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Post by dan1 on Jan 20, 2020 13:27:42 GMT
Not even got to the end of the "Details" on the loan before my interest was peaked by the following:
I recommend those with access to DD Central research this chap prior to committing funds. I don't want to say more without doing my own DD first but my first impression... Yikes!
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ptr120
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Post by ptr120 on Jan 20, 2020 13:48:33 GMT
If I understand correctly, he is / was the director of companies who have defaulted loans on another platform, which is in administration? I read a comment which makes me wonder if the accounts of those companies were correct when provided to CH?
I also wonder why 2nd charge security isn't being taken against the properties which might repay this loan, as without that those funds could be diverted elsewhere.
Borrower also has links overseas. I don't see any confirmation that a tracker will be fitted to the boat which could make repossession difficult if that was ever needed.
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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 Jan 20, 2020 13:55:39 GMT
Seems to me to be tempting fate to invest in a moveable asset with that name 😁
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Post by ablrate on Jan 20, 2020 13:59:55 GMT
Will respond on other matters shortly. As for the tracker - its in dry dock for 5 months, if she goes to sea there will be a tracker fitted as per the previous boat deal.
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Nomad
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Post by Nomad on Jan 20, 2020 14:31:34 GMT
Valuation looks pretty high to me, and I’d question the prospects of the venture earning a decent return on the capital invested.
I’d want to see a charge on the properties as well.
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sapphire
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Post by sapphire on Jan 20, 2020 14:32:05 GMT
Are there any (robust) measures in place to prevent the vessel leaving the dry dock without the tracker fitted?
For lender protection, shouldn't the fitting of the tracker be a condition to be complied with before the loan is drawn down?
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blender
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Post by blender on Jan 20, 2020 14:50:54 GMT
As long as the chattels charge is solid, insurance conditions are adhered to and the money is used for the purpose lent, then it's ok for my purpose.
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criston
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Post by criston on Jan 20, 2020 15:14:34 GMT
Until Ablrate answer some the security questions above, to give us some assurance this loan would be more watertight, I am inclined not to sink any funds into it.
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withnell
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Post by withnell on Jan 20, 2020 15:18:13 GMT
Until Ablrate answer some the security questions above, to give us some assurance this loan would be more watertight, I am inclined not to sink any funds into it. Well they've magiced up 58k so far, 23% of the way to Seal(watch)ing the deal...
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IFISAcava
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Post by IFISAcava on Jan 20, 2020 15:26:12 GMT
Until Ablrate answer some the security questions above, to give us some assurance this loan would be more watertight, I am inclined not to sink any funds into it. Well they've magiced up 58k so far, 23% of the way to Seal(watch)ing the deal... The funding for these new loans often comes in waves though
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jonno
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nil satis nisi optimum
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Post by jonno on Jan 20, 2020 16:21:25 GMT
I'll have to raid my current account if I can eventually fathom this one out.
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boundah
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Post by boundah on Jan 20, 2020 17:35:55 GMT
I'll have to raid my current account if I can eventually fathom this one out. It's OK, security includes a floating charge.
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blender
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Post by blender on Jan 20, 2020 18:10:54 GMT
Curious. It looks like I will get another bite at this, which is surprising. Seldom do we get a good solid asset which is actually worth more than the loan at the time of drawdown and presumably will increase in value. Not a pub valued in a few years time assuming it's been knocked down, rebuilt and trade built up for three years. Or stocks of overvalued cars which may not be there when you need the security, or IP which depends for its value as security on the success of the business (all imo). A great big boat in good condition, well insured and in dry dock? I supposed we have had fingers burnt by FS and their unsupervised boating projects. But this is ablrate, and they managed the fishy people ok. Perhaps it is just the 'measly' 13%?
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IFISAcava
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Post by IFISAcava on Jan 20, 2020 18:26:20 GMT
Curious. It looks like I will get another bite at this, which is surprising. Seldom do we get a good solid asset which is actually worth more than the loan at the time of drawdown and presumably will increase in value. Not a pub valued in a few years time assuming it's been knocked down, rebuilt and trade built up for three years. Or stocks of overvalued cars which may not be there when you need the security, or IP which depends for its value as security on the success of the business (all imo). A great big boat in good condition, well insured and in dry dock? I supposed we have had fingers burnt by FS and their unsupervised boating projects. But this is ablrate, and they managed the fishy people ok. Perhaps it is just the 'measly' 13%? At first sight yes - but then again the Russian/Bulgarian/Manx aeroplanes seemed similar at the time, and they hasn't proved too liquid an asset.
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mason
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Post by mason on Jan 20, 2020 18:50:14 GMT
You're welcome to my share, I coutn't bring myself to invest.
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