All Forum Posts by: Brian Bernstein

I've been following along, and it seems they blended a new GP participation incentive offering—which appears to be way outside their usual strategy—with efforts to raise capital / avoid a complete loss for AVAF1 investors.  Still, the full AVAF1 picture is difficult to comprehend. Fingers crossed. 

Your math is correct, although as it stands we are quite possibly getting diluted to zero. The current statement "88% of investors, who have made a decision, have said they are participating." That statement is obv quite convoluted. What's important is knowing how much needs to be raised for a successful capital call and how much has been raised so far, which I do not know the answer to. 

How much do they need for a "successful" AVAF1 capital call?  92M?

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Quote from @Carlos Ptriawan:

Quote from @Clark Stevenson:

Quote from @Carlos Ptriawan:

These are the actual surveillance asset condition from one pool of CLO from one the bridge-lender mentioned above , look at AS-IS DSCR.

It's game over buddy, the status of their loan is 100% in trouble with 3 in watch list and most is at loan extension, to get loan extension the GP may ask for capital call for further reserve.

Those are nightmare numbers. On the 2 assets in Atlanta, my assumption is the DSCR is somewhere between 0.65 and 0.85 given the numbers provided by the GP. That's why I am assuming at this point I am wiped out!

These bridge-lender guys are suicidal, they offered a GP at 90% LTV with appraisal as-is DSCR of 0.90.
I assume the lender just offer the loan to 'not too smart GP' so the lender can acquire this property for cheap while LP is paying the bills becoz no matter what GP is still paid by the LP anyway.

these are suicidal project. These are similar to subprime 2008 except this is slightly more complicated.

Damnit ,  150K Poof

@Steve Vaughan. The positions are notably illiquid, as is common with LP investments, but they can be assigned by coordinating a transfer with the company.

Aside from this LP position obviously, I have other Ashcroft LP positions available at a  discount. If anyone is interested, feel free to message me for more details.