macq
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Post by macq on Feb 8, 2018 17:11:02 GMT
on MTF's site under partners it says a multi-million funding line through a Hong Kong investment fund(as well as mention of HSBC).Assume that funding is for the same purpose so would borrowers not be surprised to find funding coming from P2P or are ABL going to be listed as a partner?
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blender
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Post by blender on Feb 8, 2018 17:59:09 GMT
P2 of the borrowing proposal
'The Company as Borrower may accept on the basis of the terms and conditions contained within the Loan Contract between you and the Borrower (the “Individual Loan Contract”) which is available at the end of this document.'
30 pages and I cannot find it. Where is the normal Loan Terms and Conditions, please? Essential reading.
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Post by ablrate on Feb 8, 2018 18:10:08 GMT
on M**'s site under partners it says a multi-million funding line through a Hong Kong investment fund(as well as mention of HSBC).Assume that funding is for the same purpose so would borrowers not be surprised to find funding coming from P2P or are ABL going to be listed as a partner? I will ask to be listed! Thanks... We have an inter-credit agreement with all other lenders
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Post by ablrate on Feb 8, 2018 18:11:29 GMT
P2 of the borrowing proposal
'The Company as Borrower may accept on the basis of the terms and conditions contained within the Loan Contract between you and the Borrower (the “Individual Loan Contract”) which is available at the end of this document.'
30 pages and I cannot find it. Where is the normal Loan Terms and Conditions, please? Essential reading. We did not append that to the document in the end- we were to upload as a separate doc... will do that now. Thanks Blender
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blender
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Post by blender on Feb 8, 2018 19:37:25 GMT
P2 of the borrowing proposal
'The Company as Borrower may accept on the basis of the terms and conditions contained within the Loan Contract between you and the Borrower (the “Individual Loan Contract”) which is available at the end of this document.'
30 pages and I cannot find it. Where is the normal Loan Terms and Conditions, please? Essential reading. We did not append that to the document in the end- we were to upload as a separate doc... will do that now. Thanks Blender You have added the general terms, thank you. I was looking for the Loan Terms sheet for this particular loan, please.
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stevio
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Post by stevio on Feb 8, 2018 20:07:46 GMT
ablrate the funding accounts show nothing other than a (very large) interco loan to the trading co - PLEASE upload the transactions' co 16 and 17 accounts so that we may be able to assess underlying business performance and profitability. This would be by far my lowest return on your platform so I am expecting far more profitability than from higher risk borrowers. ablrate Please provide accounts as above so that we can evaluate if the business model is indeed profitable What would happen to the borrower's loan book if they default? As there are multiple other lender's other than Ab with claims, it would be unlikely AB would be allowed to step in and run them down.
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elliotn
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Post by elliotn on Feb 9, 2018 6:14:18 GMT
ablrate the funding accounts show nothing other than a (very large) interco loan to the trading co - PLEASE upload the transactions' co 16 and 17 accounts so that we may be able to assess underlying business performance and profitability. This would be by far my lowest return on your platform so I am expecting far more profitability than from higher risk borrowers. ablrate Please provide accounts as above so that we can evaluate if the business model is indeed profitable What would happen to the borrower's loan book if they default? As there are multiple other lender's other than Ab with claims, it would be unlikely AB would be allowed to step in and run them down. ablrate , thank you for including the group accounts for 2017 in the proposal (the uploaded Funding accounts merely show 1 GBP net assets and how indebted the operating co is).
Losses for YE 31/3/17 were more than 100k and net liabilities were over half a million (increasing the losses brought forward from prior years - links are on DDC) ie the company owed more to its creditors than it could pay.
Losses for the 7 months to Oct YTD are more than 400k and the BS shows net liabilities of more than 1.1 million.
The 2016 accounts have a note that they were only prepared on a Going Concern basis because of the forbearance of their main creditor in the British Virgin Islands (who not surprisingly draws a due diligence blank).
I understand the new equity partner will inject enough funds to now make this a going concern.
What I do not see are:
- any changes to the product specific security of the self-select loans ie short term, credit insured import trades - any forecasts as to how Mxx will become sustainably profitable to pay three quarters of a million finance costs (pro rata YE 31/3/2018).
DISCLAIMER: I sold out of these loans paying 12% (at a capital loss) because of the heavy indebtedness and going concern issues; I have not been persuaded of the company's ability to transform itself from 2013 into the sustainable profitability* required to service its funding costs (the conversion of Institution A notes represent a relatively insignificant part of this).
And certainly not at 8% - ok, 2 quid to test it, 1 pending withdrawal.
*Business speak such as "tech-enabling its processes...to monetise its sourcing platform and leverage the trade management system" used to win BS** Bingo prizes at my investment bank but cut no mustard without any numbers to back it up /auditor's hat on.
[** stevio , in the interest of decoding that is the Ly, not the balance sheet, kind.]
Edit - can international finance experts not hedge their exchange risk?
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Balder
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Post by Balder on Feb 9, 2018 9:17:32 GMT
ablrate a question as I don't understand. My account showed a credit of 0.01 I transferred £1000.00 by debit card. Account balance now £1000.01. I then deposited £1000.00 into the portfolio loan, the system then only allocated 685.05 to the loan and cash balance was then 314.79 (total 685.05+314.79=999.84). System would not accept 314.79 as a deposit but did accept 300. Did another deposit now 999.05 in portfolio loan and .72 in cash balance total 999.84. Where has my 17p gone? Why did I not get the £1000 allocated straight away? Why does the system appear not to take anything other than whole numbers in £? Thanks
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Post by ladywhitenap on Feb 9, 2018 9:52:14 GMT
ablrate a question as I don't understand. My account showed a credit of 0.01 I transferred £1000.00 by debit card. Account balance now £1000.01. I then deposited £1000.00 into the portfolio loan, the system then only allocated 685.05 to the loan and cash balance was then 314.79 (total 685.05+314.79=999.84). System would not accept 314.79 as a deposit but did accept 300. Did another deposit now 999.05 in portfolio loan and .72 in cash balance total 999.84. Where has my 17p gone? Why did I not get the £1000 allocated straight away? Why does the system appear not to take anything other than whole numbers in £? Thanks I'm pretty certain that investments on ABL have always been limited to integral numbers of pounds however this should not mean that you lose the pennies. LW
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Post by ladywhitenap on Feb 9, 2018 10:20:31 GMT
Yes, I though whole pounds on new loans for some time now. The pennies are probably in an account 'backosofa', with the roundings. A further thought. I now believe there is some thing strange going on as the available balance on the portfolio loan is currently £xxx.68p whereas it started off as an integral number of pounds. LW
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marka
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Post by marka on Feb 9, 2018 10:34:25 GMT
My guess is that if you are buying into the portfolio loan today it is adding a day's accrued interest (as interest is paid on the 8th of the month). In effect it is just like buying a loan on the SM, except that on the SM you are informed of this!
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 9, 2018 10:34:59 GMT
A days interest may have been added to give the pennies.
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alison
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Sanctuary!!
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Post by alison on Feb 9, 2018 11:20:52 GMT
ablrate a question as I don't understand. My account showed a credit of 0.01 I transferred £1000.00 by debit card. Account balance now £1000.01. I then deposited £1000.00 into the portfolio loan, the system then only allocated 685.05 to the loan and cash balance was then 314.79 (total 685.05+314.79=999.84). System would not accept 314.79 as a deposit but did accept 300. Did another deposit now 999.05 in portfolio loan and .72 in cash balance total 999.84. Where has my 17p gone? Why did I not get the £1000 allocated straight away? Why does the system appear not to take anything other than whole numbers in £? Thanks I'm pretty certain that investments on ABL have always been limited to integral numbers of pounds however this should not mean that you lose the pennies. LW I was able to invest £££ and 62p yesterday. Wanted to see my balance get to £0.00!! It always used to be whole pounds but they seem to allow odd pence on this type of loan.
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blender
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Post by blender on Feb 9, 2018 11:20:52 GMT
OK, are we saying that interest, to be paid by the borrower, perhaps conditionally, is accruing on the loan from 8th Feb? So that if you invest a certain amount as principal you also have to buy the accrued interest from the borrower? In that case Balder's case is explained, in part, by the purchase of interest which is not integer pounds. Because it is accrued interest, it results in a temporary reduction in your available funds. Just spelling it out for my own benefit, and possible correction.
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garfield
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Post by garfield on Feb 9, 2018 11:31:08 GMT
OK, are we saying that interest, to be paid by the borrower, perhaps conditionally, is accruing on the loan from 8th Feb? So that if you invest a certain amount as principal you also have to buy the accrued interest from the borrower? In that case Balder's case is explained, in part, by the purchase of interest which is not integer pounds. Because it is accrued interest, it results in a temporary reduction in your available funds. Just spelling it out for my own benefit, and possible correction. The draw down date is given as Feb 8, so I guess interest is already accruing. I just checked my upcoming payments and the interest is already listed for Mar 8.
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