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Post by savingstream on Nov 14, 2014 10:46:46 GMT
Existing Loans
PBL 1 – Payment imminent. Been waiting for a Director at KR to return from holiday. Our legal advisor has had a request for funds in for a few days.
PBL 3 – In with Global Bridging PLC’s legals. Completion expected end of November.
PBL 4 – Planning decision expected early December. We have committed to extending and increasing the loan by at least £1m when planning is granted. New value should be c£3m. Purchase of the site by a large buyer expected Feb/March 2015.
PBL 5 – Redevelopment progressing well. SS visiting towards end of Nov to review exit strategy underway and on time.
PBL 6 – Customer in regular contact. Exit by repayment in Feb/March 2015.
PBL 7 – Follow up booked for December.
PBL 8 – Refurbishment underway; one flat sold off and £75k received.
PBL 9 – Still in legals; a number of undisclosed restrictions have caused the delay in completion. All but 1 have been satisfied; we are negotiating with the party to release this restriction. Expected to move forward any day. Lesson learnt for SS.
PBL 10 – Visit to site planned for December.
PBLs 11/12/13 – Still working through probate situation following the death of one of the borrowers. We have decided to pull out and refund all SS investors if this does not progress soon.
PBL 14 – Renewed and increased. All docs signed. Planning being amended to make it more saleable. A sale has been agreed with payment due February for 50% of the property; however if another/better offer comes along in the meantime the borrowers will consider.
Pipeline Loans:
2nd charge on a large family home in Hampshire. Currently on the market to let. Borrower needs funds for further property purchases to add to his portfolio. Deal agreed, solicitors instructed, completion expected towards end of Nov.
1st Charge over B2L property in Hampshire. Borrower needs funds for further property purchases to add to his portfolio. Deal agreed, solicitors instructed, completion expected towards end of Nov.
1st charge over a B2L in Hampshire. Professional property investor, needs funds to further increase his portfolio. Offer waiting to be signed and returned.
Bridgewater Gateway – Our offer has been accepted by the proposed borrower. We are in discussion with underwriters to fund this in its entirety. However, we are considering putting it up on the platform. Any interested underwriters, we are looking for upto £7m against £25m of security. Return could be c.15%.
Large apartment in Central London with own swimming pool and garden, being purchased below market value; requires modernization. Buying for £1,200 per sq ft, valued at c£1,800 per sq ft. Requires £3.8m in total for 3 months against £5.5m valuation. Any interested underwriters, please make your interest known to us.
Other deals – we have a number of offers out for consideration and expect any/all of them to come in at any time.
Investor Security
Many of our investors have been asking about the distribution of assets held by Lendy Ltd in the case of our (very unlikely) insolvency and as we grow and mature, it makes sense to get this sorted once and for all. We have had various discussions and meetings with a number of administrators, lawyers and advisors as to the current position (i.e whether pari pasu or not) and we believe that we have come up with a good strategic and cost effective way forward.
As other P2P platforms have done we are setting up a 'Trust Company' that will hold all the assets that Lendy Ltd write loans against. That way, if anything happened to Lendy Ltd, the assets would be safe and the loan book wound down according to the directions of the Trust Company rather than any administrator of Lendy Ltd. We will be publishing details of this new structure once details are finalised.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Nov 14, 2014 13:42:30 GMT
Investor SecurityMany of our investors have been asking about the distribution of assets held by Lendy Ltd in the case of our (very unlikely) insolvency and as we grow and mature, it makes sense to get this sorted once and for all. We have had various discussions and meetings with a number of administrators, lawyers and advisors as to the current position (i.e whether pari pasu or not) and we believe that we have come up with a good strategic and cost effective way forward. As other P2P platforms have done we are setting up a 'Trust Company' that will hold all the assets that Lendy Ltd write loans against. That way, if anything happened to Lendy Ltd, the assets would be safe and the loan book wound down according to the directions of the Trust Company rather than any administrator of Lendy Ltd. We will be publishing details of this new structure once details are finalised. Thankyou for this comprehensive update. It is very reassuring that you are setting up a 'Trust Company'. IMHO this will put you at the very top of P2P platforms. Edit: Instant deposit system. Same day or next day withdrawal. Easy to use platform. Interest paid from day one. Good rate of interest. Secure loans with good LTV on most loans. Active secondary market. No fees. No other platform offers all these.
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gb007
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Post by gb007 on Nov 21, 2014 12:38:03 GMT
Friday's weekly update in your email now. Copy below:  |
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mikes1531
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Post by mikes1531 on Nov 29, 2014 17:08:22 GMT
Friday's weekly update in your email now. Copy below: <snip> Did anyone receive a Friday update yesterday? If so, could you post it here? (I didn't receive it.  ) I'm particularly interested to hear what savingstream have to say about the loans that are overdue to draw down -- PBLs 9, 11, 12 & 13 -- the ones that are overdue to repay -- PBLs 1 & 3 -- and the two 'pipeline' loans that had been expected to "Go live around 20/11/14".
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alison
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Sanctuary!!
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Post by alison on Nov 29, 2014 17:14:34 GMT
Friday's weekly update in your email now. Copy below: <snip> Did anyone receive a Friday update yesterday? If so, could you post it here? (I didn't receive it. ) I'm particularly interested to hear what savingstream have to say about the loans that are overdue to draw down -- PBLs 9, 11, 12 & 13 -- the ones that are overdue to repay -- PBLs 1 & 3 -- and the two 'pipeline' loans that had been expected to "Go live around 20/11/14". Existing Loans PBL 1 – The legals have been concluded, this morning we have seen confirmation from Kent Reliance legal department that we should be in funds early next week. We apologise for he increased delay in returning the capital for this loan. PBL 3 – In with Global Bridging PLC’s legals. Completion 9th December as advised. PBL 4 – No change from last week. PBL 5 – No change from last week. PBL 6 – No change from last week. PBL 7 – Follow up booked for December. PBL 8 – No change from last week. PBL 9 – Negotiated lifting of final restriction; moving forward once legals have completed the contracts. Completion aimed for Wednesday next week. PBL 10 – No change from last week. PBLs 11/12/13 – Received word from Borrowers solicitor that probate should be granted by the end of the month and the loan can complete very soon after that. PBL 14 – No change from last week. PBL 15 – Impressive speed of funding with no underwriting required. 94% funded with completion aimed for Wednesday next week.
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alison
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Post by alison on Nov 29, 2014 17:17:40 GMT
Pipeline Loans:
2nd charge on a large family home in Fareham, Hants. Currently on the market to let. Borrower needs funds for further property purchases to add to his portfolio. Deal agreed, solicitors instructed, completion expected towards end of Nov.
1st Charge over B2L property in Southsea, Portsmouth, Hants. Borrower needs funds for further property purchases to add to his portfolio. Deal agreed, solicitors instructed, completion expected towards end of Nov.
1st charge over a B2L in Southsea. Professional property investor, needs funds to further increase his portfolio. Offer waiting to be signed and returned.
Bridgewater Gateway – Our offer has been accepted by the proposed borrower. Offer amended to not include the Dutch property. Now looking at £4.55m against £6.5m of security in Somerset. We are in discussions with a large underwriter but we would still like people to come forward if interested.
Garden Centre business in P**********, worth £2.6m total. Property element worth £1.6m; loan of £500k to purchase has been accepted; legals instructed. Waiting for cost undertaking.
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jonno
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nil satis nisi optimum
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Post by jonno on Nov 30, 2014 13:11:40 GMT
savingstream ; re Bridgewater, could you just clarify what you mean by any interested lenders coming forward.Thanks.
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ramblin rose
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Post by ramblin rose on Nov 30, 2014 17:25:24 GMT
savingstream ; re Bridgewater, could you just clarify what you mean by any interested lenders coming forward.Thanks. I suspect they are referring to their call for underwriters in the previous update on 14th: " Bridgewater Gateway – Our offer has been accepted by the proposed borrower. We are in discussion with underwriters to fund this in its entirety. However, we are considering putting it up on the platform. Any interested underwriters, we are looking for upto £7m against £25m of security. Return could be c.15%." I guess they wouldn't be discussing full actual terms in public, so anyone thinking they might be underwriter material would need to contact them directly.
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mikes1531
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Post by mikes1531 on Nov 30, 2014 20:00:13 GMT
savingstream ; re Bridgewater, could you just clarify what you mean by any interested lenders coming forward.Thanks. I suspect they are referring to their call for underwriters in the previous update on 14th: " Bridgewater Gateway – Our offer has been accepted by the proposed borrower. We are in discussion with underwriters to fund this in its entirety. However, we are considering putting it up on the platform. Any interested underwriters, we are looking for upto £7m against £25m of security. Return could be c.15%." I guess they wouldn't be discussing full actual terms in public, so anyone thinking they might be underwriter material would need to contact them directly. I tried that, and I'm afraid I'm none the wiser yet. On 13/Nov, I wrote "In the update SS indicated that they are looking for underwriters. Can you please let me know exactly what is required to become a SS underwriter and what would be the advantages -- and disadvantages -- of being one compared to being an 'ordinary' large investor as I am at present?"On 14/Nov, SS wrote "We received your message yesterday and it will be replied to in full hopefully tomorrow AM."
On 18/Nov, SS wrote "Thanks for your offer of underwriting, we do have some new loans that will be going live on the platform soon, we will contact you if we requiring underwriting for these new deals"
On 19/Nov, I wrote "Underwriting isn't something I've done before, so I'm starting from square one. In order for me to give the idea some reasonable consideration, can you give me any general info about how you work with underwriters? Such as...
- What sort of level of investment are you looking for?
- Do you use a standard contract? If so, could you send me a copy of a typical one?
- What sort of incentives are given to underwriters in return for their services?
Any info you could supply at this time would be most welcome."
I've had no reply from savingstream since. I'm afraid it looks an awful lot like "Don't call us. We'll call you." I expect they'll get in touch only if they're short of underwriting from their other sources. And if it's not a short-fuse opportunity, I'll find out more. If they want a quick response, I probably won't be willing to dive in instantly -- I need to know what I'm diving into first. jonno: I suggest you do what I did. If you get a useful response, let us know that and I'll prod them again to see if they'll tell me anything.
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Post by pepperpot on Nov 30, 2014 20:21:02 GMT
Their first call for underwriters back in May suggested over 100k. Link |
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mikes1531
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Post by mikes1531 on Nov 30, 2014 22:50:49 GMT
Their first call for underwriters back in May suggested over 100k. Link: Thanks for finding that. I'm not going to push the matter at this time. I've expressed my interest, and SS have acknowledged that. At this point, the ball is in their court, and I'll do nothing more unless I learn that others have been given details and I haven't. In the meantime, I'm watching the undrawn PBLs. Accruing interest on nearly £2M of money that hasn't been put to work yet is costing someone a packet -- or more accurately, building up a rather significant liability. If it's SS/Lendy then I worry the effect it might have on their viability. There's also a worry that SS/Lendy think they have an agreement that the borrower will cover that interest but that if the loans fall apart and don't happen SS may find -- as AC have -- that getting their non-borrowers to cough up the cash is easier said than done. And we're not talking about peanuts -- or bananas -- here. £50k going missing could be difficult to recover from.
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Post by pepperpot on Nov 30, 2014 23:28:43 GMT
I'm not overly worried about those deals, it's within SS's control for how long the offers stay open. I'm sure they would be scrapped and investors refunded (+int) before it became terminal. I've reduced my exposure in SS recently to see how they fair with maturing deals, but that's partly a side effect of aiming below an income tax limit this year, if all is fine and dandy in April, I'll pile back in.
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mikes1531
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Post by mikes1531 on Dec 1, 2014 4:39:57 GMT
I'm not overly worried about those deals, it's within SS's control for how long the offers stay open. I'm sure they would be scrapped and investors refunded (+int) before it became terminal. I hope you're right, but my concern is that -- as we've seen elsewhere -- the feeling always is that things are just about ready to complete and that as soon as that happens everything will be all right so we might as well wait another day or two or few. And then things drag on a bit further, but they're still about to complete so it's decided to give the borrower a chance and wait a bit more. Then repeat -- ad nauseum. Unfortunately, this scenario seems all too common in other platforms, so I doubt SS is going to be able to avoid it. They certainly haven't managed to do that at the end of loan terms so far. Eventually it really is too late, the damage is done, and the house of cards collapses. Well, the month has ended. Would anyone care to estimate the probability that SS will provide an update later today announcing that probate has been granted? I'll bet that an announcement starting with "Unfortunately..." is a lot more likely.
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Post by mrclondon on Dec 1, 2014 18:19:30 GMT
mikes1531 and anyone else using plusnet hosted emal who hasn't been receiving the SS emails, see this thread on the chat board in which I explain that the plusnet spam filtering is not working as per their documentation. I think there is a work around which should allow SS emails to be received. savingstream , it would of course be better if the SS emails weren't being flagged as spam in the first place ... has your research come up with any explanation ?
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mikes1531
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Post by mikes1531 on Dec 3, 2014 1:43:42 GMT
I think there is a work around which should allow SS emails to be received. : Thanks for the suggestion, but I don't seem to have the same controls that you have, so I can't try the suggested workaround. I've put a fuller response in the other thread for anyone who's interested to know more.
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