agent69
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Post by agent69 on Feb 27, 2015 16:11:40 GMT
11% rate, 75% LTV, second charge over 2 properties.
Yuk - hope this isn't an example of the avalanche thats heading our way.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Feb 27, 2015 16:53:44 GMT
11% rate, 75% LTV, second charge over 2 properties. Yuk - hope this isn't an example of the avalanche thats heading our way. We better get used to all sorts of loans coming through. I'd much rather have SOME choice in loans to invest rather than the recent persistent droughts. I've decided to totally ignore the car stock as 0 in my calcs on how much to set my target for after taking into account the recent plumber debacle.
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baz657
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Post by baz657 on Feb 27, 2015 16:59:37 GMT
As part of the more thorough DD I'll be doing in future on AC loans, I've found out that this one shows up as their website not working.
That's me opting out then....
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bugs4me
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Post by bugs4me on Feb 27, 2015 17:13:59 GMT
As part of the more thorough DD I'll be doing in future on AC loans, I've found out that this one shows up as their website not working. That's me opting out then.... Their website is working - go DELETED - although I'll be giving this a wide berth as IMO those stocking levels are hardly static. bugs4me: MOD: BB: Have deleted this link as identifies the borrower on public forum.
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Post by bracknellboy on Feb 27, 2015 17:15:10 GMT
Is it me, or does the security seem unclear on this one ?
Loan = £110k
under security tab:
- statement of Second charge on the two properties with free equity of £250k.
- statement of PG being unsupported to value of £110k
then the debenture.
So from that 'view' it reads as if the main security is the second charge on the properties. Fine. But that doesn't match a 75% LTV.
But then in the credit report, it talks about a PG of £110k supported by second charge on the two properties. Well that's a very different thing, since the balance of the security versus loan value is then made up by the debenture.
And then from a quick read of the report: it talks about a covenant of max LTV not to exceed 65%
I'm sure there's a good reason for my confusion.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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Post by j on Feb 27, 2015 17:16:32 GMT
As part of the more thorough DD I'll be doing in future on AC loans, I've found out that this one shows up as their website not working. That's me opting out then.... Assuming I've googled the correct company, it's worked for me. I've PMd you the website address.
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baz657
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Post by baz657 on Feb 27, 2015 17:28:29 GMT
Thanks for that@zippo. I was foolishly relying on their listing in Yell to provide the correct web address - .co.uk as opposed to .com.
I might keep delving as the potential borrower is in the same game as my company, although we test and (hopefully) fix them as opposed to selling them.
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oldgrumpy
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Post by oldgrumpy on Feb 27, 2015 17:32:08 GMT
I think that while the recent plumbing security "frailty" is in all our minds, AC are going to need to really persuade underwiters that risk is actually as stated before they throw in large wads to get auctions like this one off the ground. I can't see any u/w wanting to be lumbered with a five (or six) figure tranche which the retail investors might not even unwrap their bargepoles for.
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Post by batchoy on Feb 27, 2015 17:51:18 GMT
Only one of the directors named on the credit report appears as the sole director named on the credit safe report and it isn't the MD. The director on the Credit Safe report tallies with my credit ratings service, and the MD that appears on the credit report appears on my credit ratings service as having resigned as a director on 1st December 2014, if it is the same person they are also over state pension age.
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bugs4me
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Post by bugs4me on Feb 27, 2015 17:58:25 GMT
I'm wondering or is it confused as to how 'goodwill' could be considered as security. If the loan fails then just how would you manage to cash in that goodwill?
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Post by phlitb on Feb 27, 2015 18:02:18 GMT
A little googling turns up this:
<<MOD: BB: DELETED>> The company's status is listed as "Dissolved" and it had one director directors at the time it closed. Its founding director was Mr M***** S****. <<MOD: BB: DELETED>> does not have any subsidiaries.
I'd like to know a bit more about the circumstances of this before I would consider investing...
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Post by bracknellboy on Feb 27, 2015 18:13:54 GMT
THAT IS NOW THE SECOND TIME IN THIS THREAD THAT THE BORROWER HAS BEEN EITHER IDENTIFIED OR NEAR IDENTIFIED. WHY THE SUDDEN OUTBREAK ? PLEASE REFRAIN.
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oldgrumpy
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Post by oldgrumpy on Feb 27, 2015 18:17:09 GMT
I suddenly saw Mr Bercow's face and heard his voice bellowing at me as I read that.  |
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baldpate
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Post by baldpate on Feb 27, 2015 18:26:29 GMT
.... Fine. But that doesn't match a 75% LTV. .... I believe the LTV of 75% has to be worked out by allowing for the prior charges on the two properties, as well as the proposed 2nd charges to AC. So ... Total loan amount = £110K (by Assetz) + £520K (£400K + £120K, by 1st charge holders) = £630K Total security value = £770K (from two properties, valued £500K + £270K) + £70K (debenture) = £840K LTV = £630K / £840K = 75% Does that answer part of the riddle, or am I teaching grannie to suck eggs  ?
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Post by lynnanthony on Feb 27, 2015 20:20:59 GMT
A little googling turns up this: <<MOD: BB: DELETED>> The company's status is listed as "Dissolved" and it had one director directors at the time it closed. Its founding director was Mr M***** S****. <<MOD: BB: DELETED>> does not have any subsidiaries.
I'd like to know a bit more about the circumstances of this before I would consider investing... Umm ... are you seeing a dissolved company with a very similar name to the current one but words in a different order? Same director.
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