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Post by Badly Drawn Stickman on Mar 23, 2022 11:37:52 GMT
Does anyone have any current knowledge on the state of any of these loans? Or do I need to email Ablrate and hope for a reply? Thanks! I suspect you have just received an email update... To encapsulate they are fielding offers, presumably in a neglected field in Scotland. Whilst simultaneously looking for batteries for the torch so they can have a look at making some accounts mysteriously improve. So no jam for anyone.
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ilmoro
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'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 23, 2022 11:39:31 GMT
Does anyone have any current knowledge on the state of any of these loans? Or do I need to email Ablrate and hope for a reply? Thanks! well there has just been an avalanche of updates so hopefully they are covered.
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markyg61
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Post by markyg61 on Jul 20, 2022 15:30:30 GMT
ablrate , any update for 104 & 105 ?
The last admin notes state - Lender Update 23 March 22: We have been fielding offers on the pubs and should have an update soon.
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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 Oct 29, 2022 21:26:53 GMT
ablrate - would you please let us know what is going on with the sale of these assets
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ilmoro
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'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 Feb 6, 2023 16:00:04 GMT
Ablrate busy crystallising spectacular losses on these 70-80% Three years hard can kicking & it ended up full of worms 😡
Edit only 57% loss on the last one - result!
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mw
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Post by mw on Feb 6, 2023 16:36:31 GMT
I know I've made a £1700 loss on the two loans but the sooner the better they can amend/update my ABL holdings the better and remove those loans from sight.
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jig1234
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Post by jig1234 on Feb 6, 2023 18:56:18 GMT
Ablrate busy crystallising spectacular losses on these 70-80% Three years hard can kicking & it ended up full of worms 😡 Edit only 57% loss on the last one - result! ABL have made the recovery % rates look better by including interest payments as a deduction against the capital amount (hence reducing the denominator when calculating the crystallised loss amount).
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dh1
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Post by dh1 on Feb 6, 2023 19:13:30 GMT
"Actual" % losses: 97 83%; 104 84%; 105 66%. Pretty impressive.... especially after three years (November 2019) of nothing at all....
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ptr120
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Post by ptr120 on Feb 6, 2023 20:39:27 GMT
I see that we are given no breakdown for any of these loans of the "direct legal and professional costs and Ablrate fees", which I would expected to have seen. I know that in at least one case, a venue has traded for part of the period where the loan hasn't been serviced, but there is no explanation of what has happened to that money either. Does anyone have anymore wool to pull over my eyes?
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Post by Ace on Feb 6, 2023 21:21:48 GMT
This outcome is truly horrendous. I get that pubs have been having a hard time, but 3 of these 4 properties have crashed to 15 to 17% of their prior valuations!
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markyg61
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Post by markyg61 on Feb 7, 2023 8:18:16 GMT
This outcome is truly horrendous. I get that pubs have been having a hard time, but 3 of these 4 properties have crashed to 15 to 17% of their prior valuations!
Doesn't bode well for the myriad of other loans outstanding does it ?
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Post by Ace on Feb 7, 2023 8:46:58 GMT
This outcome is truly horrendous. I get that pubs have been having a hard time, but 3 of these 4 properties have crashed to 15 to 17% of their prior valuations!
Doesn't bode well for the myriad of other loans outstanding does it ? Indeed. I had assumed a much better outcome for these given the bricks and mortar security. If the pubs really are as worthless as this, surely a better outcome could have been generated by seeking a change of use and selling for development.
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james100
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Post by james100 on Feb 7, 2023 8:48:03 GMT
I see that we are given no breakdown for any of these loans of the "direct legal and professional costs and Ablrate fees", which I would expected to have seen. I know that in at least one case, a venue has traded for part of the period where the loan hasn't been serviced, but there is no explanation of what has happened to that money either. Does anyone have anymore wool to pull over my eyes? ablratePlease provide a full breakdown of your "direct legal and professional costs and Ablrate fees" for each of these loans with immediate effect. In addition to omitting this fundamental information, I was also surprised to sense an over reliance on the covid story - timelines on these loans and their management reflect a situation where it's contributory rather than the main event. Noting your comment re being "disappointed that we have not been able to secure a more satisfactory outcome for Ablrate Lenders", rest assured you cannot be as disappointed as I am by the way these loans have been managed.
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ilmoro
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Post by ilmoro on Feb 7, 2023 9:10:00 GMT
Doesn't bode well for the myriad of other loans outstanding does it ? Indeed. I had assumed a much better outcome for these given the bricks and mortar security. If the pubs really are as worthless as this, surely a better outcome could have been generated by seeking a change of use and selling for development. It unfortunately doesnt surprise me. Pub market is saturated ... big boys are cutting estates and small ones are disappearing daily, industry has been hit by multiple impacts at once, energy, ingredient price hikes, even a shortage of containers.
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GreenZero
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Post by GreenZero on Feb 7, 2023 9:24:10 GMT
Ace I think the problem is more to do with their locations. The valuations were a joke. Based on the assumption of a comprehensive refit, a tenant paying over the odds rent and being tied in to buying their beer. No "as it stands" valuation. You might as well have asked for a valuation of the properties with £650k pound coins in the basement. These are run down pubs which closed some time ago due to not being profitable. One situated in the old engineering area of Darlington and the other in the previous coal mining area of Co Durham. Even the valuation assessed the locations as "secondary". What's even more of a joke is the valuation compared previous sales of a pub in the coastal village of West Kirby on the Wirral (they even spelt the name wrong) and the market town of Nantwich in Cheshire. I was not in this loan, however, it certainly looks very irresponsible to lend this amount of money in these circumstances. No staged payments, no progress checks despite the valuation being subject to completion of a refit. The valuation was and has proved to be a thing of fiction, purely to support a p2p loan. Then when things started to go off the rails, there was no checks to see how the refit was going, nor to see how the money had been spent. Instead Abl kicked the can down the road.
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