huxs
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Post by huxs on Oct 8, 2021 12:41:56 GMT
So, who signed off on the wind up preparations (contingencies?) being sufficient? Yes an obvious alternative source to cover the cost of the wind down (the FCA), they signed off that they where sufficient when they clearly are not. Also surely there should be an insurance policy put in place for all P2P firms that cover these costs.
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huxs
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Post by huxs on Oct 6, 2021 7:29:37 GMT
I realise that I'm swimming against the tide, but I thought the video was a useful additional explanation of the offering. I think that 8% is fair enough given the security offered, and am happy to hold some of this as part of a well diversified P2P portfolio. It's not one I'm excited enough about to add new funds to my account for, but I'll happily pick some up from repayments if there's nothing better on offer at the time rather than leave the funds idle. Swimming against the tide you may well end up being right about the offering as it is certainly interesting.But with the 8% for the security i would tend to disagree.In my eyes i see it this way With say a property fund v an Abl property loan - the fund may well have a yield of say 4% and a chance of growth invested in many assets with One layer between you and the assets but is lower risk.With an Abl property loan you are investing in only One asset so you get 13% for the extra risk and for all intents and purposes there is also One layer between you and the asset With a Bond or Bond fund v This loan - you could buy your own bond or bond fund with a yield of 6% - 8% with either no layer on your own or One layer between you and the bonds with a fund With the Abl loan there is a bond/debenture issued by the company being borrowed against with many layers between you and the asset but still only paying 8% as above but with seemingly more risk to me I do now understand the loan which is a nice start and in my simple opinion it is a sensible proposal but it looks like 8% is not sufficient for most investors and therefore seems unlikely to fill which is a shame as AB have obviously lined this up to be the first of many and a different product for us investors to diversify into.
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huxs
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Post by huxs on Oct 1, 2021 7:55:28 GMT
So unless I am mistaken I have not received any part of any of the last 4 loans via manual Autolend am I really unlucky (and I know luck should not have anything to do with it they use a "sophisticated algorithm" ) or is the only way to invest in proplend now to use the fully auto lend function and give up any control ?
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huxs
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Ablrate (ABL) in Administration
#1000169 (ABL)
Sept 29, 2021 16:19:34 GMT
Post by huxs on Sept 29, 2021 16:19:34 GMT
I want to like this loan but I just can't understand it enough to be comfortable investing my money. There must be a way for Ablrate to explain it in simple terms (I am thinking of a simple diagram) that will demystify it.
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huxs
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Post by huxs on Aug 18, 2021 13:51:10 GMT
Case update
Yesterday 17/08/2021 the court ordered:
That a 'third party' namely the company TMDL, whom I understand owns "Land in Lytham St Annes", should pay £664,919.25 to Asertis Ltd,the company who FS sold the litigation rights to.
In turn this payment will correspondingly reduce the amount of money the forth defendant "Mr JU" is owed by TMDL AND Will correspondingly reduce the amount of money owed by Mr JU to Asertis Ltd.
Does that mean we will see some of this ?
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huxs
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Post by huxs on Aug 9, 2021 7:55:02 GMT
I was told it was the one with the mystery wooden frame and not the other one in Whitehaven which is *oper street I can't find reference 3015522616 but 2183807104, 2004587572, 2317204451, 2754713515, 1795545794 not sure if this one was renamed 2183807104 was the reference on the update I received : Further to our recent update, Quantuma have now confirmed that the bankruptcy has concluded, with no assets being realised. As such, there will be no dividend distributed via the trustees and the loan will therefore shortly be closed with no funds being returned to investors.
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huxs
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Post by huxs on Aug 5, 2021 7:57:13 GMT
Indeed it is, the one FS had actually seen progressing nicely. That bloke must have been in tears of laughter....He just wrote a note and they sent him thousands of our money without checking a damned thing and again, FS lied. SURELY multiple prison terms for Fraud will result from Whitehaven alone? I mean, the evidence is as crystal clear cut and black & white as it can possibly be, it is as unequivocal as you can possibly get? So no doubt the FCA and Police will drop the ball on this one then. Is it even going to be passed to the FCA / Police the administrators seem to just be closing the book on it and moving on after all what benefit will they get from pushing this further
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huxs
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Post by huxs on Aug 4, 2021 7:52:06 GMT
Email re Whitehaven no further funds being returned !!
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huxs
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Post by huxs on Aug 3, 2021 10:04:49 GMT
Just for you hazellend I anticipated you may ask so i reached out to ablrate and ..... Dear .......Me.. hazellend Thank you for taking the time to give us your feedback, it's really useful to get a gauge of our lender's appetite for this particular loan. It is a brand new borrower, we have undertaken our usual thorough and critical analysis to satisfy our due diligence, and if the loan is proven successful we have the ability to potentially list regular tranches so it is an exciting prospect. Kind regards Emma Did you find out more about it, how does it work we lend money to someone with the bonds held as collateral (with ~50% LTV) ?
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huxs
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Post by huxs on Aug 3, 2021 7:29:03 GMT
Commercial Property VAT Loans If you are buying a commercial property that is elected for VAT, then you need a fast and flexible solution to fund and recover 100% of the VAT payable to HMRC. ......... Proplend offers a fully managed VAT lending solution, not only do we facilitate the loan to cover 100% of the VAT due at purchase, but we then work on your behalf to recover the VAT paid from HMRC. a total managed solution for funding and recovery of VAT advances up to 100% of the VAT due to HMRC same day offers post completion a fully managed VAT recovery process... www.proplend.com/borrow/vat-bridge-loan/Interesting will theses loans come to us or are Proplend financing them themselves ?
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huxs
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Post by huxs on Aug 3, 2021 7:26:56 GMT
Still No updates on the Loan Page - last update on 01/02/21. I am sure when the update does come, we will have been charged a hefty sum from the Administrators for it
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huxs
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Post by huxs on Aug 2, 2021 13:21:32 GMT
Anyone with experience of Invest & Fund, good, bad or indifferent ? Looks similar to Crowdproperty and Kufflink ?
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huxs
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Post by huxs on Jul 29, 2021 13:05:24 GMT
Given that the Administrator's responsibility is to the creditors and not the lenders, if costs of recoveries comes from creditors and for example it costs x to recover 10% or 2x to recover 50%, which option are they going to take? This is a fundamental failing of the FCA. The FCA has quite rightly stipulated that P2P loans operate between a lender and a borrower. The FCA has quite rightly stipulated that P2P platforms must ensure that lender money is ring-fenced. The FCA has quite rightly stipulated that P2P platforms must have a wind down policy for the loan book. The FCA has not considered what happens when a platform goes into administration. This is an enormous failure. There needs to be an insurance policy in place that allows for the platform to be wound down in an orderly way without the lenders having to pay for it. Until the FCA sorts it out they should be paying for all the loan book wind downs. It astounds me (well it doesn't actually because how can you be surprised about anything that happens in P2P) that the administration cost of winding down the company has to be borne by the lenders. I accept that the cost of administrating the loan book to closure has to be covered and ultimately that money has to come from the loan book but the fact that we have to pay for the full admin costs of winding up a company part of which has nothing to do with the loan book is plain wrong.
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huxs
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Post by huxs on Jul 21, 2021 14:06:57 GMT
New 24-month commercial term loan for Brighton O*** R*** (PLL??) has been announced. Total loan: £550,000 LTV: 57.3% Tranche A: £480k @ 6.45% gross (Cap: £3k) Tranche B: £70k @ 8.02% gross (Cap: £1k) The purpose of the loan is to raise funds to redeem the existing 36-month Brighton O*** loan with Proplend and for capital to make further improvements to the property. The security is a purpose-built 3-storey office building which is fully-occupied with seven tenants all on short-term (12 months or less) agreements. The exit strategy is to refinance the loan with a longer-term loan. See the full loan request and valuation report for details which are available on the website. Allocation of TrancheA funds for Always-On lenders has already taken place (Wednesday 21-July). Funds for Self-Select lenders must be in their cash accounts by 17:30 on Thursday 22-July and allocation will take place on Friday 23-July. I am not knocking this loan too much but the proposal is for 50K more than last time and the rates are lower (granted the value of the property may have also increased I can't see the previous valuation). What I don't understand is why given the difference between the rent received and interest paid on the previous loan why the borrower didn't want to use that to pay off some of the capital ? Then again I rushed to pay of my mortgage when rates were high and now watch other in no hurry because rates are so low.
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huxs
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Qardus (Q)
Qardus
Jul 16, 2021 12:24:46 GMT
Post by huxs on Jul 16, 2021 12:24:46 GMT
I am just about thinking about taking my toe's out of my slippers to test the water but there is so little information on the website (without signing up) that it hard to know if I will be wasting my time. So can anyone give me an idea of the amount of information provided on each loan and is this sufficient to make a judgement on the ability to repay, credit worthiness etc; Also am I correct these are all unsecured loans are their Guarantees or other forms of security ?
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