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Post by badger on Jan 3, 2016 23:00:46 GMT
This one rings alarm bells for me. The credit report says nothing about what the "trading business" is, and Assetz gave an evasive answer about this in the Q&A (though surely they would have asked the question). Why so evasive?
The business needs £730K to cover "a cashflow shortfall" The security comprises "warehousing, manufacturing and office accommodation" - searching on the address given in the valuation report shows it to be a manufacturer of fitted kitchens, bathrooms and bedrooms trading under the name B**** Living. Presumable this is the trading business that Assetz are so cagey about. Searching for "B**** Living" reveals mixed reviews, including some terrible ones.
This loan was apparently only given a few hours notice before being drawn down, and has been snapped up. I don't get it, what's the attraction?
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am
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Post by am on Jan 3, 2016 23:23:38 GMT
He's got several trading businesses (see the various sites listing directorships) so we can't assume that a particular business is the one needing capital, though it is the most parsimonious interpretation especially given the supra-market rent. He may wish to be cagey about which business needs the capital in case it spooks suppliers. (Compare anonymous borrowers on FC.)
My take was that the security wasn't very good, but since he's borrowing in a personal capacity we effectively have additional security in the other properties he owns. I would have liked more time for investigation.
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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 Jan 3, 2016 23:41:45 GMT
Most of the companies are dormant including the B***** one (Brand name). The relevant one seems to be D** H** Ltd which fits info given by AC. 2014 accounts show turnover £42mil, op profit £1.2mil, but a loss due to exceptional items (new showrooms) 155k. Previous year 1.6mil profit. Seem to be a fairly large outfit with concessions in a major FTSE retailer. Reviews on Trustpilot seem pretty good
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