarding the fixed & floating debenture in place over the subsiduary company C******* M******* & P******** B******** which would seem to capture the two assets being offered as security under the chattels mortgages (I asume that they are owned by said subsiduary as they were the borrower on the two prior loans). Has the lender agreed to our charges taking priority? Hi ablrate , could you confirm this security question please, thanks.
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elliotn
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Post by elliotn on Dec 13, 2017 6:40:52 GMT
Looks like it, there may be default interest payable, an older hat than me may have to confirm if lenders share this (although they have not had a long term overdue loan 😊 ).
There is also an additional 0.5% each time a seller sells on the PLE.
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elliotn
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Post by elliotn on Dec 12, 2017 15:26:03 GMT
I assume that 'well deserved' is merited by...some low risk 13% loans on the platform? SophieThingThe very happiest of returns!
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elliotn
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Post by elliotn on Dec 12, 2017 15:23:07 GMT
They do make me feel a lot more comfortable about investing my wife's medical funds in this!! Exactly what I’m doing!!
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elliotn
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Post by elliotn on Dec 12, 2017 13:07:44 GMT
I thought Coll as they would not have provided the borrower with their funding facility? I think they covered the hotel that was pulled.
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elliotn
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Post by elliotn on Dec 12, 2017 10:09:50 GMT
Should I say if this is not for me? I think yes because the platform is important to me. I read the power boat thread on FS as a parallel project and warning of what can go wrong - though Ablrate is a much better managed platform for large projects imo. I agree with Sarahcount that this is more of an equity opportunity, rather than a loan at 12%. I know nothing about the luxury boat market and can say nothing about the prospects for success - except that success seems necessary for repayment. I don't know if the parent company is good for the whole amount, but they would need to be for me to lend. The problem is with the boat itself as security, when the value of the boat surely rests on the success of the project? Two points: * The valuation has not been made for Ablrate but for the company, and the valuation is conditional on there being a market. There may be no market for this prototype, especially if the project fails. * I looked for the answer to the question 'what happens if this prototype is lost?' The question does not appear in the risks on p.16, and I cannot find any mention of current insurance. Can anyone help here? You would think that if the company has not insured the prototype, can the buyer insure it? ( I may be ignorant of marine insurance practices). So not for me, but what do I know? Re parent co - not good for it, the only assets are its investment in this subsid & monies owed by it (Sep 16 a/c).
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elliotn
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Post by elliotn on Dec 11, 2017 17:53:31 GMT
We have the loan details to split these into two threads now.
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elliotn
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Post by elliotn on Dec 11, 2017 15:38:32 GMT
Do Coll front the pre-drawdown interest, for example when the loans for other borrowers have been pulled?
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elliotn
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Post by elliotn on Dec 11, 2017 2:35:41 GMT
Very superficially, Australia is looking to keep its economy humming by replacing some base metal mining with lithium mining (and displace Congo as world’s number one) by following the Chinese economy from infrastructure/apartment building higher up the economic chain into electric cars which their car companies plan to move into aggressively with tacit government support.
A logical bet particularly into the medium term, say, for a pension investment but still a bet if hybrid technology were to prolong the lifecycle of the good, old combustion engine (and all the associated legacy infrastructure/economy ie petrol stations, component supply chains, sunk costs ie r&d/factories, government petroleum taxes etc).
Another potentially longer horizon, but not unreasonable bet, is Elon Musk’s vision of massive battery farms as a store for renewables also replacing fossil fuel dependency in the energy market (his gigafactory already supplies Tesla motors) - he developed one for an Australian state after a big power cut.
Of course despite a bright future it could always be usurped by a new superconductor along the way (graphene?) that your son may need to flip into - this is where our Coll cashback skills could teach the young’uns a thing or two 😉 .
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elliotn
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Post by elliotn on Dec 10, 2017 14:15:44 GMT
I have had confirmation from MT that they covered the interest payment made on 02.12.2017.
Many thanks to those who replied to my post.
Best wishes, SXLR Ambiguous use of "they" in first sentence .. is that 'they, MT' or 'they, the borrower' ? A Repayments’ tab by MoneyThing - date of payment and any exception reporting ie reason for delay, who paid it - would remove the ambiguity from all loans (and the inherent risk of obfuscation by the MT “filter”) rather than requiring individual investors to make duplicate queries on what’s happening with their loan repayments (and the admin time taken up answering them).
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elliotn
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Post by elliotn on Dec 10, 2017 2:29:31 GMT
But still no indication from Lendy Support of what the maximum size of the loan might be, so they could allow the loan to grow to 100% LTV -- or even higher -- if they wanted to and we'd have no grounds to complain. As far as I'm concerned, Lendy are asking us to buy a pig in a poke, so I'm not interested -- and I'm amazed that anyone else might be! For dfl I’m using 70% gdv as Ly’s historical max (without any indication not safer to assume anything lower...and might only be lifted for a future extension anyway!).
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elliotn
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Post by elliotn on Dec 9, 2017 13:50:23 GMT
For deposits will there be an aim to move from bacs to fps?
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elliotn
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Post by elliotn on Dec 9, 2017 13:43:33 GMT
Difficult question to answer but be good to get an insight into how long the new cash the borower has might last before they have a cash flow challenge again. Or whether they think this is a one off issue. I think MrCL said they had 7 or 8 loans in a similar situation on another platform, hopefully someone could confirm if ongoing funds are now expected as loan term is quite long (and repayments opaque).
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