stevio
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Post by stevio on Aug 20, 2016 9:48:52 GMT
ablrate ablrateandy you probably have considered this already and I know this was always seen as a short term loan, but have you considered maybe modifying this loan into something similar to the the other aircraft loans where the company borrows the money, leases the aircraft, pays the finance back over say 3yrs and still makes a healthy profit from what they receive from the lease over and above the cost of the finance and the remaining value in the asset? You could do this in a way of pleasing everyone by offering a rollover option into a this new longer term loan, those that don't want to rollover receive their investment back and the shortfall is offered as a new loan with the new terms. That way investors can exit as they first thought, but are given another option to continue if they choose Just seems a shame that you have all these investors that are happy to invest in Ablrate, happy with the current security, but if the loan pays back, your not necessarily giving them an option to continue that same investment with Ablrate
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hazellend
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ATR 532
Aug 20, 2016 11:42:06 GMT
via mobile
Post by hazellend on Aug 20, 2016 11:42:06 GMT
ablrate ablrateandy you probably have considered this already and I know this was always seen as a short term loan, but have you considered maybe modifying this loan into something similar to the the other aircraft loans where the company borrows the money, leases the aircraft, pays the finance back over say 3yrs and still makes a healthy profit from what they receive from the lease over and above the cost of the finance and the remaining value in the asset? You could do this in a way of pleasing everyone by offering a rollover option into a this new longer term loan, those that don't want to rollover receive their investment back and the shortfall is offered as a new loan with the new terms. That way investors can exit as they first thought, but are given another option to continue if they choose Just seems a shame that you have all these investors that are happy to invest in Ablrate, happy with the current security, but if the loan pays back, your not necessarily giving them an option to continue that same investment with Ablrate [ I like this idea
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gt94sss2
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Post by gt94sss2 on Aug 20, 2016 16:47:28 GMT
I spoke with them today and we are awaiting some information that will enable us to give a full update to lenders. I am expecting to get that information tomorrow. We will also conclude the penalty interest issue and get a definative out to you all. Having read yesterday's update email, it seems to fall slightly short of the above. I appreciate that the updated agreement will be signed this week but if the the terms have already been agreed (i.e. the penalty interest rate) then I think they should have been mentioned. Also, I note that the email update doesn't yet appear on the admin notes section of the loan under the website.
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blender
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Post by blender on Aug 20, 2016 18:26:32 GMT
And I am unhappy that we have been locked into this loan for three weeks so far since the extension because the interest rate is not agreed. How can there be an extension without an agreed interest rate? What's in the contract? This all looks a bit - informal, shall we say.
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james
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Post by james on Aug 20, 2016 20:33:21 GMT
a bit - informal, shall we say. A bit informal but we've seen that Ablrate tries to be flexible and helpful to us as investors and should at least expect them to be similar when it comes to borrowers who are actively working with them.
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blender
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Post by blender on Aug 20, 2016 22:01:24 GMT
a bit - informal, shall we say. A bit informal but we've seen that Ablrate tries to be flexible and helpful to us as investors and should at least expect them to be similar when it comes to borrowers who are actively working with them. When they are all associates and swapping hats, a bit more formality on a £1.8M loan would be a comfort - particularly when I am locked in for no good reason. Let's shine some light. According to the lender terms there is no provision for the extension of a loan for less than a year, and that extension carries an uprate of 4% in interest rate. There is a formal process to extend which has not been done for the first extension of two months, and could not be done because there is no provision for a two month extension. The contract will still be the original at 13% and the formal position will be that it is nearly 3 months late repaying (imo). The borrower (who is a board member of Ablrate and should play by Caesar's wife rules) is getting good treatment from the lenders (it's a p2p contract) by being allowed short informal extensions which will allow, overall, much less interest to be paid than the full year at 17%. The new rate should have been agreed with the borrower over 3 weeks ago - before it came into force, and the borrower should be grateful for the concession. Not cause us to be locked in for at least four weeks out of two months.
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Post by alamosurvivor on Aug 24, 2016 12:04:49 GMT
Given the close relationship between the two boards of directors it is indeed puzzling that 1. No penalty interest rate has been agreed, 2. No further assurance about repayment of capital by 30/09/2016 has been given and 3. Next repayment date is still frozen on the front page. To quote Blender - Please "shine a light" on these basic issues. Until these issues occurred I had total trust in Ablrate. You should never promise an "update by" date without fulfilling that promise. You should know that when you fail to deliver on these updates, customers begin to doubt everything. Not good for business.
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gt94sss2
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Post by gt94sss2 on Aug 26, 2016 9:32:58 GMT
I spoke with them today and we are awaiting some information that will enable us to give a full update to lenders. I am expecting to get that information tomorrow. We will also conclude the penalty interest issue and get a definative out to you all. Having read yesterday's update email, it seems to fall slightly short of the above. I appreciate that the updated agreement will be signed this week but if the the terms have already been agreed (i.e. the penalty interest rate) then I think they should have been mentioned. Also, I note that the email update doesn't yet appear on the admin notes section of the loan under the website. ablrate ablrateandy Last weeks email update anticipated further developments this week. Has there been any? Will lenders be getting another update email shortly? What has been decided re: the penalty interest? I note that last weeks email update still doesn't appear on the website..
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Post by alamosurvivor on Aug 27, 2016 11:25:52 GMT
The silence on here is deafening - should I be worried?
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Post by oktaeder on Aug 29, 2016 21:01:14 GMT
No interests today?
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gt94sss2
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Post by gt94sss2 on Aug 29, 2016 21:15:44 GMT
Just got the email saying it's been paid..
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ptr120
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Post by ptr120 on Aug 29, 2016 21:29:26 GMT
...but without any additional / penalty interest which we'd been told to expect. ablrateandy I see you've been active on the forum yet haven't responded to any of the quite reasonable requests for information about this loan (as well as the container loan and the currently listed but slow filling due to unanswered questions loan) - any particular reason for that?
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oldgrumpy
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Post by oldgrumpy on Aug 30, 2016 14:00:06 GMT
ablrateandyAre you on holiday Andy? I need some answers to recent questions so that I can make some investment "realignment decisions". Continued silence will also help me make those decisions.
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jimbob
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Post by jimbob on Aug 30, 2016 15:44:00 GMT
The last email I received on the ATR and C******* loans was on August 19th.
An update was mentioned for Fri-26 with regards to the containers and "next week" for the ATR. Whilst this week would not have been unreasonable to 'promise' an update for, ABLrate did mention last week specifically and any holidays they may or may not be on would be known about at that point.
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hazellend
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Post by hazellend on Aug 30, 2016 16:18:54 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.
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