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Post by savingstream on Jan 23, 2015 18:16:44 GMT
Existing Loans
PBL 4 – No change from last week.
PBL 5 – No change from last week.
PBL 6 – No change from last week.
PBL 7 – No change from last week.
PBL 8 – No change from last week.
PBL 10 – Development almost complete, all properties are for sale with asking price 40% higher than our valuation. One offer received.
PBLs 11/12/13 – Finally making solid headway. We were hoping to complete today, but one piece of paperwork was not received on time; funds have been sent to the other sides solicitors in anticipation of a drawdown early on Monday morning. With regards the built up costs of having over £1m on account for 4 months, yes it has been painful, but we have managed to negotiate with the borrower to increase the fee to cover these costs thus Lendy Ltd will not incurred any costs for this delay. As a gesture of goodwill and proof of our belief in a completion early next week, we have paid the cashback to all current investors in this loan.
PBL 14 – No change from last week.
PBL 15 – No change from last week.
PBL 16/17/18 – We expected to complete next week.
PBL 19 – Legals ongoing. Borrower changed their solicitors mid-deal.
PBL 20 – We expected to complete next week.
PBL 21 – No change from last week.
PBL 22 – Completion date of 3rd Feb 2015.
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.
Land with full planning permission in Huddersfield for over 250 accommodation “pods”. Current value over £4.7m, needs a loan of £3m to begin build phase. GDV £13m+. Underwriters required (£500k+).
Strategic land in Swindon worth £12m; needs £7m to take to planning stage and put in services. Underwriters required (£1M+).
Thank you for investing in Saving Stream.
Kind regards,
The Saving Stream Team
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mikes1531
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Post by mikes1531 on Jan 23, 2015 18:59:47 GMT
I'm pleased to see that PBL 11/12/13 still is progressing, albeit slowly. PBL 16/17/18 – We expected to complete next week. Hmmm. Looks an awful lot like "No change from last week"!  |
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Steerpike
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Post by Steerpike on Jan 23, 2015 19:25:15 GMT
SS are clearly listening and trying very hard to please, I am impressed.
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Post by duncandive on Jan 23, 2015 20:40:59 GMT
Well it seems this weeks update has pleased some of the PBL 11/12/13 Investors as there has suddenly appeared quite a bit back on the secondary market...
Not sure wether to nab some or not after the rather long delays they have had.
Any opinions ?
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star dust
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Post by star dust on Jan 23, 2015 21:12:31 GMT
Well it seems this weeks update has pleased some of the PBL 11/12/13 Investors as there has suddenly appeared quite a bit back on the secondary market... Not sure wether to nab some or not after the rather long delays they have had. Any opinions ? Probably people who 'over purchased' for the cash-back, and can now sell on. In terms of purchasing do your DD and bear in mind these all 'belong' to the same borrower. It seems there were particular genuine reasons for the lengthy draw-down in this case If it goes live on Monday then it should be good for the term, and if not then you'll be in line for an accrued interest payment from Lendy with everyone else into these loans - I just hope it doesn't become the first payout of the provision fund.  . in edit: and don't hang about too long, it seems they've all but gone already!
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Post by duncandive on Jan 23, 2015 21:20:36 GMT
That seems to make sense 'star dust' thanks.
I'm still rather new to this, been doing a lot of reading on here and the loan details too of course. They have nearly all gone now any way and it looks like PBL 022 is dropping, so I guess this is those same people re-investing the funds from their sales. All quite interesting, but shouldn't I be doing some thing else on a Friday night... Mind you it's wet 'n' windy outside.
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mikes1531
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Post by mikes1531 on Jan 23, 2015 21:31:10 GMT
Well it seems this weeks update has pleased some of the PBL 11/12/13 Investors as there has suddenly appeared quite a bit back on the secondary market... Not sure wether to nab some or not after the rather long delays they have had. Any opinions ? Because cashback is normally paid to the investor holding the loan parts at drawdown, there was a significant incentive to hang onto the parts until that happened. In this case, SS decided to pay the cashback today, so that is no longer an issue. The comment about cashback being payable pre-drawdown has been removed from the website 'Description & Documents' tab for these loans, so I presume anyone who buys parts this weekend will not earn cashback even though drawdown hasn't occurred yet. Perhaps savingstream would so kind as to confirm the position on cashback? Another issue that needs updating is this paragraph from all three of the Loan Particulars documents... AIUI, the original borrower has passed away, and it is their estate/heir that is now the borrower. This raises a number of questions... - Have the restaurants continued to trade in the absence of the original borrower?
- If so, how have the trading expectations changed as a result of the original borrower's death?
- If not, are they still equipped to trade as restaurants? And what are the prospects of restarting trading after the period of closure?
- Are Barclays still prepared to refinance these properties as soon as the ownership structure has been settled? If so, is the passing of the property into the sole ownership of the estate all that's required to satisfy Barclays? Or will they not refinance until the estate has passed the ownership of the properties to the ultimate heir(s)?
- Is the new borrower intending to keep the properties or sell them?
SS investors need to know the answers to these questions in order to make sensible decisions regarding what level of investement they wish to have in these loans.
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star dust
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Post by star dust on Jan 23, 2015 22:10:56 GMT
That seems to make sense 'star dust' thanks. , in case you weren't aware, if you want to tag someone you use the @ symbol and their username (not always the same as their name), thus "@ duncandive " without the quotes or space would tag you. There is also a symbol for tagging in the edit panel when you create a post, but I don't use that method myself.
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Post by Deleted on Jan 23, 2015 22:36:51 GMT
I invested in PBLs 11,12 and 13 back in late Sept and opted for monthly interest.
Today I have been paid my cashback by SS and they say they hope it completes finally on Monday. If it does, does this mean all interest accrued since Sept will be paid in the end of January interest payment? I assume it does as no interest payments have been received to date as the loans have not drawn down.Thanks.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 23, 2015 23:47:16 GMT
I invested in PBLs 11,12 and 13 back in late Sept and opted for monthly interest. Today I have been paid my cashback by SS and they say they hope it completes finally on Monday. If it does, does this mean all interest accrued since Sept will be paid in the end of January interest payment? I assume it does as no interest payments have been received to date as the loans have not drawn down.Thanks. I think you will get interest paid up to end of December, if it completes Monday. Then you get January's interest at the end of the month as usual.
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Post by duncandive on Jan 24, 2015 7:41:07 GMT
star dust thanks yet again. It's good to learn new things. I miss the old school days 
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mikes1531
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Post by mikes1531 on Jan 26, 2015 20:04:54 GMT
PBLs 11/12/13 – Finally making solid headway. We were hoping to complete today, but one piece of paperwork was not received on time; funds have been sent to the other sides solicitors in anticipation of a drawdown early on Monday morning. It looks like completion didn't happen on Monday morning, as I'm still waiting for the pre-drawdown interest to be paid/received.  If it doesn't happen Tuesday morning, I think we'll need another update from SS. I was hoping to invest my pre-drawdown interest in PBL022, but at the rate that loan is being funded that opportunity may disappear before I receive that interest. Now I guess I have to hope that some of the recent investment came from underwriters that SS have called in to ensure that the loan is fully funded so that it can draw down this week as originally expected, and that we can look forward to a significant chunk of this loan being available on the secondary market immediately after drawdown. It would be helpful if savingstream could let us know roughly how much of PBL022 has been underwritten. And when SS reply to that, it would be appreciated greatly if they also could provide answers to the questions I raised earlier in this thread.
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mikes1531
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Post by mikes1531 on Jan 27, 2015 16:45:03 GMT
PBLs 11/12/13 – Finally making solid headway. We were hoping to complete today, but one piece of paperwork was not received on time; funds have been sent to the other sides solicitors in anticipation of a drawdown early on Monday morning. It looks like completion didn't happen on Monday morning, as I'm still waiting for the pre-drawdown interest to be paid/received. If it doesn't happen Tuesday morning, I think we'll need another update from SS. I don't know exactly when it happened, but PBLs 11/12/13 now are showing 'YES' in the Drawnown column of the Live Loans list. I presume this means that something positive finally happened today. However, I'm still waiting for the pre-drawdown interest to be paid/received. I presume SS are working on this at the moment, and that nobody else has received their pre-drawdown interest either.
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Post by savingstream on Jan 27, 2015 17:24:01 GMT
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elgerod
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Post by elgerod on Feb 1, 2015 1:01:30 GMT
What has happened to the weekly update for 30/01/2015?
Live loans on the website shows "£-1,098.93 available funding remaining" and has done for the last 24 hours. What is happening?
On my dashboard, BACS Funding Deficit shows £1,000.00 even though I sent £1,000.00 via Faster Payments nearly 48 hours ago.
Are Saving Stream's systems down? Or is it just me?
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