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Post by helmholtz on Dec 8, 2014 21:15:51 GMT
Come on savingstream, you can do it, please don't break your excellent track record to date of answering queries? |
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Post by savingstream on Dec 9, 2014 9:46:12 GMT
As we have stated before, we have internal underwriting in place that can (and does) act for each loan. As demand from the SS investor dictates, we reduce the requirement for this underwriting to allow more availability in each loan on a continual basis. Conversely, if the demand is not there, we utilise that underwriting to allows us to complete on each loan without the need for 100% SS platform funds.
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mikes1531
Member of DD Central
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Post by mikes1531 on Dec 9, 2014 20:01:09 GMT
As we have stated before, we have internal underwriting in place that can (and does) act for each loan. As demand from the SS investor dictates, we reduce the requirement for this underwriting to allow more availability in each loan on a continual basis. Conversely, if the demand is not there, we utilise that underwriting to allows us to complete on each loan without the need for 100% SS platform funds. : I presume the above was in response to the questions I raised about the surprising -- to me, anyway -- increases in the amount of this loan remaining to be funded. If that is correct, then I thank SS for their input. It does, however, raise a further question about how this internal underwriting tends to operate... If there is some SS/Lendy money in a loan at the time the loan goes live, does it typically remain there for the life of the loan? Or does it tend to be released into the secondary market during the life of the loan so as to provide more internal underwriting capacity for future loans? And now that SS have responded, could we please now have a comment in response to the questions that helmholtz raised last week? Namely... Hmm why would the borrower terminate existing relationship with RBS before being onboarded to Llloyds? Refi with Lloyds in 12 weeks but doc states minimum charging period 6 months .... assuming a minimum of 6 months interest to be paid that turns into a very expensive bridge (30%+ pa) if the loan is successfully refinanced with Lloyds in 12 weeks? Why would borrower be so desperate to pay that? savingstream can you comment more on the circumstances of the borrower regarding the old mortgage provider and the likely timescales involved for the refi? I had similar questions myself, though the biggest mystery to me was why the borrower would agree to a six-month minimum term if they genuinely believed that they could refinance this loan with Lloyds in just 10-12 weeks? And while we're raising questions, can I take the opportunity to ask about an apparently significant discrepancy in the Valuation Report? The Brief Description on Page 4 mentions "13 3 bed and 3 2 bed chalets, 5 bunk houses" -- as also shown in the Particulars -- while the list of accommodation on Page 11 of the VR shows just four chalets and three bunk houses. That's quite a difference!
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Post by helmholtz on Dec 11, 2014 14:36:27 GMT
savingstream these are very perinent questions in addition to my original unanswered question. can we have some answers? the apparent selective answering of questions only when suits is starting to look suspicious, something you would surely want to avoid unless the questions asked are "difficult" ones to answer?
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