merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Aug 19, 2014 9:21:07 GMT
Anyone know what is happening with this loan now it is well over its repayment date?
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 19, 2014 9:30:00 GMT
The last we heard was: "1985 Bourne 43 - Defaulted, currently in negotiations with borrower to replace/repay the boat loan with a property bridging loan." on 31st July. I imagine such negotiations take a few weeks to sort out, but an update from savingstream wouldn't go amiss for those people wondering when they might see their funds and interest returned. |
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
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Post by merlin on Aug 19, 2014 9:45:36 GMT
Thanks for the info, RR. I wonder why I don't know about it? Only got a smallish investment in this one but would still like to be kept informed by SS when something goes wrong!
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 19, 2014 9:57:56 GMT
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Post by savingstream on Aug 19, 2014 10:13:54 GMT
The Property Bridging deal is with legals at the moment and we hope to go live in next 7 days. Once completed the boat loan will be repaid.
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Investor
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Post by Investor on Aug 19, 2014 10:24:30 GMT
The Property Bridging deal is with legals at the moment and we hope to go live in next 7 days. Once completed the boat loan will be repaid. . Is this PBL currently listed in the pipeline loans, or will this be an additional loan? If in pipeline could you let the forum know which one
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Post by savingstream on Aug 19, 2014 12:24:03 GMT
The Property Bridging deal is with legals at the moment and we hope to go live in next 7 days. Once completed the boat loan will be repaid. . Is this PBL currently listed in the pipeline loans, or will this be an additional loan? If in pipeline could you let the forum know which one Yes it is listed in the Pipeline loans as PBL008.
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mikes1531
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Post by mikes1531 on Aug 26, 2014 0:46:35 GMT
The Property Bridging deal is with legals at the moment and we hope to go live in next 7 days. Once completed the boat loan will be repaid. savingstream. Is this PBL currently listed in the pipeline loans, or will this be an additional loan? If in pipeline could you let the forum know which one Yes it is listed in the Pipeline loans as PBL008. I find it a bit odd that someone would take out a £353k PBL in order to repay a £30k boat loan. I also note that the PBL is still at Loan Pipeline Stage 3 (Awaiting valuation). Inasmuch as seven days have elapsed since the above comments, perhaps savingstream could provide us some reassurance in the form of an update.
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star dust
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Post by star dust on Aug 26, 2014 8:12:10 GMT
Well, there has been a bank holiday in the seven days, so give them a chance! I don't find the loan that strange as he/ she is reportedly a property developer and I am assuming it's a commercial property bridge. From memory PBL 7 went live from stage 3, and I have yet to observe pipelines change status - they seem to go live or disappear. What I do find quite amazing is that someone bought £100 of this today!
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j
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Penguins are very misunderstood!
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Post by j on Aug 26, 2014 8:27:35 GMT
Well, there has been a bank holiday in the seven days, so give them a chance! I don't find the loan that strange as he/ she is reportedly a property developer and I am assuming it's a commercial property bridge. From memory PBL 7 went live from stage 3, and I have yet to observe pipelines change status - they seem to go live or disappear. What I do find quite amazing is that someone bought £100 of this today! They're probably not aware of late payment issues?! (despite overview page indicating -12days)
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star dust
Member of DD Central
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Post by star dust on Aug 26, 2014 8:38:06 GMT
Yes, I think it's been mentioned before, maybe they need some kind of health warning on them when they are technically in default. I bought ones with a few days left to run before, but it's not AC with default interest rates, so it is riskier than the others.
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Aug 26, 2014 8:59:47 GMT
Yes, I think it's been mentioned before, maybe they need some kind of health warning on them when they are technically in default. I bought ones with a few days left to run before, but it's not AC with default interest rates, so it is riskier than the others. Yes you're quite right. Some sort of colour highlighting, as done by AC, with a brief message would be order of the day
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mikes1531
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Post by mikes1531 on Aug 26, 2014 10:11:23 GMT
Yes, I think it's been mentioned before, maybe they need some kind of health warning on them when they are technically in default. I bought ones with a few days left to run before, but it's not AC with default interest rates, so it is riskier than the others. It's riskier only if you believe that the repayment of the investors' money depends on either the repayment of the loan by the borrower or the sale of the security. savingstream have confirmed that investors are lending to SS/Lendy and that SS/Lendy will return investors' capital and all accrued interest even if the borrower does not repay and the security sale does not generate enough proceeds. If you believe that, then all SS investments carry the same level of risk, whether or not they're overdue.
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star dust
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Post by star dust on Aug 26, 2014 12:50:14 GMT
Well, I think that depends on your definition or perception of risk. Personally I don't think it is that much riskier (I wouldn't say this for a £0.5 or £2m Bridge though), but I wouldn't put it on a 'par' either. It is academic at the moment 'cause the loan has just been repaid anyway! I also think that savingstream should at a minimum put the default information on their loan description and/ or overview pages, which surely wouldn't be that difficult to do; just in case as j suggested, there are some unwary purchaser/s who don't realise the situation. It's quite easy to miss a tiny minus sign by the loan particulars/ days, and I assume that not all of their investors are a forum member or reader. |
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Post by savingstream on Aug 26, 2014 12:59:05 GMT
This loan has now been repaid to investors. Thanks for your comments on making defaulted loans clearer to identify.
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