mikes1531
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Post by mikes1531 on Sept 24, 2014 14:32:12 GMT
... have just appeared on the website! All at 100% available as I write this.
You wait forever for a bus and then four come along at once!
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Post by wildlife2 on Sept 24, 2014 14:40:38 GMT
We have only just recovered after piling into superyacht!
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mikes1531
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Post by mikes1531 on Sept 24, 2014 15:07:15 GMT
We have only just recovered after piling into superyacht! Speak for yourself -- I definitely have not recovered! More seriously, one aspect of this deal that I cannot understand is why the borrower would be willing to accept a minimum term of six months if they already have an offer in principle for a refinance in just three months. Surely the interest rate on the Barclays loan would be lower than the 12++% they're paying to Lendy, so I'd expect them to want to take up the Barclays loan as soon as they possibly could. Anybody have any thoughts on why they might be willing to agree to the six-month minimum term?
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Post by jackpease on Sept 24, 2014 15:15:20 GMT
Goodness I do worry SS is too good to be true - loads of new loans, existing loans can be sold easily and quickly, instant deposits, great interface, quick repayment of moneys, instant interest from the second you commit, etc etc.
I'm trying to figure out whether I should hold back simply because it seems so good - which is entirely irrational and non-fact based!
Jack P
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j
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Penguins are very misunderstood!
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Post by j on Sept 24, 2014 15:23:32 GMT
It never rains..........
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Sept 24, 2014 15:31:05 GMT
Goodness I do worry SS is too good to be true - loads of new loans, existing loans can be sold easily and quickly, instant deposits, great interface, quick repayment of moneys, instant interest from the second you commit, etc etc. I'm trying to figure out whether I should hold back simply because it seems so good - which is entirely irrational and non-fact based! Jack P Not irrational jackpease but a good indication of someone who has been taught to be cautious. I just hope your learning was not a painful one!
I am afraid I could not resist and despite previous painful leanings had a small to moderate l(for me that is) splash on all three plus the floating gin palace. I console myself by thinking that my collective P2P investments are now wide enough spread to avoid the smell of burning fingers although I will most certainly get a few financial blisters along the way, P2P being inevitably high risk.
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spyrogyra
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Post by spyrogyra on Sept 24, 2014 16:15:15 GMT
Goodness I do worry SS is too good to be true - loads of new loans, existing loans can be sold easily and quickly, instant deposits, great interface, quick repayment of moneys, instant interest from the second you commit, etc etc. I'm trying to figure out whether I should hold back simply because it seems so good - which is entirely irrational and non-fact based! Jack P jackpease, you took the words out of my mouth.I way afraid to say it because it may sound harsh but yes, that's what I think too! And because we are lending to Lendy, currently I roll the already invested money from one loan to the next one taking full advantage of the cashback offers. But very soon I won't resist what my guts are telling me and withdraw altogether ( hopefully before it's too late). In another post I raised my concerns about the structure of the model. If Lendy wants to see the current lenders pouringmore money onto the platform, some changes are inevitable no matter how much it may cost them. Not answering our concerns is even more worrying. Though I am not a surveyor,imo the valuations on PBL011-13 seems pretty high. Especially 013, being vacant and all.
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Post by savingstream on Sept 24, 2014 16:47:34 GMT
More seriously, one aspect of this deal that I cannot understand is why the borrower would be willing to accept a minimum term of six months if they already have an offer in principle for a refinance in just three months. Surely the interest rate on the Barclays loan would be lower than the 12++% they're paying to Lendy, so I'd expect them to want to take up the Barclays loan as soon as they possibly could. Anybody have any thoughts on why they might be willing to agree to the six-month minimum term? It was part of our commercial negotiation to demand a minimum 6 months as part of the agreement given the short timescale we had to work to.
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Liz
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Post by Liz on Sept 24, 2014 18:25:35 GMT
It seems a bit crazy to list £2m of loans in one go. Good luck to you SS. A few hundred more members could do the trick.
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ramblin rose
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“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 Sept 24, 2014 18:26:51 GMT
More seriously, one aspect of this deal that I cannot understand is why the borrower would be willing to accept a minimum term of six months if they already have an offer in principle for a refinance in just three months. Surely the interest rate on the Barclays loan would be lower than the 12++% they're paying to Lendy, so I'd expect them to want to take up the Barclays loan as soon as they possibly could. Anybody have any thoughts on why they might be willing to agree to the six-month minimum term? It was part of our commercial negotiation to demand a minimum 6 months as part of the agreement given the short timescale we had to work to. And it sounds like a sound policy in any case; we know from other platforms how long these refinance deals can take to get sorted out - months!
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mikes1531
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Post by mikes1531 on Sept 24, 2014 21:22:26 GMT
And it sounds like a sound policy in any case; we know from other platforms how long these refinance deals can take to get sorted out - months! I wasn't concerned at all about the six-month term -- that seems quite reasonable considering that the detailed negotiations with Barclays probably won't start until three months had elapsed. And I do know that those negotiations, and the refinancing process, can take quite a long time to finish. But I would have thought that the borrower would have wanted to retain the ability to complete on the refinance after five, or five and a half, months without having to pay interest for the rest of the six-month term even if the loan is redeemed a few weeks early. Perhaps it's easy enough to go through the refinance process to the point where the new lender is happy, and then put everything on hold and not complete until the six months is up. But the current arrangement does seem to be rather one-sided in Lendy's favour. If the refinance happens early, they receive interest even after their capital is returned. And if it happens late, they can apply whatever penalties for default are written into the loan contract. So the borrower loses unless they can complete on one specific day. Which raises some questions for savingstream... - If the loan is repaid early, is it fair to presume that lenders who have opted for upfront interest get to keep the 'bonus' interest paid for the period after the loan is repaid?
- What happens for the lenders who are being paid their interest monthly? Do they continue to receive interest even after their capital is repaid?
If the answer to the first question is Yes, and the answer to the last question is No, then that means there's an additional incentive to opt for upfront interest.
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Post by Deleted on Sept 25, 2014 16:25:52 GMT
Noting the firm who provided the valuations are based in Enfield, Middlesex (North London), I would comment that local expertise and knowledge of a local property market is very very important when valuing property so I'm a little surprised to see a firm based well outside the area providing the valuations - rather than a locally based firm of Chartered Surveyors who will have a great deal of local knowledge and experience.
I hope the choice of valuers is not being influenced by the borrowers or on the grounds of cost.
The valuer's lack of local knowledge is very evident - The properties offered as security are in Wokingham, Winkfield Row and Crowthorne - all of which are in Berkshire - but the valuer seems to think they are in Surrey. I don't find this very reassuring and, once again, after reading the paperwork I am not inclined to invest in these PBLs / increase my exposure in SS.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Sept 25, 2014 17:17:30 GMT
Certainly dont seem to be flying out like previous PBLs. Have lenders become wiser, sated or tapped out?  |
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ramblin rose
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“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 Sept 25, 2014 17:38:55 GMT
Certainly dont seem to be flying out like previous PBLs. Have lenders become wiser, sated or tapped out? I'd say it's just that the immediate liquidity went into the Superyacht that suddently appeared out of left field at the same time. Over £2Million in just a couple of days would be a bit of a tall order wouldn't it? I'd say they are doing quite well in those circumstances. Edit: not that I'm overly keen on these ones myself - I have invested some, but most of what I wanted to make available this week went into the floating gin palace.
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mikes1531
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Post by mikes1531 on Sept 25, 2014 17:41:53 GMT
Perhaps it's easy enough to go through the refinance process to the point where the new lender is happy, and then put everything on hold and not complete until the six months is up. Shush! Don't want borrowers thinking like lenders now do we, I'm quite enjoying some default levels of interest elsewhere thank ye kindly. This may be a case of "Don't count your chickens..." inasmuch as the interest isn't actually earned/enjoyed until the security is sold and produces proceeds sufficient to repay all the capital, cover all costs, and pay all accrued interest. And if there's a shortfall, it's those who are owed the interest that suffer.
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