hazellend
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ATR 532
Aug 30, 2016 17:12:14 GMT
via mobile
Post by hazellend on Aug 30, 2016 17:12:14 GMT
To be honest I don't see why ablrate should update us when there are no updates. If you don't trust them then you shouldn't invest but I am happy they will act professionally. Yes you're quite right. If we don't trust them we shouldn't lend our hard earned cash. I think I'll join the crowd slowly walking to the exit door. A platform that depends on lenders money to thrive and grow needs to communicate clearly with it's customers. If it can't or won't, people will stop lending. But they have communicated clearly apart from saying they will update on too early a time frame
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blender
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Post by blender on Aug 30, 2016 18:37:08 GMT
Yes you're quite right. If we don't trust them we shouldn't lend our hard earned cash. I think I'll join the crowd slowly walking to the exit door. A platform that depends on lenders money to thrive and grow needs to communicate clearly with it's customers. If it can't or won't, people will stop lending. But they have communicated clearly apart from saying they will update on too early a time frame So all they have done wrong is not to do what they said they would do? That does rather leave me wondering why we are one month into a two month extension without an agreed interest rate. If it were a 4% uprate that's only an increase of £6k a month for two months. I do worry that there is a bigger picture we are not seeing - the borrower accounting 40% of the loan book. You see, it is better to communicate rather than let the lenders' imaginations run wild like this.
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mason
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Post by mason on Aug 30, 2016 19:04:13 GMT
To be honest I don't see why ablrate should update us when there are no updates. If you don't trust them then you shouldn't invest but I am happy they will act professionally. I don't believe there are no updates. A specific deadline was mentioned in the last communication regarding the containers. This has now passed. The deadline was either met or missed. That outcome in and of itself is material and it seems hard to believe the information could not be shared with lenders, although I think we can take an educated guess based on the silence.
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Post by alamosurvivor on Aug 30, 2016 20:01:30 GMT
Some people may believe there could be an even closer relationship in the offing re Abl and Ph----x? I personally couldn't comment. Any further speculation is welcome while we are doing nothing.
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TitoPuente
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Post by TitoPuente on Aug 30, 2016 20:37:41 GMT
To be honest I don't see why ablrate should update us when there are no updates. If you don't trust them then you shouldn't invest but I am happy they will act professionally. Trust is not a permanent or static condition. It increases or decreases according to information and sentiment. Right now, sadly, it is going in one direction.
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Balder
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Post by Balder on Aug 31, 2016 6:44:12 GMT
Especially as we know they actively monitor this forum and haven't even had the courtesy to send a "holding" message to lenders. I am seriously considering my future use of the platform. I especially don't like expectations being set and then no update.
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blender
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Post by blender on Aug 31, 2016 8:01:10 GMT
Some people may believe there could be an even closer relationship in the offing re Abl and P------? I personally couldn't comment. Any further speculation is welcome while we are doing nothing. It's a possibly less close and harmonious relationship that worries me. The back drop of the first default produces a testing environment for all. The various key players need to show that they are together.
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Post by ablrate on Aug 31, 2016 9:01:19 GMT
Hi All
We apologies for not being as communicate on the forum as usual, but will be reviewing and getting to your questions this week. There is an update going out to borrowers on 532 and on the containers this morning. I will go through the forum this afternoon and respond as best we can on the various comments that have been raised.
Thanks for your patience, it has been a busy time, but we will make sure everything is responded to later in the day.
Regards Ablrate
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blender
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Post by blender on Aug 31, 2016 11:13:16 GMT
Thank you for the update Ablrate. The sale process is an important matter for the borrower and yourselves, but this lender just needs some clarity on the loan. When you say 'Penalty interest is due on the loan and will be added to the cash flows for the end of the month' this is no more than is public and I would appreciate some simple answers please.
1. What is the penalty interest rate that I am currently due/earning? 2. Today is the end of the month and so please confirm that you mean today, 31st August, and not the end of the loan extension? 3. When (date) will we be able to trade the loan on the SM?
In case it is relevant, I hold a bit less than 1 percent of this loan, and so can reasonably expect this information - that is of course if the interest rate has been agreed.
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Post by alamosurvivor on Aug 31, 2016 11:54:53 GMT
Excellent questions Blender.
I have not received an update - yet again - anyone else being treated like a mushroom?
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Steerpike
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Post by Steerpike on Aug 31, 2016 12:00:37 GMT
Excellent questions Blender. I have not received an update - yet again - anyone else being treated like a mushroom? Same here, I am in December containers and 532, although I am glad to say for a lot less than some other lenders it would seem, but have had no direct updates on what is happening with either loan, however, I gather that there is hot pursuit for one and possibly an imminent resolution for the other.
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goopy
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Post by goopy on Aug 31, 2016 12:02:32 GMT
Excellent questions Blender. I have not received an update - yet again - anyone else being treated like a mushroom? I received an email update regarding MSN 532 at 10:15 today.......
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Post by ablrate on Aug 31, 2016 14:23:15 GMT
Hi All
Firstly if you haven't received the update, please let us know at admin@abl - We have had a 98% delivery rate showing on the dashboard but some people haven't got it. We have reported the problems with this particular part of our third party provider (which is basically a company we sue to route emails that is supposed to increase delivery rates!). We use a separate part of that system to make sending these updates more effective, but it appears we, and some of you are being let down. I have asked the team to look at alternatives that send directly from the system to anyone listed in the loan as it appears system emails, although they go through the same system get through fine.
To answer some of the question here, and forgive me if I have missed you, just bump your question.
The penalty interest is being added to the end of the loan and will reflect in the final payment. We are working with a few practical issues to make it fair for everyone that is involved, but our number one priority is to get this done and funds returned to lenders along with interest and penalties.
I will have the developers change the maturity date tomorrow.
There is some speculation that the borrower and Ablrate may be having a closer relationship hence why we appear to have been more lenient with the borrower. Ablrate was initially set up by members of our current team and a director of the borrower. As many of you will know he passed away and the mantle was taken over by his son who worked with his father for many years. When we initially set up we discussed working more closely together from a corporate perspective but quickly decided that there would be too much of a conflict and any loans would have to be completed on an arms length basis. I can assure you therefore that there are no plans for the two companies to become one.
We are extending our reach of aircraft related related transactions and are working on one now unrelated to Phoenix, when that is nearer fruition we will let you know, but again, this transaction is on an arms length basis. The practicalities of any sort of repossession of the aircraft would be detrimental to the deal itself, simply because the borrower is working very hard to complete the deal as soon as possible and it would be counterproductive to interfere with that process. It is not an ideal situation, for us or our Lenders as we can see why there would be concerns on timing, but there should be no worries about security or repayment. All we want to achieve is a good working relationship with lenders and borrowers, unfortunately this loan has dragged on and it reflects on us. Rest assured we are doing everything to get this deal completed asap. I can tell you that the aircraft is stored, the LTV is excellent and the aircraft is ready to be sold, we will do anything we can to expedite this.
Regards Ablrate
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jonah
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Post by jonah on Aug 31, 2016 21:43:55 GMT
Suing a company for routing emails seems excessive Beyond that sounds positive.
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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 31, 2016 22:00:21 GMT
Suing a company for routing emails seems excessive Beyond that sounds positive. Given the amount of flak they take here over it, perhaps not
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