webwiz
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Post by webwiz on Aug 14, 2015 10:36:45 GMT
What's happening with this? AFAICS it is only 10% full after 4 months but they are paying instant returns? Am I right?
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locutus
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Post by locutus on Aug 14, 2015 11:28:00 GMT
I don't know why they didn't open it back up for investment so that the amount they needed underwriting was reduced. It would be nice to get an update as things have gone quiet on Ablrate and we were led to believe there would be a good flow of aircraft deals.
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blender
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Post by blender on Aug 14, 2015 12:05:12 GMT
How could it be re-opened when there is no viable loan opportunity agreed? That would be a false prospectus imo. More options open up if and when the necessary underwriting is in place, including starting afresh.
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ilmoro
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Post by ilmoro on Aug 14, 2015 12:26:27 GMT
How could it be re-opened when there is no viable loan opportunity agreed? That would be a false prospectus imo. More options open up if and when the necessary underwriting is in place, including starting afresh. Nothing has changed in that respect. Its still the same proposition as when it launched, wasnt underwritten then either.
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blender
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Post by blender on Aug 14, 2015 14:19:34 GMT
How could it be re-opened when there is no viable loan opportunity agreed? That would be a false prospectus imo. More options open up if and when the necessary underwriting is in place, including starting afresh. Nothing has changed in that respect. Its still the same proposition as when it launched, wasnt underwritten then either. Hmmmm. When it was launched presumably it was believed that any underwriting, if required, would be available. It has been known since the start of May that underwriting was required and in over three months it has not been found. I would consider that a different position. Of course we all hope and expect that underwriting for the aircraft programme will be found, because it will be a valuable addition to the range of P2P assets. But to reopen without seeing and disposing of the elephant on the platform would not be proper.
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ilmoro
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Post by ilmoro on Aug 14, 2015 15:00:22 GMT
Nothing has changed in that respect. Its still the same proposition as when it launched, wasnt underwritten then either. Hmmmm. When it was launched presumably it was believed that any underwriting, if required, would be available. It has been known since the start of May that underwriting was required and in over three months it has not been found. I would consider that a different position. Of course we all hope and expect that underwriting for the aircraft programme will be found, because it will be a valuable addition to the range of P2P assets. But to reopen without seeing and disposing of the elephant on the platform would not be proper. True, but then opening up might reduce the underwriting required. I suspect there is money out there waiting for an investment and the proposition is altered to some extent by the new platform with a functioning AM which didnt exist before, functioning that is, which alters the risk profile through increased liquidity. Repoening would also dispose of the elephant because doing or saying something would be a massive advance on the current nothing which is hugely detrimental to the platform. As long as the proposition with all its issues is communicated then investors can make their own decisions ( as is currently happening on AC) They're covering the interest anyway so not sure what they have to lose.
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webwiz
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Post by webwiz on Aug 14, 2015 16:30:29 GMT
Sorry to be dim but I don't understand some of these comments. Can someone explain in simple terms the status of this loan and what options investors have?
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locutus
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Post by locutus on Aug 14, 2015 17:21:09 GMT
You are being paid instant returns. It has not drawn down due to lack of underwriter. If you wish to exit, email them and they will return your money.
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james
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Post by james on Aug 14, 2015 18:43:23 GMT
Sorry to be dim but I don't understand some of these comments. Can someone explain in simple terms the status of this loan and what options investors have? Last update is that the the individual responsible for underwriting the aircraft loans was sick and not able to complete the deal for that reason. The loan has the instant returns feature so Ablrate has been regularly paying instant return money on it and presumably intends to continue to do so until the matter is resolved. Anyone who doesn't want to wait can contact Ablrate by email to request return of their money. Since Ablrate hasn't just unwound it for everyone to free up money to use in other loans and avoid spending their own money on instant returns Ablrate presumably does still expect it to complete in some reasonable timeframe, uncertain though it apparently is. The borrowing firm is owned by one of the founders of Ablrate so the borrower is presumably quite understanding about the difficulty. I'm inclined just to wait since I'm getting paid for the use of my money anyway, without the lending risk. Instant returns payments have so far been made on: 06/05/2015 for the original offer period through to 6/5 02/06/2015 up to 5 June 22/07/2015 from 6/6 to 22/7 06/08/2015
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nick
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Post by nick on Aug 18, 2015 20:44:31 GMT
My bid on this loan was the first foray on Albrate. However, given the saga to date, I'm inclined to invest elsewhere. Was this just an unlucky loan to start out on and people's experience with other loan issues have been better, or is it a fair representation of the pace of loan completion?
It is unfortunate as Albrate have been very responsive to my correspondence and addressing member's queries on this forum.
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ilmoro
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Post by ilmoro on Aug 18, 2015 21:05:09 GMT
My bid on this loan was the first foray on Albrate. However, given the saga to date, I'm inclined to invest elsewhere. Was this just an unlucky loan to start out on and people's experience with other loan issues have been better, or is it a fair representation of the pace of loan completion? It is unfortunate as Albrate have been very responsive to my correspondence and addressing member's queries on this forum. Been involved since launch and I can honestly say that this loan is totally unrepresentative of previous or subsequent experience. First massive loan, platform relaunch in the middle, and apparent issues with UW. Previously loans have drawndown on the close date or even before. What is representative though is the slow loan flow. We have just passed the anniversary of the 1st loan drawing down and there are only 9 loans in total! SS have launched 50 PBL's in the same time - different sector but still not what was hoped for or promised. Next milestone is the first loan redemption which is due next week but yet to see any comms on whether all is on track
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Post by ablrate on Aug 20, 2015 12:29:03 GMT
Been involved since launch and I can honestly say that this loan is totally unrepresentative of previous or subsequent experience. First massive loan, platform relaunch in the middle, and apparent issues with UW. Previously loans have drawndown on the close date or even before. What is representative though is the slow loan flow. We have just passed the anniversary of the 1st loan drawing down and there are only 9 loans in total! SS have launched 50 PBL's in the same time - different sector but still not what was hoped for or promised. Next milestone is the first loan redemption which is due next week but yet to see any comms on whether all is on track Yes I too have been involved from the start and saw them as an equal to SS. Unfortunately, as ilmoro says, they deal flow has been abysmal. If this was sorted, they would attract the unhappy SS lenders who have become dissatisfied with the feeding frenzy and lack of controls over lending levels. Look how quickly MoneyThing grew by offering secured loans at 12% returns. Unfortunately they have hit a plateau of loan deals which hopefully will be fixed shortly. So come on ablrate sort it out as there are lots of lenders with cash to loan. Hi Guys sorry for the radio silence, we have beavering away with various things. We have an update on the ATR loan going out to holders of that loan and an update for all members also. On the point above, we could go out and offer 12% across the board like others but the commerciality of it is that you are going to be trying to make that pay in bridging loans, primarily on property, or short term high cost loans. We are working on a couple of products that will help deal flow, along with rigid approach to underwriting transactions. We have learned our lesson on not providing timelines so please bear with us and we will get the updates out to you very soon. Regards Ablrate
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ilmoro
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Post by ilmoro on Aug 24, 2015 9:08:45 GMT
So finally an end to the saga ... the loan is being pulled and cash returned to investors. However, theyre going to list another tranche of the existing ATR loan at 10% with Instant Returns and ... this is the good bit... if you invested in the cancelled loan you get 2% CB on your investment (up to sum held in cancelled loan) in the new one. New loan will be launched Wed. Old loan will be relaunched once UW resolved. Seems like a positive outcome to a very extended journey.  |
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SteveT
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Post by SteveT on Aug 24, 2015 10:08:36 GMT
So finally an end to the saga ... the loan is being pulled and cash returned to investors. However, theyre going to list another tranche of the existing ATR loan at 10% with Instant Returns and ... this is the good bit... if you invested in the cancelled loan you get 2% CB on your investment (up to sum held in cancelled loan) in the new one. New loan will be launched Wed. Old loan will be relaunched once UW resolved. Seems like a positive outcome to a very extended journey. I think this reinforces that Ablrate deserves some patience to get the new platform fixed / fine tuned and new loan offerings lined up. The commercial approach throughout has been very professional. David has even agreed to complete the reinvestment transaction on my behalf since I will be travelling on the 27th.
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blender
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Post by blender on Aug 24, 2015 19:40:53 GMT
Yes a good decision and a good offer on the new loan. Also the recent replacement of hype by facts is very welcome; the lenders will still be here if they trust what is being said. It is a shame that the underwriting is not yet fixed, because this class of loans will be very welcome.
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