zendog
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Post by zendog on Dec 13, 2017 16:54:15 GMT
New loan with S*******d Ltd now available to preview - Going live on Friday 15th December at 12pm
This six month loan has a value of £550,000 and is a departure from our usual asset backed facilities. This is an non asset-backed facility to a manufacturer of speciality sweets.
Interesting departure from the norm of asset backed loans.
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stub8535
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Post by stub8535 on Dec 13, 2017 17:03:19 GMT
New loan with S*******d Ltd now available to preview - Going live on Friday 15th December at 12pm This six month loan has a value of £550,000 and is a departure from our usual asset backed facilities. This is an non asset-backed facility to a manufacturer of speciality sweets. Interesting departure from the norm of asset backed loans. Similar situation as a pub but without the security of the freehold. Solicitors letter seems ambiguous on payments already made and compensation claimed but not yet awarded. Interesting.
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shimself
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Post by shimself on Dec 13, 2017 17:04:14 GMT
Do I gather that this loan might be for as short a time as 1 month - interest earned 1%?
Was there no way of reinforcing lenders rights over the compensation payment?
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Post by mrclondon on Dec 13, 2017 17:06:26 GMT
Do I gather that this loan might be for as short a time as 1 month - interest earned 1%? Was there no way of reinforcing lenders rights over the compensation payment? Loan details specify a minimum of 3 months intrest will be due / paid and is to be retained from the advance.
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elliotn
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Post by elliotn on Dec 13, 2017 17:06:58 GMT
Do I gather that this loan might be for as short a time as 1 month - interest earned 1%? Was there no way of reinforcing lenders rights over the compensation payment? Min 3 months interest.
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Post by mrclondon on Dec 13, 2017 17:09:44 GMT
I've not started a detailed analysis yet, but my immediate reaction is .... At Last !! A loan to a real business, actually making something, apparently profitably over a number of years.
(but with a background in manufacturing I am somewhat biased)
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zendog
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Post by zendog on Dec 13, 2017 17:14:10 GMT
At Last !! A loan to a real business, actually making something, apparently profitably over a number of years. If it did default, at least there should be plenty of sweet things to eat!
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shimself
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Post by shimself on Dec 13, 2017 17:14:24 GMT
I've not started a detailed analysis yet, but my immediate reaction is .... At Last !! A loan to a real business, actually making something, apparently profitably over a number of years. (but with a background in manufacturing I am somewhat biased) I guess you've seen TC are claiming they will be putting 100M in the way of SMEs
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m2btj
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Post by m2btj on Dec 13, 2017 17:24:48 GMT
The business appears to be profitable & Middle Eastern sweets is a good market for any established player. Incorporated 20 years ago & now 60 staff I'm sure the business is creditworthy. It would appear that a final compensation figure is yet to be agreed but a minimum advance payment of £750k is 'expected' in January. I'm not big on PG's & Debentures can be a leap of faith.....with a bid restriction of £2200 how far do I leap?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 13, 2017 17:57:06 GMT
Methinks I will put my waders on for this one. And I will try and swing by, FWIW it's just the other side of the tracks from moi. ( Obvs I'm on the "right" side )
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shimself
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Post by shimself on Dec 13, 2017 18:20:16 GMT
Do I gather that this loan might be for as short a time as 1 month - interest earned 1%? Was there no way of reinforcing lenders rights over the compensation payment? Min 3 months interest. Sorry both, I looked for and failed to see the minimum term Quote Please note that the freehold is held by the shareholders in a different limited company with incumbent lenders holding a charge. Any compensation for the freehold will be paid to this separate company. It is for this reason our facility is not secured by the freehold and although we expect that an element of the compensation from the freehold could be used to pay off the gross loans, it will ultimately be paid to a different company over which we will not be holding a debenture.The compensation paid for business disruption will be paid directly to S****** (borrower) and it is this part of the compensation that will be used to repay MoneyThing lenders.
1 I get the impression from this that the borrower's owners have something to do with the freehold, so it worries me that no sort of charge is placed. 2 The compensation for disturbance does come direct to the borrower so I'd have thought something could be done to point this in our direction
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stub8535
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Post by stub8535 on Dec 13, 2017 18:21:42 GMT
Methinks I will put my waders on for this one. And I will try and swing by, FWIW it's just the other side of the tracks from moi. ( Obvs I'm on the "right" side ) R u goung to new place of business Ozboy or are you after the sweets? Open 8am till 9pm daily incl Sunday. Love a bit of baklava in the hot sunshine! Mini shredded wheat and drunken tache drowned in warm honey
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 13, 2017 18:28:33 GMT
It's about 5 - 10 minutes out of my way on my Daily Run. Not sure what a "Run By" will uncover but if my loins are sufficiently girded for tomorrow's venturing into the frost I'll endeavour to don the deerstalker!
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Post by mrclondon on Dec 13, 2017 18:28:39 GMT
Sorry both, I looked for and failed to see the minimum term Loan Structure and Repayment TermsInterest payments: Lenders will receive interest as a monthly payment and the loan has a three-month minimum interest requirement due to the potential for it to run shorter than this.
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Post by badboyyardy on Dec 13, 2017 18:33:28 GMT
Actually been few years back. Fair sized industrial estate unit. Very high quality bakalava - they let you sample before you buy. Also was a kebab fridge with grill if you wanted a meaty snack. For me is bakalava not a seasonal thing? I couldn't eat it everyday
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