star dust
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Post by star dust on Oct 6, 2014 8:39:56 GMT
savingstream you were expecting this Loan to go live three weeks ago. I appreciate the legals on these things often slip, but wonder if you could advise investors of progress and any revised 'live' date expectations please?
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Post by savingstream on Oct 6, 2014 9:45:58 GMT
The deal is still with our legal team and the borrowers solicitor. We hope to complete early this week.
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star dust
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Post by star dust on Oct 6, 2014 9:48:43 GMT
The deal is still with our legal team and the borrowers solicitor. We hope to complete early this week. Thanks for the update.
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j
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Post by j on Oct 26, 2014 14:45:23 GMT
I'm out of synch with this one. Did the loan ever go live after the legal issues came to light a few weeks ago?
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ramblin rose
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Post by ramblin rose on Oct 26, 2014 17:48:20 GMT
i'm out od synch with this one. Did the loan ever go live after the legal issues came to light a few weeks ago? Not that I'm aware of; its description still says it hasn't in any case.
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j
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Post by j on Oct 26, 2014 18:03:00 GMT
i'm out od synch with this one. Did the loan ever go live after the legal issues came to light a few weeks ago? Not that I'm aware of; its description still says it hasn't in any case. Thanks ramblin rose. savingstream might end up with a hefty bill for the accrued interest, unless they are/will charge the borrower for it on top of initial terms. I think it indicated about 160 days remaining on loan our of min/max term of 6 months
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ramblin rose
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Post by ramblin rose on Oct 26, 2014 20:10:52 GMT
Not that I'm aware of; its description still says it hasn't in any case. Thanks ramblin rose. savingstream might end up with a hefty bill for the accrued interest, unless they are/will charge the borrower for it on top of initial terms. I think it indicated about 160 days remaining on loan our of min/max term of 6 months It certainly is. I would imagine this means they are very confident of it going ahead - if they weren't they would surely stand the lenders down and minimise their liabilities. I would imagine the 6-months clock might start re-ticking upon drawdown, although that's just my guess. Somebody is no doubt going to express some dissatisfaction at that notion, saying they thought they were only tying their money up for 6 months. But as always, the answer is that they have the option of selling their investment on the SM, either when their original 6 months is up, or even before.
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mikes1531
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Post by mikes1531 on Oct 26, 2014 23:19:48 GMT
Not that I'm aware of; its description still says it hasn't in any case. Thanks ramblin rose. savingstream might end up with a hefty bill for the accrued interest, unless they are/will charge the borrower for it on top of initial terms. I think it indicated about 160 days remaining on loan our of min/max term of 6 months Yes, it does say 160 days remaining. It also says the Loan Start Date was 03/Sep. I don't know when the loan was fully funded, but someone -- SS and/or the borrower -- started accruing interest nearly eight weeks ago. This will make the loan rather expensive for someone. If it's the borrower, I do sometimes wonder whether I really want to be lending to someone willing to pay such high effective interest rates since it suggests the risks of the loan must be quite high. If it's SS, then I worry about whether this is sustainable. But I know nothing about the finances of bridging loans, so perhaps these rates are not at all atypical. A big concern, however, has to be exactly what happens if such a loan does not proceed. Could SS/Lendy recover any of the accrued interest from the (non-) borrower? If not, can SS/Lendy afford the effect it must have on their profitability? And while we're asking this question about PBL009, what about PBLs 011-013? Those loans total £1.5M, so accrued interest is building at £500/day now, and their loan start dates are over a month ago. Not to mention the promised £7.5k of cashback. With the unfortunate death of one of the hopeful borrowers, there has to be an increased chance that these loans won't proceed, and even if they do proceed these loans are bound to take longer to draw down than originally expected. I wouldn't want to be in SS's position with these loans, especially as their loan pipeline is showing to be rather empty at the moment.
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star dust
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Post by star dust on Nov 13, 2014 15:37:54 GMT
savingstream, your recent update on another thread omitted to mention PBL 09. A fortnight ago you stated that 'drawdown is imminent', do you have any further information or expected go live dates now, please?
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spyrogyra
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Post by spyrogyra on Nov 21, 2014 17:23:06 GMT
So, 09 , 11, 12 & 13 are not drawn yet. Are there any other still not drawn ?
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oldgrumpy
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Post by oldgrumpy on Nov 21, 2014 17:47:03 GMT
Interest is being paid by SS from the day we put the money in. Does the six months run from the day of drawdown, or the day we invest? If it is the latter, presumably we are actually investing for up to nine months .... not that that worries me at present. We all know what AC's experience with perpetually delayed drawdowns (or is it draws down...drawers down ... er maybe not) has been.
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star dust
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Post by star dust on Nov 21, 2014 18:02:07 GMT
So, 09 , 11, 12 & 13 are not drawn yet. Are there any other still not drawn ? Yes, PBL015 - just gone live on the platform today, expected to draw-down early December  . There were some updates on PBLs 9,11,12 & 13 in this weeks Friday update too, posted in the 'Friday Weekly Update' thread. Once again drawdown is 'imminent', but maybe it really is this time!
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mikes1531
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Post by mikes1531 on Nov 21, 2014 19:06:15 GMT
Does the six months run from the day of drawdown, or the day we invest? If it is the latter, presumably we are actually investing for up to nine months : Did you really mean "the latter"? I would have thought it was the former option that would mean we'd be invested for nine months. Clearly, a definitive answer can only come from savingstream, but I suspect it would depend on the nature of the bridging need. If the borrower is bridging until a property is sold, or some other deal comes to fruition, then the end date might not be affected by a delayed drawdown. Similarly if it's an ongoing development project then it would depend whether or not the delayed drawdown means the development work grinds to a halt until the loan draws down and the funds needed to make further progress become available. At the other end of the spectrum would be a project to purchase and develop/redevelop/refurbish a property before refinancing or selling it. In that case, I'd expect a delayed drawdown to delay the end date.
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oldgrumpy
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Post by oldgrumpy on Nov 21, 2014 20:41:17 GMT
Well they both end up with us actually investing for (nine months-ish), unless the clock starts ticking when SS starts paying interest to the first investor, and stops six months after that regardless of when drawdown occurs.
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mikes1531
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Post by mikes1531 on Nov 21, 2014 21:05:05 GMT
Well they both end up with us actually investing for (nine months-ish), unless the clock starts ticking when SS starts paying interest to the first investor, and stops six months after that regardless of when drawdown occurs. I guess I was thinking about all the investments made when the loan first was offered by SS. (There's been a tiny bit of secondary market activity for this loan but it's so little -- about £2k in the last couple of weeks -- that I think we can ignore it for this discussion.) I don't know exactly when the loan was fully funded, but 99% of my investment was made by 5/Sep. If the six months started then, there will be only a bit more than three months left if it draws down next week. Since the loan is to convert the property from a hotel to residential, and the work can't start until after the purchase is complete, I think that it's highly unlikely that the conversion could be completed and the flats sold in the space of three months. Actually, based on experiences elsewhere, I'm not convinced it could be done in six months, either. However, our loans are to savingstream rather than directly to the borrower, so there's no reason why SS can't repay us lenders whenever it has capital available, so the repayment date of this loan probably is impossible to predict.
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