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Margin Loans Margin Lender Lift Capital goes under

Discussion in 'Finance & Banking' started by Simon Hampel, 11th Apr, 2008.

  1. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    This came as a bit of a surprise - while most people had never heard of Opes Prime, quite a few people have heard of Lift Capital - in fact, I had been getting LVR updates for their margin loans on Compare Funds, and I'm pretty sure they have been mentioned on InvestEd before.

    It seems that there are now significant risks of using a margin lender who is not backed by a large institution!

    I use Leveraged Equities, who are owned by Adelaide Bank, which recently merged with Bendigo Bank. Will be interesting to see how this affects the rest of the margin lending marketplace.

    Margin lender follows Opes to the wall - ABC News (Australian Broadcasting Corporation)

    Did anyone here use Lift Capital ?
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Lift goes under | smh.com.au

     
  3. redrover

    redrover Well-Known Member

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    Lift Capital also a lender against Navra Retail and other managed funds.
     
  4. Mark Laszczuk

    Mark Laszczuk Well-Known Member

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    Plenty of other margin lenders will lend against the Navra fund. What's your point?

    Mark
     
  5. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    The World Today - Lift Capital placed into adminstration

     
    Last edited: 17th Sep, 2016
  6. Bundy

    Bundy Active Member

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    Mark,

    Just wondering if you are able to provide any input/recommendations in relation to people who have invested in the Navra Fund and used Lift as a margin loan?

    I know of a couple who are extremely nervous at the moment and are trying to get some answers though navra and Lift as all of their savings are in the Navra fund and margined by lift on a recommendation by NFS?

    I'm sure there are other investors in similar situations who would also appreciate some advice.

    Bundy
     
  7. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    The World Today - Lift investors may get some money back

     
    Last edited: 17th Sep, 2016
  8. redrover

    redrover Well-Known Member

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    Bundy
    Go the Lift Capital website and see posting from McGrath Nicol, administrators, on result of today's meeting. It may be encouraging for those with investments in managed funds as opposed to direct margin on shares, etc. but please read their update for further information.
     
  9. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Last edited: 17th Sep, 2016