|
Post by df on May 24, 2022 20:37:36 GMT
I'm glad I've sold this one during the 'window of last opportunity'. The "existing loans" pages look very grey now... What does grey signify? There are only 4 non-grey. I have more than that still paying interest. Yes, only 4 out of 56. It doesn't represent the real proportion because of multiples, but I've never seen this page as grey as it is now. I'm not entirely sure what grey means now. In the past I thought of 'greys' as the ones I can't trade.
|
|
|
Post by df on May 24, 2022 20:51:07 GMT
I'm glad I've sold this one during the 'window of last opportunity'. The "existing loans" pages look very grey now... I was somewhat spoilt for choice for which one to highlight. Looking through the blue dots at which ones had any chance of making a payment in the next month is pretty depressing as a pass time. I don't expect a running commentary on them all, but an explanation of the problem seems the minimum we should be getting. Looks like 3 missing payments so far. No commentary on this is indeed alarming. This silence wouldn't help 176 to reach the goal (46% atm).
|
|
|
Post by charl12345 on Jun 23, 2022 14:37:52 GMT
According to Google, the business is now permanently closed. Reading through the Google reviews for the business, there is one stating that contractors have not been paid for the construction work (dated six months ago).
A Court order to wind up the company was made on 14 June 2022 (lodged at Companies House on 20 June 2022) upon the petition of one of its creditors (a contractor).
The petition was made on 20 January 2022.
I note that loan 172 was still open for investment at the time the petition was made. On 21 January, the listing period for loan 172 was extended for two weeks. However, the loan was then closed a only week later (28 January) despite having only filled c.£150k of the original £300k.
No payments since March now and no update from Ablrate.
This all seems quite concerning.
|
|
|
Post by overthehill on Jun 23, 2022 14:46:44 GMT
According to Google, the business is now permanently closed. Reading through the Google reviews for the business, there is one stating that contractors have not been paid for the construction work (dated six months ago). A Court order to wind up the company was made on 14 June 2022 (lodged at Companies House on 20 June 2022) upon the petition of one of its creditors (a contractor). The petition was made on 20 January 2022. I note that loan 172 was still open for investment at the time the petition was made. On 21 January, the listing period for loan 172 was extended for two weeks. However, the loan was then closed a only week later (28 January) despite having only filled c.£150k of the original £300k. No payments since March now and no update from Ablrate. This all seems quite concerning.
It was a horrible loan at the outset. Put gyms in the same category as boats. Hadn't the payments stopped for the first loan when the second loan was launched.
|
|
hubert
Member of DD Central
Posts: 175
Likes: 119
|
Post by hubert on Jun 23, 2022 16:48:23 GMT
So H**DL* are trying to resurrect business.
Ablrate are trying to run enough business's already, so they must be relieved.
Properties valued back in February 2021 had £550k second/third equity charge available against Ablrate loans/current outstanding interest of £520k.
Property increase since then, say 10%. (£123k)
Depends on borrowers situation with mortgage companies if fire sales of properties are to me made.
N/W involvement relatively small.
HP company may get together with H**DL*
If administrators get involved could be a bloodbath as far as the business is concerned.
Yet another fine mess.
|
|
p2pfan
Member of DD Central
Full-Time Investor
Posts: 742
Likes: 835
|
Post by p2pfan on Jun 23, 2022 19:00:58 GMT
Yes, this borrower is dead and buried. The phone line is dead. The Facebook page is dead etc. etc.
I don't blame Ablrate because they've made it blatantly obvious for a very long time now their primary focus is not on lenders getting paid what they are due at the time it is due. Or in providing transparency to lenders. The fact that there has been radio silence from Ablrate about this borrower who hasn't paid interest for ages proves that. I blame myself for being a total and utter wally in giving my hard-earned money to borrowers like this and many others.
The situation going forward will be that, after three or four years of delays, we're going to discover the supposed collateral was worth much less than we were told it was, that any realisations have gone to other lenders, and, at the time of Her Majesty's next Jubilee, whenever that will be, that we'll enjoy a return of zero pence in the pound.
|
|
p2pfan
Member of DD Central
Full-Time Investor
Posts: 742
Likes: 835
|
Post by p2pfan on Jun 23, 2022 19:03:04 GMT
So H**DL* are trying to resurrect business. I had no idea about that. Please tell us more?
|
|
|
Post by df on Jun 23, 2022 19:24:34 GMT
I'm very thankful to ABL for the window of opportunity prior to "pausing" ASMX. Sold it at 99.78%.
|
|
hubert
Member of DD Central
Posts: 175
Likes: 119
|
Post by hubert on Jun 23, 2022 20:14:05 GMT
So H**DL* are trying to resurrect business. I had no idea about that. Please tell us more? Put two & two together. Admin note today 163/172. Unsecured lender mentioned in 172 borrowing proposal.
|
|