New Loan - Property Bridge 10

This is another one a bit like 009 in so far as the security is perhaps not as straight forward as it might seem at first.  The following are my notes, in a "thinking aloud" format:

The trading name seams to differ slightly from the legal entity. SS have it as Roe*e**  at postcode ending 4BP ; but it looks to be known to the local councils planning dept and to the land registry as Ro*e**  at postcode 4BS.  And at some point it has traded with the name Roe*u**.     (Sorry the * do make following this hard, but that is the best I can do).

Planning premission for the retention of 6 static caravans was refused in May of this year.

What appears to be the website for this business is generating a serious error. 

I can only identify one land registry entry for the whole site, which may also include buildings other than the 4 we are being asked to lend against.

The valuation report notes that the valuers have previously provided to a.n.other a valuation for the whole site.


It looks as if the land registry title would need to be split to accomodate our first charge. Could savingstream confirm this is how the legals are being approached., and if not how ?

Interesting thoughts, mrclondon.  It will be interesting to learn savingstream's response.

Unfortunately, at the rate this loan is being funded -- over 40% taken up so far this evening -- it would seem unlikely that we'll see our questions answered before the loan is fully funded.  So investors seem to be shooting first and either not asking questions at all or not waiting for answers.  I suppose there's some comfort in knowing that if an early investor doesn't like the answers provided and later decides they'd really rather not have invested, the chances are that they could sell their loan parts reasonably quickly in the secondary market -- unless, of course, everyone heads for the exit at once!

Just checked phone book and their are two listings - one for the booking office at 4BP, and one for the campsite at 4BS. The road address given on the valuation is the latter so would appear to have the wrong postcode. Both are for R*e*e** but both that & R*e*u** appear in various holiday guides so they seem to be interchangeable. Seems to be general confusion on the location. Entry in ukcampsite.co.uk from March says the site is believed closed which would explain why website is down 

I'm unclear on the re-payments for this loan again; on the Description tab it says "applicable upfront interest will be paid upon go live of the loan" and on the Bridging particulars it states "Early i.e. predrawdown SS investors will receive 0.5% cash back, in addition to 1% a month". I see no option when purchasing, could savingstream confirm that interest will be paid monthly please?

Looks like I may have to invest before I get an answer, and the other Qs here are hopefully answered too, but I'd still like one please.

I didn't see an option either, so I suspect the reference to upfront interest shouldn't be there.

ISTM that when savingstream have offered upfront interest in the past, it has been for a loan where all interest was retained from the beginning and the minimum term and the maximum term were the same.  In this case, the maximum term is nine months but the minimum term is six months and only six months' interest is being retained.

If they wanted to offer upfront interest here, they'd have to offer just six months' worth, and then pay interest monthly if the loan extended beyond that. No doubt that could be done, but it does sound rather complicated.

Which brings up another question...  In cases where upfront interest has been offered and taken, have SS said what they'd do if the loan wasn't repaid by the maturity date?  (This seems to be an all too common occurrence on another lending platform I've invested through.)  Would they repay lenders on the maturity date from SS/Lendy funds?  Or would the upfront interest lenders have to wait until the loan is repaid and then be paid a top-up payment to cover interest accrued after maturity?

It certainly does look that way, with over 70% of the loan spoken for already.

PBL 10 is the first SS Loan I have actively not invested in. Hope the pipeline starts filling soon, just need lots of rain, choppy waters and people deciding to moor up and realise some capital from their floating investment. Weather report says clear skies till Saturday when the rain starts! My optimistic self believes we will see dozens of Boaty Loans go live on Sunday

Thanks for the information, but I hope that's not at the expense of the boat loans, it would be good to maintain a healthy mixture in my opinion.

in edit: that sounds a bit terse - not enough coffee yet - not to say I don't appreciate your platform, I'm a fan, and I think the speed your loans fill speaks volumes too.