hazellend
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Post by hazellend on Sept 5, 2016 19:35:17 GMT
Pleasing update
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Post by ablrate on Sept 5, 2016 19:45:00 GMT
Update has gone out.
If you are in it and did not get it, please email admin and we will make sure a copy is sent.
Regards Ablrate
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blender
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Post by blender on Sept 5, 2016 21:30:44 GMT
Yes, this update is very much what lenders would be looking for. Back on track. Maturity date and admin notes need updating (and modular units new loan needs its size increasing).
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ptr120
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Post by ptr120 on Sept 5, 2016 21:53:22 GMT
I was expecting to receive a 2% increase for the last 2 months, so to receive a 4% increase for the last 4 months means I'm smiling (as long as it does in fact repay as now scheduled)
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blender
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Post by blender on Sept 6, 2016 8:20:00 GMT
I was not going to mention the numbers and terms but am also pleasantly surprised that it will apply to the first extension. I last sold some on 1st June and am wondering if I will have the uprated interest for 2 days from 29th May or whether that will go to the lucky purchasers (not too bothered about approx. 50p). I don't care how long it takes to sell the plane at the new rate as long as I can trade it if I need to (if extended further). I am not sure that Ablrate fully appreciate how important liquidity is to many lenders - FC are taking a real beating on their own forum for locking people into late property loans, the worst I think now 146 days. We don't want that here.
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hazellend
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Post by hazellend on Sept 6, 2016 9:55:14 GMT
I was not going to mention the numbers and terms but am also pleasantly surprised that it will apply to the first extension. I last sold some on 1st June and am wondering if I will have the uprated interest for 2 days from 29th May or whether that will go to the lucky purchasers (not too bothered about approx. 50p). I don't care how long it takes to sell the plane at the new rate as long as I can trade it if I need to (if extended further). I am not sure that Ablrate fully appreciate how important liquidity is to many lenders - FC are taking a real beating on their own forum for locking people into late property loans, the worst I think now 146 days. We don't want that here. If liquidity is important to an investor then p2p is not the correct asset for them. Even with a secondary market there is no guarantee of liquidity
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jimbob
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Post by jimbob on Sept 6, 2016 14:33:36 GMT
I was not going to mention the numbers and terms but am also pleasantly surprised that it will apply to the first extension. I last sold some on 1st June and am wondering if I will have the uprated interest for 2 days from 29th May or whether that will go to the lucky purchasers (not too bothered about approx. 50p). I don't care how long it takes to sell the plane at the new rate as long as I can trade it if I need to (if extended further). I am not sure that Ablrate fully appreciate how important liquidity is to many lenders - FC are taking a real beating on their own forum for locking people into late property loans, the worst I think now 146 days. We don't want that here. If liquidity is important to an investor then p2p is not the correct asset for them. Even with a secondary market there is no guarantee of liquidity No guarantee, but there is the OPPORTUNITY. I had queued on SS to sell fields and large houses accepting that a sale may take a while. Others evidently thought these excellent investments and purchased off myself. If something is taking a while to shift, that is not the market's fault so to speak but a function thereof. Even illiquid secondary markets have a value.
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blender
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Post by blender on Sept 6, 2016 15:49:11 GMT
I was not going to mention the numbers and terms but am also pleasantly surprised that it will apply to the first extension. I last sold some on 1st June and am wondering if I will have the uprated interest for 2 days from 29th May or whether that will go to the lucky purchasers (not too bothered about approx. 50p). I don't care how long it takes to sell the plane at the new rate as long as I can trade it if I need to (if extended further). I am not sure that Ablrate fully appreciate how important liquidity is to many lenders - FC are taking a real beating on their own forum for locking people into late property loans, the worst I think now 146 days. We don't want that here. If liquidity is important to an investor then p2p is not the correct asset for them. Even with a secondary market there is no guarantee of liquidity Strictly you are right in the sense that good liquidity involves being able to sell quickly without a loss, other than the normal spread and/or fees. If a p2p platform fails then liquidity is stuffed, but I assume that we are not talking about that here and in any case we limit our lending on each site according our perception of its overall safety. What I am talking about here is the ability to sell our loans when we need to or wish to at the market rate for that loan, which may be a loss. When a loan is paused on the SM we lose that ability. Similarly when FC have a late property loan we lose access to our cash. These things have to be taken into account when deciding how much cash to place with p2p platforms, and in the management of our loans near to the of the term, where for example with FC I will always sell its property loans before the penultimate payment. Generally speaking I have found the liquidity on FC and Ablrate (no others tried yet) sufficient to allow p2p to be used as deposit bank account - always enough saleable loans to provide cash, even to buy more new loans. This loan has been a problem because the first extension was simple and could be traded up to about two weeks or so before the end, but the second extension was not tradable at all, despite notes saying it would be. Lack of control and unpredictability are not liked by me. The new resolution of this loan is good. I think when it is settled Albrate could use the experience to develop more flexible and better defined extension procedures.
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blender
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Post by blender on Sept 7, 2016 13:14:59 GMT
A surprisingly favourable response to my remarks, presumably about the more flexible and better defined extension procedures. I was going to start another thread in due course, but since the iron is hot, best to strike now with some ideas. Firstly, the comment about flexibility was meant to benefit the borrowers. At present the T&Cs do not provide for extensions, but for an agreed restructure for a minimum of one year at a rate of 13.5% or 4% above the loan rate, whichever is higher. There are longer extensions which can be read easily ( link bottom of front page). In my view an extension of a whole year at 17% when a borrower expects to be delayed by a month or two is disproportionate, and Ablrate were, in my opinion and in better knowledge of the facts, right to allow the first extension of two months, and then to allow the second of two months but with some penalty. From a borrower's viewpoint it would be good to have an extension for a variable period of integer months, but in that case the secondary market could not work because the buyer's return could not be calculated. A variable extension would therefore penalise the lenders by locking them in - which is the de facto bad position at FC which Albrate can avoid. And so a flexible extension should mean fixed length but agreed between the Borrower and Ablrate, with an increased interest rate. Then the loan can be on the SM and both borrower and lenders have an acceptable extension. I assume of course that the loan is still judged viable and secured. If a borrower agrees an extension duration (minimum 2 months) with Ablrate, at, say, the 4% uprate in this case, then there is a chance that a further extension is needed. In that case a second extension could be agreed at a further increase in rate - the choices essentially being driven by the borrower with Ablrate concurrence (no voting please). If this continues then at some point there will be a formal restructure, which I do not need to define here. The key points are fixed duration extensions driven by the borrower's needs, escalating and predetermined compensations to lenders, and the ability to trade at market rates through most of the process. I assume that Ablrate would consider their fee requirements. Also it is best to avoid IT complexities. If a borrower fails to repay on time and has not agreed an extension with Ablrate, then there should be a penal rate after some period of grace, followed by the normal default process.
No doubt Ablrate are considering how procedures can be developed and improved and the above is offered as a suggestion. No doubt it is full of flaws, but best to get it in before minds are made up. I look forward to continued and increased lending with Ablrate and just wish to contribute here.
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ptr120
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Post by ptr120 on Sept 7, 2016 13:39:50 GMT
I wonder if some inspiration could be taken from Moneything - they have a number of loans that 'renew' at six monthly periods. This would require Ablrate to have a 'float' to cover anything not rolled over before it was offloaded on the secondary market.
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stevio
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Post by stevio on Sept 8, 2016 7:25:04 GMT
ablrateandy ablrate the maturity date for this loan has not been updated on the system and the container loan is still causing problems with showing the next installment dates - although not massive problems, these issues have been outstanding for 2 months now
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mike
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Post by mike on Sept 8, 2016 8:43:29 GMT
ablrateandy ablrate the maturity date for this loan has not been updated on the system and the container loan is still causing problems with showing the next installment dates - although not massive problems, these issues have been outstanding for 2 months now This lack of attention to detail worries me. It's often a warning sign as to how a business is run.
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stevio
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Post by stevio on Sept 8, 2016 8:47:52 GMT
ablrateandy ablrate the maturity date for this loan has not been updated on the system and the container loan is still causing problems with showing the next installment dates - although not massive problems, these issues have been outstanding for 2 months now This lack of attention to detail worries me. It's often a warning sign as to how a business is run. I'm not worried, they are concentrating on the important things like defaults and quality new loans, just was a friendly reminder
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stevio
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Post by stevio on Sept 13, 2016 6:39:38 GMT
As this is approximately only 2wks away, ablrate ablrate is this loan still on track to pay back on the 29SEPT16? Are you planning any new loan launches around this time?
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ptr120
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Post by ptr120 on Sept 15, 2016 21:35:04 GMT
ablrate 10 days ago we were asked to bare with you as you were adding additional functionality to the website to enable this loan to become tradable. Please can you provide a timescale around how long we should bare with you for? In the event that you have understandably decided to abandon this additional functionality, perhaps you could manage our expectations a little? I'm a little concerned that you are becoming FC when it comes to communication!
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