hubert
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Post by hubert on Apr 21, 2022 15:16:14 GMT
MT's last throw of the dice failure, may have been partly due to a lack of trust; but the loan was dodgy, pulled to pieces by potential lenders & failed miserably. Think it was pulled. 'P One' is reliable, but the fees from this loan, judging by previous loans with 'P One' will be negligible. If the fees are similar, say £1500 up front & £5000 total from monthly fees over a 6 months period. That assumes full take up.I make it £15,000 up front and £10,000 monthly fees over 6 months. Agreed 150 was 3% & 0.333% monthly But the latest 171 was £1500 & 0.167% Monthly
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r1200gs
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Post by r1200gs on Apr 21, 2022 18:13:41 GMT
I have around £20,000 on this platform and for years, not ONE loan has paid interest as required and then closed with full repayment. The next step for this platform is obvious and inevitable. And like my 5 percent LTV loan on another platform, do not expect security to protect you once the administrators get involved. First the coms stop, the rest comes later. Only an idiot would throw good money after bad.
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Post by df on Apr 21, 2022 21:21:48 GMT
Keeping it as professional as i can be..... Friday 22 April 2022 - Loan Launch Details: Borrower Sector: Property Development. Loan Amount: up to £500,000. Term: 5 months (3 months minimum term). Rate: 14% - Interest Only. Security: Debenture, Corporate Guarantee, Security Assignment ranked behind existing Ablrate loan. Instant Returns: Enabled. Loan Launch: 11am – 22 April 2022 (READ ONLY). Loan Live: 2pm – 22 April 2022. "This new loan will rank behind the existing Ablrate loan" - reminds me of Ly, Col and FS "top ups".
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agent69
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Post by agent69 on Apr 22, 2022 7:38:22 GMT
Keeping it as professional as i can be..... Friday 22 April 2022 - Loan Launch Details: Borrower Sector: Property Development. Loan Amount: up to £500,000. Term: 5 months (3 months minimum term). Rate: 14% - Interest Only. Security: Debenture, Corporate Guarantee, Security Assignment ranked behind existing Ablrate loan. Instant Returns: Enabled. Loan Launch: 11am – 22 April 2022 (READ ONLY). Loan Live: 2pm – 22 April 2022. "This new loan will rank behind the existing Ablrate loan" - reminds me of Ly, Col and FS "top ups".Reminds me of the South Coast Plumbing man on AC.
Tranche 2 loan for £780k managed 2 interest payments about 7 years ago and then it went pop. 9 months ago AC confirmed "One of the system developments that we intended to program is a process to write off and remove irrecoverable loans on the website. As soon as the process is available, we will write off and remove this loan"
Still waiting.
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Post by Ace on Apr 22, 2022 10:18:17 GMT
I make it £15,000 up front and £10,000 monthly fees over 6 months. Agreed 150 was 3% & 0.333% monthly But the latest 171 was £1500 & 0.167% Monthly I stand corrected. The fees are in line with #171. It looks like an attractive loan to me. I'm in.
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 22, 2022 11:02:25 GMT
Agreed 150 was 3% & 0.333% monthly But the latest 171 was £1500 & 0.167% Monthly I stand corrected. The fees are in line with #171. It looks like an attractive loan to me. I'm in. I don't disagree, but for me it's more a platform issue than an individual loan's attractiveness. We've all seen how attractive any loan can look once the vultures start to gather.
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blender
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Post by blender on Apr 22, 2022 12:23:13 GMT
There should be bid limits to give a chance to those not there when it opens for bids!
More seriously though, it is good to see that Ablrate has not given up. It has always been about more than just the money with this platform. There has been a real commitment to p2p and we can be sure that Ablrate will hang in there, and not sell up or wind up, until it is unavoidable - which I hope does not happen. A short loan with a good rate and a sound borrower is a credible way of buying time to resolve the big issues. Sorry I can't help - too much with Mr F.
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on Apr 22, 2022 12:39:43 GMT
There should be bid limits to give a chance to those not there when it opens for bids! More seriously though, it is good to see that Ablrate has not given up. It has always been about more than just the money with this platform. There has been a real commitment to p2p and we can be sure that Ablrate will hang in there, and not sell up or wind up, until it is unavoidable - which I hope does not happen. A short loan with a good rate and a sound borrower is a credible way of buying time to resolve the big issues. Sorry I can't help - too much with Mr F. My 2 pence worth.. What he "said"..
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Post by ladywhitenap on Apr 22, 2022 14:14:30 GMT
Still an appetite out there. 40% went in first 4 minutes and best part of 60% gone in an hour or so. .5% for me LW
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hubert
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Post by hubert on Apr 22, 2022 14:44:12 GMT
Agreed 150 was 3% & 0.333% monthly But the latest 171 was £1500 & 0.167% Monthly I stand corrected. The fees are in line with #171. It looks like an attractive loan to me. I'm in. I reckon 'P One' negotiate a share or the profits with the builder, who in turn pass a proportion of it on to Ablrate. Is £1500 even enough to cover the legals ?
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175 (ABL)
Apr 23, 2022 15:07:48 GMT
via mobile
Post by muttley916 on Apr 23, 2022 15:07:48 GMT
Funny how an update appears whilst abl are cap in hand for more money.
Look forward to the further updates as promised.
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hubert
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Post by hubert on Apr 23, 2022 15:14:18 GMT
Would be good to see Ablrate up & running again. Must be getting all the update good news tomorrow, advising us where all the reinvestment funds will be coming from. We also need a secondary market. Two days out. Not particularly good news though.
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Post by brummiefred on Apr 24, 2022 10:57:14 GMT
Now 88% funded
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jo
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Post by jo on Apr 24, 2022 14:18:35 GMT
Reminds me of the South Coast Plumbing man on AC.
Tranche 2 loan for £780k managed 2 interest payments about 7 years ago and then it went pop. 9 months ago AC confirmed "One of the system developments that we intended to program is a process to write off and remove irrecoverable loans on the website. As soon as the process is available, we will write off and remove this loan"
Still waiting.
The fact that even basket case platforms were able to remove loans - and how easy, coding wise, it would be to do - just illustrates the fact that AC has no intention of ever doing it. Why they maintain the fiction is a different discussion.
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blueblazer
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Post by blueblazer on Apr 25, 2022 10:18:53 GMT
Now at 96% funded and with the admin note that the last apartment has been reserved, should fill up.
Edit to add: Now all gone.
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