boundah
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Post by boundah on Sept 14, 2021 11:52:41 GMT
Why the silence here re the 'issue' with (apparently) all the AF loans? Am I missing something? All I can find is a solitary comment relating to G******* Capital.
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Post by darren on Sept 14, 2021 11:54:29 GMT
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blender
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Post by blender on Oct 5, 2021 19:31:55 GMT
'I am sure you can see where the P2P industry is going. It has been evident to us, for many years, that illiquid products will eventually be moved away from the retail market and from HNW and sophisticated, as evidenced by the FCA' execution of the mini-bond market (some would say correctly). With the FCA's consultation paper in April they are making it even clearer that they are moving towards that outcome. Sooner or later you will be able to choose a limited range of investment products from banks and similar providers giving limited returns. You may disagree, but that is our assessment and we are building our business based on that assessment. We have, over the last three years, been developing a solution to that and ASMX is part of it. The bottom line is that liquidity, going forward, will be key. It will be key to diversification, risk management, quality control and standardization and it will be crucial to allow the space to continue providing opportunities for lenders.'
Ablrate 5 July 2021 on the ASMX thread. My bold
I agree 100%
Today: Loans available on ASMX 69, loans tradeable on ASMX 24.
That's what has to be fixed.
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criston
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Post by criston on Oct 8, 2021 16:23:53 GMT
ablrate No update on 111/76 for 16 days. Please advise.
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Post by df on Oct 8, 2021 21:04:50 GMT
An encouraging update arrived this afternoon.
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dh1
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Post by dh1 on Oct 9, 2021 7:48:11 GMT
Well, it does hint at progress. Unfortunately, it doesn't give a hint as to when repayments will restart - if ever (there's comment about repayment here and there). Whilst it is alluring to follow Ablrate's predilection for complexity and lawyers, I wonder what happened to the borrowers obligation to simply keep repayments coming? I'd be tempted to let the borrower sort it out!
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criston
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Post by criston on Oct 9, 2021 8:03:55 GMT
Nearly got caught out assuming the Admin notes were all the same, but there are at least 3 different sets of notes.
1) 76 & 111, not updated for 16 days, as of yesterday.
2) 149/151/152/154/155., which appear to be further advanced.
3) The remainder.
Could be more differences or missing ones that I have not noticed.
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p2pfan
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Post by p2pfan on Oct 10, 2021 0:32:15 GMT
Today: Loans available on ASMX 69, loans tradeable on ASMX 24.
That's what has to be fixed. I totally agree. Talk is cheap. Facts are what count. ASMX is an obsession for some at Ablrate, to the extent that they are willing to sacrifice Ablrate itself for it - just think if even 25% of the time, energy and expense on ASMX had been spent on getting quality loans in for Ablrate and/or to ensure that loans paid lenders on time which they very often don't do - but even ASMX itself falls very short of the hype: the facts of the matter are: - the majority of Ablrate loans are NOT liquid - most Ablrate loans are NOT tradeable on ASMX - not a single other P2P platform's loans are available to either buy or sell on ASMX despite it being pumped up for over a year Sorry for not drinking the Kool-aid and for exclaiming the Emperor has no clothes. I know it doesn't make it popular at Ablrate Towers.
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Post by overthehill on Oct 10, 2021 9:59:33 GMT
Today: Loans available on ASMX 69, loans tradeable on ASMX 24.
That's what has to be fixed. I totally agree. Talk is cheap. Facts are what count. ASMX is an obsession for some at Ablrate, to the extent that they are willing to sacrifice Ablrate itself for it - just think if even 25% of the time, energy and expense on ASMX had been spent on getting quality loans in for Ablrate and/or to ensure that loans paid lenders on time which they very often don't do - but even ASMX itself falls very short of the hype: the facts of the matter are: - the majority of Ablrate loans are NOT liquid - most Ablrate loans are NOT tradeable on ASMX - not a single other P2P platform's loans are available to either buy or sell on ASMX despite it being pumped up for over a year Sorry for not drinking the Kool-aid and for exclaiming the Emperor has no clothes. I know it doesn't make it popular at Ablrate Towers. As I've said previously, buying any of the ablrate's loans at those silly premiums is market frenzy. A lot of people buy excess chunks of new loans and try to sell them at a premium for extra return which adds to the frenzy. These loans have excellent returns already for a very good reason, risk.
For me, liquidity is more important than trading and earning extra return at someone else's expense. The benchmark for me is being able to shift a loan within a few hours at par for 0.5% fee (or free).
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blender
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Post by blender on Oct 10, 2021 12:53:14 GMT
I don't think that Ablrate has an obsession with ASMX. I think the obsession is with liquidity - as quoted in my post above - and that such an obsession is a good thing. The problem is that developing ASMX as a solution to a more general problem may have taken the eye off of liquidity for the Ablrate lenders, IMO.
To develop the argument above about these loans and liquidity, I worry that any proposed solution might involve the long term loss of trading of a large group of loans, rather than treating each loan, or group of tranches, as the separate contracts that they are. The following in a general admin note for 19 loans worries me:
'LENDER UPDATE 22 SEPT 2021: As discussed in previous updates, the borrower has been working ... to get his group of companies back on track. This, of course, includes the loans he has with our lenders. The borrower is producing an update ...'
The person is not the Borrower. He does not have loans, though he, creditably, guarantees them all. There are six Borrowers. I have chosen the Borrowers and loans carefully on the basis of each proposition, as separate self-select p2p loans, not to a 'group'. Each loan has a group of lenders who expect their loans to be treated as proposed when they signed up.
Any 'group' resolution which might result in all these loans remaining untradeable would be a problem.
Of course, no such proposals have been made.
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hazellend
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Post by hazellend on Oct 11, 2021 16:01:40 GMT
I totally agree. Talk is cheap. Facts are what count. ASMX is an obsession for some at Ablrate, to the extent that they are willing to sacrifice Ablrate itself for it - just think if even 25% of the time, energy and expense on ASMX had been spent on getting quality loans in for Ablrate and/or to ensure that loans paid lenders on time which they very often don't do - but even ASMX itself falls very short of the hype: the facts of the matter are: - the majority of Ablrate loans are NOT liquid - most Ablrate loans are NOT tradeable on ASMX - not a single other P2P platform's loans are available to either buy or sell on ASMX despite it being pumped up for over a year Sorry for not drinking the Kool-aid and for exclaiming the Emperor has no clothes. I know it doesn't make it popular at Ablrate Towers. As I've said previously, buying any of the ablrate's loans at those silly premiums is market frenzy. A lot of people buy excess chunks of new loans and try to sell them at a premium for extra return which adds to the frenzy. These loans have excellent returns already for a very good reason, risk.
For me, liquidity is more important than trading and earning extra return at someone else's expense. The benchmark for me is being able to shift a loan within a few hours at par for 0.5% fee (or free).
In p2p liquidity is being able to shift a loan instantly at whatever haircut is required. For example if you want to sell very quickly 50k worth of loans you may have to knock 10 - 30% off. I liked the old secondary market and have never really gotten into ASMX, although Iām confident I could shift my loans at a discount if required.
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criston
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Post by criston on Oct 16, 2021 17:45:20 GMT
As Ablrate once again treats us with contempt, cannot be bothered & does not even have the courtesy to stick to a weekly update that they told us would be provided, which is critical to our understanding of the matter; on this very important & worrying issue; once I have gathered the necessary details I will provide the update myself.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Oct 16, 2021 19:42:51 GMT
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Post by ladywhitenap on Oct 21, 2021 9:20:32 GMT
I got this in response to a question yesterday
"
I do understand your frustration with the 4man issue, I am confident that we will see some movement soon, as David has been speaking with both Andrew and the lawyers again today with regards to next steps."
LW
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Post by westcountry on Oct 22, 2021 12:47:19 GMT
New update on the AF loans, ABLRate say they are making progress, but "Subject to everything being agreed today we will be able to push forward with plans to bring further funding into the group. We anticipate being able to give you a material update with the details of the strategy and the proposed funding by the end of November." So we won't find out anything more until the end of next month - and it'll only be details of a proposed solution  |
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