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Post by overthehill on Jun 23, 2022 14:53:49 GMT
The payments are rolling in now. Around 2 week's of the missing 10 month's interest. Is there any information about the method used to apply funds to each loan (e.g. pro-rated total funds available against value of loan outstanding)? These payments are now showing as paid (albeit late) even though it was not a complete month's interest - do we know if/how the monthly interest shortfall will be accounted for?
Well that's called a shambles at best and just plain wrong at worst.
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Post by Badly Drawn Stickman on Jun 23, 2022 15:20:48 GMT
Is there any information about the method used to apply funds to each loan (e.g. pro-rated total funds available against value of loan outstanding)? These payments are now showing as paid (albeit late) even though it was not a complete month's interest - do we know if/how the monthly interest shortfall will be accounted for?
Well that's called a shambles at best and just plain wrong at worst.
I think you may be being a shade over dramatic there.... The system is incapable of handling partial payments, usually they wait for the balance before paying as a consequence. That could be a pretty long wait in this case. Ablrate being genuinely pragmatic I would suggest, as opposed to his more liberal use of the word elsewhere.
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Post by ablrate on Jun 23, 2022 15:53:02 GMT
The payments are rolling in now. Around 2 week's of the missing 10 month's interest. Is there any information about the method used to apply funds to each loan (e.g. pro-rated total funds available against value of loan outstanding)? These payments are now showing as paid (albeit late) even though it was not a complete month's interest - do we know if/how the monthly interest shortfall will be accounted for? Yes it was prorated against loans. The oldest payment was changed to pay this interest payments and we added another capital and interest payment at the end of the repayment period. I.e this payment has not been counted against any outstanding interest which will be capitalised when appropriate (i.e when payments resume or settlement)
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blender
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Post by blender on Jun 23, 2022 20:56:09 GMT
Wow, the account balance is non-zero!
How does the old proverb go? 'Crumbs today mean jam tomorrow'. Something like that, surely.
My greatest but dubious comfort is the personal guarantee from Mr F on all these loans.
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corto
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one-syllabistic
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Post by corto on Jun 24, 2022 10:12:57 GMT
got 2£ something for the last soandsomany months. Good if it starts flowing again.
I'll get a pun of strawberries and make some jam
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GreenZero
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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 Jul 1, 2022 21:57:54 GMT
The new charges for F*******r Ltd are showing on companies house There is a one pager on the new lender's website that is worth a look, especially (imo) the "What we cost" section Take the low end of the range mentioned there (12%). That means the annual interest charge on the £5.1m is at least £612k Abl says that D is an 18 - 24 month project. Use the low end of that and say that the interest charge that will accrue during the build is £1m When the project goes live, there is £6.1m to repay / refinance / do something with Abl says that D&S will be worth around £10m with £2m annual income When I did the maths, albeit on the back of a fag packet, I didn't calcualte there being much left over. Say the project completes in 2yrs and then both locations sell for 80% of their valuation, which is still on the high side. That provides in the region of £8m to repay the 2022 loan and interest circa £6.5m (the interest rate is bound to be higher than abl 13%) £250k which was deferred on D and then the fees for legal/broker/consultants etc etc... What's left needs to repay the following Abl loans with rough balances of [amounts obtained from the front page of each loan] 142 £1.1m
160 £392k
161 £490k
162 £495k
164 £500k
165 £500k
113 £1m
111 £744k
And Abl wonder why we didn't get the jubilee bunting out.
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GreenZero
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Post by GreenZero on Jul 2, 2022 8:36:01 GMT
I suspect those are the figures AF sold abl on. The margin in small, and like you say, after interest payments there isn't much left over for the running of both sites. However, we know the costs for maintenance and running of the site will be met first and then whats left over used to make loan repayments. At best S&D will only be able to meet the interest payments and not reduce any of the capital of the loans, so by he time D becomes operational the abl loans will have increased to somewhere in the region of £8.2m, up from £6.2 due to addition of the 34 missed monthly payments. So whilst the most recent addendum tries to paint a rosie picture of the Power side of the business, I'm not so sure. Then there are other forgotten about loans. 158 The very suspect loan for Cabin Stock - £333k. Supposedly a "new branch" under the name F***pod The Leisure Resort Development, up for sale somewhere, then not?  137 £500k 149 £871k 151 £222k 152 £222k 154 £226k 155 £226k The other property loans 76 £190k 87 £208k 92 £111k 99 £332k 118 £207k 119 £294k The above is only my rough notes with figures obtained from the loan front page, so not exact, plus there may be AF loans I've missed as it did become a little depressing from the realisation getting the loaned money back is pie in the sky. |
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GreenZero
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Post by GreenZero on Jul 2, 2022 9:25:54 GMT
I did wonder, even at its best, it's hardly the most attractive proposition!! which I'm sure is reflected in their interest rate, conditions and penalties. Something tells me they may not be as understanding as abl over non payments.
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blender
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Post by blender on Jul 2, 2022 22:46:11 GMT
I must differ. It is a wonderful opportunity for any institutional lender, if you consider the potential rather than the unfortunate and unjust circumstances which the borrower has experienced. And I think the SM, unreasonably suspended imo, should be restored pronto.
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blender
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Post by blender on Jul 4, 2022 11:03:20 GMT
I must differ. It is a wonderful opportunity for any institutional lender, if you consider the potential rather than the unfortunate and unjust circumstances which the borrower has experienced. And I think the SM, unreasonably suspended imo, should be restored pronto. Lifted directly from a very prominent spot on the new lender's website home page "WE FOCUS ON WHERE YOUR BUSINESS IS GOING IN THE FUTURE NOT WHERE IT'S BEEN IN THE PAST" Not lifted, never read it, it's just that great minds think alike. It is important to have some balance in the forum. I wonder if you and greenzero have any stake in Mr F's loans? If you have, this is not a private discussion from which refinancers are excluded. If you don't, please spare a thought for those of use who do and those trying to promote the loan opportunity and restore the platform. I'm not saying you are wrong.
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GreenZero
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Post by GreenZero on Jul 4, 2022 11:43:29 GMT
Lifted directly from a very prominent spot on the new lender's website home page "WE FOCUS ON WHERE YOUR BUSINESS IS GOING IN THE FUTURE NOT WHERE IT'S BEEN IN THE PAST" Not lifted, never read it, it's just that great minds think alike. It is important to have some balance in the forum. I wonder if you and greenzero have any stake in Mr F's loans? If you have, this is not a private discussion from which refinancers are excluded. If you don't, please spare a thought for those of use who do and those trying to promote the loan opportunity and restore the platform. I'm not saying you are wrong. I enjoy nothing more than totalling up loans I don't have along with reading wordy Addendums and news articles....... To scratch that itch that you seem to have, not that it is any of your business, yes, I have a stake as you call it in AF's loans. I have amounts invested in all the groups loans (c£10k) and in case you also want to know this is 99% of my abl holdings as I managed to sell all my other loans save #94. Your post implies my comments harm " those trying to promote the loan opportunity and restore the platform". If I've said anything inaccurate, malicious or misrepresented the position then please feel free to point this out, after all this is a forum. Also, should SM return then it is my intention to sell my holding even at a loss, however, I would want the purchaser of my loan parts to do this with their eyes wide open. "Sunlight is the best form of disinfectant"
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blender
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Post by blender on Jul 4, 2022 15:45:52 GMT
Ouch! My first post was rather tongue in cheek as the comment about wanting the SM restored might indicate. You have every right to post what you have and I have done some similar hoping to protect fellow lenders - Welsh pubs for example.
There used to be a joke, no longer allowed in original form, about three non-French men who were to be guillotined. The first was very brave and wished to be placed face-up to see the blade coming towards him. He stared at the blade and it stopped half way. They let him go. The second was not so brave but canny, and he did the same and again the blade stopped half way, etc. The third had seen the other two and therefore did the same and thought it would be alright. The drum rolled and he looked up and he then shouted out 'Wait a minute, I think I can see what's stopping it!'
I don't want to be man three.
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hubert
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Post by hubert on Jul 14, 2022 13:16:04 GMT
ablrate . We were getting 3 monthly reports from AF with nothing coming to fruition each time. In March this year he intimated we should not get too excited about payments restarting in April, which had previously been floated. Are we to get further reports from him ? Or has he washed his hands of us & what action are you currently taking. Please advise.
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Post by overthehill on Jul 14, 2022 20:02:37 GMT
Can ablrate fill a loan with retail lending before the AF loans are back on track ? How many new p2p lenders emerge every year from their cocoons ? I don't want to discourage lenders, I want my money back. At the moment it is like someone trying to sell you a house with an increasing number of huge mounds in the gardens and being told it's moles.
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hubert
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Post by hubert on Jul 15, 2022 15:24:23 GMT
Have posted text of FT article on 'DD' that mentions our man.
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