grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Apr 16, 2017 9:18:37 GMT
If I understand correctly the issue that caused the death of INPL for SM purchases, the FCA have told LfSS that they have to act as agent/broker and not as principal. I believe the reason for the FCA position is to reduce platform risk. This means LfSS can't hold parts waiting for investors to pay up or, put another way, that only client funds can be used for lending. The implication of that for new loans is that they can't draw down until negative balances are cleared. I expect an exception can be made where investments are being rolled forward, such as in this case, because those client funds already are with the borrower. The upshot, however, is that PBL167 can't draw down until new investors have cleared their negative balances. And PBL122 can't be repaid until PBL167 draws down because that would mean LfSS would have to use their own funds to allow non-renewing PBL122 investors to be repaid. Good point and nicely explained. It would also imply that no loan could draw down until fully funded by investors; LfSS being not allowed to cover any shortfall, even temporarily.
Exactly and in fact LfSS have no way of knowing which investors want to roll their funds through even if that were possible, all they can see are negative balances on INPL which are at best a vague promise to pay.
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Apr 13, 2017 15:17:01 GMT
He had a £200k 5th tranche last November to fund the external masonry, roof and windows. I can't believe there's £530k value there even if the timber frame has been made. And estimated value last November was £800k. I think I'd rather be in the Scottish Boatyard than this one and that's saying something. Lucky you. The big question is what happened to £200k-£300k. Spent on his Legal dispute ?
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Apr 7, 2017 13:36:38 GMT
Lendy want to have their cake and eat it. They want the PF on the website to encourage lenders to invest, but don't want to fund it (or won't confirm whether it is funded, which suggests it's not). I have to conclude that the provision fund is worthless and make my investment decisions accordingly (which is why my new investments are going into other platforms at the moment.). Everyone seems to have missed the three words at the end of the statement that paul made. "However, at the current time our policy states that ''the Fund will aim to have a minimum balance of 2% of the total live loan amount at any time,” and it will." Implying that Lendy will maintain the balance. One question i would like answered Paul64 . Does SBL = serviced by provision fund?
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Apr 2, 2017 14:54:00 GMT
I decided to lend through Lendy Their rates were incredibly bendy I went in at 11 And went straight to heaven When they paid what they shouldn't have oughter
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Apr 2, 2017 10:23:15 GMT
11 parts put up and sold yesterday got all of the selling mails but not a single sold email. Paul64 been like this since the new site went live.
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 31, 2017 19:04:38 GMT
Not an appealing site. A problematic site which has stood as a blot on the landscape for many years.Not really the kind of security I'd be happy to rely on as could well prove difficult to shift, Yes its been a blot on the landscape for years and clearly unattractive to any developer in the past. I can't imagine the difficulty or cost of clearing and developing this site or the Park Authority wanting Area "A" between the road and river developed, more like returned to its natural state as there is no other development west of the road. I think it would be near impossible to shift when it all inevitably goes pear shaped. Given the doubts about the borrower i wonder if they could service extended interest the VR says not in the short term, also where the other £4.5 million is coming from as well. Mad to put live so quickly! Cement boots for this one!
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 30, 2017 0:32:43 GMT
Came across this article from Mar 8 in the W****G****S******* may have been mentioned before but makes interesting reading.
Last week, the SNJ reported that M* and M** ******* had both been declared bankrupt and had together registered 78 different companies at The *******, most of which have either been dissolved or liquidated.
M* ******* was declared bankrupt in the UK in September 2014, and the Insolvency Services are currently investigating allegations that he breached the bankruptcy order through his involvement in companies related to The *******.
Bit of a hole in the DD there, but when lending of course only the security matters!!
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
FundingSecure (FS) in Administration
White Race Car
Mar 28, 2017 11:01:27 GMT
Post by grahamg on Mar 28, 2017 11:01:27 GMT
Yes, we're slowly going through the spectrum This one appears a better bet than the red and green offerings; I'm not a petrol head but the LTV seems about right, what say you car nuts out there? And it always slightly unnerves me when it "currently has finance outstanding which this loan is being used to pay off." Is borrowing from a P2P cheaper than car finance? Well spotted Archie! I'd better steer clear of this one then!
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 24, 2017 18:32:08 GMT
Well i now look forward to the MT IFISA, except i am not sure what on earth my money could be invested in as there is never anything significant on the SM, and new loans are rather infrequent!
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 23, 2017 11:35:33 GMT
I must confess to concerns over these two race car loans. This car hasn't been raced since 2012, and won't be raced while the loan is outstanding making the time it is not racing even longer and the likelihood of it ever being raced again even less which surely must impact on its value. In the four or five years since it was last raced, large parts have been 'rebuilt' but to what purpose? If it's not being raced, how much more work will be needed to make it capable of racing by a new buyer? Who is the natural buyer of this car in the event of a default? It is now being refinanced from another platform which has taken a strategic decision to no longer make loans on race cars. that other platform's listing cited the dealer which owns the car as the source of the valuation. Clearly they haven't been able to sell it. It's not a classic car, it's not a street car, and nobody has seen fit to race it for five years so where is the value? And it's a Kia Pro_cee'd. Maybe there will be a new class of Kia Pro_cee'd racing and these two cars can race each other - choose your favourite colour. Too many questions, too many negatives. Exactly if MT think these cars can't be sold then its a very fim barge pole from me. It's a fair bet that at some point they will end up as in default or unredeemed at FS. So no more race cars for me!.
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 10, 2017 16:06:45 GMT
Still over 2 million available after 24 hours. Shot themselves in both feet.
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 10, 2017 15:58:44 GMT
Hi all, May I first apologise for not replying sooner. I didn't want to comment until we had undertaken a thorough investigation into the issue. We have now though traced the missing transactions to our banking provider and we are working with them to find a solution. I am very sorry about the inconvenience. Please be assured we are doing all we can to correct the issue as soon as is reasonably possible. Paul Paul64 , savingstream My impression from your post is that you have outsourced the work to a provider who is not your bank and only asked/paid them to perform one reconciliation per day. I cannot imagine any circumstance where your bank would lose multiple transactions in the way that is happening Clearly they lack the competence to complete the task accurately and should be sacked. Having scrapped the SM INPL you need a system that accurately credits accounts within 10's of minutes. Did no one at Savingstream foresee this problem or think it worth investing in a proper solution or are the directors completely blinded to the needs of investors by their pay cheques. You have just destroyed one of the reasons why we use SS Edit: Whoever in savingstream is responsible for this mess should also be replaced
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 9, 2017 17:26:20 GMT
Just made a test deposit half an hour ago. Nothing been credited. This system now stinks. Their normal crediting is in the morning. The afternoon credits are, I suspect, being raced through to try to clear some of the sm. Three hours after 2pm and still no credit, the stink is not going away, fix it SS not good enough, spend a minute amount of profit and put someone on bank clearing all day. Paul64. savingstream
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Mar 9, 2017 13:37:42 GMT
A lot of long dates loans on the SM..Are some of the lemmings leaving?
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Feb 23, 2017 23:54:53 GMT
Was told today that problem i had on pbl142 was fixed, but clearly not. Heading beyond embarrassing.
|
|