slush
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Here to learn. Please be gentle.
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Post by slush on Mar 15, 2021 13:19:23 GMT
Borrowing Proposal page 13 "The loan is structured on a 48 year partly amortising profile"
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TitoPuente
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Post by TitoPuente on Mar 15, 2021 13:24:47 GMT
Borrowing Proposal page 13 "The loan is structured on a 48 year partly amortising profile" It's a typo. It should read 48 months, according to the previous paragraph.
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p2pfan
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Post by p2pfan on Mar 15, 2021 13:28:19 GMT
One bonus of the delay is that for some of us, a few significant payments are coming through providing more funds to re-invest in this new loan! LW ablrate (or anyone else), will today's full repayment of the "rainmaker" loans #108 and #112 happen before this new loan launches at 16:00 or after?
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Post by Ace on Mar 15, 2021 13:41:13 GMT
ablrate , will you be implementing bid limits for loan 156's launch, please? Especially after loan 155's launch turned into a frantic feeding frenzy, and loan 156 is to a new borrower so will have higher demand than 155. It looks like this could be the first of 10 tranches (assuming equal tranches), there are likely to be plenty more chances for anyone that "misses out".
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macq
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Post by macq on Mar 15, 2021 13:49:39 GMT
This could be a good opportunity but i sometimes wonder why things are not mentioned and apologies if its mentioned elsewhere (its sort of covered on page 15) but on page 10 of the doc's it would be nice if we were told the name of the discount chain the COE owned as its a bit hard to do a full DD
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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 15, 2021 13:53:51 GMT
Security looks weak to me, a debenture the value of which basically lies in the value of the property portfolio, most if not all of which is subject to existing first charges, plus 7 equitable second charges already covered by the debenture and a PG with no backing. Big caveats on the LTV methodology and potential high costs in an Insolvency situation. Director appears to have stopped using his middle names on CH, few failures on the other record.
No surprise that Huddle are involved.
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Post by Ace on Mar 15, 2021 13:55:50 GMT
This could be a good opportunity but i sometimes wonder why things are not mentioned and apologies if its mentioned elsewhere but on page 10 of the doc's it would be nice if we were told the name of the discount chain the COE owned as its a bit hard to do a full DD And a bit more info on the previous administration would have been good (with some commentary from the borrower), to save us all having to look for the same info.
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macq
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Post by macq on Mar 15, 2021 13:59:01 GMT
This could be a good opportunity but i sometimes wonder why things are not mentioned and apologies if its mentioned elsewhere but on page 10 of the doc's it would be nice if we were told the name of the discount chain the COE owned as its a bit hard to do a full DD And a bit more info on the previous administration would have been good (with some commentary from the borrower), to save us all having to look for the same info. I did add to my post about details on page 15 but i feel the name of the store chain should have been provided
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markyg61
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Post by markyg61 on Mar 15, 2021 13:59:21 GMT
ablrate , well I cant even login this afternoon. Hangs for a couple of minutes then get the car crash !
" Unexpected Error
Sorry, there seems to be something wrong. Please try again a bit later.
If the error still persists, please contact the administrator for further help."
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Post by westcountry on Mar 15, 2021 14:00:04 GMT
Security looks weak to me, a debenture the value of which basically lies in the value of the property portfolio, most if not all of which is subject to existing first charges, plus 7 equitable second charges already covered by the debenture and a PG with no backing. Big caveats on the LTV methodology and potential high costs in an Insolvency situation. Director appears to have stopped using his middle names on CH, few failures on the other record. No surprise that Huddle are involved. True, it doesn't look encouraging to me - I make the LTV 91% second-charge (75% first charge plus 65% x 25% for ABLRate's second-charge), and don't rate the debenture as it isn't on any specific assets (any decent assets will have been pledged to other lenders if the business goes bust), ditto the PG. Plus if the company went bust you'd be lucky to sell the properties for more than 75% of their market value, as it would be a fire sale
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Post by ablrate on Mar 15, 2021 14:00:44 GMT
ablrate , well I cant even login this afternoon. Hangs for a couple of minutes then get the car crash ! We are on with the devs. There are a number of payments going out and it seems to have slowed up the system, we are looking at why and sorting a fix now.
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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 15, 2021 14:00:53 GMT
This could be a good opportunity but i sometimes wonder why things are not mentioned and apologies if its mentioned elsewhere (its sort of covered on page 15) but on page 10 of the doc's it would be nice if we were told the name of the discount chain the COE owned as its a bit hard to do a full DD I suspect it might be one of the failed companies on his other CH record V*****e Limited One word, first name of Mr 'Fuel Type' who plays Riddick & Groot in films, + second word in former name of O2 Arena Edit no mention of that one in the proposal as its different to the one referenced p15
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macq
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Post by macq on Mar 15, 2021 14:03:36 GMT
This could be a good opportunity but i sometimes wonder why things are not mentioned and apologies if its mentioned elsewhere (its sort of covered on page 15) but on page 10 of the doc's it would be nice if we were told the name of the discount chain the COE owned as its a bit hard to do a full DD I suspect it might be one of the failed companies on his other CH record V*****e Limited One word, first name of Mr 'Fuel Type' who plays Riddick & Groot in films, + second word in former name of O2 Arena nope i believe it begins with a W via DD on the name ABL give on page 15
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p2pfan
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Post by p2pfan on Mar 15, 2021 14:06:31 GMT
Security looks weak to me, a debenture the value of which basically lies in the value of the property portfolio, most if not all of which is subject to existing first charges, plus 7 equitable second charges already covered by the debenture and a PG with no backing. Big caveats on the LTV methodology and potential high costs in an Insolvency situation. Director appears to have stopped using his middle names on CH, few failures on the other record. No surprise that Huddle are involved. I was just going to say exactly the same thing. I am trying to be optimistic at the launch of a new borrower, but this is a bit of a let down. The security looks poor indeed. The big worry is the first charge encumbrances from other lenders, which the Borrowing Proposal clearly mentions will take precedence over the AblRate loans. On top of that, these are not even second charges. Equitable charges can be weak: "Equitable mortgages and charges can be taken in a number of ways, some of which offer very little protection against third parties obtaining an interest in the charged asset and can make enforcement over the charged asset very difficult. It is preferable to take a legal mortgage or charge wherever possible." I've loaned to businesses with multiple properties in different SPVs previously with these kinds of equitable charges and secondary charges on properties and, when they've gone into administration, ended up getting none of my money back. Last but not least, page 15 of the Borrowing Proposal discloses one of the Director's previous business went into Administration (hats off to Ablrate for the transparency). In the past I've given borrowers the benefit of the doubt, but I've discovered that, of the borrowers I've lent to who have ended up into Administration, a significant ratio had gone into bankruptcy and/or Administration previously. They say a leopard never changes its spots.
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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 15, 2021 14:16:02 GMT
I suspect it might be one of the failed companies on his other CH record V*****e Limited One word, first name of Mr 'Fuel Type' who plays Riddick & Groot in films, + second word in former name of O2 Arena nope i believe it begins with a W via DD on the name ABL give on page 15 Only W on the CH record relating to director of p15 co, is a property company, also got an N, C, Bx2, and H . Guy with an artistic middle name. Incidently the p15 company was a voluntary liquidation not an administration.
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