blender
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Post by blender on Jul 17, 2017 19:48:59 GMT
Trading suspended on the SM and nothing in the admin notes, though the borrower has to give five business days notice of repayment, not two. If I had bought it on the SM at say 2% or 3% recently I would be a bit miffed. It seems a number of recent loans are really not intended to run to term. Caveat emptor on the SM. If they miss the 19th it will be another month's interest. What would be the estimated return if people had done that on the SM, roughly? It depends when they did it. The interest rate is 1.3% per month, and so if you bought it at, say, 2.6% premium you would have to receive two months' interest to break even. And of course the interest is taxable during that period. So unless you bought at least two months before the prepayment, your return would probably be negative. (Not to mention the tax statement and any bought interest.)
If the SM traded only at par, that might not be considered 'market value', and then there might be problems buying into an IFISA. I like the current SM but Ablrate has gone from fixed duration loans to the duration being some nominal maximum. Take loan 76 (the extreme) and consider whether the borrower intends to pay us 13% and Ablrate an additional 12% for four years, with security.
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am
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Post by am on Jul 17, 2017 20:14:22 GMT
Just come through, aiming to repay on the 19th, some cash already on account with Abl. Can the Abl loan repay if the MT loan isn't fully funded? Were this to be the case MT would have to make up the shortfall, and I thought that wasn't allowed. From what we are told there is no connection between the money raised at MT, and the money soon to be repaid at ABL.
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elliotn
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Post by elliotn on Jul 17, 2017 20:55:13 GMT
Nice double interest for a few days. If the MT loan takes longer to fill that would be even better. Not that we want to be digging unnecessarily into platform reserves.
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Post by ladywhitenap on Jul 18, 2017 20:54:24 GMT
I see that the MT loan destined to buy out this one is 2/3 filled. I wonder when this loan will actually pay out? later the better really!
LW
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Post by ladywhitenap on Jul 18, 2017 21:09:09 GMT
Ah! OK CD I had not appreciated that.
LW
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blender
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Post by blender on Jul 18, 2017 22:32:10 GMT
I see that the MT loan destined to buy out this one is 2/3 filled. I wonder when this loan will actually pay out? later the better really! LW The MT loan is not destined to buy out this one. Repayment of this loan is not dependent on the MT loan - the loan between APF and the prospective purchaser never completed (or, this is what I now belive), and the sale never proceeded. So what you are waiting for is APF to kindly send back your money that they never sent to the borrower (but apparently were happy to pay interest on)... You never know, APF may not be able to send it back to ABL (because 700k isn't exactly something you find lying about!) and you'll continue to get that interest up to DEC 2018... I mean, I don't see why not, they were all too happy to keep hold of it up until now for no apparent reason Thanks CD. To be fussy our borrower is A** and what they actually do with the money is not too much of an issue. What would be troubling is if the money was lent to the borrower A** without the promised security being in place - particularly that second charge. Surely that would not continue for all this time without lenders being informed. Do you think the promised security in the borrowing proposal has not been in place? If not, why was the money released?
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am
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Post by am on Jul 18, 2017 23:50:08 GMT
The MT loan is not destined to buy out this one. Repayment of this loan is not dependent on the MT loan - the loan between APF and the prospective purchaser never completed (or, this is what I now belive), and the sale never proceeded. So what you are waiting for is APF to kindly send back your money that they never sent to the borrower (but apparently were happy to pay interest on)... You never know, APF may not be able to send it back to ABL (because 700k isn't exactly something you find lying about!) and you'll continue to get that interest up to DEC 2018... I mean, I don't see why not, they were all too happy to keep hold of it up until now for no apparent reason Thanks CD. To be fussy our borrower is A** and what they actually do with the money is not too much of an issue. What would be troubling is if the money was lent to the borrower A** without the promised security being in place - particularly that second charge. Surely that would not continue for all this time without lenders being informed. Do you think the promised security in the borrowing proposal has not been in place? If not, why was the money released? As I see it the charge couldn't be placed until the borrower 1) received the money, 2) completed the purchase. I don't immediately see why the money didn't sit in a client account at ABL, but it seems to have been passed on to APF, with the expectation that a charge would be placed shortly. One question is why ABL didn't notice the non-appearance of the charge. Another is what APF were doing with the money.
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blender
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Post by blender on Jul 19, 2017 21:16:07 GMT
At 10pm the monthly repayment has been made but the principal has not been repaid. So we go on for another month, or part thereof. So, we need to know if this loan has been running for seven months without the security in place, and security means the second charge on the real property - not guarantees. Ablrate, if the security in the loan proposal is not in place, then it is not as contracted and presumably you will have it repaid asap. Meanwhile, surely no more loans go to that borrower?
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Post by ablrate on Jul 20, 2017 9:07:37 GMT
I see that the MT loan destined to buy out this one is 2/3 filled. I wonder when this loan will actually pay out? later the better really! LW The MT loan is not destined to buy out this one. Repayment of this loan is not dependent on the MT loan - the loan between APF and the prospective purchaser never completed (or, this is what I now belive), and the sale never proceeded. So what you are waiting for is APF to kindly send back your money that they never sent to the borrower (but apparently were happy to pay interest on)... You never know, APF may not be able to send it back to ABL (because 700k isn't exactly something you find lying about!) and you'll continue to get that interest up to DEC 2018... I mean, I don't see why not, they were all too happy to keep hold of it up until now for no apparent reason This forum is awesome and we have been contributing for a long time, but as we have said before, opinions stated as fact are never helpful. We have the majority of the funds in our account, as we have informed all holders, and we are awaiting the balance which we have no doubt will be with us shortly and all interest is up to date. Regards
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Post by ablrate on Jul 20, 2017 9:12:48 GMT
As I see it the charge couldn't be placed until the borrower 1) received the money, 2) completed the purchase. I don't immediately see why the money didn't sit in a client account at ABL, but it seems to have been passed on to APF, with the expectation that a charge would be placed shortly. One question is why ABL didn't notice the non-appearance of the charge. Another is what APF were doing with the money. IMHO If Abl had had a perfectly reasonable explanation as to why the 2nd charge hadn't been registered then they would have written to Forum, since they haven't (written) then it creates conjecture arising from legitimate concern. Pertinent question politely presented by C_D and others, legitimate yet rendered illegitimate by a 'Mum's the word'. So ablrate is there a 'perfectly reasonable' explanation or should we just learn to distrust in your silence? There is a perfectly reasonable explanation, which will be shared with holders at the appropriate time and not on a public forum. Right now we are preparing for settlement of the loan.
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Post by ablrate on Jul 20, 2017 9:21:08 GMT
At 10pm the monthly repayment has been made but the principal has not been repaid. So we go on for another month, or part thereof. So, we need to know if this loan has been running for seven months without the security in place, and security means the second charge on the real property - not guarantees. Ablrate, if the security in the loan proposal is not in place, then it is not as contracted and presumably you will have it repaid asap. Meanwhile, surely no more loans go to that borrower? Again... conjecture is not helpful. The repayment will go ahead when the balance is received (the majority is with us now) and we will discuss the whys and wherefores of the loan post that. To criticise APF is a little strong here, they have acted immediately and decisively to settle the loan.
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jonah
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Post by jonah on Jul 20, 2017 10:00:35 GMT
All sounds good. One ask, given the public nature of the debate here, a public comment to 'wrap up' when appropriate would be appreciated ablrate as that way investors who aren't in the specific loan get a rounded view of the position and can judge for themselves the conduct (good or bad) of the platform, borrower etc. Thanks
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dandy
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Post by dandy on Jul 20, 2017 13:49:26 GMT
This forum is awesome and we have been contributing for a long time, but as we have said before, opinions stated as fact are never helpful. We have the majority of the funds in our account, as we have informed all holders, and we are awaiting the balance which we have no doubt will be with us shortly and all interest is up to date. Regards And long may you continue to contribute My posts where not opinions stated as facts - they where interpretation of the facts based on information I see in black and white. For one, no charge at CH and secondly, an impending loan on another platform which showed this loan did not complete at APF end (but with clear indication that interest was being sent by them). To be fair, before that post you quoted, I did have some clear questions, which in light of an impending loan on another platform would have been nice to have some coherent answers - here or by via a reply to the same questions I sent by email Could you at least let us know if this loan completed between APF & BLC, or will that be in the (no doubt confidential) email? AFAIU the loan to APF cannot be specifically loaned out to BLC otherwise it would be wholesale lending so the loan is to APF must be a business loan and secured by a normal debenture against APF?
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blender
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Post by blender on Jul 20, 2017 14:31:19 GMT
At 10pm the monthly repayment has been made but the principal has not been repaid. So we go on for another month, or part thereof. So, we need to know if this loan has been running for seven months without the security in place, and security means the second charge on the real property - not guarantees. Ablrate, if the security in the loan proposal is not in place, then it is not as contracted and presumably you will have it repaid asap. Meanwhile, surely no more loans go to that borrower? Again... conjecture is not helpful. The repayment will go ahead when the balance is received (the majority is with us now) and we will discuss the whys and wherefores of the loan post that. To criticise APF is a little strong here, they have acted immediately and decisively to settle the loan. The conjecture was not intended to be helpful, but to help produce some facts. The problem with using public forums is that you cannot limit the discussion to praise (which we give frequently). There is an admin note facility on the site where we should get information on why this loan is paused, but there is nothing at all. Your emails do not reach all lenders. The question of whether Ablrate has lent £700k for seven months without the security offered in the loan proposal is a valid matter of interest to all potential investors. It was raised here (not by me), and on the other board, It needs answering here. I was not criticising the borrower, just saying this needed sorting out first. We expect borrowers to make the best deal they can and the platform to be vigilant. However, is this not the same borrower who claimed to have something of importance on loan 74 and did not? The question of whether the platform may be becoming be too reliant on any one borrower is something that can only be discussed on this forum. (I am not naming the borrower).
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Post by ablrate on Jul 20, 2017 15:57:03 GMT
Again... conjecture is not helpful. The repayment will go ahead when the balance is received (the majority is with us now) and we will discuss the whys and wherefores of the loan post that. To criticise APF is a little strong here, they have acted immediately and decisively to settle the loan. The conjecture was not intended to be helpful, but to help produce some facts. The problem with using public forums is that you cannot limit the discussion to praise (which we give frequently). There is an admin note facility on the site where we should get information on why this loan is paused, but there is nothing at all. Your emails do not reach all lenders. The question of whether Ablrate has lent £700k for seven months without the security offered in the loan proposal is a valid matter of interest to all potential investors. It was raised here (not by me), and on the other board, It needs answering here. I was not criticising the borrower, just saying this needed sorting out first. We expect borrowers to make the best deal they can and the platform to be vigilant. However, is this not the same borrower who claimed to have something of importance on loan 74 and did not? The question of whether the platform may be becoming be too reliant on any one borrower is something that can only be discussed on this forum. (I am not naming the borrower).
"There is an admin note facility on the site where we should get information on why this loan is paused, but there is nothing at all. Your emails do not reach all lenders." - If you roll over the tick on the secondary market you will see a tool tip that comes up explaining why the loan is paused. We have added this same tool tip content to admin. We are not rushing to judgement on this loan. There are advisers involved that need to be given the opportunity to answer questions that have been put to them. This is all I can say until we have the facts and I am afraid we won't be commenting until we have had those answers.
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