oldgrumpy
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Post by oldgrumpy on Oct 7, 2016 19:48:16 GMT
Oh yes.... Muddled thinking Grumps
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stevio
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ATR 532
Oct 7, 2016 21:46:38 GMT
via mobile
Post by stevio on Oct 7, 2016 21:46:38 GMT
"...Subject to there being no last minute hiccups we would expect to be in funds next week or latest the following. The funds will be coming to us as Dollars ..."Oh dear! I read Ablrate will be converting, we will receive £ at the interest rates already disclosed, Ablrate takes any currency gains/losses Have to say update is good. I have been little harsh previously on lack of updates, but this is what I like to see, just a little more frequent
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blender
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Post by blender on Oct 7, 2016 22:04:15 GMT
"...Subject to there being no last minute hiccups we would expect to be in funds next week or latest the following. The funds will be coming to us as Dollars ..."Oh dear! I read Ablrate will be converting, we will receive £ at the interest rates already disclosed, Ablrate takes any currency gains/losses Have to say update is good. I have been little harsh previously on lack of updates, but this is what I like to see, just a little more frequent I can't see Albrate taking any currency risk. The Borrower owes us, the lenders, in sterling. Currency fluctuations are a matter for the borrower, and he will benefit from the higher dollar. Perhaps ATC is performing some role on behalf of the borrower, which we do not need to know about. Too much information, I think.
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stevio
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ATR 532
Oct 7, 2016 22:55:42 GMT
via mobile
Post by stevio on Oct 7, 2016 22:55:42 GMT
The funds will be coming to us as Dollars and we will convert immediately with whichever of our FX suppliers gives us the best rate.
Sounds like AB to convert
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blender
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Post by blender on Oct 7, 2016 23:31:01 GMT
The funds will be coming to us as Dollars and we will convert immediately with whichever of our FX suppliers gives us the best rate. Sounds like AB to convert It depends who 'we' is. Can't see why Ablrate need FX suppliers when the loan contracts are in sterling.
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stevio
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Post by stevio on Oct 8, 2016 8:20:09 GMT
The funds will be coming to us as Dollars and we will convert immediately with whichever of our FX suppliers gives us the best rate. Sounds like AB to convert It depends who 'we' is. Can't see why Ablrate need FX suppliers when the loan contracts are in sterling. As that was quoted from Ablrate email, we=Ablrate
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blender
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Post by blender on Oct 8, 2016 8:47:01 GMT
It depends who 'we' is. Can't see why Ablrate need FX suppliers when the loan contracts are in sterling. As that was quoted from Ablrate email, we=Ablrate Agreed it will be Ablrate the forum member but whether it is Abrate the platform or ATC just doing the currency conversion as agent is unclear to me. Hats seem to be changed in mid email sometimes for 532, which worries me a little. The point is that the way the currency conversion is done is irrelevant to the loan and raises pointless worries about gains and losses which are clearly a matter for the borrower. Too much information - I think it was just relevant to the timescale that someone had this job to do and it would be done almost immediately. Best not to give this irrelevant process detail.
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shimself
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Post by shimself on Oct 10, 2016 10:25:49 GMT
As that was quoted from Ablrate email, we=Ablrate Agreed it will be Ablrate the forum member but whether it is Abrate the platform or ATC just doing the currency conversion as agent is unclear to me. Hats seem to be changed in mid email sometimes for 532, which worries me a little. The point is that the way the currency conversion is done is irrelevant to the loan and raises pointless worries about gains and losses which are clearly a matter for the borrower. Too much information - I think it was just relevant to the timescale that someone had this job to do and it would be done almost immediately. Best not to give this irrelevant process detail. It does seem to disclose a closer relationship with the borrower than we are aware of. ABL please clarify
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blender
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Post by blender on Oct 10, 2016 12:38:19 GMT
To be fair there was a full explanation of the relationship with the borrower in this thread on 31st August. My point is about communications content. I don't care if Ablrate or ATC, its parent, changes some funds from the borrower from dollars to sterling, as long as there is enough to pay the loan. The problem in this case is telling people irrelevant information in a way which worries them. There is not much professional experience of customer communications in Ablrate and one of its problems is making judgements on what to communicate to whom and when and using which medium. For a platform like this communications is nearly as important as the product. For example, look at the site front page for a balance between benefits and risks. Click on the risks and consider whether anyone would get past it - it says, essentially, abandon hope all ye who enter here. The part about the risks which the platform runs in trying to establish itself and how it may fail is particularly unwise and un-necessary. Frightens me.
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Post by ablrate on Oct 10, 2016 13:05:34 GMT
To be fair there was a full explanation of the relationship with the borrower in this thread on 31st August. My point is about communications content. I don't care if Ablrate or ATC, its parent, changes some funds from the borrower from dollars to sterling, as long as there is enough to pay the loan. The problem in this case is telling people irrelevant information in a way which worries them. There is not much professional experience of customer communications in Ablrate and one of its problems is making judgements on what to communicate to whom and when and using which medium. For a platform like this communications is nearly as important as the product. For example, look at the site front page for a balance between benefits and risks. Click on the risks and consider whether anyone would get past it - it says, essentially, abandon hope all ye who enter here. The part about the risks which the platform runs in trying to establish itself and how it may fail is particularly unwise and un-necessary. Frightens me. Hi The communication was to give people an idea of how settlement would happen. Because if we send out an email saying we have received the funds and we don't press the button immediately we will get caned for it. So we wanted to let you know the process. There is no currency risk - we are sent the dollar amount owed into our dollar account and we convert at the expense of the borrower, so we receive net net what we are owed. The placing of the risk warnings on the front page was a request of the regulator, which we were happy to comply with. Platform failure and the arrangements around administering the loans (the so called 'living will') are also a regulatory requirement. We firmly believe that it is important to make the risks clear, even at the expense of business. We are lucky to have a sophisticated lender base who do understand the risks and we would like that to continue. Regards Ablrate
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Post by Butch Cassidy on Oct 10, 2016 14:14:42 GMT
Ultimately lending money comes down to trust, whether via P2P platforms or not, aircraft are a niche asset & I am quite content that Abi & Ph****x have a close working relationship, allowing investors to benefit from their combined knowledge, expertise & experience in this area, essentially as long as a tangible asset & realistic valuation are both agreed & documented then cooperation & working together must be seen as a strong signal that investors are likely to be repaid. This sale has been delayed but the asset was clearly never at risk of disappearing (unlike many competitor platforms) the valuation was reasonable, any currency gain just makes it even more likely investors will be paid capital, interest & "default interest" in full & I have never been in doubt that all was above board & genuine. For those unhappy with such risks there are plenty of other platforms offering opportunities that may more accurately suit your own risk appetite profile.
Could communication be better? Always but that could be said of every platform I lend through, Abi is far from the worst offender & I am happy to trust them to get on with the process behind the scenes & accept that with such specific assets any transactions are likely to have uncertain timescales but as long as I get my money back (& interest) eventually I am happy to wait. Perhaps an improvement would be to allow SM trading throughout so those who wish to realise funds earlier can but the Abi SM is another story all together!
Abi have a difficult balance of getting on with the job, satisfying regulatory requirements, matching lenders & borrowers expectations & growing their pipeline offerings - overall I think they are doing a pretty good job & happy with both my current return & the future prospects of the platform.
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blender
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Post by blender on Oct 10, 2016 14:20:30 GMT
Thanks Albrate. You do not have to send out the email until the funds are converted because you do not have the funds to pay until they are converted. There are many reasons for a business not to succeed, you just have to say that 'If for any reason Albrate is unable to continue in business then your loans are still valid etc etc ' You do not need to speculate, for the benefit of new lenders, on possible causes of failure. It suggests a lack of confidence, which is infectious. I think the business is also dependent on two key people but please do not add that. I am just saying that the clear excellence in the creation and management of the loan opportunities, is not matched in communicating, and I am expressing a constructive opinion that the buying in of some expertise in customer communications might help in building the business. I read those warnings and thought perhaps I should take my 532 repayment out and put it in Funding Circle for lower safer returns, but realised it's partly that FC talk a better platform, and it's not worth 5%.
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Post by ablrate on Oct 10, 2016 14:42:17 GMT
Thanks Albrate. You do not have to send out the email until the funds are converted because you do not have the funds to pay until they are converted. There are many reasons for a business not to succeed, you just have to say that 'If for any reason Albrate is unable to continue in business then your loans are still valid etc etc ' You do not need to speculate, for the benefit of new lenders, on possible causes of failure. It suggests a lack of confidence, which is infectious. I think the business is also dependent on two key people but please do not add that. I am just saying that the clear excellence in the creation and management of the loan opportunities, is not matched in communicating, and I am expressing a constructive opinion that the buying in of some expertise in customer communications might help in building the business. I read those warnings and thought perhaps I should take my 532 repayment out and put it in Funding Circle for lower safer returns, but realised it's partly that FC talk a better platform, and it's not worth 5%. No worries Blender - all feedback gratefully received, please do not think otherwise, as we really do appreciate the time you and others take to give us that feedback. I think we are just being cautious on the risk warnings, especially after the FCA consultation included overtures of having the sophisticated investor warnings on Lending platforms. I think there will be a move towards something like that, we shall see, but it would not surprise us. We are reviewing all of the FAQ, including the RW section, so will make sure that they are still appropriate. Reards Ablrate
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ptr120
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Post by ptr120 on Oct 21, 2016 9:09:02 GMT
Morning ablrate how is the sale transaction coming along? If I recall correctly it is due to complete latest today with perhaps a day or two for FX exchange. Can you provide an update so that I can manage cashflows?
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blender
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Post by blender on Oct 21, 2016 10:05:52 GMT
I expect there will be a Friday update. It is a done deal and so each day's delay is another day at 17%. Good to have a new loan at 14% for cash we wish to recycle - I think the max on that is £2.2M and so it looks like a well managed transition opportunity. Of course if the plan is to use the cash elsewhere then the uncertainty is annoying.
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