hazellend
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Post by hazellend on Feb 17, 2019 18:34:58 GMT
Their first one didn’t go bad
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IFISAcava
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Post by IFISAcava on Feb 17, 2019 18:40:15 GMT
Their first one didn’t go bad Ah - so was there one before Amic**, Burn*** Ni*** and Auth***** Ale**** then?
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hazellend
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Post by hazellend on Feb 17, 2019 20:57:21 GMT
Qxxnta
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Post by sas100 on Feb 17, 2019 21:04:49 GMT
What's happened the a##then## al##ho###s loan it's still ok is it not?
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IFISAcava
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Post by IFISAcava on Feb 17, 2019 21:24:52 GMT
What's happened the a##then## al##ho###s loan it's still ok is it not? it's linked to the whole Burn*** Ni*** group, so it isn't clear how it is affected - but if you try and sell it CS warns buyers. So it hasn't formally gone bad but it is like the Corner***** and Starter**** loans on ABL and will not be unaffected and might need restructuring etc.
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IFISAcava
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Post by IFISAcava on Feb 17, 2019 21:26:18 GMT
Thanks - I only saw that one (and put a bit in) after the other three, didn't realise there'd been some before.
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Post by sas100 on Feb 17, 2019 23:50:49 GMT
I had money in the amic for a year and got my money back so got lucky but have a good bit in b#####ing N###t which is not looking good and a####tic. I know they are doing a review on a####tic and said they will have Finished it in a few weeks. I am trying to get all my money back now a lot was made about the security with cr##dster which seems it doesn't really count for much.i notice hardly anyone is investing with the new projects they have and I think this time last they were getting a lot of people investing with them. If a####tic goes bad they are finished if not already.
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trevor
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Post by trevor on Feb 18, 2019 17:22:11 GMT
CS say Amicus are disposing of properties to pay down the loan. Capital and interest is expected to be paid but the loan will have to be extended.
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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 Mar 7, 2019 10:12:28 GMT
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rs
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Post by rs on Mar 7, 2019 14:18:36 GMT
A******** Al*******s placed into Administration as well.
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Post by sas100 on Mar 7, 2019 19:05:03 GMT
More good news not.I had a good bit of money in all 3 of those loans but I had only a one year term with the A###cus loan and got it back ok. bu####g n###t has been a disaster I don't know if I will get anything back from then crowds####ker are having a lot of defaults
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Post by letsgetricher on Mar 7, 2019 20:55:39 GMT
Re A******** Al*******s in Administration
from Crowdstacker
"What happens now?
As stated, an experienced administrator, Quantuma has been appointed. The pubs will be able to continue trading for the time being (with the aim of preserving the value of the pubs as operating businesses).
The next step is to decide whether to hold an open sale process of the pubs as they are, and/or seek third party financing to complete the final stages of work needed to get the remaining three pubs up and running.
We will endeavour to update you on or around the 3rd May 2019, if not sooner on the progress we are making with this process. There is no need for you to take any action at this point. It is very important that adequate time is taken to determine the best course of action for lenders in an effort to realise the most value possible. We want to emphasise that we care greatly about your investment and it is very important to us."
Can i assume funds i have invested are frozen until the 3rd May ?
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Post by Ace on Mar 7, 2019 22:51:10 GMT
Re A******** Al*******s in Administration from Crowdstacker "What happens now? As stated, an experienced administrator, Quantuma has been appointed. The pubs will be able to continue trading for the time being (with the aim of preserving the value of the pubs as operating businesses). The next step is to decide whether to hold an open sale process of the pubs as they are, and/or seek third party financing to complete the final stages of work needed to get the remaining three pubs up and running. We will endeavour to update you on or around the 3rd May 2019, if not sooner on the progress we are making with this process. There is no need for you to take any action at this point. It is very important that adequate time is taken to determine the best course of action for lenders in an effort to realise the most value possible. We want to emphasise that we care greatly about your investment and it is very important to us." Can i assume funds i have invested are frozen until the 3rd May ?Sorry, but I think that we should assume that our funds are stuck for much longer than that. Even if the administrators identify an obvious way forward quickly, which could theoretically allow trading to resume, it's very unlikely that anyone would want to buy them at par (which I think is all that's allowed on Crowdstackers). Given that 3 of the 7 "properties" are not yet complete, and that completing them may be the best way forward, delays due to administration may result in the process going way beyond the original terms of the loans. Lots of "mays" in there! On the other hand, given that Crowdstackers are the only senior creditors, there is hope that a full recovery could be achieved by selling "as is". Fingers crossed, but I'm not expecting to see my funds back anytime soon. Sorry!
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Post by dorsetmike on Mar 11, 2019 12:38:45 GMT
Sadly I am not at all convinced whether we will get our investment back, certainly not in full. I have taken the trouble to investigate, as best I can, the portfolio of pubs held by AA, and I can't see for the life of me where the £6.5M loan money is going to come from in order to repay creditors. There are indeed 7 pubs in the freehold ownership of AA. Oddly when you look at the AA website they show 5 pubs up and running. One of these, namely the S******** T***** is definitely not in their ownership and I would like to know who put up the money for its refurbishment and why it is shown as an AA. One pub not currently open is a certain tavern in Wakefield. Interestingly since circa 2012 it was managed by BN Group and the freehold acquired by AA in 2017.
My concern is that when I invested in this loan to AA I was not aware of AAs total interdependence on BN (and its subsidiary C********** Ltd amongst others) to carry on their business. Additionally the complexity of the financial arrangements surrounding BN and indeed so it now appears AA, was not made clear. I would not have made a sizeable investment had I known the risk factor was in fact much higher than stated for the above reasons. I believed I was investing purely in a company acquiring and refurbishing freehold pubs with a LTV (both for purchase and refurbishment combined) of 70% max. I believed this was enough security to cover any possible default taking into account the provision of a 1st Legal charge. Maybe all I invested in was a second tranche loan for the BN group. We have not seen a valuation of the pubs since December 2017 and AA accounts are overdue at Companies House.
I sincerely hope I am proved wrong and that the administrators valuation will give us some hope of recovering our money.
I would be interested to know your views.
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Post by sas100 on Mar 11, 2019 20:47:34 GMT
I stupidly put a lot of money in both bn loan and aa loan all my peer to peer loans have been good but for some reason I put the most in them 2 loans now they are in default which is not good. I was like yourself I thought the security would cover in event of default but the whole bn group is very complex and we don't know what nasty surprises could be in store unto to administrators report
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