star dust
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Post by star dust on Oct 28, 2014 10:55:23 GMT
Can savingstream provide an update on the following loans please? PBL 01 - repayment due yesterday PBL 03 - repayment due within a month but still not sold and asking price significantly increased recently. PBL 04 - any update on roll-over? PBL 09 - drawdown timescale? PBL 011-13 - drawdown timescales? Is my understanding that no interest will be paid on loans until they drawdown (or fail) correct? |
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Post by savingstream on Oct 28, 2014 13:34:32 GMT
Update as requested
PBL001 - waiting for funds from Kent reliance. Repayment imminent.
PBL003 - Global Bridging PLC have confirmed that they will take us out before the end of term. Proceeding to legals next month.
PBL004 - Awaiting imminent receipt of planning approval. Following receipt, we will make a commercial decision about restructuring.
PBL009 - There was a slight issue with a restriction on title, approval has been given by the land registry and we are now just waiting for the paperwork to come back from the land registry. Drawdown imminent.
PBL011/12/13 Following the untimely demise of one of the borrowers, we are now waiting for an urgent grant of probate. The cost of funds for this loan will be absorbed by the borrower and we have an undertaking to that effect.
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Post by elljay on Oct 28, 2014 17:59:49 GMT
PBL011/12/13 Following the untimely demise of one of the borrowers, we are now waiting for an urgent grant of probate. The cost of funds for this loan will be absorbed by the borrower and we have an undertaking to that effect. Pun not intended, ahem. 
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Post by pepperpot on Oct 28, 2014 18:07:36 GMT
 Why am I laughing, that shouldn't be funny....
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Oct 28, 2014 19:34:13 GMT
Why am I laughing, that shouldn't be funny.... Sadistic ?!  ........ 
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Post by wildlife2 on Oct 28, 2014 19:53:44 GMT
Devilistic.
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spockie
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Post by spockie on Nov 7, 2014 17:43:06 GMT
Update as requested PBL001 - waiting for funds from Kent reliance. Repayment imminent. PBL003 - Global Bridging PLC have confirmed that they will take us out before the end of term. Proceeding to legals next month. PBL004 - Awaiting imminent receipt of planning approval. Following receipt, we will make a commercial decision about restructuring. PBL009 - There was a slight issue with a restriction on title, approval has been given by the land registry and we are now just waiting for the paperwork to come back from the land registry. Drawdown imminent. PBL011/12/13 Following the untimely demise of one of the borrowers, we are now waiting for an urgent grant of probate. The cost of funds for this loan will be absorbed by the borrower and we have an undertaking to that effect. Any further updates available please savingstream?
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spockie
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Post by spockie on Nov 8, 2014 14:29:29 GMT
Experience on Assetz would seem to indicate that six month property bridges are likely to rollover. As long as the LTV is sufficient and interest up-to-date, I'm not too concerned, but I do think it's a shame there will be no more boats.
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mikes1531
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Post by mikes1531 on Nov 8, 2014 15:44:53 GMT
Experience on Assetz would seem to indicate that six month property bridges are likely to rollover. As long as the LTV is sufficient and interest up-to-date, I'm not too concerned, but I do think it's a shame there will be no more boats. The problem here -- and at AC as well -- is that when the PBLs are set up in the first place, interest is retained. So the borrower doesn't have to cxome up with any more cash during the term of the loan. In order to roll it over, however, repeating the retained interest process would result in an increased LTV and is unlikely to be acceptable to the lenders. As a result, in order to have any chance for a renewal the borrowers have to produce a significant chunk of cash -- a minimum of 6% of the face value of the loan, plus whatever fees are due to the platform. In many cases, the borrower seems unable/unwilling to provide that cash, and the loan turns into a default. With boat loans -- which are relatively small by comparison to overall capital/reserves -- savingstream are capable of doing what they've promised to do, which is to return their investors' capital when the loan matures and pay out all interest accrued to that date. Then they can deal with the borrower in their own time, and if the borrower manages to do what's necessary to renew the loan then SS would have a loan that they could bring to the platform for their investors. PBLs are considerably larger, and SS/Lendy's capital/reserves/resources may not be sufficient to allow them to do this -- which is why PBL001 is now showing as having a 'Maximum term remaining' of minus 11 days. Ten days ago, SS thought repayment of PBL001 was "imminent". I'm afraid they're learning the hard way that borrowers' promises to repay may not be worth much, and may be no more than an attempt to buy time. AC have had borrowers telling them for months that payment was about to be made -- and they're still waiting for it to arrive. They've even had borrowers' solicitors tell them that they had the necessary money in their client account and it would be sent -- just as soon as some very minor wrinkle was ironed out. And they're still waiting.
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Post by gazzer1956 on Nov 11, 2014 13:12:03 GMT
It would be good if savingstream could at least give an update on the "imminent" repayment of PBL001 as it is now 14 days over due. (Thanks for the tagging tip j) |
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j
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Penguins are very misunderstood!
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Post by j on Nov 11, 2014 13:25:45 GMT
It would be good if Savingstream could at least give an update on the "imminent" repayment of PBL001 as it is now 14 days overdue. You might get a response by tagging savingstream. The little guy on top left hand side with @ sign.
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star dust
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Post by star dust on Nov 11, 2014 13:42:24 GMT
I was wondering if we should have a poll on what "imminent" means - this week, next month, sometime, never. Maybe a bit of light relief while we all await the "imminent" events; perhaps the prize could be a ride on a super yacht courtesy of SS . |
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Post by notaclue on Nov 11, 2014 16:09:17 GMT
imminent (ˈɪmɪnənt)
adj
1. liable to happen soon; impending
2. jutting out or overhanging
[C16: from Latin imminēre to project over, from im- (in) + -minēre to project; related to mons mountain]
ˈimminence ˈimminentness n ˈimminently adv
these loans are certainly overhanging!
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star dust
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Post by star dust on Nov 11, 2014 19:41:40 GMT
Sounds a good idea but the contest would need to finish imminently
Do you mean by Christmas or next year?
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bugs4me
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Post by bugs4me on Nov 11, 2014 20:05:44 GMT
It would be good if savingstream could at least give an update on the "imminent" repayment of PBL001 as it is now 14 days over due. (Thanks for the tagging tip j) Tagging doesn't seem to work with some companies. Normal stuff, once they achieve a certain size, (whatever that is), then they seem to stop engaging with the lending community. There's more than a couple in the P2P world that seem to take lenders for granted. Maybe not true but that's how it often appears. It's always a huge turn off for me and I tend to start looking around. If any loan is overdue then the lenders have a right to know what is happening for better or worse. You could always try a direct e-mail and post the response here I suppose.
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