tommo
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Post by tommo on Sept 10, 2020 16:08:16 GMT
Addendum has been added in documents section.
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Nomad
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Post by Nomad on Sept 11, 2020 7:24:04 GMT
Addendum has been added in documents section. Loans have been extended and are resuming amortization. It will be interesting to see activity on the SM when they are unpaused. How do those wiser than me see these loans going forward?
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blender
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Post by blender on Sept 11, 2020 7:30:39 GMT
Addendum has been added in documents section. Loans have been extended and are resuming amortization. It will be interesting to see activity on the SM when they are unpaused. How do those wiser than me see these loans going forward? You just have to decide if you are happy with your asset security being motorised stock on wheels. (I am not wiser than you)
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Post by Badly Drawn Stickman on Sept 11, 2020 7:46:21 GMT
Loans have been extended and are resuming amortization. It will be interesting to see activity on the SM when they are unpaused. How do those wiser than me see these loans going forward? You just have to decide if you are happy with your asset security being motorised stock on wheels. (I am not wiser than you) Not sure as a professional I should be allowed to take part in a being not wiser than contest...... My initial take was that it made the loans a bit more desirable, and that if the price was much the same as before would indulge that desire. However if others share my view and the price goes to par and above I might be inclined to indulge the desire of others. Always happy to do whatever it is I just did.
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Post by Ace on Sept 11, 2020 7:56:16 GMT
Certainly can't claim to be wiser, but I've been happy enough to hold these for a long time now. They were reliable payers up until the forbearance. Most of my holdings in these were bought on the SM at a 5%+ discount, so perhaps they'll return to somewhere near that. There could be some pent up demand from those that have wanted to sell, so discounts could go higher. Its good to see that they'll all be amortising, which might ease some of the selling pressure.
I would like to have heard more about the longterm refinance that they're now starting to draw on, particularly on why it can't be drawn on quicker. I would also like to know more on the new lender's security; is it subordinate to ours or against a different set of stock?
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TitoPuente
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Post by TitoPuente on Sept 11, 2020 8:11:33 GMT
Besides all considerations about how secure is the security, IMHO the clues as to whether the loans will continue to perform in their new profile is in the first page of the addendum. The language is a little cryptic. It could be understood that the ABL loans are going to be refinanced (by an undisclosed party) in a period of time which could be assumed to coincide with the new 3 year loans reprofiling period. If this is the case, then it could be argued that there is an additional shield that protects the capital amortisation i.e. not depending solely on operating cash flow to service the loans (capital and interest) but having a third party providing for the capital amortisation.
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blender
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Post by blender on Sept 11, 2020 9:56:45 GMT
Besides all considerations about how secure is the security, IMHO the clues as to whether the loans will continue to perform in their new profile is in the first page of the addendum. The language is a little cryptic. It could be understood that the ABL loans are going to be refinanced (by an undisclosed party) in a period of time which could be assumed to coincide with the new 3 year loans reprofiling period. If this is the case, then it could be argued that there is an additional shield that protects the capital amortisation i.e. not depending solely on operating cash flow to service the loans (capital and interest) but having a third party providing for the capital amortisation. Quite right to move the focus from the security, which is of the type which can be present and shiny until you need it, towards considering the loans independently of the security, because we do not wish them to fail. However, you have not declared your position on the scale between fool and sage, and are in some danger of looking quite smart with your perceptive analysis. As a bench mark for the lower end of the scale, I would suggest a belief that spreading your cash over a number of these loans is a way of diversifying risk.
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p2pfan
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Post by p2pfan on Sept 11, 2020 10:13:10 GMT
The "Corporate Update" section in the Addendum states: "Following the implementation of this funding facility, the Company has recently started being able to draw down initial funds allowing the company to begin the amortisation process."
The document is cryptic in terms of what kind of funding facility has been put into place, what sums are involved etc., but I infer from the "following the implementation of this funding facility" that it has finally been completed. As stated above, this is a big plus for these loans going forward.
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Balder
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Post by Balder on Sept 12, 2020 9:11:39 GMT
ablrate why are these still paused?
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Post by ablrate on Sept 12, 2020 10:05:12 GMT
ablrate why are these still paused? We have a last review of the cash-flows within the system on Monday and they will be un-paused.
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Post by ladywhitenap on Sept 15, 2020 10:40:41 GMT
ablrateHats off to all involved with the restructuring and the clear way the results have been presented! LW
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Balder
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Post by Balder on Sept 20, 2020 11:38:46 GMT
Great work ablrate shame payment at the weekend didn't happen on 114
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markyg61
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Post by markyg61 on Sept 20, 2020 18:30:27 GMT
LOL, it's the weekend. Dont they deserver a break ? I'm sure payment will be made Monday
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Post by westcountry on Mar 10, 2021 11:57:54 GMT
ablrate, what is currently happening with these A** car loans, please? All eight of the loans have at least one repayment overdue and not paid, while loan 100 has two repayments overdue. The last admin note on these loans was on 23rd Feb, saying that "we have been told to expect substantial payments over the next ten days", but it's now 15 days later and only two payments have been made, on loans 73 and 89 - and both of these loans still have a repayment overdue for payment. What has happened since the last admin date, to delay the loans being brought up to date, please? And when will all the overdue repayments be made?
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Nomad
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Post by Nomad on Mar 10, 2021 13:04:43 GMT
ablrate , what is currently happening with these A** car loans, please? All eight of the loans have at least one repayment overdue and not paid, while loan 100 has two repayments overdue. The last admin note on these loans was on 23rd Feb, saying that "we have been told to expect substantial payments over the next ten days", but it's now 15 days later and only two payments have been made, on loans 73 and 89 - and both of these loans still have a repayment overdue for payment. What has happened since the last admin date, to delay the loans being brought up to date, please? And when will all the overdue repayments be made? At one point I had five figures invested across these loans but I have gradually exited all but one, which is paused on ASMX.
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