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Post by savingstream on Nov 24, 2016 15:45:14 GMT
There is nothing 'devious' going on. Funds are sat in the account waiting for either a completion or return to investors. We are close to deciding either way with a completion, repayment or another option entirely.
With regards to update changes, we are building a new system and it looks like that one got deleted. There are probably more out there that we haven't noticed. Please point them out if there are any inconsistencies.
There are commercial negotiations going on in the background that we are not at liberty to discuss or reveal.
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Post by savingstream on Nov 16, 2016 14:43:22 GMT
Will PBL119 be repaid before funds for DFL008/9 are taken? I've not had a roll-over email. It will be repaid and relaunched as a new loan.
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Post by savingstream on Nov 9, 2016 13:17:09 GMT
Good to see. I would interpret this as interest being paid for the full term of the extension but would be nice to see SS confirm via an update. Glad I held onto this one now:-) The loan has been officially documented for a year and they are paying quarterly in advance.
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Post by savingstream on Nov 7, 2016 13:55:00 GMT
With IT and is in the development pipeline.
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Post by savingstream on Nov 7, 2016 11:54:02 GMT
Hi All,
We had a tidy up last week, the dates on many of the loans were not in line with the actual draw down date i.e when the loan is due rather than when we went live on SS. We are now going through the list of loans that have had extensions and interest payments and will be bringing them into line as well so it should all be much more accurate/reliable soon.
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Post by savingstream on Oct 27, 2016 9:43:26 GMT
"Interestingly", if I expand my live loan part, it shows annual interest of 12%. System issue, it seems... Fixed. If you see anymore, please don't hesitate to point them out.
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Post by savingstream on Oct 27, 2016 9:42:27 GMT
"Interestingly", if I expand my live loan part, it shows annual interest of 12%. System issue, it seems... Thanks for pointing this out. IT are on it.
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Post by savingstream on Oct 26, 2016 14:17:52 GMT
We can confirm that the borrower is not living in the property, will not be living in the property and will be in default if they do move in which we will enforce robustly. This is made very clear to the borrower in the loan documents and we will monitor the situation (as we do for all loans) throughout the term of the loan.
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Post by savingstream on Oct 24, 2016 13:59:57 GMT
Seems they have listened Lots of juicy new updates (some backdated ones)... cooling_dude : Are you suggesting that SS have put up some new updates and dated them so that we're meant to think they appear a few days ago and we just didn't notice? If that's true, IMHO that's a rather unprofessional practice, and I would have expected better from SS. No Mike thats not correct. Our support staff wrote some of the updates on Friday hence they are '3 days old'.
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Post by savingstream on Oct 23, 2016 10:31:54 GMT
Our comments seem to have caused somewhat of an uproar. We were trying to interact with you on a human level as some have pointed out, however the majority seem to have taken them in a way which we did not intend. So we apologise for this and will amend the way we interact with you in future. You are correct, we are a £200m financial institution and need to be more professional.
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Post by savingstream on Oct 22, 2016 15:40:02 GMT
There is no delay. We give ' advance notice of going live' not ' 24 hours notice'. Historically and generally we give a minimum of 24 hours notice but this can be extended depending on various circumstances, timings, days of the week, size of the loan, appetite, phase of the moon, whats on TV and urgency Appreciate some investors sell their loan parts and are now technically in cash and losing a day or so of interest, but better for us to be sure cash is flowing and on account. Its a big one, we need to monitor incoming cashflow to deduce appetite, which is looking very strong. There won't be much on the SM when we launch.
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Post by savingstream on Oct 22, 2016 15:22:57 GMT
This loan will probably go live tmrw morning.
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Post by savingstream on Oct 21, 2016 17:24:05 GMT
At the moment, it is a 12 month loan and we don't see any changes forthcoming. Not at this stage. So, just for clarity, SS will be holding 12 months pre-paid interest for this loan? Yes.
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Post by savingstream on Oct 21, 2016 15:47:24 GMT
savingstream , is this a firm 12 month loan or will it be reduced to six months shortly after launch like the Farmland ? At the moment, it is a 12 month loan and we don't see any changes forthcoming. Not at this stage.
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Post by savingstream on Oct 21, 2016 13:41:20 GMT
I have asked a question in a post in the Pipeline Loans thread: The contract date is October 2015 with a value of £8.8m giving an LTV of 90% Current valuation October 2016 has a value of £12.5m giving an LTV of 63% My question is: Is it realistic to have an increase in value of c£4m in the span of a year?
I understand that some level of planning permission has been achieved with the view of enhancing this further. Anyone can guesstimate an answer? When there has been material change in the use or status of the asset via planning then yes and it happens very often. When more units are added or additional space created or change of use is agreed, this can lead to a higher GDV. A calculation can then be performed which gives a residual valuation of the initial land or building upon which the planning has been granted. This is what our borrower has done. He has managed to get permission for an increase in the available space which will cost £2m to complete. Once this is spent and the works completed, £4m value would be added to the security. I.e £8.8mm without planning, £12.5m value today with new planning, £2.1m spend, GDV c£18m.
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