locutus
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Post by locutus on May 13, 2015 9:17:57 GMT
Add to the above events the fact that the amount of money supposedly held in the Provision fund instantly increased to take account of the £5m loan despite the conditions of the fund stating that it's fed from moneys from the the loan charges (and the loan has not been drawn down yet and £2.5m of it isn't yet programmed to be), and you have to wonder just how many of the figures presented to us are just spreadsheet manipulations. I've had similar thoughts about the Provision Fund. Not only does the balance supposedly in it increase the instant a new loan is added to the platform, but the balance in it decreases the instant a loan is repaid. That isn't the way I'd expect such a fund to work. I'd expect any money that goes into the fund to stay there when a loan completes successfully, so as to build up the balance to cover the hopefully rare occasions when a loan goes bad and the provision fund is needed to make up for any shortfall. If the money contributed from loans that turn out to be successful can be withdrawn when those loans are repaid then the funds available for any loan would really be only 2% of the value of that particular loan, which won't go very far if the fund needs to be used. I think the way the Provision Fund works deserves its own topic. It would be good to get some clarification from Lendy. The way I see it is Lendy has seen impressive success in a short space of time but they really need to develop their platform if they don't want another company to provide a better offering and steal away their lenders.
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ramblin rose
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“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 May 13, 2015 9:33:57 GMT
I've had similar thoughts about the Provision Fund. Not only does the balance supposedly in it increase the instant a new loan is added to the platform, but the balance in it decreases the instant a loan is repaid. That isn't the way I'd expect such a fund to work. I'd expect any money that goes into the fund to stay there when a loan completes successfully, so as to build up the balance to cover the hopefully rare occasions when a loan goes bad and the provision fund is needed to make up for any shortfall. If the money contributed from loans that turn out to be successful can be withdrawn when those loans are repaid then the funds available for any loan would really be only 2% of the value of that particular loan, which won't go very far if the fund needs to be used. I think the way the Provision Fund works deserves its own topic. It would be good to get some clarification from Lendy. The way I see it is Lendy has seen impressive success in a short space of time but they really need to develop their platform if they don't want another company to provide a better offering and steal away their lenders. There is a thread relating to the provision fund here: p2pindependentforum.com/thread/2018/provision-fund-running. Agreed, that is a better place to discuss it. They have already told us that they are, in fact, in the process of developing their platform at the moment. Again, PBL033 not the thread to start discussing that though 
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star dust
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Post by star dust on May 13, 2015 9:36:25 GMT
I think the way the Provision Fund works deserves its own topic. It would be good to get some clarification from Lendy. It has one here. ......they really need to develop their platform if they don't want another company to provide a better offering and steal away their lenders. (my bolding) Who's that then? Edit : Beaten to it by ramblin rose , and her link's a bit clearer than mine, but they arrive at the same place!
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Post by shadoh on May 13, 2015 9:38:07 GMT
still the s106 terms/fees can put a developer off a scheme. hopefully it's not the case.
I also dislike the fact the website does not disclose who the borrower is. (unless I have missed it!)
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Liz
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Post by Liz on May 13, 2015 10:17:44 GMT
OK - I have managed to get in on this very large loan but my earlier comment still stands. It will always be easy to grab a slice of the larger loans, at least until SS grows even larger and attracts more and more large investors, but the small guys, who are unable to monitor the platform 24/7, will continue to have very little chance to invest in smaller loans thus restricting their opportunity to diversify across the loan book. The same applies to other P2P platforms owing to the phenomenal growth and popularity of P2P investing. I got SMS to phone, logged on and invested in 2 minutes all via my Android phone.
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philc
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Post by philc on May 13, 2015 10:53:05 GMT
In response to shadoh
I believe that the borrower is the applicant to the planning consent, which can be found at:
Moderated: BB: Link removed as it identifies the borrower
It is also worth noting, as indicated in a previous post, that this is an application for outline consent and not for FULL consent, making the valuation of £14,000,000 extremely unlikely to be realised within the timeframe of this loan, I suspect that a considerable portion of the funds raised may be utilised to satisfy the Section 106.
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webwiz
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Post by webwiz on May 13, 2015 12:13:07 GMT
I think there's a good chance that it does explain it, because AIUI the total funded is the amount in the hands of lenders/underwriters less the amount that's being offered for sale. So if a £5M loan were to be fully underwritten, and £1M of it was for sale by the underwriters -- with them either wanting to hold the £4M for themselves or simply intending to hold it until they need the money for another project before offering the parts for sale -- then when the loan was released for retail investment the website would show the loan as being £4M funded and £1M available. That also would explain why, on occasion, the amount available to be funded has increased by a large amount -- when underwriter positions are released for retail investment. It was quite interesting looking at the SS main Loans page whilst this loan was being launched. First I noticed that the the "available funding remaining" went £3m negative without any possible explanation on the page. Then it went £3.5m negative. At this time the loan was still on the "pipeline loans" page without a number. Then the new loan appeared on the loans page WITHOUT a PBL number and the "available funding remaining" went £1.5m positive. Then the new loan acquired the number PBL033. So you have to wonder if the figures for this loan on the Loan page are just a spreadsheet manipulation. Add to the above events the fact that the amount of money supposedly held in the Provision fund instantly increased to take account of the £5m loan despite the conditions of the fund stating that it's fed from moneys from the the loan charges (and the loan has not been drawn down yet and £2.5m of it isn't yet programmed to be), and you have to wonder just how many of the figures presented to us are just spreadsheet manipulations. In any case it was £1.5m released today, not £2.5m with another £100k being added when it fell to about 11% remaining. So it appears that SS are feeding in fresh loan parcels each time it runs out. They have also changed "Amount funded" to "Funded by savers" - I wonder what is the significance of that? As I write there is £108,752.87 in Available for funding. It is impossible to tell how much has been invested and how much of the £2.5m (or is it £5m?) remains. Edit - I am not sure about the wording change, I may have been comparing two different places.
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mikes1531
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Post by mikes1531 on May 13, 2015 13:06:52 GMT
Website is weird, no contact number or info on the founders. Registration is too easy. You could try starting with this page: savingstream.co.uk/about-us for more information. Ah, yes, the elusive page that's hard to find when logged in. I wonder if that'll be fixed when the new website arrives?
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mikes1531
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Post by mikes1531 on May 13, 2015 13:14:42 GMT
They have also changed "Amount funded" to "Funded by savers" ... : Where are you seeing that? When I look at the PBL033 website page, all I see is "Amount funded". Am I looking in the wrong place? PS. Cancel the above question. I've now seen the PBL033 Loan Part Detail thread that webwiz started, and that answers my question.
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j
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Post by j on May 13, 2015 13:38:41 GMT
In response to shadoh I believe that the borrower is the applicant to the planning consent, which can be found at: Moderated: BB: Link removed as it identifies the borrowerIt is also worth noting, as indicated in a previous post, that this is an application for outline consent and not for FULL consent, making the valuation of £14,000,000 extremely unlikely to be realised within the timeframe of this loan, I suspect that a considerable portion of the funds raised may be utilised to satisfy the Section 106. The VR states outline pp has been granted. SS's own loan notes indicate 'full' pp has been granted. Which one is it. Can savingstream please confirm if it is ouline or full pp?
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SteveT
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Post by SteveT on May 13, 2015 13:49:48 GMT
The Planning Committee minutes show that Outline Consent (only) was approved in principle by Members in December, with formal approval then being delegated to the Planning Officer subject to formal completion of a lengthy S106 Agreement (which doesn't look to have happened yet).
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philc
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Post by philc on May 13, 2015 14:01:29 GMT
The Planning Committee minutes show that Outline Consent (only) was approved in principle by Members in December, with formal approval then being delegated to the Planning Officer subject to formal completion of a lengthy S106 Agreement (which doesn't look to have happened yet).
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philc
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Post by philc on May 13, 2015 14:02:32 GMT
In response to shadoh I believe that the borrower is the applicant to the planning consent, which can be found at: Moderated: BB: Link removed as it identifies the borrowerIt is also worth noting, as indicated in a previous post, that this is an application for outline consent and not for FULL consent, making the valuation of £14,000,000 extremely unlikely to be realised within the timeframe of this loan, I suspect that a considerable portion of the funds raised may be utilised to satisfy the Section 106. The VR states outline pp has been granted. SS's own loan notes indicate 'full' pp has been granted. Which one is it. Can savingstream please confirm if it is ouline or full pp? Neither, yet, only outline applied for
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j
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Post by j on May 13, 2015 21:14:58 GMT
The VR states outline pp has been granted. SS's own loan notes indicate 'full' pp has been granted. Which one is it. Can savingstream please confirm if it is ouline or full pp? Neither, yet, only outline applied for If that is the case then savingstream should make this very clear in their loan notes to avoid confusion!
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webwiz
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Post by webwiz on May 14, 2015 10:36:21 GMT
They have also changed "Amount funded" to "Funded by savers" ... : Where are you seeing that? When I look at the PBL033 website page, all I see is "Amount funded". Am I looking in the wrong place? PS. Cancel the above question. I've now seen the PBL033 Loan Part Detail thread that webwiz started, and that answers my question. It seems to change back and forth. Very odd.
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