P2P: Ablrate

jamesd · 2 August 2016 at 7:21PM

This is a discussion for things specific to the Ablrate peer to peer lending platform, to make it easier to find those as distinct from more general P2P discussions. More discussion is available at the P2P Independent Forum Ablrate section.

Ablrate does a range of lending types that typically avoid the ubiquitous property development loans seen in the P2P world at the moment. Interest rates are typically 12% but have ranged from 10-15%. All loans are secured on some sort of physical asset.

The platform received full FCA approval in March 2017, replacing its former interim approval.

As of 1 April 2017 one borrower had defaulted and legal action on that default is proceeding.

TOPICS: generic P2P, Ablrate, Lendy (formerly Saving Stream), MoneyThing.

jamesd · 2 August 2016 at 7:26PM

My opinion:

This is currently a platform I like, with friendly and helpful staff and often loan offers out of the ordinary for P2P.

jaydeeuk1 · 2 August 2016 at 9:36PM

Not heard of this one, will take a look.

bigadaj · 3 August 2016 at 8:44AM

jamesd wrote: »

My opinion:

This is currently one of my preferred platforms with friendly and helpful staff and loan offers out of the ordinary for P2P. At times the web site isn't as nice due to issues with developers they are planning to change but overall the features are excellent for core lending activities.

Would agree, slow deal rate though.

Biggles · 3 August 2016 at 10:37AM

jamesd wrote: »

At times the web site isn't as nice due to issues with developers they are planning to change

Well, I hope they don't do what they did before when they were developing a new platform, just over a year ago, when they basically shut down the business for several weeks. Promises were made and broken that it would 'soon' be up and running again and it lost credibility for me then.

I did make a small investment when it seemed to have settled down but, even a year on, there are regular apologies for 'glitches', usually involving incorrect calculation of payments.

The secondary market is a nightmare; there are simple ways and complex ways to do it and they've gone for ridiculously complex.

I am gradually withdrawing my funds as and when the loans mature. I would rather sell them on the SM and be done with it but I just can't be bothered to get my head around it.

It's a shame, as they have some interesting loans, though they have always promised many and delivered very few.

jamesd · 3 August 2016 at 7:49PM

Personally I like their secondary market because it offers flexible options to both would-be buyers and would-be sellers to set their prices and see whether anyone is interested. It's the most flexible one I've seen and I've made quite a bit of use of it.

Agreed that the developers have caused trouble on the time to get things done though that earlier delay made no real difference to the practicalities since there was no secondary market until that update was released.

Glitches relating to calculations have happened at plenty of places. Never very nice but they do get fixed and seldom make a big difference. We'll undoubtedly see more of these at all of the P2P platforms and I don't know of one that hasn't had to make corrections from time to time.

Biggles · 4 August 2016 at 12:28PM

Just had an email regarding the shipping container loan that has defaulted and in which I had a small interest.

Ablrate had initially seemed pretty keen on this borrower but it seems that not only has the company's director failed to turn up for a promised meeting, and for the court case, but hasn't disclosed the location of the asset that was security for the loan.

masonic · 4 August 2016 at 6:51PM

Biggles wrote: »

Just had an email regarding the shipping container loan that has defaulted and in which I had a small interest.

Ablrate had initially seemed pretty keen on this borrower but it seems that not only has the company's director failed to turn up for a promised meeting, and for the court case, but hasn't disclosed the location of the asset that was security for the loan.

Yes, while I can't fault the action taken or the communication, it does lead me to wonder how things have got to where they are.

Thrugelmir · 4 August 2016 at 7:26PM

Biggles wrote: »

Ablrate had initially seemed pretty keen on this borrower but it seems that not only has the company's director failed to turn up for a promised meeting, and for the court case, but hasn't disclosed the location of the asset that was security for the loan.

Welcome to the underworld of Company finance. Murky, dark and full of sharks.

jamesd · 5 August 2016 at 6:51AM

Some good news on the software side, Ablrate have said that they have a dedicated team that they expect will start to work on the platform this month.

jamesd · 6 December 2016 at 11:02PM

A bit of a drought of loans at many places this time of year so mentioning the current three available at Ablrate may be of interest:

1. property development loan paying 16% with two layers of protection, one the property, another a different company that introduced the loan. Also interesting that this is an improved offer from the original proposal based on lender feedback.
2. lending to a firm that finances cars for car dealers paying 12%.
3. lending to a firm that holds leases, secured on teh lease payments mainly, paying 12%

There's a survey of P2P on behalf of the FCA, please participate at The 2016 UK Crowd & P2P Investment Investor Survey unless you have a different link from a platform that you use.

The new developers have been getting lots of useful changes in place.

Legals continue on the defaulted loan - court judgement received and the borrowing company is subject to a winding up order and likely move to make the directors personally liable.

P2P: Ablrate

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free