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Post by investorman on Aug 23, 2017 13:21:45 GMT
Good rate, but short duration.
Loan Details: Amount: Up to £1,300,000 (minimum £1 million) Term: 10 months (6 months minimum term) Rate: 15% - Interest Only Security: 1st charge on land valued at £2 million & Personal Guarantees from each of the 4 shareholders of the Company. Instant Returns: Enabled Loan Live: 5pm 23 August 2017
The loan is to acquire land and complete the acquisition of the first phase of the project.
The loan is secured against land valued for Ablrate at £2,000,000 on a 90 day sale. This will be on a first charge over the land (valuation included in the documents).
Minimum term is 6 months, maximum term is 10 months. The loan will be interest only and will pay the equivalent of 15% per annum to lenders
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Post by oldnick on Aug 23, 2017 13:45:25 GMT
This thread title will not make sense for long - try adding the date to it?
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bg
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Post by bg on Aug 23, 2017 13:45:25 GMT
Good rate, but short duration. Loan Details: Amount: Up to £1,300,000 (minimum £1 million) Term: 10 months (6 months minimum term) Rate: 15% - Interest Only Security: 1st charge on land valued at £2 million & Personal Guarantees from each of the 4 shareholders of the Company. Instant Returns: Enabled Loan Live: 5pm 23 August 2017 The loan is to acquire land and complete the acquisition of the first phase of the project. The loan is secured against land valued for Ablrate at £2,000,000 on a 90 day sale. This will be on a first charge over the land (valuation included in the documents). Minimum term is 6 months, maximum term is 10 months. The loan will be interest only and will pay the equivalent of 15% per annum to lenders Yes on first reading it seems too good to be true...i'm wondering what the catch is.
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SteveT
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Post by SteveT on Aug 23, 2017 13:47:30 GMT
I wonder whether the 4 shareholders also own a boat?
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 23, 2017 13:51:48 GMT
Right up ex fc flippers street. Loads will pile in, without reading thoroughly, the supporting documents I think given the higher than average interest rate.
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Post by Deleted on Aug 23, 2017 13:57:32 GMT
not more high net worth individuals, who always seem to be the ones first out the door when their short arms have to reach their net worth.
so just the land at £2m then, at 75% bugger-around factor for the administrator's fees etc etc (£1.4m) might just cover the loan.
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Post by investorman on Aug 23, 2017 13:59:32 GMT
I am still learning about P2P, much more at home with the stock market and reading company annual reports, but will have a look through when the details are released.
Only loaning up to 65% of the assets value, plus PGs, means the 15% looks suspiciouly high?
Would the rate not be higher to make the loan viable given the short duration?
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bg
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Post by bg on Aug 23, 2017 14:02:24 GMT
I am still learning about P2P, much more at home with the stock market and reading company annual reports, but will have a look through when the details are released. Only loaning up to 65% of the assets value, plus PGs, means the 15% looks suspiciouly high? Would the rate not be higher to make the loan viable given the short duration? It's the kind of loan that would be on AC @ 8% which really makes me question why it is on ABL @ 15%
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Post by bracknellboy on Aug 23, 2017 14:13:28 GMT
I wonder whether the 4 shareholders also own a boat? or been promising for 4 months to pay off a loan on one ?
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Neil_P2PBlog
P2P Blogger
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Post by Neil_P2PBlog on Aug 23, 2017 14:21:21 GMT
As it is for £1.3m hopefully we will have a chance to read the particulars before it fills!
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SteveT
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Post by SteveT on Aug 23, 2017 14:22:17 GMT
I wonder whether the 4 shareholders also own a boat? or been promising for 4 months to pay off a loan on one ? Hmmm, which boat are you thinking of? I was thinking of the recent one on ABL, owned by 4 "frequent flyers"
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Post by GSV3MIaC on Aug 23, 2017 14:43:39 GMT
As it is for £1.3m hopefully we will have a chance to read the particulars before it fills! I =thought= ablrate were going to look at some bid restrictions, at least for the first couple of hours (after the way the generators flew off the shelves). Admittedly this is a bit bigger, but even so ....
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Post by bracknellboy on Aug 23, 2017 14:50:15 GMT
or been promising for 4 months to pay off a loan on one ? Hmmm, which boat are you thinking of? I was thinking of the recent one on ABL, owned by 4 "frequent flyers" I was thinking of a certain Powerboat.
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kaya
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Post by kaya on Aug 23, 2017 14:55:43 GMT
Hey SteveT your next post is post number 5000. Better make it a good one!
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bg
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Post by bg on Aug 23, 2017 16:10:43 GMT
As it is for £1.3m hopefully we will have a chance to read the particulars before it fills! I =thought= ablrate were going to look at some bid restrictions, at least for the first couple of hours (after the way the generators flew off the shelves). Admittedly this is a bit bigger, but even so .... Fairly tepid response all told..
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