dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Sept 24, 2021 9:25:31 GMT
Loan Launch: 11am – 27th September 2021 (READ ONLY).
Loan Live: 2pm – 27th September 2021.
Initial Bid Limit: £5,000.
Bid Limits Removed: 4pm - 27th September 2021.
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Post by Badly Drawn Stickman on Sept 26, 2021 20:26:01 GMT
I have absolutely no idea how this one will fare.
Will it be 'If not sure, add some more' or 'If in doubt keep it out'.
Certainly no clues from the secondary market, but no surprise there guess nobody has much to sell down currently.
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Post by ladywhitenap on Sept 27, 2021 10:28:35 GMT
At first sight this one seems positive. The LTV is at least based on current values rather than GDV PeeOne will have some skin in the game and to date their management of projects has been tight - even paying up early. Negative side is that we would be a second charge. I'm not putting in any new money but it could be a good home for recently accrued interest/repayments.
LW
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 27, 2021 13:04:00 GMT
At first sight this one seems positive. The LTV is at least based on current values rather than GDV PeeOne will have some skin in the game and to date their management of projects has been tight - even paying up early. Negative side is that we would be a second charge. I'm not putting in any new money but it could be a good home for recently accrued interest/repayments. LW Seems a very marginal proposition currently. The LTV is over 100% currently and is only covered on the basis of the planning uplift but that is conditional on all 4 applications being approved. ablrate the valuation contains some clear personal information which probably should have been redacted by the valuer under GDPR
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Post by Ace on Sept 27, 2021 13:18:38 GMT
Not exactly flying off the shelves. Looks like there will be scope for seconds at 4 o'clock for those with deep pockets.
I'm in for a token amount plus recycled repayments.
I note that ABLrate's fees are a lot lower than normal on this one.
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criston
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Post by criston on Sept 27, 2021 14:45:30 GMT
The facts & figures for my records.
Existing value £700k or £770k with planning. Conversion cost £883k. GDV £2250k. Ist charge currently £490k, eventually £1.39m totalling 62% GDV. Ablrate 2nd Charge starts at 62% GDV & goes up to 73.5% GDV. £800k provided to purchase property includes £310k from PeaI of which Ablrate portion is £265k. PeaI takes first £45k loss before Ablrate loss. The further £900 from Ist Charge holder is paid in tranches as work proceeds & is part of the 1st charge. Initial LTV -5% before planning to +5% after planning. Due to initial reduction in value, because of ongoing partial conversion works & allowing for a number of tranches totalling £900k of 1st charge drawdowns, the loan would probably stay above 100% LTV until the latter stages of conversion. No risk to borrower.
Prefer the risk to 166. Not keen but have had a nibble.
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Post by df on Sept 27, 2021 20:44:42 GMT
Not exactly flying off the shelves. Looks like there will be scope for seconds at 4 o'clock for those with deep pockets. I'm in for a token amount plus recycled repayments. I note that ABLrate's fees are a lot lower than normal on this one. My returns since the previous loan (LXB) were very little so I added a little bit of new money, but still very little investment in this loan. Pea One has been a good borrower so far, but so were some other borrowers... Security for this loan seems to be close to none, can't rely on SM and I'm not keen on breaking my diversification rules on ABL anymore.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Sept 27, 2021 21:41:48 GMT
Its Quite astonishing how 1 loan can affect a hole platform.
Had a nibble, Not to impressed with this loan security ect. but as returns ££ are diminished also added a little to the platform (mainly because of abl For, and P1 performance to date (just hope im not about to have my pants pulled down)).
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Post by df on Sept 27, 2021 22:01:46 GMT
Its Quite astonishing how 1 loan can affect a hole platform. Had a nibble, Not to impressed with this loan security ect. but as returns ££ are diminished also added a little to the platform (mainly because of abl For, and P1 performance to date (just hope im not about to have my pants pulled down)). The proportion of MrF loans on ABL is high so no surprise there.
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p2pfan
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Full-Time Investor
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Post by p2pfan on Sept 28, 2021 0:32:03 GMT
Its Quite astonishing how 1 loan can affect a hole platform. Had a nibble, Not to impressed with this loan security ect. but as returns ££ are diminished also added a little to the platform (mainly because of abl For, and P1 performance to date (just hope im not about to have my pants pulled down)). True thing, my faith in Ablrate has been shattered with what happened recently with Mr F's loans. But it's not only because of us being misled over Mr F's borrowings, but one loan after another on Ablrate being problematic month-in month-out e.g. the Vul*** loans. With the very large ratio of loans that end up not paying on time or defaulting on their monthly interest payments or not paying capital back when they said they would, the platform has proven beyond all reasonable doubt that it doesn't particularly care about whether borrowers pay on time or not, and bends over backwards to suck up to them while believing we lenders have 'MUG' lipsticked on our foreheads. Therefore not surprised this loan has not been filled, even though it's a relatively small one at £310k.
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criston
Member of DD Central
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Post by criston on Sept 28, 2021 13:02:00 GMT
£185k gone in 24 hours & without any income from AF.
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Post by Badly Drawn Stickman on Sept 28, 2021 17:04:07 GMT
£185k gone in 24 hours & without any income from AF. I would imagine the platform is fairly content with the loans progress. Clearly there are still people willing and able to invest in new loans despite what must currently be close to half of usual returns not being paid and as yet no solution in place. I suspect 169 may find the going somewhat more difficult, arguably it lacks the track record of the links this one has and looks a little like it could solve the traditional bird shortage at Christmas.
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blender
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Post by blender on Sept 28, 2021 17:39:35 GMT
£185k gone in 24 hours & without any income from AF. I would imagine the platform is fairly content with the loans progress. Clearly there are still people willing and able to invest in new loans despite what must currently be close to half of usual returns not being paid and as yet no solution in place. I suspect 169 may find the going somewhat more difficult, arguably it lacks the track record of the links this one has and looks a little like it could solve the traditional bird shortage at Christmas. The traditional bird? Do you mean that it's goose is cooked?
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Post by Badly Drawn Stickman on Sept 28, 2021 17:55:28 GMT
I would imagine the platform is fairly content with the loans progress. Clearly there are still people willing and able to invest in new loans despite what must currently be close to half of usual returns not being paid and as yet no solution in place. I suspect 169 may find the going somewhat more difficult, arguably it lacks the track record of the links this one has and looks a little like it could solve the traditional bird shortage at Christmas. The traditional bird? Do you mean that it's goose is cooked? More half baked, however clearly I meant the more 'modern' traditional Christmas bird, that is also the name of a Country. (that seems safe)
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blender
Member of DD Central
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Post by blender on Sept 28, 2021 21:53:46 GMT
The traditional bird? Do you mean that it's goose is cooked? More half baked, however clearly I meant the more 'modern' traditional Christmas bird, that is also the name of a Country. (that seems safe) Aha! You must mean the Norwegian Blue. Lovely plumage, but the meat is rather stiff. No shortage of those this Xmas.
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