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Post by walkindude on Aug 10, 2015 12:14:16 GMT
Hi all,
PBL22 should have been paid back on Saturday but the update says 'Currently seeking planning permission for a large number of apartments with a few neighboring sites. We have asked the client to re-bridge away, his broker is now arranging this and should be clear about 3 or 4 weeks past his due date.'
This seems a bit cryptic, i'm not suggesting that SS should immediately seize the assets etc but I really have no idea what the above means....
anyone got any clues? I would ask SS directly but I cant see anywhere an email address.
cheers!
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SteveT
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Post by SteveT on Aug 10, 2015 12:18:36 GMT
It means that SS have asked the borrower to re-finance his bridging loan with another lender ("re-bridge") so that SS lenders can be repaid.
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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 Aug 10, 2015 12:22:37 GMT
Hi all, PBL22 should have been paid back on Saturday but the update says 'Currently seeking planning permission for a large number of apartments with a few neighboring sites. We have asked the client to re-bridge away, his broker is now arranging this and should be clear about 3 or 4 weeks past his due date.' This seems a bit cryptic, i'm not suggesting that SS should immediately seize the assets etc but I really have no idea what the above means.... anyone got any clues? I would ask SS directly but I cant see anywhere an email address. cheers! Hi walkindude. You can always email them at support@savingstream.co.uk. In simple terms, what it means is they are extending the loan by about a month. If you need the money, then you should still be able to sell your loan part(s). When lenders become solely responsible for any losses on the loans they hold, then that may no longer be the case, but for now overdue loans still tend to sell.
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paulgul
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Post by paulgul on Aug 10, 2015 12:23:10 GMT
Hi all, I would ask SS directly but I cant see anywhere an email address. cheers! You have to log out of SS to see the contact link - its here www.savingstream.co.uk/contact-usEdit: crossed with ramblin rose -
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Post by walkindude on Aug 10, 2015 12:23:27 GMT
ah....ok. I have no issue with this but it seems to me the communication is poor, as far as I know i have had no warning of this from SS....
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SteveT
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Post by SteveT on Aug 10, 2015 12:29:02 GMT
ah....ok. I have no issue with this but it seems to me the communication is poor, as far as I know i have had no warning of this from SS.... Are you getting the "weekly" update emails from SS? According to the invaluable ilmoro summary at the top of this forum, SS first gave notice of the requested re-bridge in their 20th July update email, although they hoped to be clear by the end of the original term at that stage.
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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 Aug 10, 2015 12:30:45 GMT
Hi all, I would ask SS directly but I cant see anywhere an email address. cheers! You have to log out of SS to see the contact link - its here www.savingstream.co.uk/contact-usEdit: crossed with ramblin rose - You don't have to log out - you just go to the home page by clicking on the Saving Stream logo. It then looks as though you are logged out, but you aren't - you can just use your browser to go back to whatever page you were on. I hope the new platform software has placed a contact link on the normal logged-in pages - this catches newbies out all the time.
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Post by nickthefool on Aug 10, 2015 12:51:19 GMT
Hi all, I would ask SS directly but I cant see anywhere an email address. cheers! You have to log out of SS to see the contact link - its here www.savingstream.co.uk/contact-usEdit: crossed with ramblin rose - Thanks, I'd been looking for that.
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ilmoro
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'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 Aug 10, 2015 13:01:37 GMT
Get the impression they're a bit busy at the moment, certainly havent had time to fix all the loans in the negative. Hopefully, this is because they are busy finalising the repayment of about 6-8 loans, plus the delayed drawdown of PBL47 and details of a couple of loans that have to launch this week in theory. Either that or theyve gone sailing  Meanwhile, PBL22 is still churning on the AM without issue, few grand in last couple of days, so no issues if anyone decides to bail. Edit: forgot & sorting the new trust structure or Saving Stream Security Holding Company (SSSHC) as I guess we get to call it now. |
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SteveT
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Post by SteveT on Aug 10, 2015 13:10:16 GMT
Far too many distractions during Cowes Week to get too much work done!
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Post by savingstream on Aug 10, 2015 14:11:30 GMT
Far too many distractions during Cowes Week to get too much work done! Actually, we would love to go to Cowes Week but are working far too hard. PBL 22 - as mentioned in the updates recently, we have confirmation that the borrower is currently arranging a new bridging loan to repay us and it will go overdue. He has paid us interest to cover 2 months on the SS platform so we are not out of pocket and you will continue to receive interest monthly. Currently, there are no 'Defaulting' loans. Only ones that we have been happy to extend as we are comfortable with the commercial aspects of the repayments or sales etc.
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Post by walkindude on Aug 10, 2015 21:15:38 GMT
great, thanks everyone who replied  |
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jamesc
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Post by jamesc on May 24, 2016 11:30:17 GMT
Just been repaid for anyone that's still in this very overdue loan !
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