Superyacht Loan has just gone live

The valuer didn't actually see the Boat either, and indicated huge volatility in sale prices. My comfort blanket was that Lendy said they had a potential purchaser prepared to pay £2m - hope they're still there in 6 months if needs be, I'm sure £700k must be someway off rock bottom in any event. 

In edit cross posted again  .

can savingstream oblige us with an answer?

The vessel is secured in its home marina for the period of the loan. The discrepancy in valuation was down to us using the same fx rate from 12 months ago to calculate £4.66M from €5m. We are happy to reduce the value down to match todays GBP-EUR fx rate.

I thought I was seeing things this evening, but I've double checked from my frequent downloads and it seems that the "Max term remaining" has increased by about 9 days sometime between Monday and tonight! It's showing as 41 days at the moment, whereas if it was the same length as on Monday it should be showing 32 days.

Whilst I guess this makes no odds really, nine days extra interest won't hurt, if it is not repaid at the original term (i.e in 32 days time), then I assume that people who purchased loan parts with upfront interest would be free to sell them, and would start accruing interest at the daily rate until the loan is repaid if they chose not to sell any. Something to keep an eye on I guess, I am a bit surprised it hasn't been mentioned by SS. 

I'm not sure SS always have been consistent with their calculations of 'Max term remaining'.  For instance, look at the loan in the list right below the superyacht (2007 Narrowboat 60').  It shows a 'Loan start date' of 18/Sep, which is five days before the 23/Sep shown for the superyacht, yet it is showing 58 days remaining, and presumably both loans started out as six-month loans.  Perhaps that's a bad presumption.

IIRC, SS used to say loans were for six months, but allowed an extra month of 'slack' for repayment, so the boat loans all started with about 210 days remaining.  The narrowboat loan is consistent with that -- seven months after 18/Sep would be 18/Apr, and that's just about 58 days after today, 20/Feb.

This wouldn't be a real concern if it weren't for the upfront interest option.  Someone who opted for upfront interest, and received six month's worth, ought to be able to offer their parts for sale as soon as the six months is up.  For the superyacht, that ought to be on 23/Mar.  That's consistent with the days remaining as they used to be, but not with the reported change to 41 days as reported by star dust above.  (I also note that when I just checked the days remaining, it was showing 40 days.)

j: Can you check your statement to see when exactly the loan went live and you received your upfront interest?

I wonder if SS have had contact with the superyacht borrower this week and the expected repayment date has been changed slightly.  As others have noted, we need some input from savingstream to clarify the situation.

j:  Unless you know that you didn't invest as soon as the loan went live, I'd guess that you invested then or very shortly thereafter.  I certainly doubt you invested eight days later, as I don't think this loan was live for that long before being filled.  (Of course, you could have made your investment via the secondary market, so I can't be sure.)

The 'Loan start date' might not be the day the loan becomes available for investment.  I don't know what triggers that date -- no doubt savingstream could tell us -- but perhaps it's something like the day the borrower applies for the loan, or maybe the day SS make the offer to the borrower.  The superyacht loan has a further complication in that the current loan was a renewal of an earlier loan.

Anyway, today is 151 days after 23/Sep, and 40 days from now is 2/Apr which is just about exactly six months after 1/Oct.