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Post by ablrate on Aug 20, 2019 10:35:19 GMT
As i said last week i am now getting out of my depth with this loan but there is an administrators report at CH from the 18th July which has a couple of points.It says in section 4 (paraphrased) we continue to lease with the landlord of the leasehold units and the secured creditor,ABLrate in order to agree a strategy with regards disposal & realisation of the company's interest in the property.We have received offers from 2 companies to purchase the company's interest in both the leasehold & freehold. So while it seems the 2 offers were rejected (what ever they were) what happens if this loan does not fill are they still on the table or is deal or no deal? Crossed with ABL and their FFF We will have to go back to the drawing board and seek alternative funding. There are no offers that are a good result for lenders outside of what we are proposing. If Ablrate have to run with the project in some way shape or form, then that is what is what we do to make sure lenders get the best chance of getting their funds back.
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huxs
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Post by huxs on Aug 20, 2019 14:09:26 GMT
Personally hoping this loan does fill as I agree with Ablrate that this does seem to be the best chance to get our money back on 67 and 68 just not sure how much I want to go over my loan limit to help support it ?
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Aug 20, 2019 22:00:36 GMT
Personally hoping this loan does fill as I agree with Ablrate that this does seem to be the best chance to get our money back on 67 and 68 just not sure how much I want to go over my loan limit to help support it ? There's lots of us in the same boat - how do we organise ourselves to 'hold hands and jump together'?
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blender
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Post by blender on Aug 21, 2019 9:00:32 GMT
Personally hoping this loan does fill as I agree with Ablrate that this does seem to be the best chance to get our money back on 67 and 68 just not sure how much I want to go over my loan limit to help support it ? There's lots of us in the same boat - how do we organise ourselves to 'hold hands and jump together'? If you hold 68 or 67, then that is perfectly acceptable - double or quits. And perhaps you could get some actual investment from an unsecured builder-creditor. But what about those lenders who have no holding in 67 or 68, or trivial such as mine? New lenders will not judge 129 as a saviour loan, but as if the current loans were on another platform, such as FS. The question to Ablrate would be 'if the existing loans were made on another platform, say FS, would you still put this opportunity forward to new Ablrate lenders?' The answer has to be yes.
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withnell
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Post by withnell on Aug 21, 2019 13:03:15 GMT
I'm of the opinion that this is quite a good loan in its own right - 470k, amortising, and against as asset previously valued at 1m (released in stages as the build completes so less risk there) and a builder who has a vested interest in sticking to budget and getting things right as his return depends on it!
If this came up without me knowing the background I'd be tempted to think "too good to be true"
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Aug 21, 2019 13:19:56 GMT
I'm of the opinion that this is quite a good loan in its own right - 470k, amortising, and against as asset previously valued at 1m (released in stages as the build completes so less risk there) and a builder who has a vested interest in sticking to budget and getting things right as his return depends on it! If this came up without me knowing the background I'd be tempted to think "too good to be true" Not forgeting 'The refurbishment will be completed at cost and no distribution of profits will be made from the business until Ablrate lenders have been paid in full' and 'Ablrate has capitalised all fees into 10% of the company (which cannot be sold until lenders have been paid)'
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petrichory
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Post by petrichory on Aug 21, 2019 13:49:42 GMT
I imagine 129 should fill rather quickly, certainly other less reputable platforms would have tried to obfuscate the history of this project (FS) - ultimately, to get this new injection of capital, there was no alternative to subordinating 67 and 68; I would have been surprised if 129 was funded at all if they had made it second or third-ranking. NB: I have a small stake in 68 which I picked up for a pittance.
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pi
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Post by pi on Aug 21, 2019 14:14:29 GMT
Am I right in saying that first charge loan (129) has 13% interest and second charge (waterfall) 67 has 12%?
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boundah
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Post by boundah on Aug 21, 2019 14:23:20 GMT
I imagine 129 should fill rather quickly, certainly other less reputable platforms would have tried to obfuscate the history of this project (FS) - ultimately, to get this new injection of capital, there was no alternative to subordinating 67 and 68; I would have been surprised if 129 was funded at all if they had made it second or third-ranking. NB: I have a small stake in 68 which I picked up for a pittance. I'm in a quandary. If 129 doesn't fill, it looks like most of my stake in 67 will go up in smoke. If it does fill, my 67 may be repaid, but as it will be behind 129 in the waterfall it's more at risk if things go pear-shaped. So: do I jump into 129 on the basis that it is more likely to be repaid AND will help the recovery of 67? Basically: double or quits. How are other holders of 67/68 thinking? [PS Anyone fancy a metaphor-count?]
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greenslime
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Post by greenslime on Aug 21, 2019 15:11:38 GMT
I'm going to give this one a shot as offering an eventual resolution of #67 and 68.
'Good money after bad'? Gawd knows. The phrase that comes to mind is the German 'Flucht nach vorn' - an escape forwards, with overtones of having little other option ….
pretentious, moi?
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nw99
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Post by nw99 on Aug 21, 2019 15:13:48 GMT
Buying both of them
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SteveT
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Post by SteveT on Aug 21, 2019 15:19:12 GMT
13% amortising, first ranking priority, ablrate all over the project like a rash and highly motivated to see it through successfully to recover the prior loans. What’s not to like?
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seb8072
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Post by seb8072 on Aug 21, 2019 15:27:49 GMT
I'm in on this one
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ped
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Post by ped on Aug 21, 2019 15:49:53 GMT
13% amortising, first ranking priority, ablrate all over the project like a rash and highly motivated to see it through successfully to recover the prior loans. What’s not to like? I hold a little of 67 and even less of 68 but 129 now to be ahead of both, I'm in double or nothing! 😁
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Steerpike
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Post by Steerpike on Aug 21, 2019 15:58:16 GMT
13% amortising, first ranking priority, ablrate all over the project like a rash and highly motivated to see it through successfully to recover the prior loans. What’s not to like? The loan term? 9 years
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