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Post by savingstream on Jan 16, 2015 12:48:31 GMT
Dear Investor,
NEW LOAN ALERT
Property Bridging Loan 022 has now gone live on the Saving Stream platform. This is a loan for £945,000 secured against land in the centre of Bedford with a valuation of £1,350,000 (70% LTV).
Existing Loans
PBL 4 – Planning was approved for 63 units on the 3 acres. Value now c£3m+, valuation on its way c.10 days. Developer putting in for a further 5 exec sized homes. We may consider a development loan on this site given new valuation.
PBL 5 – Lendy Ltd visited the site on Thursday this week. There is considerable building work taking place, planning for a further couple of units is currently underway and expected in a few weeks. Brokers have advised that a commercial loan is in detailed discussion with Lloyds.
PBL 6 – Expected repayment in c. 4-5 weeks; have had exit discussions with borrower.
PBL 7 – Talking to brokers about refinance.
PBL 8 – No change from last week.
PBL 10 – Lendy Ltd visit next week. Brokers instructed to refinance.
PBLs 11/12/13 – Funds have been sent to lawyers. Borrower to sign final docs over weekend with completion expected Monday. It's been a long road with this one but we are very close.
PBL 14 – No change from last week.
PBL 15 – No change from last week.
PBL 16/17/18 – Legals ongoing. We expected to complete next week.
PBL 19 – Legals ongoing.
PBL 20 – Directors had another tour of the site this week. Lendy's solicitor expects completion next Friday. 98% funded.
PBL 21 – No change from last week.
Pipeline Loans
Small parcel of strategic land next to PBL 22. Valued at £700k, loan c £280k.
500+ acres of woodland in East Sussex valued at +£2m. Signed Heads of Terms expected this week.
Hotel, Maidstone, £750k value – next month.
Thank you for investing in Saving Stream.
Kind regards,
The Saving Stream Team
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spyrogyra
Member of DD Central
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Post by spyrogyra on Jan 17, 2015 10:28:38 GMT
Is the 0.5% permanently gone or PLB 22 is an exception ? I believe the answer to this question may affect the SM in the future.
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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 Jan 17, 2015 10:33:51 GMT
It didn't used to be (not that long ago) available on smaller loans, and was just used to help the bigger loans fill. More recently it has seemed to be available on most PBLs, but then most of them were reasonably large. I would imagine they'll not offer it where it won't be needed, and will offer it where it might/will.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 17, 2015 11:53:39 GMT
It didn't used to be (not that long ago) available on smaller loans, and was just used to help the bigger loans fill. More recently it has seemed to be available on most PBLs, but then most have them were reasonably large. I would imagine they'll not offer it where it won't be needed, and will offer it where it might/will. It might even reappear on this loan. I expect it will depend on how quickly the other half of the loan is funded. If the funding comes in quickly, SS would conclude it's not necessary. If the loan struggles to fill, SS could conclude some incentive is necessary. One of the things missing from the SS platform is any transparency regarding bidding. On some other platforms, ordinary lenders can see who has provided the funding. For instance, there have been occasions at SS where a loan seemed to get off to a good start, as PBL022 has, but when it became close to filling large chunks more became available. savingstream have explained that what had happened in those occasions was that either Lendy or underwriters had taken a position in the loan at the beginning and were reducing their participation to accommodate demand from ordinary lenders. There's nothing at all wrong with that behaviour, but I would like to know that it is happening. Without transparency -- an indication how much of the uptake so far is from Lendy/underwriters -- we have no idea how to interpret the £500+k of PBL022 shown as funded at this point. While it's good to know that a loan may be making good progress toward being completely funded, whether that funding is supplied by individual investors or by Lendy/underwriters is an important bit of information that we're not being told. I certainly would like to have that info, as it would affect my investment strategy..
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Post by duncandive on Jan 17, 2015 14:45:50 GMT
Hi Folks, I'm very New to this Forum and also to Saving Stream. When I have looked at several loan descriptions, I have noticed the following kind of statement; 'Lendy Ltd has full underwriting in place for £  ,000 of this loan if necessary.' OK, so I have a basic understanding of what I think 'underwriting' means.. I would really like to hear from anyone who could take some time to give me a more detailled explination. Many thanks in advance and have a great weekend one and all  |
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mikes1531
Member of DD Central
Posts: 6,452
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Post by mikes1531 on Jan 17, 2015 17:34:28 GMT
Hi Folks, I'm very New to this Forum and also to Saving Stream. When I have looked at several loan descriptions, I have noticed the following kind of statement; 'Lendy Ltd has full underwriting in place for £ ,000 of this loan if necessary.' OK, so I have a basic understanding of what I think 'underwriting' means.. I would really like to hear from anyone who could take some time to give me a more detailled explination. Many thanks in advance and have a great weekend one and all : Welcome to the forum. When a platform has underwriters, it means that they have people who will supply money to ensure a loan can be funded completely whenever the borrower is ready to draw down. In the case of SS, if a loan appears to be fully funded and more ordinary investors come forward willing to put money in a given loan then the underwriters would be released from their commitment and the ordinary investor would be assigned a part of the loan. This can happen before drawdown, or via the secondary market afterwards. The general idea is that the underwriters' job is to facilitate loans, and they should dispose of their parts of a loan as soon as they can, freeing up their money to use to facilitate another loan. What underwriters are paid to do their job is not general knowledge. I suspect they are paid some sort of commitment fee for pledging to supply money when necessary, and earn interest at a slightly higher rate than ordinary investors once they actually have put money into a loan, but that's really just a guess on my part. You have to have deep pockets to be an underwriter, and I'm not one. HTH. If you have more questions, feel free to ask.
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Post by duncandive on Jan 17, 2015 20:34:32 GMT
Thanks to 'mikes1531' for taking the time to explain my query. Glad I asked now as my basic understanding was inacurate. It's great to have so many members on here who take the time to help others along the way. Thanks again  |
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mikes1531
Member of DD Central
Posts: 6,452
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Post by mikes1531 on Jan 17, 2015 20:59:02 GMT
Thanks to 'mikes1531' for taking the time to explain my query. Glad I asked now as my basic understanding was inacurate. It's great to have so many members on here who take the time to help others along the way. Thanks again : Feel free to click the 'Like' button at the upper right of any posting you think is helpful. 
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Post by duncandive on Jan 17, 2015 22:43:08 GMT
Thanks to 'mikes1531' for taking the time to explain my query. Glad I asked now as my basic understanding was inacurate. It's great to have so many members on here who take the time to help others along the way. Thanks again : Feel free to click the 'Like' button at the upper right of any posting you think is helpful. I'm learning new things all the time... it's feels just like being back at school . How long until 'break time'.. I want to get to the Tuc Shop 
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debeast
(o)(o)
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Post by debeast on Jan 18, 2015 21:30:41 GMT
savingstream any news on the provision fund? You said it was due this year. /beastie
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,000 of this loan if necessary.' OK, so I have a basic understanding of what I think 'underwriting' means.. I would really like to hear from anyone who could take some time to give me a more detailled explination.
