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Post by savingstream on Jul 31, 2014 8:59:56 GMT
There has been several requests for information on the loans that are due to be repaid. Here is an update.
1983 Westerly Sealord - To be repaid today.
1990 Tyne Class Converted Lifeboat - Going to be renewed today/tomorrow, boat will be placed up for sale during the renewal period.
1985 Bourne 43 - Defaulted, currently in negotiations with borrower to replace/repay the boat loan with a property bridging loan.
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Investor
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Post by Investor on Jul 31, 2014 9:36:22 GMT
As an update the Westerley Sealord has now been repaid.
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mikes1531
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Post by mikes1531 on Jul 31, 2014 10:30:54 GMT
There has been several requests for information on the loans that are due to be repaid. Here is an update. 1983 Westerly Sealord - To be repaid today. 1990 Tyne Class Converted Lifeboat - Going to be renewed today/tomorrow, boat will be placed up for sale during the renewal period. 1985 Bourne 43 - Defaulted, currently in negotiations with borrower to replace/repay the boat loan with a property bridging loan. Thank you, savingstream, for the update. 1983 Westerly Sealord - I have now had my loans repaid. Thanks. 1990 Tyne Class Converted Lifeboat - I look forward to having this one repaid as well. I hope that I'm fast enough at the keyboard to be able to reinvest part of the proceeds in the replacement loan. 1985 Bourne 43 - I'm sorry to hear that the borrower has defaulted, but I suppose this is just part of the normal course of things in pawnbroking. As long as the security is adequate, there really isn't an issue for lenders, except perhaps with regard to timing. Which brings me to a couple of postings in another SS thread... At that same time there was a lot of discussion around what would happen about defaults, and in this post, both here and on the Zopa forum I believe, SS said this: 3) The third point (as mentioned in a previous post) is that if there is a default on the loan and the sale of the asset does not cover the the full repayment due to the saver/lender then Saving Stream will cover any shortfall. The saver/lender's return is a set arrangement with Saving Stream and is not dependant on whether the sale of the asset that a loan is secured against covers the loan + interest.... perhaps SS could clarify their previous statement to say what they intend to do if a loan is not paid off on time. Will lenders be repaid on the maturity date out of SS/Lendy funds? Or will the security be liquidated and the lenders receive their capital and accrued interest when that is settled -- the bulk of the payment coming from the sale proceeds with a payment from SS being made only if a top-up is necessary. In short, it's a question of time -- will the lenders always receive their returns by the maturity date, or do they have to wait for the asset sale to be concluded if the borrower doesn't pay the loan off as agreed? It would be useful if SS could let us know what to expect in a default situation in light of the above -- especially as it is so relevant right now with the Bourne 43 loan in default. That loan is showing its 'Maximum term remaining' to be 14 days now. There's no sign of a new addition to the loan 'Pipeline', so I presume that the possibility of paying off the Bourne loan with a PBL is in the very early stages at this time and therefore is unlikely to be drawn down in the next two weeks. Similarly, if the boat has to be sold, that's isn't likely to be completed by 13/Aug. So what is likely to happen in this case?
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geoff
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Post by geoff on Aug 9, 2014 13:01:15 GMT
Would you buy loan parts on the secondary market for a loan in default if you know this to be the case?
I'm referring to the Bourne 43 and the recent activity showing for this month. SS posted here of the default situation on 31st July, but of course not all investors subscribe to this forum.
If a loan is officially in default, shouldn't that fact be put on the loan details page? Should investors in a loan in default even be permitted to offer those loan parts for sale? FC for one does not allow this.
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ilmoro
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Post by ilmoro on Aug 9, 2014 23:12:16 GMT
Would you buy loan parts on the secondary market for a loan in default if you know this to be the case? I'm referring to the Bourne 43 and the recent activity showing for this month. SS posted here of the default situation on 31st July, but of course not all investors subscribe to this forum. If a loan is officially in default, shouldn't that fact be put on the loan details page? Should investors in a loan in default even be permitted to offer those loan parts for sale? FC for one does not allow this. Very good point and one that savingstream need to address. There`s £300 worth on SM which I briefly thought about picking up but then remember this thread. Really think SS need to be making use of loan notes to communicate where a loan has had a change in situation eg default or rollover - just for transparency.
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Post by Duane Dibley on Aug 10, 2014 9:50:29 GMT
Would you buy loan parts on the secondary market for a loan in default if you know this to be the case? Some people would. I put the last of my loans parts of Bourne 43 up for sale last night, and this morning it had all been sold. It just goes to show how high demand for loan parts in S/S really is, that people are prepared to invest for just a handful of days with the higher risk of default that that entails. Personally I don't see the point in holding loans to term, there's no default interest and even if the loan is renewed you can't rollover your holdings. I know S/S have said previously that should a loan default they would reimburse investors from their own funds, but why put it to the test?
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star dust
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Post by star dust on Aug 14, 2014 10:08:13 GMT
So, as the Bourne is now at 0 days, could savingstream update on what happens next please? |
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mikes1531
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Post by mikes1531 on Aug 26, 2014 0:30:22 GMT
So, as the Bourne is now at 0 days, could savingstream update on what happens next please? Perhaps there's a response in another thread that I haven't seen yet, but it appears that savingstream have let another two weeks elapse without giving the investors in this loan any clue whatsoever what is going to happen next. We need some info -- NOW!
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ilmoro
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Post by ilmoro on Aug 26, 2014 0:52:13 GMT
So, as the Bourne is now at 0 days, could savingstream update on what happens next please? Perhaps there's a response in another thread that I haven't seen yet, but it appears that savingstream have let another two weeks elapse without giving the investors in this loan any clue whatsoever what is going to happen next. We need some info -- NOW! This loan has its own thread which was updated recently. Being refinanced by PBL8 which is expected to go live in the next couple of days.
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mikes1531
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Post by mikes1531 on Aug 26, 2014 0:54:14 GMT
Perhaps there's a response in another thread that I haven't seen yet, but it appears that savingstream have let another two weeks elapse without giving the investors in this loan any clue whatsoever what is going to happen next. We need some info -- NOW! This loan has its own thread which was updated recently. Being refinanced by PBL8 which is expected to go live in the next couple of days. Thanks for letting me know. I've now read that thread and posted a question there.
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spockie
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Post by spockie on Sept 2, 2014 9:51:33 GMT
Please can savingstream give us an update on the loans due to run out in the next few days? |
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Post by savingstream on Sept 2, 2014 10:01:19 GMT
1995 Sunseeker Camargue 55 - Currently being sold in Poole, buyer has placed 10% deposit yesterday and having sea trial today.
The next 4 boats due to come to the end of their terms are 4 x narrowboats from the same narrowboat dealer. We are currently awaiting full repayment of 2 of these and have an agreement in place that if he repays 2 in full then we would allow the renewal of the other 2 providing all outstanding interest is paid.
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spockie
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Post by spockie on Sept 2, 2014 10:11:36 GMT
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star dust
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Post by star dust on Sept 2, 2014 10:17:05 GMT
Thanks for the update savingstream very helpful. Again, could something of this ilk be put up on the website maybe in the Loan Description tab if not the overview pages? |
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will
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Post by will on Sept 5, 2014 20:33:38 GMT
1995 Sunseeker Camargue 55 - Currently being sold in Poole, buyer has placed 10% deposit yesterday and having sea trial today. The next 4 boats due to come to the end of their terms are 4 x narrowboats from the same narrowboat dealer. We are currently awaiting full repayment of 2 of these and have an agreement in place that if he repays 2 in full then we would allow the renewal of the other 2 providing all outstanding interest is paid. Are the sea trials ongoing? Are the 4 narrowboats referred to 2 narrowboats & 2 widebeam?
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