Post by cooling_dude on Mar 1, 2017 11:09:04 GMT
As noted in a different thread, the PF amount has gone AWOL. Also, the wording has changed (only the last paragraph from the PF section - BOLD is where the changes are)...
OLD
NEW
The entire section for context...
To ensure the risk to Saving Stream investors is kept to a minimum the shareholders of Lendy Ltd, the company behind Saving Stream, maintain a Provision Fund. By ensuring the maximum Loan to Value of the property is no more than 70% it should mean that, if a borrower defaults on a loan all funds will be recouped upon the sale of the security. The Provision Fund exists in order to help compensate investors in the event that the sale of the security property does not result in full repayment of the loan.
The Directors of Lendy Ltd are also the directors of the Provision fund; a UK based company called Lendy Provision Reserve Ltd. Saving Stream investors can make an application to the Provision Fund for compensation if their initial investment cannot be fully repaid due to a shortfall in the sale of the security.
The Provision Fund does not guarantee loans or provide insurance against loss. In the event of a shortfall The Directors will consider any losses made by investors and may grant compensation at their discretion. You should be aware that your capital is at risk and interest payments are not guaranteed if a borrower defaults.
The Fund will aim to have a minimum balance of 2% of the total live loan amount at any time. Every time a new loan is made a proportion of the fee charged to the borrower is paid into the Provision Fund (the amount is dependent on the loan size). If the Provision Fund is used to cover a shortfall in asset disposal, then it may take time to top the Provision Fund back up from company cashflow.
OLD
The Fund will have a minimum balance of 2% of the total live loan amount at any time. Every time a new loan is made a portion of the fee charged to the borrower is paid into the Provision Fund (the amount is dependent on the loan size). It is also important to note that in the event of a default in excess of the Provision Fund value it may not be possible to cover all claims from Saving Stream investors.
NEW
The Fund will aim to have a minimum balance of 2% of the total live loan amount at any time. Every time a new loan is made a proportion of the fee charged to the borrower is paid into the Provision Fund (the amount is dependent on the loan size). If the Provision Fund is used to cover a shortfall in asset disposal, then it may take time to top the Provision Fund back up from company cashflow.
The entire section for context...
To ensure the risk to Saving Stream investors is kept to a minimum the shareholders of Lendy Ltd, the company behind Saving Stream, maintain a Provision Fund. By ensuring the maximum Loan to Value of the property is no more than 70% it should mean that, if a borrower defaults on a loan all funds will be recouped upon the sale of the security. The Provision Fund exists in order to help compensate investors in the event that the sale of the security property does not result in full repayment of the loan.
The Directors of Lendy Ltd are also the directors of the Provision fund; a UK based company called Lendy Provision Reserve Ltd. Saving Stream investors can make an application to the Provision Fund for compensation if their initial investment cannot be fully repaid due to a shortfall in the sale of the security.
The Provision Fund does not guarantee loans or provide insurance against loss. In the event of a shortfall The Directors will consider any losses made by investors and may grant compensation at their discretion. You should be aware that your capital is at risk and interest payments are not guaranteed if a borrower defaults.
The Fund will aim to have a minimum balance of 2% of the total live loan amount at any time. Every time a new loan is made a proportion of the fee charged to the borrower is paid into the Provision Fund (the amount is dependent on the loan size). If the Provision Fund is used to cover a shortfall in asset disposal, then it may take time to top the Provision Fund back up from company cashflow.
