sapphire
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Post by sapphire on Dec 23, 2017 17:04:33 GMT
The earlier one (1000071) at 14% for £100K was amortised over 4 years and secured over 4 generators - 2 old and 2 new.
This one is is for £300K i.e. 3x amount again over 4 years secured over effectively 2x the assets (8 nearly new generators) at 13%.
Ostensibly this appears to be relatively higher risk for a lower interest?
Despite this, the keen investor demand generates its success!
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stevio
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Post by stevio on Dec 23, 2017 18:28:17 GMT
The earlier one (1000071) at 14% for £100K was amortised over 4 years and secured over 4 generators - 2 old and 2 new. This one is is for £300K i.e. 3x amount again over 4 years secured over effectively 2x the assets (8 nearly new generators) at 13%. Ostensibly this appears to be relatively higher risk for a lower interest? Despite this, the keen investor demand generates its success! But there are longer accounts, payment history and proof of business to go on than previously
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applets
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Post by applets on Jan 15, 2019 21:38:20 GMT
Problems with a popular favourite. No email yet, but see today's update on platform for this and 1000071.
Disappointing it has taken this long for Abl to let lenders know given the winding up petition was presented by the other main lender back in October and notice of the court hearing was published in the Gazette before Christmas (when an update was also made to the company trading report on the platform). A lot of trading in the Abl loans has no doubt taken place in the interim.
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Post by dan1 on Jan 15, 2019 21:51:36 GMT
Problems with a popular favourite. No email yet, but see today's update on platform for this and 1000071. Disappointing it has taken this long for Abl to let lenders know given the winding up petition was presented by the other main lender back in October and notice of the court hearing was published in the Gazette before Christmas (when an update was also made to the company trading report on the platform). A lot of trading in the Abl loans has no doubt taken place in the interim. the other main lender being Growth Street.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 15, 2019 22:18:58 GMT
Problems with a popular favourite. No email yet, but see today's update on platform for this and 1000071. Disappointing it has taken this long for Abl to let lenders know given the winding up petition was presented by the other main lender back in October and notice of the court hearing was published in the Gazette before Christmas (when an update was also made to the company trading report on the platform). A lot of trading in the Abl loans has no doubt taken place in the interim. What's more perplexing is why they owe GS money in the first place given GS aren't supposed to have lent them any money? p2pindependentforum.com/post/184756/threadUnpaid initial fees etc being claimed 18m later? GS can't have a charge or presumably they would have enforced it.
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ptr120
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Post by ptr120 on Jan 15, 2019 22:46:22 GMT
paging ablrate for an update on what they knew when - this doesn't seem good
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IFISAcava
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Post by IFISAcava on Jan 15, 2019 22:58:55 GMT
Problems with a popular favourite. No email yet, but see today's update on platform for this and 1000071. Disappointing it has taken this long for Abl to let lenders know given the winding up petition was presented by the other main lender back in October and notice of the court hearing was published in the Gazette before Christmas (when an update was also made to the company trading report on the platform). A lot of trading in the Abl loans has no doubt taken place in the interim. What's more perplexing is why they owe GS money in the first place given GS aren't supposed to have lent them any money? p2pindependentforum.com/post/184756/threadUnpaid initial fees etc being claimed 18m later? GS can't have a charge or presumably they would have enforced it. There is a charge registered to GH at CH
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 15, 2019 23:11:51 GMT
What's more perplexing is why they owe GS money in the first place given GS aren't supposed to have lent them any money? p2pindependentforum.com/post/184756/threadUnpaid initial fees etc being claimed 18m later? GS can't have a charge or presumably they would have enforced it. There is a charge registered to GH at CH lYes, but as per the comment from Abl it was a fallback & should have been cancelled. The presence at CH doesn't mean it is active as charges are often left unsatisfied even when defunct.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 15, 2019 23:12:28 GMT
paging ablrate for an update on what they knew when - this doesn't seem good The admin update seems unconcerned
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IFISAcava
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Post by IFISAcava on Jan 15, 2019 23:20:43 GMT
There is a charge registered to GH at CH lYes, but as per the comment from Abl it was a fallback & should have been cancelled. The presence at CH doesn't mean it is active as charges are often left unsatisfied even when defunct. so who is the other lender who is pushing for a winding up order?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 16, 2019 0:24:23 GMT
lYes, but as per the comment from Abl it was a fallback & should have been cancelled. The presence at CH doesn't mean it is active as charges are often left unsatisfied even when defunct. so who is the other lender who is pushing for a winding up order? It is GS, but admin note says another creditor not lender. It was applets who turned that into 'other main lender', perhaps erroneously.
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applets
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Post by applets on Jan 16, 2019 8:01:44 GMT
so who is the other lender who is pushing for a winding up order? It is GS, but admin note says another creditor not lender. It was applets who turned that into 'other main lender', perhaps erroneously. Yes you may well be correct, the Gazette notice refers to creditor. The charge on Companies House in favour of Growth Street may indeed be inaccurate and they may have had some other business transaction with the borrower that gave rise to the winding up petition. However, the time line appears to be death of Director last May, winding up petition last October, Gazette Notice last December and (according to the Notice) Court hearing last week. It may well be that lenders should not be worried by these events. Abl do appear reassuring in their platform update, but I suspect that in the current climate many lenders would prefer to know about and be able to take a view of the repercussions of events such as winding up petitions a little sooner and without the need to stumble on them by chance. We will hopefully be more fully reassured by Abl today.
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Post by ablrate on Jan 16, 2019 9:25:54 GMT
We met with the borrower yesterday. This is all about the probate not about the financial health of the business or our security etc. We have replaced the PG with those inheriting and will have an update shortly, but we are confident of getting this on track soon.
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goopy
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Post by goopy on Jan 22, 2019 1:56:13 GMT
Does anyone know the outcome of the court case on the 7th? Was the winding up petition accepted and is a winding up order now in force?
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Post by ablrate on Jan 22, 2019 10:01:37 GMT
Does anyone know the outcome of the court case on the 7th? Was the winding up petition accepted and is a winding up order now in force? There is a hearing on Friday to have the WUO set aside due to the probate.
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