registerme
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Post by registerme on May 1, 2018 13:32:10 GMT
First question, why aren't the existing funders (D***** ***) providing the capital? £450k sounds like small beans for them given that they already provided a £40m line of credit ("asset funding" - not a term I am familiar with).....
Question two, about the business model - as I understand it the borrower sources sites, obtains the right planning permission and legals, and gets it correctly hooked up to the grid. It has two exit options, either refinance (agreed in advance) or sell on the open market. It does not manage the finished installations. Have I got that right?
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Post by ablrate on May 1, 2018 14:22:15 GMT
Hi
The D****** asset funding is only available for 'shovel ready' sites and used to cover the capex costs of building out these sites.
The Company has two exit routes, 1. Sell sites on the open market or 2. Finance the capex of developing the project via D****** for 50% of the deal (+ £200k & costs). Development sites are held in a 50/50 owned business by S******* & D******. The Borrower remains the operator of the installations as well as a 50% shareholder.
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macq
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Post by macq on May 1, 2018 14:54:37 GMT
May need someone with D*****G but can you buy into this company through their bonds/VCT and if so how have they preformed? Not sure in my mind if its a good or bad thing that another P2P/VCT/Bond company is involved in some way or not but it is a new business on the platform so guess i'm probably in
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andy1
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Post by andy1 on May 1, 2018 15:08:49 GMT
The D****** asset funding is only available for 'shovel ready' sites and used to cover the capex costs of building out these sites. That's clear but it still seems a bit odd to me for them to decide that they're only covering the building cost. If you had £40m burning a hole in your pocket that you wanted to spend on developing power generation sites which then yield 12-14% IRR why would you not spend 1% of it on unlocking the opportunity to do so by lending £450k to your trusted JV partner who might be prepared to pay you 20%+ interest on it? It just doesn't seem particularly logical.
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sirius
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Post by sirius on May 1, 2018 15:12:11 GMT
Having spent the last hour and a half looking through all nine documents, I was quite keen after reading the first- Borrowing Proposal - but very less so by the time I read the last - Vauation Report.
There are too many variables and assumptions with a (un)healthy dose of 'government' interference/control/whimsy. Further, Peel Road has gone to appeal and if that fails............!
Sadly, it is a no from me.
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eeyore
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Post by eeyore on May 1, 2018 16:32:48 GMT
From my reading of the documents, this borrowing proposals fits in the "Property Development" category* being all about setting-up property leases, planning consents and agreements for connections to services, but not for residential or office accommodation but sites for small gas-powered electricity generating units.
The valuation report is clear in that the estimation of a value for the sites is dependent on many variables such as market conditions, demand, gas prices and not least the regulatory environment. (I note that Ofgen's Targeted Charging Review should publish some preliminary data in Spring 2018 so the cynic in me suggests this might be a dash for funding before bad news?) I share the concerns expressed above. My inclination is to treat all property development projects with great caution and not to invest much more that my current ABL balance of interest & repaid capital.
*PS: I fail to understand why ABL have put this proposal in the "Capital Equipment" category.
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boundah
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Post by boundah on May 1, 2018 16:33:44 GMT
Having spent the last hour and a half looking through all nine documents, I was quite keen after reading the first- Borrowing Proposal - but very less so by the time I read the last - Vauation Report. There are too many variables and assumptions with a (un)healthy dose of 'government' interference/control/whimsy. Further, Peel Road has gone to appeal and if that fails............! Sadly, it is a no from me. There seems to be a contingency plan if the Peel appeal ( ) goes against the company which means the loan would still be 50% LTV. There are a couple of other minor niggles (Downing, limited track record) but I'm comfortable putting my usual into this one.
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treeman
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Post by treeman on May 1, 2018 19:07:50 GMT
Can't get a bid in:
Unexpected error occurred: Transaction (Process ID 70) was deadlocked on lock resources with another process and has been chosen as the deadlock victim. Rerun the transaction.
And then:
Unexpected error occurred: This Loan instance in memory is out-of-date. A clone of it is already updated in the transaction. It is not allowed to update the same instance multiple times in a transaction, because then the earlier updates would be overwriten by the older state of the instance in memory.
Anyone else?
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Post by anthony on May 1, 2018 19:09:18 GMT
Yes, I'm getting the same errors too.
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SteveT
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Post by SteveT on May 1, 2018 19:09:35 GMT
I got those messages a few times, but then managed to bid OK.
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garfield
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Post by garfield on May 1, 2018 19:12:02 GMT
I'm getting the following: "Unexpected error occurred: Error in running SQL Query."
EDIT: 4 times now under Firefox (same message).
EDIT 2: car crash and then: "Unexpected error occurred: Transaction (Process ID 87) was deadlocked on lock resources with another process and has been chosen as the deadlock victim. Rerun the transaction."
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treeman
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Post by treeman on May 1, 2018 19:12:38 GMT
Switched browsers and got bid accepted (std account) - ISA still getting errors ?? ablrate
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justsaying
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Post by justsaying on May 1, 2018 19:14:16 GMT
Yep me too - getting that error and a different one and have also had the car crash a couple of times! At least sitting here "working" is getting me out of the washing up
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Post by notsocool on May 1, 2018 19:14:51 GMT
I got the same error messages but finally accepted on the 7th attempt. Just a lot of bidders at the same time perhaps?
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Post by df on May 1, 2018 19:15:41 GMT
I got those messages a few times, but then managed to bid OK. Happened 2nd time to me. Very time consuming exercise. I wish Ablrate will fix it one day.
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