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Post by Ace on Dec 20, 2021 19:02:45 GMT
New loan 173 could be interesting. This has performed better on the 'third party' secondary market, better than most. Having said that often in negative territory by a touch. I will not be investing with Ablrate again. Now only adding funds to Capital Rise, Connective, Qardus, Easymoney & Wise Alpha. I'm also supporting Qardus, and they're doing very well for me so far, but I'd have to rank them as higher risk than ABLrate. Qardus are very new, their loans are essentially unsecured, and there's no record of how they will handle delinquent borrowers.
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GreenZero
Member of DD Central
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 Dec 21, 2021 19:09:18 GMT
I'm in the same position as df and Nomad and wont be investing in any more loans until the AF fiasco is resolved and we have an answer to 165. It's a shame as this and other recent ones would normally have interested me.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Dec 21, 2021 22:01:49 GMT
I'm in the same position as df and Nomad and wont be investing in any more loans until the AF fiasco is resolved and we have an answer to 165. It's a shame as this and other recent ones would normally have interested me. Ditto. I will not be investing in this loan for the same reasons you specify. I loaned heavily to the AF loans - stupid me for trusting Ablrate and Mr AF, lesson learned - and am now paying the price. Also, 165 - which I also loaned a lot of money to - leaves a bitter taste in my mouth. Ablrate must address what happened with that half a million pound loan, otherwise I will never trust them again. Critically, the platform adopts a very nonchalant towards getting both interest and capital payments from borrowers. They have tried and tested favourite tactics such as giving multi-millionaire borrowers interest payment holidays of several months at a time and extending loans time and again for years so the borrower never has to give you your loaned money back. Ablrate's obsession with two gimmicks has been disastrous for the platform this and last year and undoubtedly distracted it from getting the bread and butter right in terms of the core P2P operations: firstly the 'Shiny New Thing' "ASMX" and secondly "liquidity". Both have been hyped up bags of poop e.g. all the nonsense grand exclamations about having plentiful loans from other P2P platforms trading on ASMX, which I knew would be impractical from day one, and, as for liquidity, it's easier to buy shares in Tesla as a farmer in North Korea than to sell most Ablrate holdings on their secondary market - only 17 out of 73 "available loans" are currently tradeable because "Liquidity Kings" Ablrate wake up every morning and can't wait to "pause" yet another loan from being able to be sold. Come on Ablrate, get your act together. Enough is enough.
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macq
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Post by macq on Dec 22, 2021 9:35:54 GMT
with regard this loan and things that might make me pause are the 58 charges (2 settled) already listed at CH but i guess that's the business model?
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Post by Badly Drawn Stickman on Dec 22, 2021 19:16:14 GMT
I guess one could be kind and describe it as a slow burner.....
Not sure it would have made much difference but maybe 114 being paid yesterday as indicated in the update would have helped. That it still hasn't is probably reinforcing the current mood in these parts.
Its nearly Christmas so I have probably been a bit generous with the 'good will' in this post.
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Post by westcountry on Dec 22, 2021 20:49:43 GMT
I would trust ABLRate more, if they correctly reported these ZPB loans as being 90.2% second-charge, rather than calling them "63% loan to net equity", where they define 'net equity' as the security value less the mortgages secured on it.
Which doesn't really give a true picture of the security situation!
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Post by df on Dec 22, 2021 20:57:27 GMT
I guess one could be kind and describe it as a slow burner..... Not sure it would have made much difference but maybe 114 being paid yesterday as indicated in the update would have helped. That it still hasn't is probably reinforcing the current mood in these parts. Its nearly Christmas so I have probably been a bit generous with the 'good will' in this post. I forgot to tune in at the beginning, but looking at it now - a snail race between the two. I've got a feeling that both contestants might run out of lettuce before the finishing line, unless underwriters step in.
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Post by Ace on Dec 22, 2021 21:40:37 GMT
I guess one could be kind and describe it as a slow burner..... Not sure it would have made much difference but maybe 114 being paid yesterday as indicated in the update would have helped. That it still hasn't is probably reinforcing the current mood in these parts. Its nearly Christmas so I have probably been a bit generous with the 'good will' in this post. I forgot to tune in at the beginning, but looking at it now - a snail race between the two. I've got a feeling that both contestants might run out of lettuce before the finishing line, unless underwriters step in. 173 says that it is underwritten.
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Post by df on Dec 22, 2021 22:00:03 GMT
I forgot to tune in at the beginning, but looking at it now - a snail race between the two. I've got a feeling that both contestants might run out of lettuce before the finishing line, unless underwriters step in. 173 says that it is underwritten. That's great. Good to know that this snail is protected and good luck to the underwriter
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hubert
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Post by hubert on Jan 25, 2022 16:48:41 GMT
What happened to the underwriters then, before it was extended.
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Post by ladywhitenap on Jan 25, 2022 16:51:57 GMT
Underwriters or not, the borrower has clearly been offered a better deal elsewhere and we can foxtrot oscar.
LW
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Post by Badly Drawn Stickman on Jan 25, 2022 18:05:01 GMT
Underwriters or not, the borrower has clearly been offered a better deal elsewhere and we can foxtrot oscar. LW A better deal in this instance is just anybody in a position/willing to hand over the money.
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deltron
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Post by deltron on Jan 25, 2022 18:25:27 GMT
Ouch! The borrower was looking for a total of £4 million from further tranches going forward. Now they are not only dropping the current (very modest) loan request but refinancing the only one that was funded. Not exactly a vote of confidence by either lenders or borrowers. Hello Ablrate! Are you listening? Perhaps get your act together!
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hubert
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Post by hubert on Jan 25, 2022 18:36:54 GMT
Only about £5k of the £100k returned made it into 172 so far.
Is AF aware of the indirect problems they are causing ?
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corto
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one-syllabistic
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Post by corto on Jan 25, 2022 21:51:13 GMT
sure is
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