ilmoro
Member of DD Central
'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 Jan 18, 2017 12:42:29 GMT
Note that the security is being granted by the parent company (100% shareholder in FRS) against whom the existing charge is registered (floating capturing the property and all assets) There is also a loan against the carpark (floating charge, same lender) which may be outstanding. FRS is LPG only real asset of value other than the building as the other components of the group are dormant or minimal value.
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Post by ablrate on Jan 18, 2017 12:45:46 GMT
Note that the security is being granted by the parent company (100% shareholder in FRS) against whom the existing charge is registered (floating capturing the property and all assets) There is also a loan against the carpark (floating charge, same lender) which may be outstanding. FRS is LPG only real asset of value other than the building as the other components of the group are dormant or minimal value. B/Society has agreed to 2nd charge being registered. Regards Ablrate
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stevio
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Post by stevio on Jan 18, 2017 15:39:58 GMT
The valuation is a bit suspect - forgiving the grammar ("We have inspect the site.."), they have made it clear it is NOT a formal Valuation Report and have based the figure on a "desk top appraisal". Makes you wonder why there hasn't been a formal valuation?
Part of the "assets" is car park 10 year "lease" costing £55,000 in 2014. I would imagine that this declines in value over time as there is less years remaining in the lease, rather than appreciates, but that forms a small part of the "assets" so if we put that to one side
So we are led to believe that a building worth £495k in July 2014 has increased in value 66% to circa £750k in about 2.5yrs
They claim to be an "asset" rich company, but the asset has already been loaned against, so its not like they have all the money tied up in a building
The Net Profit seems to have halved from 2014 to 2015. Should this indeed be a profitable business, why can't they fund this out of profits?
Then there is the moral dilemma: loan to be used for "marketing" purposes - I for one have had my fill of PPI etc calls, emails, txts etc and I do not want to encourage firms like this 'increasing' their contact (pestering) in anyway. Let alone assist them taking huge proportions of compensations from people who could easily submit a claim themselves and receive all of the compensation.
The regulations around claims are also quite fickle. If anyone remembers the 'Call Centre' program on TV, well if you look him up now, the regulations changed and they quickly had to massively downsize. If this happens here and LPG go out of business, how easy would it be to claim the amounts from the PG and Cross Guarantee? I personally am not sure this type of company will even be in business in 4 yrs time in this industry.
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elliotn
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Post by elliotn on Jan 18, 2017 17:07:22 GMT
Particularly with a proposed FCA deadline of June 2019.
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Post by ablrate on Jan 18, 2017 17:38:04 GMT
ablrate just curious about this aspect of the BP under 'Other Special Conditions [etc]': '6 months Guaranteed Interest. Prepayment defined in 7.4 onwards'. Could you explain what that means to a Lender, please? In the 'Required Financial Information' section, it states: 'Quarterly management accounts' which are required by '30 days after the end of each quarter'. Will those be made available to Lenders on an ongoing basis? Thank you, Ian.. Hi If the borrower chooses to pay the loan back early, they have to have a paid a minimum of 6 months interest to have no penalties. (which is defined in the doc under 7.4) Financial Statements will be uploaded to the documents section for all to see. Hope that helps Ablrate
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hazellend
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Post by hazellend on Jan 18, 2017 18:17:15 GMT
The valuation is a bit suspect - forgiving the grammar ("We have inspect the site.."), they have made it clear it is NOT a formal Valuation Report and have based the figure on a "desk top appraisal". Makes you wonder why there hasn't been a formal valuation? Part of the "assets" is car park 10 year "lease" costing £55,000 in 2014. I would imagine that this declines in value over time as there is less years remaining in the lease, rather than appreciates, but that forms a small part of the "assets" so if we put that to one side So we are led to believe that a building worth £495k in July 2014 has increased in value 66% to circa £750k in about 2.5yrs They claim to be an "asset" rich company, but the asset has already been loaned against, so its not like they have all the money tied up in a building The Net Profit seems to have halved from 2014 to 2015. Should this indeed be a profitable business, why can't they fund this out of profits? Then there is the moral dilemma: loan to be used for "marketing" purposes - I for one have had my fill of PPI etc calls, emails, txts etc and I do not want to encourage firms like this 'increasing' their contact (pestering) in anyway. Let alone assist them taking huge proportions of compensations from people who could easily submit a claim themselves and receive all of the compensation. The regulations around claims are also quite fickle. If anyone remembers the 'Call Centre' program on TV, well if you look him up now, the regulations changed and they quickly had to massively downsize. If this happens here and LPG go out of business, how easy would it be to claim the amounts from the PG and Cross Guarantee? I personally am not sure this type of company will even be in business in 4 yrs time in this industry. I take it you're not investing in this one lol. I agree with a lot of what you say, but given it is 14% and amortising I've taken a small 2k chunk of it. As long as it doesn't go bust instantly there is at least some of the money paid back. They do say that they have done a lot of work to the building, including putting a new roof on it, so some of uplift in value is explained. All in I'd say this is high risk, but I feel adequately compensated by the interest rate. Regarding morals, yea the junk mail/calls/texts are annoying but at least they are helping people (a lot of whom are good at basic maths) get their money back and then they probably spend it back into the economy seeing as it's "free money". I'd rather that than hateful banks keeping the cash.
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blender
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Post by blender on Jan 20, 2017 13:32:25 GMT
Drawn down already. Why is it paused on the SM, please, Ablrate? There is no note to explain.
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Post by ablrate on Jan 20, 2017 15:33:31 GMT
Drawn down already. Why is it paused on the SM, please, Ablrate? There is no note to explain. Awaiting paperwork due on Monday, just speaking with devs as it shouldn't be showing as drawn.. just fixing.
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fasty
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Post by fasty on Jan 20, 2017 15:38:22 GMT
It's reassuring to receive such a prompt reply, thanks ablrate
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blender
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Post by blender on Jan 23, 2017 16:36:30 GMT
I see that the drawdown date has been fixed on this loan and it can be traded. The instant returns have not been paid: so if the loan is traded who will get the instant returns?
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blender
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Post by blender on Jan 24, 2017 11:01:12 GMT
Ablrate, why have you not paid the instant returns on 58, please?
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brush
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Post by brush on Jan 26, 2017 16:37:58 GMT
Are there any instant returns on this one ablrate.
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brush
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Post by brush on Jan 26, 2017 16:53:10 GMT
Apologies leopardcat i meant 58.
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Post by ablrate on Jan 26, 2017 16:53:54 GMT
Are there any instant returns on this one ablrate. Instant Returns are enabled, yes. Regards Ablrate
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blender
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Post by blender on Jan 26, 2017 17:20:01 GMT
This thread is about 58, drawn down on Monday. Instant returns still not paid and not even a reply from Ablrate.
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