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Post by davidspindle on Nov 30, 2023 19:38:30 GMT
This loan is due for repayment of the principal on 29 December. Interest has been paid, although sometimes late, up to now. Does anyone have any information on the state of competion, sale or letting of the apartments?
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Post by Ace on Nov 30, 2023 20:52:32 GMT
4 of the 14 apartments are reserved/sold according to Zoopla, but only seem to have 8 for sale.
They should easily be able to arrange a development exit loan at a cheaper rate that they are paying ABLrate, now that they are complete / nearly complete. I'm hopeful of being repaid on time, but not too bothered if it takes longer given the strength of the security in its current state.
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Post by davidspindle on Dec 18, 2023 14:57:44 GMT
LENDER UPDATE 18 DEC 23: Ablate lenders provided finance to support a development of 14 high quality one and two bed apartments at Chewton Farm Road, Highcliffe, Christchurch. The Ablrate loan is due to be settled at the end of December, however P1 has asked for a three-month extension to the end of March 2024.
Practical completion of the apartments is expected for the end of December. Of the 14 apartments, three have been sold and one is reserved. The underlying developer, Fortitudo, has secured heads of terms for a refinance. This route will be pursued further as a back-up if the level of sales in the first few months of 2024 does not allow for a full redemption.
Lenders will receive this month’s interest payment on 29th December as scheduled. In addition, P1 will pay the next three months interest (covering the period to 29th March 2024) in advance, and this will be also paid out on 29th December. The settlement date will then be extended to 29th March 2024.
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keitha
Member of DD Central
2024, hopefully the year I get out of P2P
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Post by keitha on Dec 23, 2023 11:39:58 GMT
I am wondering if ablrate will be able to deliver on its commitment to pay four months of interest to lenders on 171 on 29 Dec 2023. Not because the borrower won't deliver on its side of the agreement, but because the appointment of an administrator might prevent the payout from being made. Even if it is made, I would expect the administrator to have a look at it given the date of the payment in relation to the start of the administration. from experience of things going pop, that money will be in ABL accounts right now ( unless it was spirited away before the administration ) however Administrators legally have to pay debts in a specific order, and interest payments to lenders isn't high up on that list.
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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 Dec 23, 2023 12:25:38 GMT
Let's not set hares running before the admin starts.
The loans & interest are trust assets, Ablrate hasn't claim on them & has to account for all payments as agent.
There is a considerable body of material now on the conduct of administration of P2P platforms, including Court rulings, by which the process should be guided.
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Post by Ace on Dec 29, 2023 13:39:11 GMT
Full interest has been paid up to end March 2024.
I've requested a withdrawal, but the withdrawal confirmation states:
"The processing of withdrawals is currently suspended pending the appointment of administrators, expected mid January 2024. Once your withdrawal has been processed, you will receive an email notification accordingly confirming our action."
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Post by scepticalinvestor on Dec 29, 2023 14:43:02 GMT
Full interest has been paid up to end March 2024. I've requested a withdrawal, but the withdrawal confirmation states: "The processing of withdrawals is currently suspended pending the appointment of administrators, expected mid January 2024. Once your withdrawal has been processed, you will receive an email notification accordingly confirming our action." I wonder if DBW's cut pertaining to this payment is also 'suspended' or already safely lodged in his (offshore?) bank account...
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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 Dec 29, 2023 16:25:57 GMT
Full interest has been paid up to end March 2024. I've requested a withdrawal, but the withdrawal confirmation states: "The processing of withdrawals is currently suspended pending the appointment of administrators, expected mid January 2024. Once your withdrawal has been processed, you will receive an email notification accordingly confirming our action." I wonder if DBW's cut pertaining to this payment is also 'suspended' or already safely lodged in his (offshore?) bank account... The cut going into Abrate's "cupboard" should hopefully now be in the control of the administrators... Although, I'm sure they've having the same experience as "Old Mother Hubbard" did when she looked in there to give the poor old dog a bone.
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Post by investor1925 on Feb 13, 2024 9:58:54 GMT
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