j
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Penguins are very misunderstood!
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Post by j on May 31, 2014 10:33:26 GMT
After all the excitement of waiting, we have a £100k loan for I presume is the same London law firm that has 2 previous loans with AC. 15% pan with max bid of £1k in 24 hours. One is sure it will easily fill within a few hours, even with the max bid stipulation.
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Post by batchoy on May 31, 2014 11:04:58 GMT
No mention in the summary credit report that this is a third tranche for the London Law firm, but there are items mentioned that means that it reads like it could be the same firm.
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Post by rudry2677 on May 31, 2014 11:18:10 GMT
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Post by pepperpot on May 31, 2014 11:19:53 GMT
If it's the same firm (extremely likely from security valuations/previous charges) then the total borrowed will greatly exceed the bricks'n'mortar coverage. The first loan will take precedence over this new tranche, so I won't be taking part. I agree, given the size, it will fill quite easily, but should be IMHO at a higher rate to the current loan as it almost completely relies on trade debtors.
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Post by Ton ⓉⓞⓃ on May 31, 2014 11:23:55 GMT
They do seem to work in similar areas but looking at the Security it might be different, also there's already a charge that leaves very little room. The security is mainly work in progress. I'll have to think what to do...
IN ED. the charges exactly add up as if it were a third loan.
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oldgrumpy
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Post by oldgrumpy on May 31, 2014 11:45:04 GMT
I will be interested to learn why they need another £100K so soon after having just made just one payment (so far) on their £250K loan. This smacks either of inept requirement forecasting by the law firm, or a planned strategy. If the latter, did Assetz know about it while the previous loan was being arranged? if it did, why not prepare us in advance?
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Post by Ton ⓉⓞⓃ on May 31, 2014 14:25:49 GMT
If it is the same firm, and I am assuming it is, the I very much hope they'll say so in the full docs. I guess the poisonous reason they want more money is that that huge case is dragging on and on and if they lose the case they might not get paid (as much?). The rate does seem to indicate that this loan is more risky than many. I think with the rate there's an element of what they can afford too. Clearly the maths of it must work out too. The only kind of reason I can think of that they might put in the doc's as to why another loan is needed is that another case is dragging on... I don't see how they can say it's to do with the old case. If they do it looks incompetent. Or perhaps they'll say we have plans to expand, or better web-site. If it's not something like that I'll be wondering about selling down my previous loan.
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andy2001
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Post by andy2001 on May 31, 2014 15:07:52 GMT
It says LTV of 30.63%. If you hover over the house it stays "Approx value 550k prior charges 528k. Doesn't seem like 30.63% LTV.
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j
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Penguins are very misunderstood!
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Post by j on May 31, 2014 15:14:26 GMT
It says LTV of 30.63%. If you hover over the house it stays "Approx value 550k prior charges 528k. Doesn't seem like 30.63% value with my maths. If you hover over the forklift icon, it shows debtors of £1.5m, which can be taken as security too. I assume AC made a deduction of previous loan plus whatever other charges to arrive to the 30% figure
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andy2001
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Post by andy2001 on May 31, 2014 15:19:55 GMT
It says LTV of 30.63%. If you hover over the house it stays "Approx value 550k prior charges 528k. Doesn't seem like 30.63% value with my maths. If you hover over the forklift icon, it shows debtors of £1.5m, which can be taken as security too. I assume deduction of previous loan plus whatever other charges having included to arrive to the 30& figureAre yes that normally shows zero soI was just looking at the house.
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Post by Ton ⓉⓞⓃ on May 31, 2014 15:26:10 GMT
Shouldn't we be asking why a lawyer has a forklift not what it's worth?
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andy2001
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Post by andy2001 on May 31, 2014 15:29:30 GMT
Shouldn't we be asking why a lawyer has a forklift not what it's worth? They probably don't. It's just an image Assetz Capital use for debenture.
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j
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Penguins are very misunderstood!
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Post by j on May 31, 2014 15:45:25 GMT
Shouldn't we be asking why a lawyer has a forklift not what it's worth? They need heavy machinery to do the money lifting for them!.........bad joke 
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Post by yorkshireman on May 31, 2014 16:04:50 GMT
I’m 99.99% certain this is the same firm.
Both trading for 2 years.
New loan request property security is a second charge on property valued at £550k with prior charges of £528k, maybe a genuine error but that is a bit ambiguous as this is actually 2 properties according to the summary credit report.
However the clincher for me is that the existing loan 8* is on 2 properties with a total value of £550k with prior charges totalling £278k plus £250k borrowed on auction 8* gives the £528k prior charges on the property offered as security on this new loan.
QED
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Post by cyrilmadrid on May 31, 2014 16:10:16 GMT
The second loan was marked as Tranche 2, so you could expect Tranche 3 should be signalled in the same way. But true, the 2 years trading and other clues seem to point to the same firm.
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