SteveT
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Post by SteveT on Jan 30, 2017 13:16:38 GMT
(re-stickying)
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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 Feb 5, 2017 15:55:48 GMT
Welcome to the latest weekly loan update, which I hope you're finding useful. January was a bumper month for Saving Stream, with almost £17m raised from investors for new loans. We also averaged daily around 25 new registered users to the platform, bringing the new total to over 13,500. On Wednesday we published our Annual Review 2016, which is our take on the peer to peer sector last year. The review also includes our predictions for property investing in 2017. The sector has been very much in the news over recent weeks, as the regulator, the FCA, turns its focus to the P2P and crowdfunding markets. We’re pleased the FCA is now focusing on our markets, as it’s in everyone’s interest that our sector operates to the highest standards possible. Since joining Saving Stream a couple of weeks back, I've been responding to a number of questions that’ve come either direct to me, or via our support@savingstream.co.uk or the open peer to peer forums. It’s been great for me to hear what you like and where you feel we need to work a bit harder in 2017, as it helps focus my time on what matters to you the most. Over coming weeks we’ll be updating our website FAQs. We’re also updating some of our key policy documents, including our important ‘Default Policy’, to provide much more clarity for investors. Meanwhile, you’ll find our latest set of pipeline loans currently undergoing our stringent credit assessments. So, until next week, have a great weekend.
Paul Head of Marketing and Communications
LOANBOOK UPDATE DFL001 - No change. DFL002 - One of the ground floor commercial units is currently being fitted out by the proposed tenant and there is interest in another commercial unit. Borrower has advised that there is a cash buyer for one of the residential units, and further interest in 3 or 4 other units, with Practical Completion and sales of some of the residential units expected before the end of March. DFL003 - No change. DFL004 - Latest development tranche drawn last week. DFL005 - Further development tranche drawn this week. DFL006 - No change. DFL007 - Next IMS report expected shortly. DFL008 - Latest IMS Report now received and development tranche drawdown being made. DFL009 - Latest development tranche drawn this week. DFL010 - Face to Face Meeting held with Borrower and his Development Team this week. Matters are moving forward and further information has been supplied to our Monitoring Surveyor so that Initial Report can be finalised and issued shortly. Development drawdown tranche will be made once received. DFL011 - No change. DFL012 - IMS report due early next week in respect of next development tranche drawdown. DFL013 - No change. PBL006 - The borrower is listing this property for sale. We have agreed that he will pay interest to date and then on a rolling basis until sold. PBL020 - We have been advised to expect final settlement very soon. We are working with the administrator very closely. The purchaser is relying on a bank loan so we cannot say with any certainty when they might be ready to complete. PBL027 - We are meeting with the borrower soon to discuss options for restructuring. His investors are fully engaged and behind this project PBL031 - We have had an offer from the borrower to settle the outstanding debt which we have accepted. Progressing to legals next week. PBL033 - Just been extended for a further 2 months whilst certain due diligence assessments are undertaken for the refinancing bank. PBL035 - Borrower has advised that meeting was held with the MD of proposed JV partner in January to agree some minor changes to proposed paperwork. Face to Face meeting arranged with Borrower next week on site. PBL037/038/039 - The borrower has made us an offer to settle the outstanding debt and we are now working towards this objective. PBL040 - We have received a cash sum in part repayment of this loan which we will pay to investors next week. Regarding the rest, the borrower/owner has offered us a settlement figure which we are negotiating. We are receiving monthly interest in the interim. PBL046 - The borrower is in contact with us and informs us that the valuation is due imminently which should allow them to refinance away. Work on the cottage on site has completed which should add significant value to our security. PBL047 - We continue to maintain a dialogue with both the borrower and the new lender (who refinanced the other site recently). The new lender is waiting for a few reports to be finalised by their solicitors and we are advised repayment is expected at any time. We have no reason to be doubtful given the recent successful refinancing of one of the sites. PBL055 - No change. PBL056 - The sale of the property continues through legals, albeit slowly. PBL057 - No change. PBL064 - Our agents continue to work closely wth the borrower and the tenants in the building. We are trying to re negotiate the tenancy agreement with the major tenant but are now actively marketing the property. Significant interest has been generated. PBL065 - A further one month extension has been received. PBL066/067 - Property is now being marketed for sale and Receiver has advised that there is interest in the property PBL068 - The borrower has made us an offer to settle the outstanding debt and we are now working towards this objective. PBL069/070/071 - The borrower has made us an offer to settle the outstanding debt and we are now working towards this objective. PBL073 - No change. PBL074 - The tenancies have now been regularised in anticipation of an auction sale next month. PBL075 - Recent valuations of this property indicate plenty of security available both in this asset plus the borrower has a valuable commercial building additionally. The borrower is not being helpful and our agents are seeking a possession order in order to dispose of the property at the next appropriate auction. PBL081 - Fourth £50k tranche of our own capital has been released to the Borrower and our Independent Monitoring Surveyor is due to visit again during February. The building works are progressing at an acceptable pace and to a sufficient standard. PBL082 - Borrower is currently working on refinance. PBL084 - We will probably offer a refinance of this loan for a further period in order to give the borrower some room to manoeuvre. The end of year accounts for the business that operates the assets need to be completed and submitted to Companies House before a bank will lend. PBL085 - Face to Face Meeting held with Borrower last week. Borrower advised that everything is moving forward well with sales of freehold and residential units expected prior to expiry of loan. PBL088 - No change. PBL089 - Going through legals for the extension. PBL094 - We are waiting on a barristers opinion on a certain aspect of the planning permission. Indications are proving very positive and we should be able to restructure the loan very soon while a sale goes through. PBL095 - The borrowers solicitors advise a refinance in February. PBL098/099 - No change. PBL101/102 - The extension has been agreed and is now in legals. PBL103 - Discussions have commenced about us providing development funding for site. PBL105 - No change. PBL106 - Waiting on a sale of another property before the borrower can restructure this loan with another lender. We expect/have been advised by his solicitor to expect movement in Feb potentially early March. PBL107/108/112 - No change. PBL120 - Borrower is on track to repay our loan by the repayment date. PBL122 - Currently still reviewing the second phase of this project. PBL123 - Borrower is currently working on the sale of the asset. PBL125 - Still in DD with the new lender. PBL126 - No change. PBL127 - We are working on the DD for the development loan. Expected shortly. For interest, there is a wind turbine on the site which has recently been constructed earning c£30k income per annum. This turbine is part of our overall security but not included in the original valuation. PBL130/132 - No change. PBL133 - Borrower is currently working with a lender to refinance via bank term finance. PBL135 - No change. Missing from email Face to Face Meeting held with Borrower last week. There was a second charge (only an equitable one) registered at Companies House at end of last year, which the Borrower didn\'t realise Lendy had to consent to as it was only an equitable charge. However, this new second charge is fully subordinated to us (so we rank in first priority) and the new lender is unable to take any action to enforce its security without our consent. This would give us the opportunity to enforce our security ahead of them, which fully protects our position. In the event that any monies are repaid to the new lender by the Borrower, that money would need to be paid to us and in the event that it was not, the money would be held on trust for and on our behalf by the new lender. We would also be able to claim the sums paid over to the new lender from them. This gives us the comfort we require as our first ranking security is preserved. We registered a debenture in addition to the existing charge to cover the additional debt taken on by the Borrower. Again, this debenture ranks in priority to the new lender’s debt. We are comfortable with the facility that the new lender has agreed (it is for mezzanine finance) and is akin to an overdraft facility which does not impact on our security or the property we have security over. PBL136/137/139/140/141/142 - No change. PBL143 - All indications are that this loan should be repaid relatively soon. A sale has been agreed and is now going into legals. PBL144/145/147 - No change. PBL148 - We are looking to offer this borrower another loan on a different site soon. The borrower continues to progress with planning amendments to this site. PBL149 - No change. PBL150/151/152 - DD nearly completed, [drawdown? sic] expected on Monday. PBL154/155/156/157/158/159 - No change. PBL160 - Loan has now drawndown.
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ablender
Member of DD Central
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Post by ablender on Feb 16, 2017 20:35:23 GMT
ilmoro you will probably need to change the pink overdue sign or add some more signs to indicate if they are within the first 90 days grace, or the second 90 days disgrace. Perhaps you can use different coloured overdue signs, but then we need to remember which colour corresponds to what.
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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 Feb 16, 2017 20:39:37 GMT
ilmoro you will probably need to change the pink overdue sign or add some more signs to indicate if they are within the first 90 days grace, or the second 90 days disgrace. Perhaps you can use different coloured overdue signs, but then we need to remember which colour corresponds to what. yep, already planning on maybe an extra column but will wait until SS stabilise situation on days remaining post implementation
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 17, 2017 17:01:34 GMT
Updates are coming through....
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ablender
Member of DD Central
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Post by ablender on Feb 17, 2017 17:19:59 GMT
Updates are coming through.... Did your read PBL20 ?
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star dust
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Post by star dust on Feb 17, 2017 18:08:30 GMT
Latest Emailed Update in full for completeness, bits of interest in blue, and most already being discussed on loan threads.
"EXISTING LOANBOOK
DFL001; DFL002 - No change. DFL003 - Recent meeting with Borrower and Block B is on hold until Block C is finalised/ remortgaged/ sold. DFL004 - No change. DFL005 - Further development tranche drawn this week. DFL006 - No change. DFL007 - Development tranche drawn last week. Development progressing and IMS has advised that next report should be received by the end of March. DFL008; DFL009 - No change. DFL010 - Next tranche of development funding drawdown last week. DFL011 - Construction documentation being progressed. DFL012 - Next development tranche drawn down last week. DFL013 - Development tranche draw expected this week. DFL014 - Initial land loan drawdown completed this week. DFL015 - No change. PBL006 - The borrower should be sending all outstanding interest to us next week. The marketing of his property continues and also the refinance of his london assets is still ongoing. PBL020 - This property has sold and we are expecting to receive the final settlement soon. Funds are with the administrators and will be remitted back to investors next week or as soon as we receive them. Further details will be given as info comes in. PBL027 - Our agents are conducting an options review, there are potential interested parties for the site and the business and we are intending to speak to them soon to discuss a strategy. The borrower continues to communicate with us. PBL031 - We are still in discussions with the borrower who are still working on the repayment of this loan. PBL033 - No change. PBL035 - Met Borrower last week. Matters are progressing and Borrower advised that JV paperwork should be completed within the next 7-10 days. PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - Marketing of the property continues. The borrower is also racing to refinance to make good his offer to us. PBL040 - Part repayment was made to investors. We have accepted an offer from the borrower for full and final settlement of capital and interest and are now working towards completing this. PBL046 - No change. PBL047 - We have agreed a repayment schedule with the borrower to settle a small amount of outstanding interest. He is now up to date and will be continue to service the loan in the interim until his refinancing funds come through which he advises could be anytime but \'no more than a couple of months\'. PBL055 - No change. PBL056 - Still in legals. PBL057 - No change. PBL064 - Marketing of the properties continue. PBL065 - We are expecting a further one month extension to be paid. The borrower has reduced his sale price for the asset and is looking to exit the loan as soon as possible. PBL066; PBL067 - No change. PBL068 - We are continuing to work towards a full and final settlement. We have also made it very clear to the borrower that if full repayment is not received shortly we will instruct our agents to review options for an auction listing. PBL073 - Client is currently in the final stages of refinance with another lender. PBL074 - Marketing of the property continues, interested parties have been for viewings. We have booked a slot in an auction in case one of the offers does not complete in a timely fashion. PBL075 - Recent valuations of this property indicate plenty of security available both in this asset plus the borrower has a valuable commercial building additionally. The borrower is not being helpful and our agents are seeking a possession order in order to dispose of the property at the next appropriate auction. PBL081 -5th IMS report received last week confirming that good progress continues on site. Next £50k payment (5th tranche) sent to Borrower\'s Solicitor last week. PBL082 - No change. PBL084 - The borrower has requested an extension while they negotiate term finance with another lender. We are considering the extension and awaiting further proof of exit. PBL085 - No change. PBL088 - Borrower is currently working with another lender to refinance this loan. PBL089 - The borrower is hoping to repay shortly with finance from another lender. PBL094 - We are reviewing the barristers opinion. Feedback to follow. PBL095 - Borrower is expecting to redeem by the end of the month. PBL098 - No change. PBL099 - Borrower expects to refinance by the repayment date. PBL101; PBL102 - We are considering a further 1 month extension as the borrower is working on the sale of a property. PBL103 - Further information on development/ construction documentation awaited. PBL105 - No change. PBL106 - Borrower is still in negotiations for refinance with another lender. PBL107; PBL108; PBL112; PBL120 - No change. PBL122 - Phase 2 is still being worked on. We are getting both sites revalued post legal due diligence to allow us to consider a way forward. PBL123 - The borrower is currently in the process of working on a sale of the property. The borrower has requested a 2 month extension which is under review. PBL125 - We are reviewing a possible three month extension whilst the client negotiates the refinance. PBL126 - No change. PBL127 - New loan in pipeline to repay this loan. Expected to complete early next week. PBL130; PBL132; PBL133; PBL135; PBL136; PBL137; PBL139; PBL140; PBL141; PBL142 - No change. PBL143 - The borrower has requested a redemption statement . We are expecting repayment on time. PBL144; PBL145; PBL147 - No change. PBL148 - Borrower is currently in the process of submitting the planning application. PBL149 - Borrower is currently working with another lender to refinance our loan. PBL150; PBL151; PBL152; PBL154; PBL155; PBL156; PBL157; PBL158; PBL159; PBL160 - No change.
PIPELINE LOANS PBL162 - Our solicitors are drafting and negotiating the loan documents and we are expecting the loan to complete early part of next week. DFL - London - Legal due diligence is progressing on this loan. We are not yet able to confirm when the loan will be in a position to go live, we are hopeful that the loan will go live next week, or during the week commencing 27 February."
And here's the 'story' ahem......
"If I've seen one marketing message this week offering me 'the latest Valentine's gift' (three from car dealers) or a supermarket promising me some wine as my 'perfect match' then I've seen 100. Yes, my inbox has been filled with retailers trying to cash in on a day marking the day a Roman priest was executed for secretly marrying people. And as a marketeer I was a little ashamed of my own profession for its lack of originality. So, apart from the rather generous M&S ‘Valentine's Day Dine in for £20’ deal, most of the other 'offers' were so bad they were blocked or deleted without viewing. But, you needn't worry. We're not going to seduce you with any such offer in this week's update - not even a belated one. After all, it’s pretty obvious we love you.
So instead, you’ve got just a plain vanilla update on some of the big things that have kept us very busy over recent days.
As a business with views, we've been talking to the press about bank lending to property developers falling in the lead up to the Brexit vote, with 2016 seeing a 7% decline. You can see some of our coverage on our LinkedIn, Facebook and Twitter pages.
We've also been speaking with a number of new borrowers seeking help to fund their development or bridging projects. Please find our bi-weekly loan book update below.
We've had some responses to our new default and secondary market credit facility policies. Much of it has been supportive. Some people have however expressed concern that with the closure of the credit facility we are removing a valuable feature.
While we knew it was popular, particularly with smaller investors, the feature was unsustainable. The policy worked well when we were a smaller platform, but running at our current scale, having a 'slush fund' of millions available all the time just isn’t feasible. We will however continue to listen to how we can add value without incurring undue cost.
Finally, as you know, we grew rapidly last year, and that trend has continued into 2017. As we have evolved we have of course experienced some growing pains, so please be patient as we continue to build on what you like, and improve what you don't like.
That’s it!
Until next week, have a great weekend.
Paul Head of Marketing and Communications "
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madpierre
Member of DD Central
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Post by madpierre on Feb 17, 2017 18:18:24 GMT
Oh dear, marketing speak. With hindsight perhaps I preferred to be kept in the dark, rather than the vanilla
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adrianc
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Post by adrianc on Feb 18, 2017 8:26:59 GMT
Oh dear, marketing speak. From the head of marketing (and communications). Who'd have thought it?
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ablender
Member of DD Central
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Post by ablender on Feb 18, 2017 9:51:04 GMT
I kinda like it.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 24, 2017 17:07:11 GMT
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 24, 2017 17:11:16 GMT
twoheads You may want to do some quick editing Here.... borrow these... *************************************************************************
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 24, 2017 17:24:50 GMT
twoheads You may want to do some quick editing Here.... borrow these... ************************************************************************* Easy mistake to make with cut and paste. Thanks for the *s.
The post can't have been up for even as long as 5 minutes but I was modded while I was editing.
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Post by GSV3MIaC on Feb 24, 2017 17:46:48 GMT
star dust is =much= faster than the average moderator 8>. .. but even 5 minutes is plenty for Google's web crawler(s) to nail down an archive copy of the post for evermore; Ok, for SS loans we know that the platform is 'carelessness personified' when it comes to naming (and possibly shaming) borrowers and their properties, but making the same sort of mistake with an AC or MT or CO of FC or ... <pick one> platform loan could lead to major forum aggravation with the borrowers.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Feb 24, 2017 19:48:55 GMT
star dust is =much= faster than the average moderator 8>. .. but even 5 minutes is plenty for Google's web crawler(s) to nail down an archive copy of the post for evermore; Ok, for SS loans we know that the platform is 'carelessness personified' when it comes to naming (and possibly shaming) borrowers and their properties, but making the same sort of mistake with an AC or MT or CO of FC or ... <pick one> platform loan could lead to major forum aggravation with the borrowers. star dust didn't mod me, merely informed I was on the wrong thread. I was modded by another.
Incidentally: are we allowed to post links directly to SS loan pages?
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