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Post by Badly Drawn Stickman on Sept 14, 2021 21:36:49 GMT
Or he could buy the original a little cheaper currently..... Both are being offered at slightly above par as I type. True, and I have some loans listed at 103% but not many takers for them either. The bid price is what people want to pay usually and they are both a little under.
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Post by Badly Drawn Stickman on Sept 22, 2021 7:58:05 GMT
I heard a distant bugle yesterday, so the cavalry should arrive on Monday. I guess we will have to wait and wonder as to the other three proposed tranches (I'm guessing three, 500k being the sweet spot previously).
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blender
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Post by blender on Sept 22, 2021 14:23:35 GMT
I heard a distant bugle yesterday, so the cavalry should arrive on Monday. I guess we will have to wait and wonder as to the other three proposed tranches (I'm guessing three, 500k being the sweet spot previously). Maybe the bugle was sounding the retreat.
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Post by Badly Drawn Stickman on Sept 22, 2021 16:07:21 GMT
I heard a distant bugle yesterday, so the cavalry should arrive on Monday. I guess we will have to wait and wonder as to the other three proposed tranches (I'm guessing three, 500k being the sweet spot previously). Maybe the bugle was sounding the retreat. The elite underwriter platoon has no concept of retreat.
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macq
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Post by macq on Sept 22, 2021 16:45:47 GMT
Maybe the bugle was sounding the retreat. The elite underwriter platoon has no concept of retreat. Think i read somewhere that was Custer's last words
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hubert
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Post by hubert on Dec 16, 2022 8:56:02 GMT
No novation, no repayments.
Looking into.
PG on 138 & if property portfolio is still available & it's value. Where stock is stored, how much is available & it's value. Are 167 selling & profiting from 138 & 157 stock, which currently belongs to lenders.
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keitha
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2024, hopefully the year I get out of P2P
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Post by keitha on Jan 13, 2023 10:48:04 GMT
Is the £826k likely to retail or wholesale value? I would never profess to be an expert on high-end shoes, but I have suffered a lot of Administrations of companies that borrowed money from me. I am guestimating that if one tries to sell £826k retail value of posh shoes wholesale, they won't sell for more than, say, £400k? Pile in all the usual "vulture fees" (auction house, warehousing, Administrators, lawyers etc.) and that's another at least £100k+ gone. Therefore, at, say, £300k, the LTV on this £500k loan is way over 100%. There's far smarter cookies than myself here. What LTV would you give this loan? £400K of stock in an Administrators sale. I buy from these on a regular basis so have an Idea. The Auctioneers I buy from charge VAT, 15% commission to buyer and VAT on that commission a total of 38% they also charge at least 15% to the seller. The Administrator will charge 10% or more for arranging the sale. As a buyer and given the commissions that is charged I would go say 50% on stuff I can shift quickly and 25% on other items, so on average 33% so the £400K becomes £133K then the Auctioneers take 15% and the administrator 10%, brinks the total down to a fraction under £100,000 Shoes etc not my area of expertise, but I know when recently they had an Auction of outdoor wear which included walking boots they sold then in bundles of 5 or 10 pairs in the same size, most of the bundles went for around RRP for 1 pair for 5 or twice RRP for 10, so 20% of RRP which is probably 40% of cost. of course what it goes for is dependant on having willing bidders, otherwise it goes for peanuts, I know this I purchased some miscellaneous items back in October for £2 for the box so it cost me £2.76, 2 of the items I've sold for £49.99 each, Another item went for £10, have stuff left to sell. Have to add though I've also seen stuff sell for very close to the marked RRP which means people end up paying more than RRP.
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p2pfan
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Post by p2pfan on Jan 13, 2023 11:43:22 GMT
keitha thank you for sharing your insights. Valuable information. It means that this situation is looking even worse than I thought. We lenders will be fortunate to be left with perhaps 20p in the £1. It's my own fault and my own stupidity for trusting this borrower and their intermediary. The reason I'm now avoiding lending to businesses on platforms like Qardus is the AblRate experience with multiple loans shows that, when the borrowing businesses don't pay, their collateral - unless it is prime property etc. - usually realises a few pennies in the pound of the valuation estimate, as Keitha has described.
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r1200gs
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Post by r1200gs on Mar 17, 2023 9:11:49 GMT
Is anyone wondering if the lack of repayments on these loans is a financial burden that lenders are sharing equally with the business owners? Take a look at the owner's instagram for hints towards the answer. There are links and screen caps on the dd thread. He's spending money like a drunken sailor on shore leave, almost as if it wasn't his money anyway.
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p2pfan
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Post by p2pfan on Jun 4, 2023 13:21:24 GMT
There hasn't been any meaningful update from Ablrate regarding these loans for a very long time. As Ablrate's update newsletter of 15/05/2023 states: "There is no material update on these loans".
The "Owner" of these businesses is far from short of a bob or two and continues to flaunt his extravagent purchases on social media, showing off about buying £90,000 watches etc.
Therefore, I am wondering why these loans have not paid their monthly interest for nearly a year now?
It's become obvious that Ablrate is not interested in resolving this long-standing defaulted loan - otherwise they wouldn't state every few months that "essentially we've done nothing" - so is there anything investors can do to try to get their money back?
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