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Post by savingstream on Jul 28, 2017 10:04:44 GMT
This was a back-end error where the home page of our admin screen simply became visible for a few seconds. We can confirm there was no investor sensitive data displayed, nor could any investor searches or admin reporting functionality actually be performed.
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Post by savingstream on Feb 7, 2017 16:42:55 GMT
That current assumption is incorrect. We have been offered a settlement amount over and above the outstanding capital owed to investors, but lower than the full outstanding amount including default interest. We are working with the borrower to repay in an orderly and timely fashion. We cannot give much more detail than that at the moment.
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Post by savingstream on Jan 11, 2017 13:19:30 GMT
Hi everyone,
REF: The C****t
Thanks for all your comments and observations with regards The C****t.
It is worth remembering that our due diligence (DD) is ongoing concurrently with all the other activities necessary get a loan across the line. You see the valuation report when we receive it and we test the assumptions with the lawyers, i.e. the valuation doc and the loan amount we initially make available can then be amended following scrutiny of the valuation, legal and planning DD etc.
It is not our policy to provide a running commentary throughout the DD exercise. But please be assured that all the issues raised on the forum are known to us already through our thorough and detailed DD, and are all being dealt with in the background. During any process of this nature, there are always points that need clarifying. This can lead to us often renegotiating the deal to make it work or even it being withdrawn depending on the risk and circumstances.
We like to give you notice so that you can get your funds ready, and sometimes, especially when it is a large loan like this one, we judge it necessary to go live early in order to raise the funds so we can complete on time. Sometimes, of course, we don't complete on a deal at all and also the details can change at the last minute.
I hope this is helpful. If you have any specific queries please refer to the Q&A section on the loan, although there is not much more we can add at this stage.
Best
Liam Brooke, Lendy
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Post by savingstream on Dec 22, 2016 9:33:31 GMT
Even by SavingStream's standards the past couple of days has been a bit shambolic. And I still can't work out what kind of property development projects suddenly realise 3 days before Christmas that they need an additional tranche of funding, let alone 4 on the same day. I would have expected a properly managed project to know their cashflow needs weeks in advance, and if they don't need the money why rush in additional borrowing just before (presumably) everyone stops working for about a week? If I was a real cynic I'd say SavingStream saw that the pre-fund on the caravan parks was insufficient so decided to pull them and release them just after the interest payments in January, then tried to avoid a mass withdrawal by those who had freed up capital by pushing some other loans through more quickly. Whatever the reason, it all feels too slapdash and shoot-from-the-hip for me, which makes me too nervous to maintain my current level of investment here. I'll be running down my holdings from here on. And you would be wrong. The caravan sites were/are over twice funded. They are just not ready in legals to complete this week. With regards cashflow requirements for the developments, people need recompensing for work already completed and also for work to be undertaken over the next couple of weeks and we would rather they have cash to get them through the Xmas period without having to struggle.
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Post by savingstream on Dec 22, 2016 9:11:19 GMT
It will be settled on or around the same time as going live with the new one. Certainly within INPL limits.
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Post by savingstream on Dec 21, 2016 18:01:51 GMT
Hi Steve - good point. See edited particulars. "Please note - all investors in PBL092 will be repaid as this is a material change the original loan. If you wish to invest in this new loan, please select a prefunding level. "Is it possible for investors to have the option to roll over as in previous cases? Personally, this is a massive pain as there is little chance that my current invested funds in 92 will be reallocated through prefunding. That is something we want to put into the system, an opt out/in to any material changes etc to allow investors to roll. At the moment, the fairest way is to repay and relaunch.
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Post by savingstream on Dec 21, 2016 17:38:19 GMT
Hi Steve - good point. See edited particulars. "Please note - all investors in PBL092 will be repaid as this is a material change the original loan. If you wish to invest in this new loan, please select a prefunding level. "Thanks for clarity on this one savingstream Simple enquiry as you're on here - no worries either way (!) - are you expecting to free any more from the Pipeline today? An Advanced Notice email is shortly to go to investors.
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Post by savingstream on Dec 21, 2016 17:32:51 GMT
I see that R***n C***t is set at 0 days It gets amalgamated into the existing DFL. The term is the same as DFL 001.
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Post by savingstream on Dec 21, 2016 17:31:45 GMT
savingstream , can you please confirm that holdings of PBL092 will be rolled over into the new DFL012? Thanks Hi Steve - good point. See edited particulars. "Please note - all investors in PBL092 will be repaid as this is a material change the original loan. If you wish to invest in this new loan, please select a prefunding level. "
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Post by savingstream on Dec 21, 2016 17:02:58 GMT
Pipeline update being sent shortly. Busy week!
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Post by savingstream on Dec 20, 2016 10:09:37 GMT
Just delayed, a slight planning issue.
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Post by savingstream on Dec 20, 2016 9:48:33 GMT
Just an advanced warning that we are giving notice on several of the pipeline loans today with anticipated 'go live' tmrw morning.
Not included at this stage and probably not this week:
Pickering (removed from Pipe for now), Bradford, Suffolk, Castle.
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Post by savingstream on Dec 19, 2016 9:43:32 GMT
We have taken on board the fact that communication with investors has been wholly unsatisfactory and lets what is otherwise an excellent and successful lending platform down. We have grown exponentially and that aspect of the business has been neglected to an extent.
We have a dedicated professional communications manager starting in January (subject to contract) in order to create and implement our new communications strategy. This should see regular, detailed and accurate improvements to our weekly loan updates. We might even implement the Q & A section on the platform which I know many investors have requested...
As we have always maintained, we are trying to keep overheads low in order to pass as much profit on to you as possible. Our number 1 focus has always been to write the best loans and recover them as speedily and efficiently as possible. Our appetite for lending is still gargantuan, our credit and DD is rigorous, our recovery processes are robust and our track record speaks for itself. We have built a sustainable, award winning, long term business on the back of the above and we do not take our investors for granted.
Many say our communications is our major weakness, we hear you and will resolve this from this point onwards.
End of year, detailed loanbook update to follow before COB Friday.
Liam Brooke
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Post by savingstream on Dec 16, 2016 14:17:01 GMT
We declined in credit.
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Post by savingstream on Dec 13, 2016 10:10:05 GMT
Quick update, there a quite a few loans trying to get through legals before Xmas. Expect an updated pipeline loan section with basic information soon.
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