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Post by savingstream on Sept 17, 2016 21:22:58 GMT
Platform A repaying borrowers debt on Platform B.
Platform B needs funds from Platform A in order to release security to Platform A.
Investors need funds released from Platform B to send to Platform A in order to pay Platform B which is impossible as it is circular.
If any investors are relying on Platform B sending them a repayment in order to fund their loan part allocation on Platform A might want to consider paying in new funds or selling other loan parts to maintain possession of these loan parts come Monday as Platform A cannot be expected to bridge that shortfall.
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paulg
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Post by paulg on Sept 17, 2016 21:37:23 GMT
Platform A repaying borrowers debt on Platform B. Platform B needs funds from Platform A in order to release security to Platform A. Investors need funds released from Platform B to send to Platform A in order to pay Platform B which is impossible as it is circular. If any investors are relying on Platform B sending them a repayment in order to fund their loan part allocation on Platform A might want to consider paying in new funds or selling other loan parts to maintain possession of these loan parts come Monday as Platform A cannot be expected to bridge that shortfall.Of course if it was the other way round there wouldn't be a conundrum, as Platform B uses its own funds to fund the loan first and then offers the loan to its investors, thus 'bridging that shortfall'. 
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hazellend
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Post by hazellend on Sept 17, 2016 21:39:28 GMT
So is the prefunding still going to work in the usual way and investors will be able to immediately clear a negative balance by transferring funds?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Sept 17, 2016 21:41:46 GMT
So is the prefunding stil going to work in the usual way? Of course. SS are simply notifying MT investors that if they want to follow this loan (from MT to SS), then they should get their finances in order (on SS) as SS don't want any lulls. A problem they may have in this event due to INPL...
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hazellend
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Post by hazellend on Sept 17, 2016 21:45:55 GMT
Hi cooling dude, what is INPL please?
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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 Sept 17, 2016 21:47:09 GMT
Hi cooling dude, what is INPL please? Invest Now Pay Later. See SS FAQ
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Post by Deleted on Sept 17, 2016 21:49:35 GMT
Does this mean we are going Live with the Cardiff loan on Monday ? - No email yet.
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hazellend
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Post by hazellend on Sept 17, 2016 21:49:46 GMT
Ahh yesa I knew that, just didn't recognise the abbreviation.
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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 Sept 17, 2016 21:50:04 GMT
Platform A repaying borrowers debt on Platform B. Platform B needs funds from Platform A in order to release security to Platform A. Investors need funds released from Platform B to send to Platform A in order to pay Platform B which is impossible as it is circular. If any investors are relying on Platform B sending them a repayment in order to fund their loan part allocation on Platform A might want to consider paying in new funds or selling other loan parts to maintain possession of these loan parts come Monday as Platform A cannot be expected to bridge that shortfall.Of course if it was the other way round there wouldn't be a conundrum, as Platform B uses its own funds to fund the loan first and then offers the loan to its investors, thus 'bridging that shortfall'. Unfortunately untrue as MT can only float £750k, hence multi tranched loans
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Sept 17, 2016 21:51:45 GMT
Does this mean we are going Live with Cardiff loan on Monday ? - No email yet. And no DFL number... Maybe SS are going to work on a Sunday 
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hazellend
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Post by hazellend on Sept 17, 2016 21:52:09 GMT
Does this mean we are going Live with Cardiff loan on Monday ? - No email yet. It had better be as I've sold off all my loan parts on MT in anticipation,
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Sept 17, 2016 21:53:25 GMT
I can't help but think that SS might just be slightly enjoying this little situation....
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ptr120
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Post by ptr120 on Sept 17, 2016 21:58:25 GMT
Note that the loan in question on the other platform is actually in a number of tranches, some of which are on a 2nd charge basis if I remember correctly. Perhaps SS should also list this loan in tranches (in quick sucession) to help money flow between blatforms (via lenders current accounts). repaying the funds on the other platform held on a second charge first might also make the security transfer issue easier to deal with. Perhaps lawyers from MT and SS should also be locked in the same room together while this is going on, so that neither can go missing at the critical time to release the charge?
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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 Sept 17, 2016 22:05:46 GMT
Note that the loan in question on the other platform is actually in a number of tranches, some of which are on a 2nd charge basis if I remember correctly. Perhaps SS should also list this loan in tranches (in quick sucession) to help money flow between blatforms (via lenders current accounts). repaying the funds on the other platform held on a second charge first might also make the security transfer issue easier to deal with. Perhaps lawyers from MT and SS should also be locked in the same room together while this is going on, so that neither can go missing at the critical time to release the charge? Might be a third party involved as final tranche to pay off existing 1st charge never launched. So MT hold 2nd & 3rd charges.
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Post by Deleted on Sept 17, 2016 22:06:28 GMT
If any investors are relying on Platform B sending them a repayment in order to fund their loan part allocation on Platform A might want to consider paying in new funds or selling other loan parts to maintain possession of these loan parts come Monday as Platform A cannot be expected to bridge that shortfall. Saving Stream seem to be saying that MoneyThing investors investing in the Cardiff loan on Saving Stream can not rely on their payment from MoneyThing to fund the purchase, they must pay in new funds or sell other loan parts.
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