ceejay
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Post by ceejay on May 18, 2018 9:44:16 GMT
So we have another offering from the borrower of loan 97... details up now, bidding opens at 14:00. Loan has indirect links with 1000041, 1000067 and 1000068.
Any new thoughts on this one? I see that 97 is trading at a very small premium at the moment, so I guess no-one has panicked about that one yet.
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ptr120
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Post by ptr120 on May 18, 2018 9:52:02 GMT
Another interconnected borrower with fingers in several pies. This loan refinances an APF loan. APF also own Huddle Capital which Ablrate recently made an equity investment in. I'll probably dip my toe in the water but I do wish that Ablrate could source some new - not connected loans. The fog around all these interconnected borrowers and the relationship between APF / ACF / Ablrate / Huddle does make me nervous.
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Post by Badly Drawn Stickman on May 18, 2018 9:54:42 GMT
So we have another offering from the borrower of loan 97... details up now, bidding opens at 14:00. Loan has indirect links with 1000041, 1000067 and 1000068.
Any new thoughts on this one? I see that 97 is trading at a very small premium at the moment, so I guess no-one has panicked about that one yet.
To misquote Churchill, never have so many lent so much to so few. Ablrate's Achilles heel is lack of borrower diversity, I haven't looked at it yet but doubt I will be inspired except as a tactical investment.
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Post by fatbritabroad on May 18, 2018 10:17:03 GMT
Yes this is the reason i chose not to put more funds in and opened a new ifisa with another 'safer' p2p lender. Keeps me honest so I'll just reinvest interest until they get some more borrowers.
My max loan exposure is now less than my interest and my single lender exposure is probably 2.5 times my interest earned. My total exposure to abl is less than 10%of ky non pension non property investments. That's about all I'm willing to risk. I may put another couple of k in the other p2p i have as this is more diversified and insurance backed but even that I'm keeping low. Seeing some of the reactions to collateral i think some lenders have forgotten this ain't a current account. Not feeling smug there by the grace of god and all that hence why I'm keeping myself on a tight leash
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victors
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Post by victors on May 18, 2018 13:00:17 GMT
Would like to invest more, but need fresh borrowers.
Suspect this will take a while to fill.
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nw99
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Post by nw99 on May 18, 2018 13:04:25 GMT
Looks a solid business model remodelling and selling on should go well
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jsmill
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Post by jsmill on May 18, 2018 13:51:04 GMT
I have some concerns relating to the pub in Darlington, given its apparent location. Hard to determine whether the local trade will be sufficient to cover the costs. Pub in Wingate seems a better prospect and overall I do see some millage in the business model if management are good enough. I agree with the general point about a limited number of borrowers being Ablrate's key issue though.
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macq
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Post by macq on May 18, 2018 13:52:06 GMT
While it may seem ok on its own but with all the connected loans,companies etc think i will wait for some new offerings (never thought i would say it but it could be one pub to many!)
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Post by pmac67 on May 18, 2018 16:01:35 GMT
I have some concerns relating to the pub in Darlington, given its apparent location. Hard to determine whether the local trade will be sufficient to cover the costs. Pub in Wingate seems a better prospect and overall I do see some millage in the business model if management are good enough. I agree with the general point about a limited number of borrowers being Ablrate's key issue though. Why 2 pubs bundled together in 1 loan ? The Wingate pub looks strongest of the 2 and I guess the bundling is to prop up the weak Darlington pub. I didn't read much of the info pack. I read the valuations and baulked... then I saw they are subject to special assumptions ! Well... Assumption is somebody's mother and Special assumption is the gran ? I assume... Already invested in the other pub so this needed to be a 'safe' looking investment for me to over invest and it's not. Using a pub sale of £1 million in West Kirby as a comparable is a bit pointless really. A pub in an affluent area just a stones throw away from an Open Championship golf course compared to another in a semi industrial area ?
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ceejay
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Post by ceejay on May 19, 2018 9:14:05 GMT
Perhaps the real question is ... will the loan stay "good" for long enough for a better offer to come along from ABL so we can shift our funds to that?
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Post by GSV3MIaC on May 19, 2018 14:29:35 GMT
You are assuming someone would like to buy it if/when you would like to sell it. That's a pretty risky 'pass the parcel' approach to P2P .. ask Ly lenders.
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nw99
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Post by nw99 on May 19, 2018 15:55:26 GMT
Ablrate has a great secondary market so thats easy
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Post by df on May 19, 2018 20:31:47 GMT
Ablrate has a great secondary market so thats easy Great in deed, but it is never guaranteed to stay like this forever. MT an SS secondary markets used to be good too.
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withnell
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Post by withnell on May 19, 2018 21:06:02 GMT
Difference on this one is the amortisation - so the risk is reducing throughout the term - if it defaults half way through then in theory you only need to sell for 35% of valuation to cover capital
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IFISAcava
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Post by IFISAcava on May 20, 2018 16:11:04 GMT
Difference on this one is the amortisation - so the risk is reducing throughout the term - if it defaults half way through then in theory you only need to sell for 35% of valuation to cover capital Except that the way amortisation usually works, you haven't paid off half the capital at the half way mark. Although agreed there will still have been a significant capital reduction.
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