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Post by savingstream on Oct 18, 2016 17:44:46 GMT
Thanks Ped. We also recognise that we need to provide more regular updates...
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Post by savingstream on Oct 18, 2016 16:10:12 GMT
We are very happy thank you and are looking forward to continued and sustainable growth for the long term. Our staff are bedding in well into the offices (we have been here a year and bought it with cash so we don't have rent to pay). We are very lean and don't need deals to fund the business so your comments about panic etc seem to be somewhat misplaced.
The market is very competitive and we want to offer a whole market product rather than just limit ourselves to certain niche segments. We see it as a maturing process and is a natural progression for a 4 year old company in this fast paced market. Given the reaction which we are seeing on pre-funding behind the scenes, there are plenty of investors who will continue to trust and support us and appreciate what we are doing.
As you can see from our recently audited accounts (we didn't need to audit, we just thought you would all appreciate it), we are very financially viable even accounting for loan provisioning. This year has been at least twice as successful as last and our cash reserves are very reassuring.
Yes there are things we could do to improve, we actively seek opinion on that and number one on our priority list is customer support. We now have a dedicated support department so investors should see a gradual improvement in that arena in the short term.
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Lendy (L) in Administration
2015 accounts
Oct 14, 2016 13:45:00 GMT
Post by savingstream on Oct 14, 2016 13:45:00 GMT
The PF is funded with actual cash.
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Post by savingstream on Oct 14, 2016 8:59:58 GMT
That is our contribution to the Provision Fund for that year. The accountants agreed to consider it a 'cost'. We only pay the tax on that element when it is returned to the company after repayment of a loan which can be in the following tax year.
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Post by savingstream on Oct 13, 2016 14:30:24 GMT
In that case, I guess you'll be taking your money elsewhere. That will show them. How dare they offer lenders only 10% or 11% interest?! I have already started my wind down along with many others. You can blindly accept all the bull that they throw out but some of us do read between the lines. I doubt very much if SS will change their criteria for loans. we will continue to see the same rubbish with the good. Always the cynic...
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Post by savingstream on Oct 13, 2016 7:54:46 GMT
Looks like a Rackspace error.
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Post by savingstream on Oct 12, 2016 18:55:28 GMT
Just an excuse for them to lower rates so they can compete and get in more business and claim it is a 'better' loan - knew it wouldn't last !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! No mention of them cutting the rates they charge, just the lenders! Any cuts in interest will of course be passed onto the borrowers hence we will be able to attract very good borrowers and very good assets. The bridging market is becoming quite competitive and the provision of loans available that can absorb the costs required with a minimum of 12% plus our fees put us at the more expensive end of the market.
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Post by savingstream on Oct 11, 2016 11:55:47 GMT
Sir
Apologies; your request got lost in our support system. It has now been processed for you.
Regards
The Saving Stream Team
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Post by savingstream on Oct 10, 2016 7:50:30 GMT
Our definition of Default is when "we are no longer confident of when or how the borrower is going to repay the loan." When we appoint a receiver, it is often on the back of discussions with the borrower, purchasers and our advisors. We consider it one of many tools available to us.
Instructing the receiver is a way of forcing a situation i.e when we decide an offer is acceptable but might not be acceptable to a borrower and need to control the sale to make it happen in a timely fashion.
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Post by savingstream on Oct 8, 2016 14:00:05 GMT
"Friday, 7th October 2016
The Directors Lendy Limited,
Dear Sirs,
CONFIRMATION OF FILING OF AUDITED ACCOUNTS
We hereby confirm as Lendy Limited’s statutory auditors that the accounts for the year ended 31st December 2015 have been filed with Companies House.
Companies House has confirmed receipt of the completed audited accounts on the 30th September 2016. They have confirmed that they will correct the company’s record accordingly in due course.
If you require any further information or reassurance please contact us. Yours faithfully, Rothmans"
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Post by savingstream on Oct 8, 2016 13:58:59 GMT
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Post by savingstream on Oct 4, 2016 7:46:14 GMT
For everyone's reference - This Hurley seems to have a bee in his bonnet. We wonder what his motivation is?
"A peer-to-peer lender has apologised after it failed to inform investors that the beneficiary of a loan on its site was in receivership.
Saving Stream, which has lent £200 million of investors’ money, appointed receivers on a £455,000 debt but did not notify those lending money through the site. Some investors may have been left exposed to the debt without understanding the risks involved.
Lendy, the company behind Saving Stream, said it was sorry for the “short but unavoidable delay in informing investors of the status of the loan”.
It told investors about the true position of the debt after being contacted by The Times. It blamed the delay on awaiting final approval from its legal advisers. Before the notification was published, investors reported that parts of the debt were traded on the Saving Stream platform.
The loan was funded by 925 investors. The debt is secured against a farm in Somerset, the director of which is a former bankrupt with a string of failed companies behind him.
When details of the borrower’s history first emerged in August, Lendy told concerned lenders that the borrower’s background was “not relevant to [his] capacity to repay our loan”.
Lendy appointed receivers on Thursday, documents filed at Companies House show. On Friday afternoon, after the intervention by The Times, it informed investors that it had done so because the borrower was taking too long to settle the debt.
A spokesman said: “We have taken this step proactively in order to protect the interests of investors in this loan. Lendy Ltd will pay the agreed interest to investors in this loan until the sale of the property is complete.”
Saving Stream says it has helped almost 11,000 investors earn almost £13 million in interest via commercial property loans. It says investors can earn up to 12 per cent interest a year.
The farm in receivership is listed as being worth £650,000. It was sold for £180,000 in 2010, according to Land Registry documents."
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Post by savingstream on Oct 3, 2016 11:31:23 GMT
All funds are sat in the client account whilst we get the deal through legals.
The borrower is paying the interest on this loan.
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Post by savingstream on Sept 30, 2016 16:23:12 GMT
Lendy Ltd has instructed its receiver to control the sale of the property upon which loan PBL056 is secured. We have taken this step proactively in order to protect the interests of investors in this loan. There is no plan to place this loan in formal default on the Saving Stream platform, as we believe that the exit strategy in place renders this unnecessary. Lendy Ltd will pay the agreed interest to investors in this loan until the sale of the property is complete, which is expected to take two to three months. At this point, Lendy Ltd will recover these costs from the proceeds of the sale. We apologise for a short but unavoidable delay in informing investors of the status of the loan while Lendy Ltd awaited final approval from its legal advisers.
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Post by savingstream on Sept 27, 2016 17:21:18 GMT
Time remaining has been updated from a negative value to 3 days left. PBL55 has also changed. Is that the extent of the rumoured extension...?? Funds received for a 1 month extension, will be serviced monthly for 1st quarter then paid quarterly until sale.
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