dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on May 18, 2022 16:40:38 GMT
P1 Borrower Sector: Property
Loan Amount: £500,000
Term: 4 months (3 months minimum term)
Rate: 13% - Interest Only
Security: Debenture, Corporate Guarantee, Security Assignment.
Instant Returns: Enabled
Loan Launch: 11am – 20th May 2022 (READ ONLY)
Loan Live: 2pm – 20th May 2022
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IFISAcava
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Post by IFISAcava on May 18, 2022 16:57:53 GMT
P1 Borrower Sector: Property Loan Amount: £500,000 Term: 4 months (3 months minimum term) Rate: 13% - Interest Only Security: Debenture, Corporate Guarantee, Security Assignment. Instant Returns: Enabled Loan Launch: 11am – 20th May 2022 (READ ONLY) Loan Live: 2pm – 20th May 2022 But no secondary market
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zuluwarrior
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chap from Newcastle, dabbling here and there. Long-time lurker of the forums
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Post by zuluwarrior on May 18, 2022 17:21:13 GMT
P1 Borrower Sector: Property Loan Amount: £500,000 Term: 4 months (3 months minimum term) Rate: 13% - Interest Only Security: Debenture, Corporate Guarantee, Security Assignment. Instant Returns: Enabled Loan Launch: 11am – 20th May 2022 (READ ONLY) Loan Live: 2pm – 20th May 2022 But no secondary market I'm guessing because its a short-term loan so would be little point in allowing a secondary market
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dave4
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Cynical is a hobby not a lifestyle
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Post by dave4 on May 18, 2022 18:21:42 GMT
I'm guessing because its a short-term loan so would be little point in allowing a secondary market Abl Secondary market is currently suspended/ closed.
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dh1
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Post by dh1 on May 18, 2022 18:22:01 GMT
I'm being a little slow today but given:
(a) the fact that most(?) Abl loans are well and truly defaulted; and (b) the absence of any actual money being returned to lenders in respect of (any?) defaulted loans and (c) the pretty complete silence (except "we're working on it") on recovery from Abl and (d) the absence of a secondary market why would anybody invest in this or any Abl loan?
This contrasts with the earlier P1 loan which lots of people quickly invested in.
Anyone spot anything contradictory here?
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Post by df on May 18, 2022 18:28:38 GMT
I'm guessing because its a short-term loan so would be little point in allowing a secondary market The secondary market is closed for all loans, not just for this one. I think the point was - some investors (incl. myself) don't want to invest in new loans until SM is back.
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zuluwarrior
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chap from Newcastle, dabbling here and there. Long-time lurker of the forums
Posts: 78
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Post by zuluwarrior on May 18, 2022 19:17:34 GMT
I'm guessing because its a short-term loan so would be little point in allowing a secondary market The secondary market is closed for all loans, not just for this one. I think the point was - some investors (incl. myself) don't want to invest in new loans until SM is back. Ah got you, sorry my error, I've never personally used a secondary market on any site. I compare it to when you're in a traffic jam on the motorway, you can jump into another lane thats moving but inevitably if you had stayed where you were, you'd make more progress. Stupid analogy but I don't like to jump ship on a loan. Particularly on something as short term as this one. Understandable on a 18-24month project though.
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Post by Ace on May 18, 2022 20:03:04 GMT
I'm being a little slow today but given:
(a) the fact that most(?) Abl loans are well and truly defaulted; and (b) the absence of any actual money being returned to lenders in respect of (any?) defaulted loans and (c) the pretty complete silence (except "we're working on it") on recovery from Abl and (d) the absence of a secondary market why would anybody invest in this or any Abl loan?
This contrasts with the earlier P1 loan which lots of people quickly invested in.
Anyone spot anything contradictory here?
The last loan to the same borrower and of the same size filled very quickly less than a month ago while those same conditions existed.
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Post by df on May 18, 2022 20:21:59 GMT
The secondary market is closed for all loans, not just for this one. I think the point was - some investors (incl. myself) don't want to invest in new loans until SM is back. Ah got you, sorry my error, I've never personally used a secondary market on any site. I compare it to when you're in a traffic jam on the motorway, you can jump into another lane thats moving but inevitably if you had stayed where you were, you'd make more progress. Stupid analogy but I don't like to wait out a loan. Particularly on something as short term as this one. Understandable on a 18-24month project though. Some of the projects are already over 6 years and the proposed end dates are extended until Q3 of 2025. At least for me, functional SM is imperative for investing through ABL. I'm happy investing through "SMless" platforms (e.g. Unbolted) where the security against the loans is sound, but for ABL's type I need a prospect of liquidity. On the motorway traffic jam subject. It's true, jumping from lane to lane doesn't get you there any quicker. The only thing they achieve is making the traffic even slower for everyone .
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Post by df on May 18, 2022 20:39:13 GMT
I'm being a little slow today but given:
(a) the fact that most(?) Abl loans are well and truly defaulted; and (b) the absence of any actual money being returned to lenders in respect of (any?) defaulted loans and (c) the pretty complete silence (except "we're working on it") on recovery from Abl and (d) the absence of a secondary market why would anybody invest in this or any Abl loan?
This contrasts with the earlier P1 loan which lots of people quickly invested in.
Anyone spot anything contradictory here?
The last loan to the same borrower and of the same size filled very quickly less than a month ago while those same conditions existed. It will be interesting to see if the trend continues. I won't participate, but will be happy for ABL if 176 fills. Very difficult time for ABL.
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Post by overthehill on May 18, 2022 20:52:22 GMT
I'm being a little slow today but given:
(a) the fact that most(?) Abl loans are well and truly defaulted; and (b) the absence of any actual money being returned to lenders in respect of (any?) defaulted loans and (c) the pretty complete silence (except "we're working on it") on recovery from Abl and (d) the absence of a secondary market why would anybody invest in this or any Abl loan?
This contrasts with the earlier P1 loan which lots of people quickly invested in.
Anyone spot anything contradictory here?
Property loans are a better bet than the business loans for the brave. If abl going under the current mess will feel like a free picnic compared to the ensuing administration.
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p2pfan
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Full-Time Investor
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Post by p2pfan on May 19, 2022 11:45:08 GMT
I believe P1 is the last remaining major portfolio borrower on Ablrate to not be in default. They have been generally reliable thusfar and that gives one confidence. However, I had the very same impression of AF and look where that left us.
The securities on this loan don't look particularly solid and there is no reference to a legal charge. Therefore, as commented above, if this goes wrong it will become very messy and we'll still be moaning on these forums in 2026 that we haven't got our capital back.
Alongside P1's impressive track-record thus far, what obviously attracts me is this one of the few loans on any P2P platforms that states it will pay more than the real rate of inflation.
What do you think are the risks of P1 doing an AF?
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Post by Ace on May 19, 2022 12:02:15 GMT
I believe P1 is the last remaining major portfolio borrower on Ablrate to not be in default. They have been generally reliable thusfar and that gives one confidence. However, I had the very same impression of AF and look where that left us. The securities on this loan don't look particularly solid and there is no reference to a legal charge. Therefore, as commented above, if this goes wrong it will become very messy and we'll still be moaning on these forums in 2026 that we haven't got our capital back. Alongside P1's impressive track-record thus far, what obviously attracts me is this one of the few loans on any P2P platforms that states it will pay more than the real rate of inflation. What do you think are the risks of P1 doing an AF? We need to wait for the details tomorrow, but the previous loans from this borrower have come with 2nd charges, including additional 2nd charges on make-weight developments. I'm hoping the outline email has just been clumsily worded.
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Post by Badly Drawn Stickman on May 19, 2022 12:06:35 GMT
I believe P1 is the last remaining major portfolio borrower on Ablrate to not be in default. They have been generally reliable thusfar and that gives one confidence. However, I had the very same impression of AF and look where that left us. The securities on this loan don't look particularly solid and there is no reference to a legal charge. Therefore, as commented above, if this goes wrong it will become very messy and we'll still be moaning on these forums in 2026 that we haven't got our capital back. Alongside P1's impressive track-record thus far, what obviously attracts me is this one of the few loans on any P2P platforms that states it will pay more than the real rate of inflation. What do you think are the risks of P1 doing an AF? P1 seems to be constantly trying to fill £500k holes somewhere or other. What this particular plug is replacing must in some way be less profitable than where what it is replacing is going. I am more than a little undecided if I will take the plunge given that and the obvious other shortcoming on most loans currently. I hope and expect the loan to fill. I think new loans is the key to platform survival which gives the best chance of a happy ending. I am inclined to put some idle funds on standby and decide about 2 o'clock tomorrow how adventurous i feel. A working secondary market would clearly make the decision easier.
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Post by Badly Drawn Stickman on May 20, 2022 9:34:24 GMT
I am puzzled by the 'marketing' strategy prior to launching this loan.
First I get a string of email updates about the power loans, which all seemed a bit like promises I had heard quite often before.
Then today I get three identical updates telling me 129 is a bit poorly.
The gym loan that has been limping along for a while is now several days late and deemed unworthy of note.
I think my 'War chest' for this loan may be returned to calmer waters.
I will watch with interest instead....
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