Steerpike
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Post by Steerpike on Aug 26, 2015 12:09:33 GMT
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baldpate
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Post by baldpate on Aug 26, 2015 12:10:48 GMT
The potential for loss arises of course if the Just Loans Group is unable or unwilling to meet its commitments. In which case, as I understand it, the SPV (to whom we are lending) will have recourse the £50K cash in its account and to the security which underpins the underlying loan. In my opinion, therein lies the weakness of this proposal, because we have no visibility of the underlying loan basket, and therefore no means of assessing the number or quality of these loans. For all we know, the basket might consist of a single loan secured by an All Assetts Debenture over a company whose only assets are stock and invoice debtors, with a 95% LTV - how comfortable would you feel with that being the only egg in your basket? I exagerate, of course (or do I?), but I do so to make the point that we have NO VISIBILITY AT ALL of the contents of the basket. I hope you are hearing this, ablrate, and are able to repond with some more detailed information. Even knowing how many loans are in the basket and the average LTV% would be something. Better still would be some sort of list (anonynous of course) giving details of the underlying loans : loan amount, nature of security, LTV%. I don't see this as unreasonable.
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ilmoro
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'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 Aug 26, 2015 12:27:07 GMT
The potential for loss arises of course if the Just Loans Group is unable or unwilling to meet its commitments. In which case, as I understand it, the SPV (to whom we are lending) will have recourse the £50K cash in its account and to the security which underpins the underlying loan. In my opinion, therein lies the weakness of this proposal, because we have no visibility of the underlying loan basket, and therefore no means of assessing the number or quality of these loans. For all we know, the basket might consist of a single loan secured by an All Assetts Debenture over a company whose only assets are stock and invoice debtors, with a 95% LTV - how comfortable would you feel with that being the only egg in your basket? I exagerate, of course (or do I?), but I do so to make the point that we have NO VISIBILITY AT ALL of the contents of the basket. I hope you are hearing this, ablrate, and are able to repond with some more detailed information. Even knowing how many loans are in the basket and the average LTV% would be something. Better still would be some sort of list (anonynous of course) giving details of the underlying loans : loan amount, nature of security, LTV%. I don't see this as unreasonable. It says 5 loans are included initially. There is a little more detail included in their loans on FK which gives brief summaries of the 10 businesses involved in each loan, sector, opperating area, basic description etc
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baldpate
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Post by baldpate on Aug 26, 2015 12:42:48 GMT
It says 5 loans are included initially. There is a little more detail included in their loans on FK which gives brief summaries of the 10 businesses involved in each loan, sector, opperating area, basic description etc I missed the reference to 5 loans, il moro - thanks, I'll have another look. Could you explain your reference to FK, please (I'm not on that platform) - do you mean Just Loans are already borrowing on FK using some of their loans as collateral?
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ilmoro
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'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 Aug 26, 2015 12:48:03 GMT
It says 5 loans are included initially. There is a little more detail included in their loans on FK which gives brief summaries of the 10 businesses involved in each loan, sector, opperating area, basic description etc I missed the reference to 5 loans, il moro - thanks, I'll have another look. Could you explain your reference to FK, please (I'm not on that platform) - do you mean Just Loans are already borrowing on FK using some of their loans as collateral? Yes, 3 loans of 400k each, 2 already running, 1 in bidding closing tomorrow. Same terms as Ablrate loans, SPVs comprising a basket of 10 loans, guarentee to replace failing loans. etc (Ablrate 10mil facility referred to in write up) Couple of interesting points from FK proposals JLG rationale for using P2B (apart from wishing to share its success with non institutions) is to introduce the businesses in basket to advisors who would help them prep for their own individual use of platform & cheaper debt. Has to be exit plan for each business incl suitability to secure senior finance with advice before them lend zero capital loss policy, loans incl have already been running for 1-3months & have 2x asset ratio cover, limit of 50k lent, security tangible, visible assets. Wide range of businesses, defence, hotels, clothing, property dev & sale, medical, tech, marketing, design, legal are just a few sectors covered Lot more info provided than ABL with same DP proviso
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Post by ablrate on Aug 26, 2015 14:01:06 GMT
Not a major issue in the wider scale of things,but how come the maturity date is 16/8/18, rather than the 26th? Hi The anticipated draw down is the 16th so the maturity is based on that. It could change if it is drawn down sooner. Regards Ablrate
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oldgrumpy
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Post by oldgrumpy on Aug 26, 2015 14:09:15 GMT
Not a major issue in the wider scale of things,but how come the maturity date is 16/8/18, rather than the 26th? Hi The anticipated draw down is the 16th so the maturity is based on that. It could change if it is drawn down sooner. Regards Ablrate How can you anticipate what will happen ten days ago?
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Post by ablrate on Aug 26, 2015 14:18:54 GMT
The potential for loss arises of course if the Just Loans Group is unable or unwilling to meet its commitments. In which case, as I understand it, the SPV (to whom we are lending) will have recourse the £50K cash in its account and to the security which underpins the underlying loan. In my opinion, therein lies the weakness of this proposal, because we have no visibility of the underlying loan basket, and therefore no means of assessing the number or quality of these loans. For all we know, the basket might consist of a single loan secured by an All Assetts Debenture over a company whose only assets are stock and invoice debtors, with a 95% LTV - how comfortable would you feel with that being the only egg in your basket? I exagerate, of course (or do I?), but I do so to make the point that we have NO VISIBILITY AT ALL of the contents of the basket. I hope you are hearing this, ablrate, and are able to repond with some more detailed information. Even knowing how many loans are in the basket and the average LTV% would be something. Better still would be some sort of list (anonynous of course) giving details of the underlying loans : loan amount, nature of security, LTV%. I don't see this as unreasonable. Hi There are 5 loans in the basket. We have done due diligence on all of them and have looked at the security on each which comprises charges over property and company assets. We have visibility through JL's online system where we can see payments made and outstanding loan amounts.If there are any instances of default we would invoke the JL guarantee to have the loan replaced by one which we approve. I will speak with JL to see what anonympus information we can give here and update all. Regards Ablrate
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Post by ablrate on Aug 26, 2015 14:24:10 GMT
The potential for loss arises of course if the Just Loans Group is unable or unwilling to meet its commitments. In which case, as I understand it, the SPV (to whom we are lending) will have recourse the £50K cash in its account and to the security which underpins the underlying loan. In my opinion, therein lies the weakness of this proposal, because we have no visibility of the underlying loan basket, and therefore no means of assessing the number or quality of these loans. For all we know, the basket might consist of a single loan secured by an All Assetts Debenture over a company whose only assets are stock and invoice debtors, with a 95% LTV - how comfortable would you feel with that being the only egg in your basket? I exagerate, of course (or do I?), but I do so to make the point that we have NO VISIBILITY AT ALL of the contents of the basket. I hope you are hearing this, ablrate, and are able to repond with some more detailed information. Even knowing how many loans are in the basket and the average LTV% would be something. Better still would be some sort of list (anonynous of course) giving details of the underlying loans : loan amount, nature of security, LTV%. I don't see this as unreasonable. Sorry quoted the wrong thread! Hi Forgive me.. I see what you mean... will get that changed... thanks for the eagle eyes! Regards Ablrate
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Post by ablrate on Aug 26, 2015 14:26:19 GMT
Hi The anticipated draw down is the 16th so the maturity is based on that. It could change if it is drawn down sooner. Regards Ablrate How can you anticipate what will happen ten days ago? Hi Thanks for the eagle eyes.. will get that changed! Regards Ablrate
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ilmoro
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'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 Aug 26, 2015 14:29:23 GMT
Hi The anticipated draw down is the 16th so the maturity is based on that. It could change if it is drawn down sooner. Regards Ablrate How can you anticipate what will happen ten days ago? I assume drawdown in Sep, which is why Im slightly struggling with the end date. Is the first payment made on drawdown? If its in Oct then end date would be in Sept 18, wouldnt it?
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Post by ablrate on Aug 26, 2015 15:05:44 GMT
Hi il moro
Are you refering to the proposal doc as it says Sept 18 in there? Forgive me, I was checking on the details on the site but as per notified it has just gone down for the update fixes.
Regards Ablrate
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ilmoro
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'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 Aug 26, 2015 16:58:18 GMT
Hi il moro Are you refering to the proposal doc as it says Sept 18 in there? Forgive me, I was checking on the details on the site but as per notified it has just gone down for the update fixes. Regards Ablrate Thought it was on the banner on the main loan page, but now I can get back in to check its correct. On a different note, the loans coming soon box is displaying on top of the loans funded box on my android tablet in both orientations, not important but slightly annoying. The actual text in the coming soon looks a bit cramped and the different loans dont seem particularly distinct,
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Post by ablrate on Aug 26, 2015 17:14:32 GMT
Hi
Its one of the things that is on the list and that is mobile optimation.
Regards Ablrate
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 27, 2015 8:50:26 GMT
ablrateandy; do you have an approximate time for today's loan activity please?
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