ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 17, 2014 15:46:24 GMT
Heads up boaty loan just renewed
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Oct 17, 2014 15:58:34 GMT
Didn't it just?  |
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Post by wildlife2 on Oct 17, 2014 15:58:51 GMT
Thanks for that, I just got there in time!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,908
Likes: 11,135
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Post by ilmoro on Oct 17, 2014 15:58:54 GMT
Heads up boaty loan just renewed Heads down again, all gone. Clock stopped at 17mins after email 
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star dust
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Post by star dust on Oct 17, 2014 16:03:51 GMT
£40k in 17 minutes - ridiculous. I believe this is the second time it's rolled, so I guess the valuation is a year old now? I note that this time it's coming 'down the coast' to be sold, and wonder if it defaulted and SS is maybe selling it off? Any chance of some clarification savingstream? Naturally I bought first and am asking Qs afterwards  . |
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will
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Post by will on Oct 17, 2014 16:34:53 GMT
Ahhhgg, I missed it by miles, then. E-mailed me 16:40. I looked in 17:24  |
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Post by sammy on Oct 17, 2014 16:36:00 GMT
I did think that before investing but if you check the repaid loans, you will see that SS advised the loan was fully paid up.
So I am presuming its the owner who now wishes to sell and borrow some more in the meantime. Hopefully SS will confirm this!
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Post by savingstream on Oct 17, 2014 16:55:41 GMT
The borrower has repaid the interest owed and chosen to renew the loan. In this instance SS repays all existing investors their capital plus interest and takes on the capital (commercial risk) of the £40k that hasn't been repaid yet, the loan is placed up for investment again and Lendy's capital is recycled. The owner realises he has a better chance of selling the vessel on the south coast as opposed to its existing location.
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star dust
Member of DD Central
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Post by star dust on Oct 17, 2014 16:59:26 GMT
The borrower has repaid the interest owed and chosen to renew the loan. In this instance SS repays all existing investors their capital plus interest and takes on the capital (commercial risk) of the £40k that hasn't been repaid yet, the loan is placed up for investment again and Lendy's capital is recycled. The owner realises he has a better chance of selling the vessel on the south coast as opposed to its existing location. Thanks for the update, in retrospect my comment was a bit of a daft hypothesis – well it is a Friday afternoon  . I guess it's not really the season for boat sales though?
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Post by westcountryfunder on Oct 17, 2014 18:21:21 GMT
Perhaps this has been mentioned before, but how about giving existing lenders priority when it comes to renewing loans? Some of us have a life other than sitting at our dektop/laptop/tablet all day!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Oct 18, 2014 13:47:29 GMT
Perhaps this has been mentioned before, but how about giving existing lenders priority when it comes to renewing loans? Some of us have a life other than sitting at our dektop/laptop/tablet all day! May have been listening. PBL2a to renew Monday. Increased loan, LTV. Existing lenders given priority with auto renew unless they opt out.
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mikes1531
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Post by mikes1531 on Oct 20, 2014 2:34:47 GMT
Perhaps this has been mentioned before, but how about giving existing lenders priority when it comes to renewing loans? Some of us have a life other than sitting at our dektop/laptop/tablet all day! May have been listening. PBL2a to renew Monday. Increased loan, LTV. Existing lenders given priority with auto renew unless they opt out. Automatic renewal by default, does not strike me as the right approach to take. If SS want to offer existing investors the chance to renew they really ought to require a response from the investor saying they're willing to let their investment roll over. Some investors will not be happy to find that they've had an investment that was about to mature reinvested for another term without their permission, just because they failed to respond to an email. At the very least, if SS are going to operate this way they need to amend their Ts&Cs to say that if a loan is renewed by a borrower then a lender's investment will be rolled forward into the renewal loan unless the lender opts out. Then they need to bring this to lenders' attention at the time of investment, perhaps also asking lenders at that time to choose between having an investment roll over if possible or not to roll over in any case. And also to give investors the chance to change their choice at any time during a loan's term.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Oct 20, 2014 10:00:11 GMT
May have been listening. PBL2a to renew Monday. Increased loan, LTV. Existing lenders given priority with auto renew unless they opt out. Automatic renewal by default, does not strike me as the right approach to take. If SS want to offer existing investors the chance to renew they really ought to require a response from the investor saying they're willing to let their investment roll over. Some investors will not be happy to find that they've had an investment that was about to mature reinvested for another term without their permission, just because they failed to respond to an email. At the very least, if SS are going to operate this way they need to amend their Ts&Cs to say that if a loan is renewed by a borrower then a lender's investment will be rolled forward into the renewal loan unless the lender opts out. Then they need to bring this to lenders' attention at the time of investment, perhaps also asking lenders at that time to choose between having an investment roll over if possible or not to roll over in any case. And also to give investors the chance to change their choice at any time during a loan's term. I did wonder about that myself initially, but since it's possible to sell immediately on the SM I concluded I preferred the default rollover. If I'm away from email for a period in some far flung place, I'd be happier that my investments rolled over and gained me interest rather than getting locked out and have them sit there. If I didn't want that investment, I could sell out. The situation is different on FS, who require the opt-in, because over there you have no ability to get out till the end of the term.
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mikes1531
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Post by mikes1531 on Oct 20, 2014 11:21:14 GMT
The situation is different on FS, who require the opt-in, because over there you have no ability to get out till the end of the term. Not to mention that there's no chance of getting in after the initial offering -- and very little chance of getting in at the beginning either!
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bugs4me
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Post by bugs4me on Oct 20, 2014 11:43:32 GMT
The situation is different on FS, who require the opt-in, because over there you have no ability to get out till the end of the term. Not to mention that there's no chance of getting in after the initial offering -- and very little chance of getting in at the beginning either! Unless of course you just happen to be around at the time - glued to your PC/Laptop pushing F5 with time on your hands. Hence I'm not bothering (anymore) with these micro investments.
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.
. I guess it's not really the season for boat sales though?
