star dust
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Post by star dust on Sept 24, 2014 16:20:14 GMT
Well, I did blink and I seemed to have completely missed something. No emails no SMS, returned loan fund and interest (?) and a 47 day loan part? Has a loan been rolled with existing investors in tact but an over commitment?
Shall investigate further unless someone else can enlighten me.
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Post by savingstream on Sept 24, 2014 16:33:35 GMT
Our email communication to investors is on its way to investors inboxes as we type this:
We had a partial repayment for PBL002. The London house has been sold and £270,000 of the funds returned to us. As the remaining security and loan still exists we have had to take the following steps.
We have repaid PBL002 in full (to include capital plus interest owed from 1st September 2014 to 24th September 2014).
Because the returned £270,000 equated to 41% of the overall £660,000 loan, we have had to auto create a new loan part in a new loan PBL002a which is for £390,000 and secured against the remaining land valued at £750,000. The LTV of the loan has been reduced from 61.7% down to 52%.
Investors still have 59% of their initial capital, invested in PBL002a and 41% of their initial capital (plus interest) is now available in their accounts to withdrawal or reinvest.
Apologies for this slightly complicated repayment process, we are now treating separate assets as separate loans moving forward to prevent this situation occurring.
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star dust
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Post by star dust on Sept 24, 2014 16:33:37 GMT
I see savingstream are on-line so hopefully they will enlighten us. It's looking like a partial repayment and proportionate reduction in loan part sizes to me now, but I may be wrong. In edit Cross posted with SS, second guess correct, may try the delete post thingy now. |
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webwiz
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Post by webwiz on Sept 24, 2014 18:36:00 GMT
It looks as if the loan is in both Live Loan Parts and Repaid Loan Parts. Is this right?
Later edit: Now OK
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Post by gaspilot on Sept 24, 2014 19:12:53 GMT
Yes I noticed that. I can't get my figures to reconcile at all at the moment.
Hopefully tomorrow it will have been sorted.
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Post by sammy on Sept 24, 2014 19:41:57 GMT
I am newbie to the forum, though have looked through previously as a guest. The 02 was my first investment and have also noticed my actual statement figures don't tie up since the 02a, plus it doesn't show where the interest is from the part that has been sold! I have contacted SS, with also another a query, so hopefully will get some answers, as they have been excellent in replying with previous queries.  |
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mikes1531
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Post by mikes1531 on Sept 24, 2014 20:37:38 GMT
It looks as if the loan is in both Live Loan Parts and Repaid Loan Parts. Is this right? Sort of. Think of it as a rollover of a loan with the rollover amount being only 59% of the capital with the remaining 41% repaid and there being no change to the term. So the original loan PBL002 had been repaid in full -- with interest to date -- and 59% of the proceeds have been re-invested in the new PBL002a loan which still has 47 day to run. HTH
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mikes1531
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Post by mikes1531 on Sept 24, 2014 20:47:08 GMT
I am newbie to the forum, though have looked through previously as a guest. The 02 was my first investment and have also noticed my actual statement figures don't tie up since the 02a, plus it doesn't show where the interest is from the part that has been sold! I have contacted SS, with also another a query, so hopefully will get some answers, as they have been excellent in replying with previous queries. What I see in my stateent is that a £100 loan part I was still holding was repaid as £100.81, with the 81p being the interest earned since the last payment date at the end of August. £59 of that capital was 'reinvested' in PBL002a. A £100 part that I sold on 15/Sep had accrued 49p of interest during the first half of the month, so that 49p was credited to my account today. sammy: Are you seeing something different in your account? Was this a loan where 'upfront' interest was an option? If so, and you opted for that, then that probably would complicate things.
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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 21:12:30 GMT
I am newbie to the forum, though have looked through previously as a guest. The 02 was my first investment and have also noticed my actual statement figures don't tie up since the 02a, plus it doesn't show where the interest is from the part that has been sold! I have contacted SS, with also another a query, so hopefully will get some answers, as they have been excellent in replying with previous queries. What I see in my stateent is that a £100 loan part I was still holding was repaid as £100.81, with the 81p being the interest earned since the last payment date at the end of August. £59 of that capital was 'reinvested' in PBL002a. A £100 part that I sold on 15/Sep had accrued 49p of interest during the first half of the month, so that 49p was credited to my account today. sammy: Are you seeing something different in your account? Was this a loan where 'upfront' interest was an option? If so, and you opted for that, then that probably would complicate things. Up front interest didn't appear as an option till PBL005, so it won't be anything to do with that. I sold my last part of PBL002 this month, so just got the interest on that for the part of the month that I still held it - that was all correct in my statement today.
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star dust
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Post by star dust on Sept 24, 2014 21:41:01 GMT
Initially both the 'dead' PBL02 as well as the live PBL02a were showing up under my live loan parts tab although this seems to have been corrected now. My statement was reflecting the changes 'correctly' all through, my repaid parts tab doesn't seem quite right though, as one I had sold earlier seems to be appearing in it.
I can't quite balance everything at the moment though as I've had a sale (in something else) that seems to have been stuck all day, and what with lots of sales n purchases I'm losing the plot a bit at the mo. I'm sure it'll all come out in the wash and be corrected if necessary soon enough.
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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 Sept 24, 2014 22:16:31 GMT
......................my repaid parts tab doesn't seem quite right though, as one I had sold earlier seems to be appearing in it. The parts you have sold earlier do appear in the repaid loan parts when the loan is repaid - it shows you that the loan part has been repaid to SS and you've had the due interest paid - your statement for the interest on those parts shows as 'loan part return' too even though it's only the interest. I think that may be what is confusing some people in general. What they are assuming is the loan part capital is in fact the capital and interest. I've just got used to it and don't find it confusing any more, but in reality I think it is, particularly for anyone new.
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Post by sammy on Sept 24, 2014 22:27:44 GMT
All sorted thanks, SS came back with a very prompt reply, the amount was included in my current balance, didn't notice it as I had sold some parts previously where the interest was shown seperately! Also they answered my main query, which to me was a concern, in that I asked if they had to sell the property as the borrower couldn't pay back the loan! They advised that the borrower had sold the property, which I believe was probably less than it was worth, and were happy to accept the monies as it actually lowered the LTV of the remaining loan from 62% down to 52% (de-risked). So now quite happy to leave the remaining balance in 02a. |
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