Email just received from Ablrate re this loan, where the underlying borrower is connected with the defunct BN group, but the intermediary has acted as the immediate borrower. The loan was due to repay this month but is to be extended by 36 months, fully amortising over the period, with earlier repayment if the borrower completes the recovery process.
Can Ablrate clarify whether the first payment of capital is expected this month or in March, and when the schedule of payments on the website will be updated to reflect the new arrangements.
Last Edit: Mar 2, 2021 15:49:22 GMT by Ton ⓉⓞⓃ: To add "ABL" to the title
It's an extension of 36 months on an amortising basis, which suggests that the 27 Feb payment will be interest only and the principal with go forward for the 36 month amortisation.
An extension was expected after 60 was extended, but that was for 8 months with a conditional bonus. Istm that the difference is that 60 does not have good physical security, while 59 is well covered by a residential property over which Ablrate have a charge. There might just be a slight problem with shorter term cash within the borrower and associated companies, and this one can be safely spun out. Glad I am in 59 rather than 60 (deliberately). I suppose that trading cannot happen until the Feb payment has been made and the new loan cash flows have been created.
Happy with continuing this one at 10% amortising - as long as Ablrate keeps that charge.