Update - Containers, ATR and General
Jun 29, 2015 17:24:20 GMT
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james, blender, and 1 more like this
Post by ablrateandy on Jun 29, 2015 17:24:20 GMT
Hi All
Just a quick note to update you on progress at Ablrate. We have a number of bug fixes that will be uploaded to the platform this week. These will take care of email issues where some emails are being sent out incorrectly in the Secondary Market and we will also be fixing the display of interest. The financial statements are correct but the interest shown on the dashboard will be changed, we know the issue and are working to get that displaying correctly.
Containers Loan
That is being completed now. The specific draw down date was set in the system for the 8th of July, so you will see that your 'Next Repayment' will say the 8th of August' as if the loan was drawn down on the 8th July. It was an error on my part, but highlighted a change needed on the system which we have now fixed.
To compensate for any drag on your performance we will credit each account with the interest from the day you bid until the 8th July, as if the loan carried Instant Returns. You will see this on your statement as a correction and it will be credited in the next couple of days. The loan itself will not be able to trade until the 8th on the Secondary Market. I apologise for my error, we could have hard coded a change but we did not want to be changing coding that could have affected other parts of the platform, the bug however is fixed going forward.
ATR Loan
This has been with underwriters and we will have an update this week, extra Instant Return will be paid on drawn down and you will be able to trade the loan on the Secondary Market when this closes.
New Loans
We have been busy loading some large aircraft loans onto the Scheduled Loans system and hope to be able to release some of these for investors to lend to when underwriters have reviewed. We were also in the process of completing a capital equipment loan, but the company bought the supplier (so the credit was very good!) so we had to suspend this one from being listed, it may be coming back as a sale and leaseback under the same terms, we will keep you up to date.
There is a government backed transaction coming within the next week, we have a basket of property loans coming and we are finalising a commercial marine vessel which has bank finance involved and the company is looking to borrow the mezzanine level. Our scheduled loan system is being well received by borrowers and will help greatly with the pipeline of transactions which should begin flowing steadily to the platform over the coming weeks.
Thanks for all your feedback on the new platform, we have traded a lot more than we anticipated on the Secondary Market which is proving to be very popular, with spreads on loans being tightened which is what we aimed for, so thanks for your support there also.
I look forward to giving you have further updates shortly, including some announcements we have been working towards.
Regards
Just a quick note to update you on progress at Ablrate. We have a number of bug fixes that will be uploaded to the platform this week. These will take care of email issues where some emails are being sent out incorrectly in the Secondary Market and we will also be fixing the display of interest. The financial statements are correct but the interest shown on the dashboard will be changed, we know the issue and are working to get that displaying correctly.
Containers Loan
That is being completed now. The specific draw down date was set in the system for the 8th of July, so you will see that your 'Next Repayment' will say the 8th of August' as if the loan was drawn down on the 8th July. It was an error on my part, but highlighted a change needed on the system which we have now fixed.
To compensate for any drag on your performance we will credit each account with the interest from the day you bid until the 8th July, as if the loan carried Instant Returns. You will see this on your statement as a correction and it will be credited in the next couple of days. The loan itself will not be able to trade until the 8th on the Secondary Market. I apologise for my error, we could have hard coded a change but we did not want to be changing coding that could have affected other parts of the platform, the bug however is fixed going forward.
ATR Loan
This has been with underwriters and we will have an update this week, extra Instant Return will be paid on drawn down and you will be able to trade the loan on the Secondary Market when this closes.
New Loans
We have been busy loading some large aircraft loans onto the Scheduled Loans system and hope to be able to release some of these for investors to lend to when underwriters have reviewed. We were also in the process of completing a capital equipment loan, but the company bought the supplier (so the credit was very good!) so we had to suspend this one from being listed, it may be coming back as a sale and leaseback under the same terms, we will keep you up to date.
There is a government backed transaction coming within the next week, we have a basket of property loans coming and we are finalising a commercial marine vessel which has bank finance involved and the company is looking to borrow the mezzanine level. Our scheduled loan system is being well received by borrowers and will help greatly with the pipeline of transactions which should begin flowing steadily to the platform over the coming weeks.
Thanks for all your feedback on the new platform, we have traded a lot more than we anticipated on the Secondary Market which is proving to be very popular, with spreads on loans being tightened which is what we aimed for, so thanks for your support there also.
I look forward to giving you have further updates shortly, including some announcements we have been working towards.
Regards