cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 7, 2016 22:32:28 GMT
Haven’t got much in either, and probably wouldn't if I did; why do you ask......? EDIT ..... quietly editing my past post so nobody notice mistake…… Leave me alone you can't have my investments 
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am
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Post by am on Feb 7, 2016 22:50:19 GMT
Yep. Seems some may have not received the e-mail (check your spam!). The e-mail that they sent is as follows Nothing here, nor in spam folder. I wonder if it's only gone to those who've not set a pre-fund for those loans? I found my copy - it arrived late Friday afternoon and got overlooked.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Feb 7, 2016 23:06:53 GMT
i) Slight correction to this. Loans held under the old T&Cs, anything before PBL64, except 59, 37,38, 39, (to the best of our knowledge) will continue to pay interest even in the event of default because those are loans to Lendy. New T&C loans would roll up interest until recovery. Provison fund covers both. ii) While old T&C loans are to Lendy, if the platform failed there are mechanisms (insurance to cover the cost) to wind the loan book down so loses would depend on ability to realise security. How much money would be realised may also be dependent on what other creditors Lendy had as they may also have claim to Lendys assets (ie loans not not held by the Trust) Variations between T&Cs herejivan . This may be of interest p2pindependentforum.com/post/47560/threadThanks ilmoro for the correction; I bow to your superior knowledge   ! Just out of interest; In regards to the current mechanism you mention that is currently in place for the old T&Cs loans, will it will remain after all those old T&C loans have been repaid; or will it cease to exist? I suspect that this maybe one of the requirements in the FCA membership; would I be correct?
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Post by jivan on Feb 7, 2016 23:12:59 GMT
jivan .. just click on 'loans' and it'll take you to the available loans page (if you are logged in .. else you get the 'live loans' page instead). You need to do any DD ahead of time so if PBL029 pops up you know whether you want to buy it or not. By the time you work it out, it will (currently) have sold, so what most folks do is just buy it (if they can) and THEN sniff it, and relist it (perhaps after midnight. 8>.) if it fails the sniff test. .......so "Available Loans" covers both Primary and Secondary Markets? .....and if it says "All Loans Are Fully Funded" that means there's no SM loans available either? .....so is it just pot luck/staying logged in full time as to whether you see an SM loan 'pop up' and get in quickly enough to make a bid? (all quite different from TCworld) 
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Feb 7, 2016 23:20:08 GMT
jivan .. just click on 'loans' and it'll take you to the available loans page (if you are logged in .. else you get the 'live loans' page instead). You need to do any DD ahead of time so if PBL029 pops up you know whether you want to buy it or not. By the time you work it out, it will (currently) have sold, so what most folks do is just buy it (if they can) and THEN sniff it, and relist it (perhaps after midnight. 8>.) if it fails the sniff test. .......so "Available Loans" covers both Primary and Secondary Markets? .....and if it says "All Loans Are Fully Funded" that means there's no SM loans available either? .....so is it just pot luck/staying logged in full time as to whether you see an SM loan 'pop up' and get in quickly enough to make a bid? (all quite different from TCworld) - The Pipeline Loans is the Primary Market. Everybody will get a slice of these loans. The "Available Loans" tab is where the SM loans will appear (blink and you will miss them) - If it reads "All Loans Are Fully Funded" that does indeed mean that there is no SM loans available - The only way to get loans on the SM is staying at the PC, VERY quick fingers and a bit of luck! At the moment it is no secret that the SM is almost impossible to grab investments. This is because there has been slow movement with the pipeline loans over the last couple of months, and made worse recently when some loans where repaid. Once some of the big pipeline loans come through the SM will become a bit less fluid.
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am
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Post by am on Feb 7, 2016 23:24:26 GMT
OK, I get that they are bridging loans, but I've just looked at one in the pipeline, for development of farmland, where the "Exit Strategy" is as follows; Gain planning; development finance; sale
Why would you invest in a loan with such a complex exit strategy when one can earn identical rates on a straightforward bridging loan for the purchase of a residential property, where the exit strategy is clear and straightforward? In the case of Bookham, the exit strategy is not that clear. We don't know why the borrower needs a bridging loan (I thought that residential mortgages at this sort of LTV were easy to get), so we can't estimate the likelihood of them obtaining a mortgage in the next 6 months. (A typical residential bridging loan is for a purchase and refurb, followed by resale, or refinance onto a BTL mortgage at a much lower rate. Another reason is to finance a purchase with the intent of selling ones current residence to repay the loan. Neither seems to be the case here, so I don't understand what's going on.) Also, I dug around Zoopla this afternoon, and I'm not convinced by the valuation - Great Bookham house prices are high, with many 3 bedroom houses more expensive than this, but this street seems to be the cheaper bit of Great Bookham, even if one house did sell for £410,000. For Biggleswade, the following might be useful reading www.centralbedfordshire.gov.uk/Images/Land%20East%20of%20Biggleswade%20Development%20Brief_tcm6-13667.pdfWe need to know where the security is - I suspect that it's east of the site described above, as some development has already taken place on that site (see aerial photographs of area). Building on 800 acres is a big increase in size for Biggleswade - it double the population of the town.
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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 7, 2016 23:32:52 GMT
i) Slight correction to this. Loans held under the old T&Cs, anything before PBL64, except 59, 37,38, 39, (to the best of our knowledge) will continue to pay interest even in the event of default because those are loans to Lendy. New T&C loans would roll up interest until recovery. Provison fund covers both. ii) While old T&C loans are to Lendy, if the platform failed there are mechanisms (insurance to cover the cost) to wind the loan book down so loses would depend on ability to realise security. How much money would be realised may also be dependent on what other creditors Lendy had as they may also have claim to Lendys assets (ie loans not not held by the Trust) Variations between T&Cs herejivan . This may be of interest p2pindependentforum.com/post/47560/threadThanks ilmoro for the correction; I bow to your superior knowledge ! Just out of interest; In regards to the current mechanism you mention that is currently in place for the old T&Cs loans, will it will remain after all those old T&C loans have been repaid; or will it cease to exist? I suspect that this maybe one of the requirements in the FCA membership; would I be correct? To be honest, I dont know if that mechanism is still in place. It could be that as part of the Trust structure there is an alternative way that the loan book would be run down with regards to the Old T&C loans. Lendy have previously highlighted the insurance cover here as a counter to concerns raised about their structure but that was quite a while ago. Whether it would become redundant once the old loans are redeemed/migrated is unclear but the administration of the loan book would be the responsibility of the Trust and distinct from Lendy so would be dependent on their procedures. The new T&Cs do include the folowing Back-up servicer arrangements
If our platform were to fail or we and/or Saving Stream Security Holding become insolvent we would transfer our obligations under the Terms and the Loan Contract to a third party back up servicer, with whom we have entered into a back up servicing arrangementI have no expertise in this area what so ever and no idea what the requirements of the FCA would be.
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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 7, 2016 23:44:29 GMT
OK, I get that they are bridging loans, but I've just looked at one in the pipeline, for development of farmland, where the "Exit Strategy" is as follows; Gain planning; development finance; sale
Why would you invest in a loan with such a complex exit strategy when one can earn identical rates on a straightforward bridging loan for the purchase of a residential property, where the exit strategy is clear and straightforward? Diversification?
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am
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Post by am on Feb 7, 2016 23:54:53 GMT
OK, I get that they are bridging loans, but I've just looked at one in the pipeline, for development of farmland, where the "Exit Strategy" is as follows; Gain planning; development finance; sale
Why would you invest in a loan with such a complex exit strategy when one can earn identical rates on a straightforward bridging loan for the purchase of a residential property, where the exit strategy is clear and straightforward? Diversification? Does anyone know what the beta is like on agricultural land?
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ablender
Member of DD Central
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Post by ablender on Feb 7, 2016 23:59:55 GMT
Haven’t got much in either, and probably wouldn't if I did; why do you ask......? EDIT ..... quietly editing my past post so nobody notice mistake…… Leave me alone you can't have my investments I need some more of both.
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noh
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Post by noh on Feb 8, 2016 0:01:39 GMT
OK, I get that they are bridging loans, but I've just looked at one in the pipeline, for development of farmland, where the "Exit Strategy" is as follows; Gain planning; development finance; sale
Why would you invest in a loan with such a complex exit strategy when one can earn identical rates on a straightforward bridging loan for the purchase of a residential property, where the exit strategy is clear and straightforward? In the case of Bookham, the exit strategy is not that clear. We don't know why the borrower needs a bridging loan (I thought that residential mortgages at this sort of LTV were easy to get), so we can't estimate the likelihood of them obtaining a mortgage in the next 6 months. (A typical residential bridging loan is for a purchase and refurb, followed by resale, or refinance onto a BTL mortgage at a much lower rate. Another reason is to finance a purchase with the intent of selling ones current residence to repay the loan. Neither seems to be the case here, so I don't understand what's going on.) Also, I dug around Zoopla this afternoon, and I'm not convinced by the valuation - Great Bookham house prices are high, with many 3 bedroom houses more expensive than this, but this street seems to be the cheaper bit of Great Bookham, even if one house did sell for £410,000. For Biggleswade, the following might be useful reading www.centralbedfordshire.gov.uk/Images/Land%20East%20of%20Biggleswade%20Development%20Brief_tcm6-13667.pdfWe need to know where the security is - I suspect that it's east of the site described above, as some development has already taken place on that site (see aerial photographs of area). Building on 800 acres is a big increase in size for Biggleswade - it double the population of the town. There is a similar house to the Great Bookham one just round the corner, in Newenham Road KT23 4NH, on Rightmove shown as sold STC with an asking price of £450K and appears to have had an offer accepted within one week of coming to market.
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Post by jivan on Feb 8, 2016 8:39:54 GMT
OK, I get that they are bridging loans, but I've just looked at one in the pipeline, for development of farmland, where the "Exit Strategy" is as follows; Gain planning; development finance; sale
Why would you invest in a loan with such a complex exit strategy when one can earn identical rates on a straightforward bridging loan for the purchase of a residential property, where the exit strategy is clear and straightforward? In the case of Bookham, the exit strategy is not that clear. We don't know why the borrower needs a bridging loan (I thought that residential mortgages at this sort of LTV were easy to get), so we can't estimate the likelihood of them obtaining a mortgage in the next 6 months. (A typical residential bridging loan is for a purchase and refurb, followed by resale, or refinance onto a BTL mortgage at a much lower rate. Another reason is to finance a purchase with the intent of selling ones current residence to repay the loan. Neither seems to be the case here, so I don't understand what's going on.) Also, I dug around Zoopla this afternoon, and I'm not convinced by the valuation - Great Bookham house prices are high, with many 3 bedroom houses more expensive than this, but this street seems to be the cheaper bit of Great Bookham, even if one house did sell for £410,000. For Biggleswade, the following might be useful reading www.centralbedfordshire.gov.uk/Images/Land%20East%20of%20Biggleswade%20Development%20Brief_tcm6-13667.pdfWe need to know where the security is - I suspect that it's east of the site described above, as some development has already taken place on that site (see aerial photographs of area). Building on 800 acres is a big increase in size for Biggleswade - it double the population of the town. That's interesting, am. While researching alternative p2p sites on the TC forum, someone commented that if SS are offering 12% on property backed loans "then it must be at the riskier end of the market". This might also be indicated by the fact that property backed loans on LendInvest (deals that are supposedly 'cherry picked' for quality) are only attracting 6-7%. So what is it that we don't know about the Bookham deal (just as one example) that makes it worthwhile for the borrower to be paying such high rates?
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daveb4
Member of DD Central
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Post by daveb4 on Feb 8, 2016 9:24:05 GMT
In the case of Bookham, the exit strategy is not that clear. We don't know why the borrower needs a bridging loan (I thought that residential mortgages at this sort of LTV were easy to get), so we can't estimate the likelihood of them obtaining a mortgage in the next 6 months. (A typical residential bridging loan is for a purchase and refurb, followed by resale, or refinance onto a BTL mortgage at a much lower rate. Another reason is to finance a purchase with the intent of selling ones current residence to repay the loan. Neither seems to be the case here, so I don't understand what's going on.) Also, I dug around Zoopla this afternoon, and I'm not convinced by the valuation - Great Bookham house prices are high, with many 3 bedroom houses more expensive than this, but this street seems to be the cheaper bit of Great Bookham, even if one house did sell for £410,000. For Biggleswade, the following might be useful reading www.centralbedfordshire.gov.uk/Images/Land%20East%20of%20Biggleswade%20Development%20Brief_tcm6-13667.pdfWe need to know where the security is - I suspect that it's east of the site described above, as some development has already taken place on that site (see aerial photographs of area). Building on 800 acres is a big increase in size for Biggleswade - it double the population of the town. That's interesting, am. While researching alternative p2p sites on the TC forum, someone commented that if SS are offering 12% on property backed loans "then it must be at the riskier end of the market". This might also be indicated by the fact that property backed loans on LendInvest (deals that are supposedly 'cherry picked' for quality) are only attracting 6-7%. So what is it that we don't know about the Bookham deal (just as one example) that makes it worthwhile for the borrower to be paying such high rates? Totally true - high risk pay more - that is why banks will not touch 90% of deals on this forum where customer could get it at say 5% and cheaper fees probably. The issue i think is that quite often most of these deals are from brokers who want a good fee as quickly as possible with minimum hassle. From clients point of view they want minimum hassle and guaranteed funding, a few percent here and there is worth paying in comparison to hassle (their time). Do clients do much research on various other P2P sites if broker says go with SS? SS provides at the moment almost guaranteed funding as soon as legals sorted so worth it. Win win for customer, broker, SS and us i hope!
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markdirac
Member of DD Central
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Post by markdirac on Feb 8, 2016 9:32:19 GMT
Why are these two loans going live (for want of a better term) when the web page says they are at stage 2, and not stage 3?
(Thanks by the way to Cooling and others for answers to Jivan's questions on this topic.)
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Investboy
Member of DD Central
Trying to recover from P2P revolution
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Post by Investboy on Feb 8, 2016 10:14:06 GMT
Why are these two loans going live (for want of a better term) when the web page says they are at stage 2, and not stage 3? (Thanks by the way to Cooling and others for answers to Jivan's questions on this topic.) Because SS I guess is to lazy to upgrade them to level 3 or whatever appropriate.
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