dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Oct 21, 2021 11:04:59 GMT
Borrower Sector: Property Development.
Loan Amount: up to £1,000,000.
Term: 25 months (12 months minimum term).
Rate: 13% - Interest Only. ect.
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woodie
Member of DD Central
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Post by woodie on Oct 21, 2021 11:42:48 GMT
Just watched the video on Martello Park. Haven't laughed so much in ages.
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Post by overthehill on Oct 21, 2021 11:59:27 GMT
Just watched the video on Martello Park. Haven't laughed so much in ages.
About what ? I'm always happy when the GDV goes up.
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ptr120
Member of DD Central
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Post by ptr120 on Oct 21, 2021 12:07:16 GMT
I wonder who's media studies student daughter is the presenter?
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on Oct 21, 2021 13:11:45 GMT
Borrower Sector: Property Development. Loan Amount: up to £1,000,000. Term: 25 months (12 months minimum term). Rate: 13% - Interest Only. ect. Something sub-par with this loan? Only £167k has been lent as of now (14:12). These type of loans used to rush out of the door on AblRate. I thought the loan looked great. P1 are one of the very few remaining multi-loan borrowers on Ablrate or other platforms I lend through that have proven to be trustworthy and reliable with making payments (famous last words, so I must add the word... thusfar!)
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Post by westcountry on Oct 21, 2021 13:32:08 GMT
Borrower Sector: Property Development. Loan Amount: up to £1,000,000. Term: 25 months (12 months minimum term). Rate: 13% - Interest Only. ect. Something sub-par with this loan? Only £167k has been lent as of now (14:12). These type of loans used to rush out of the door on AblRate. I thought the loan looked great. P1 are one of the very few remaining multi-loan borrowers on Ablrate or other platforms I lend through that have proven to be trustworthy and reliable with making payments (famous last words, so I must add the word... thusfar!) This loan looks good to me, too, but I don't think it's the loan or the borrower that is the problem - rather the platform that people have lost confidence in.
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TitoPuente
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Post by TitoPuente on Oct 21, 2021 13:57:42 GMT
Something sub-par with this loan? Loan to GDV of 80%
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GreenZero
Member of DD Central
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 Oct 21, 2021 14:29:55 GMT
I tend to agree with westcountry. With none of the AF loans repaying and the AC loans being restructured again, I think has resulted in a reluctance by some to incease their investment in the platform at the moment. Personally, there is still a bitter taste left from 165.
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dave4
Member of DD Central
Cynical is a hobby not a lifestyle
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Post by dave4 on Oct 21, 2021 14:40:32 GMT
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dh1
Member of DD Central
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Post by dh1 on Oct 21, 2021 15:49:47 GMT
I suspect most people were at their Ablrate platform limit before the recent shenanigans; now they don't have any income from a good number of loans and can't sell them. They also can't sell their other loans at par - most are trading at a discount and volumes seem low. Link all that with Ablrate's rather poor (ie very slow) loan default sorting out record along with the failure to arrange draw down of funded loans and voila; you have the perfect storm.
There aren't many lenders going to risk putting further money in at the moment.
Looking to the future, I wonder when the AF loans will start paying again (if they do)? That's crucial. I'm guessing that the odd one or two will start up again in 3 months or so; the remainder may follow in bits over the next 9 months... Pure speculation on my part of course.
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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 Oct 21, 2021 15:58:24 GMT
I wonder who's media studies student daughter is the presenter? Ouch, she got many years experience as a voice over artist and corporate/property video/TV presenter. Apparently she has aspirations to be a weather presenter judging by all those arm movements and probably likes rolling skating given all the spins. No idea if she heralds from George Clooney's favourite bread dynasty
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criston
Member of DD Central
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Post by criston on Oct 21, 2021 17:57:22 GMT
Facts & Figures for my records.
Land value £1.7m.
First Charge ££4.8m, 66% of GDV £7.2m. Paid in tranches as work progresses.
Ablrate 2nd charge loan of £1m Starts at 60% LTV, but ranks before Pea One £700k. (It is the equivalent of 1st charge at this point)
Ablrate 2nd charge loan Ends at 80% GDV, still ranking before Pea One £700k
Pea One - standing £700k first loss. Their original loan of £1.7m funded land acquisition.
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Post by Ace on Oct 29, 2021 13:34:48 GMT
This one just jumped to exactly 50% funded, the minimum required for it to progress.
Is this a pure coincidence or a new way of dealing with underwriters?
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blender
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Post by blender on Oct 29, 2021 14:22:18 GMT
I would like to bid on this, but I don't invest through illiquid platforms and only two of my loans are currently paying. A third has now had my cash held awaiting drawdown for two months (on Monday coming).
So where it says 'Next payment date:' it would be more accurate to say 'Next non-payment date:'. Enter the Red Sea of Blobs and hope Moses is on your side.
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criston
Member of DD Central
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Post by criston on Nov 13, 2021 17:44:47 GMT
This one just jumped to exactly 50% funded, the minimum required for it to progress. Is this a pure coincidence or a new way of dealing with underwriters? I note this one quoted a minimum of £500k almost suggesting underwriters are not required if £1m is not reached. We shall see with 8 days remaining. With maximum funding of £1m, the figures throw up an unusual structure where the loan starts at 60% LTV, equivalent to 1st charge; & ends at 80% GDV 2nd charge. If it closes at somewhat lower than £1m funded, say £700k without underwriters, the security would look reasonable for 13% interest. AF loans remain the 'fly in the ointment' or should that be 'Elephant in the room'.
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