p2pfan
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Post by p2pfan on Sept 11, 2020 10:41:25 GMT
#148 is the latest P1 loan, launching today.
Having studied the due diligence documentation, this looks like a solid investment.
The interest is very appetising for this day and age.
I'm personally quite heavily invested into P1's suite of loans, so hesitant to plough in a significant amount into this one for the sake of diversification, but will loan a relatively small amount.
Thoughts on this loan?
And on P1 in general, because the securities on the loans are shared?
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Post by Ace on Sept 11, 2020 11:12:07 GMT
The primary security isn't shared, I.e. the second charge on the development. It's only the extra security suite across all projects that's shared. I have a question for ablrate : I understand that the borrower's investment via the ABLrate platform is on a first loss basis, and therefore essentially ranks behind other ablrate lenders. But, does the borrower's additional investment/equity above that lent via the ABLrate platform rank equal with or behind that of ablrate lenders?
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criston
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Post by criston on Sept 11, 2020 11:18:08 GMT
LTGDV 73% before losing money. At 57% total loss.
Developments more risky than completed dwellings on other PI loans.
However, you could argue all PI loans have the same risk, taking into account the debenture over the borrower.
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criston
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Post by criston on Sept 11, 2020 11:20:13 GMT
The primary security isn't shared, I.e. the second charge on the development. It's only the extra security suite across all projects that's shared. I have a question for ablrate : I understand that the borrower's investment via the ABLrate platform is on a first loss basis, and therefore essentially ranks behind other ablrate lenders. But, does the borrower's additional investment/equity above that lent via the ABLrate platform rank equal with or behind that of ablrate lenders? Good point.
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r00lish67
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Post by r00lish67 on Sept 11, 2020 11:28:44 GMT
#148 is the latest P1 loan, launching today. Having studied the due diligence documentation, this looks like a solid investment. The interest is very appetising for this day and age. I'm personally quite heavily invested into P1's suite of loans, so hesitant to plough in a significant amount into this one for the sake of diversification, but will loan a relatively small amount. Thoughts on this loan? And on P1 in general, because the securities on the loans are shared? One specific point, one general. Specific to this borrower, I raised a question previously around one of their previous loans relating to a concern I had about the exact entity investors would be lending to. I didn't see any response from the platform. Not necessarily any issue, but might be worth just clarifying. Second, I know this is perhaps a rather old chestnut of a point, but there are now extremely limited circumstances in which I personally would invest in any P2P loan heavily at 13%. From past experience, I now view the risks as outsized compared to the potential reward. The further lowering of the risk-free rate since I used to invest in these loans, in conjunction with the maintenance of such high rates, makes me view these as very risky investments indeed. The risks involved could be stated, unstated, known or unknown by each party, but to be honest it doesn't really matter. Rest assured that if a borrower is paying 3% upfront and then 17% interest per annum in this environment, then it's a highly risky proposition. I only blow off the cobwebs of this point as the phrases 'solid investment' and 'heavily invested in <borrowers> suite of loans' make me wince slightly.
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Post by ablrate on Sept 11, 2020 11:37:46 GMT
The primary security isn't shared, I.e. the second charge on the development. It's only the extra security suite across all projects that's shared. I have a question for ablrate : I understand that the borrower's investment via the ABLrate platform is on a first loss basis, and therefore essentially ranks behind other ablrate lenders. But, does the borrower's additional investment/equity above that lent via the ABLrate platform rank equal with or behind that of ablrate lenders? Technically additional funds lent via Ablrate above the first loss portion are pari pasu, however, our over arching debenture over the company would prioritize our lenders
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Post by Ace on Sept 11, 2020 11:51:33 GMT
The primary security isn't shared, I.e. the second charge on the development. It's only the extra security suite across all projects that's shared. I have a question for ablrate : I understand that the borrower's investment via the ABLrate platform is on a first loss basis, and therefore essentially ranks behind other ablrate lenders. But, does the borrower's additional investment/equity above that lent via the ABLrate platform rank equal with or behind that of ablrate lenders? Technically additional funds lent via Ablrate above the first loss portion are pari pasu, however, our over arching debenture over the company would prioritize our lenders Thanks ablrate, am I correct in assuming there was a missing "not" in your answer, I.e. Technically additional funds lent not via Ablrate above the first loss portion are pari pasu, however, our over arching debenture over the company would prioritize our lenders
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Post by ablrate on Sept 11, 2020 12:52:22 GMT
Technically additional funds lent via Ablrate above the first loss portion are pari pasu, however, our over arching debenture over the company would prioritize our lenders Thanks ablrate , am I correct in assuming there was a missing "not" in your answer, I.e. Technically additional funds lent not via Ablrate above the first loss portion are pari pasu, however, our over arching debenture over the company would prioritize our lendersActually I took your question to mean lending through Ablrate above the first loss... but it would equally apply to funds not loaned over the platform.
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Jan 6, 2022 11:10:30 GMT
Well....the balloon payment is due on Saturday, I suspect we'll hear something, hopefully that it's been repaid on Monday.
I do hope abl aren't relying on this money being reinvested on their platform.
Sorry but not until an explanation is given for 165 (timings wise, 160/161/162/164 are also questionable)
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blueblazer
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Post by blueblazer on Jan 7, 2022 18:21:16 GMT
Well....the balloon payment is due on Saturday, I suspect we'll hear something, hopefully that it's been repaid on Monday. Things are even more serious when P* ask for an extension.
Bang goes the 100% record of another borrower!!!
Have to hope that a one month extension means exactly that.
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Post by Ace on Jan 7, 2022 18:32:51 GMT
Well....the balloon payment is due on Saturday, I suspect we'll hear something, hopefully that it's been repaid on Monday. Things are even more serious when P* ask for an extension.
Bang goes the 100% record of another borrower!!!
Have to hope that a one month extension means exactly that.
I don't mind the extension as it seems to be a good rate for little risk. I do mind that it's not tradeable on the LE, as that would allow those that need the cash to exit. I also think that it's a rather poor show that we weren't informed at least a month ago that repayment was reliant on other cash coming in and could therefore suffer a delay if the transaction didn't happen.
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Post by Badly Drawn Stickman on Jan 7, 2022 18:42:33 GMT
Things are even more serious when P* ask for an extension.
Bang goes the 100% record of another borrower!!!
Have to hope that a one month extension means exactly that.
I don't mind the extension as it seems to be a good rate for little risk. I do mind that it's not tradeable on the LE, as that would allow those that need the cash to exit. I also think that it's a rather poor show that we weren't informed at least a month ago that repayment was reliant on other cash coming in and could therefore suffer a delay if the transaction didn't happen. It was not 'available' on the third party secondary market last month. No idea why but from memory the same thing happened with 147 and possibly others. Maybe the third party secondary market has a glitch?
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GreenZero
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The early bird may get the worm, but it's the second mouse who gets the cheese
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Post by GreenZero on Jan 9, 2022 12:06:31 GMT
The last update we received was in late Oct 21 when all appeared rosy. All but one of the units had been sold or reserved and the GDV had increased from £2.6m to £2.8m. Like Ace said, I'm not too concerned with a 1mth over run on a 15mth development, however to only tell you this on the day before the ballon payment is due is poor. My question would be when did abl learn of this? was it at 14:52hrs on Friday 7/1 or was it earlier? 2022 and communication still seems on its a$$
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dh1
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Post by dh1 on Feb 1, 2022 16:45:17 GMT
Interesting update just now. Don't worry, repayment by the 8th! Err...
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p2pfan
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Post by p2pfan on Feb 1, 2022 18:22:36 GMT
Interesting update just now. Don't worry, repayment by the 8th! Err... How the mighty fall. Even pea won now have become Laurel and Hardy borrowers, winging things and trying to paper over cracks at the last minute. Ablrate are masters at giving excuses and stringing lenders along. I've noticed that they have a rather lackadaisical and carefree attitude towards loans redeeming when Ablrate stated they would. Putting aside Ablrate's spin, the simple fact is this loan's repayment is long overdue now, like most of Ablrate's loans.
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