bugs4me
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Post by bugs4me on Dec 15, 2014 1:36:53 GMT
There could be no bigger nightmare than having to wait beyond the end of the tax year to get you interest paid. He might be one of those, of course, and for them I would hope there would be the equivalant of the R85 form that would allow the borrower to pay interest gross. Am I missing something? - think it's all up in the air ATM and we all know that HMRC can change their minds/opinions at the drop of a hat. Whether R85's will come into play we will need to wait and see. Certainly NS&I do not operate the R85 scheme so it looks like it's a bit selective. Think for now everything is pure speculation apart from the one borrower that we have been advised is within their rights to withhold tax although how this would apply if the invester/lender has established themselves up as a limited liability I have no idea as the withholding tax I believe applies purely to private individuals. We are IMO all in a wait an see mode and whilst I fully appreciate that tax will need to be paid on gross interest received, my preference is to defer this as late as possible and allow my accountant to make the calculations. In the meantime I have the use of that 20% for current investments. So my leanings ATM are to avoid future loans where there will be withholding tax by the borrower although this decision may of course eventually be removed from me in due course - hopefully not sooner rather than later.
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spockie
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Post by spockie on Jan 2, 2015 13:08:37 GMT
Will there be an update on loans this Friday, savingstream, or is there nothing to report? |
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star dust
Member of DD Central
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Post by star dust on Jan 2, 2015 13:42:58 GMT
Will there be an update on loans this Friday, savingstream, or is there nothing to report? I received an email entitled "mini update" about an hour ago which basically just informed me that December's Interest had been paid. I would guess that's it for the day - although I might be proved wrong - as most of the loans yet to go live were expected to do so next week (as stated in the pre-Christmas update) I'm not expecting much else today.  .
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Post by savingstream on Jan 2, 2015 14:11:24 GMT
Will there be an update on loans this Friday, savingstream, or is there nothing to report? The next full weekly update will be next Friday. Nothing has changed over the holiday period.
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star dust
Member of DD Central
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Post by star dust on Feb 6, 2015 18:11:10 GMT
As there doesn't seem to have been an update today, I wonder if Monday is the new Friday?  . |
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Post by duncandive on Feb 6, 2015 18:29:12 GMT
Well at least PBL 022 has just Drawndown |
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Post by duncandive on Feb 6, 2015 18:59:58 GMT
Just received this weeks Friday Update
We are pleased to say that PBL022 has completed today.
Two new loans went live this week, which were filled in record time. It is our wish to allow as many people as possible to invest in each and every loan opportunity that we offer, but we don’t believe that limiting the availability or size of the loan part is the way to go. Instead, in accordance with our KISS principle, we will release each new loan at a set time each time, probably 6pm, and will give 24 hours notice before we go live. This way, our investors can organize themselves to be ready to invest if they so wish, rather than the “scrum” which happens currently.
Existing Loans
PBL 4 – We are going to be repaying and re-releasing this loan having offered to increase this loan by £250,000 so that the developer can exchange on a further piece of land adjacent to our security in Exeter. This will probably be happening next week. In due course, we will further increase the loan by approx. £1m in total based on the £3m valuation we have just received.
PBL 5 – No change.
PBL 6 – We are going to be extending this loan by two months to assist the client and his cashflow, anyone wishing to exit their position will be able to do so via the secondary market.
PBL 7 – We are going to be working with this client to provide us with an exit from this loan. Brokers are confident that a commercial facility will be in place by the end of the term.
PBL 8 – No change.
PBL 10 – No change.
PBL 11/12/13 – No change
PBL 14 – No change.
PBL 15 – No change.
PBL 16 – Funds with lawyers. No change.
PBL 17 – Funds with lawyers. No change.
PBL 18 – Funds with lawyers. No change.
PBL 19 – Funds with lawyers. All docs signed, was hoping to complete today hence the delay in releasing the update, however looking like early next week now.
PBL 20 – Completion set for Monday.
PBL 21 – No change.
PBL 22 – Completion confirmed today!! J Interest payments will be made to investors accounts during the next 24 hours.
PBL 23 - No change.
PBL 24 - No change.
Pipeline Loans
Large farm with livery business adjoining the woodland in East Sussex. Loan c£300k. Solicitors Instructed. Should complete at same time as PBL 24. Will go live nearer the time.
Large residential property currently being used to house disabled children in Chichester, West Sussex. Solicitors instructed – Value £1.5m, Loan £900k. Going live next week.
Farm in Wales worth £705k. Needs £430k to complete.
Development land in Prestbury, Cheshire. Value £800k, needs £500k.
Hotel in Maidenhead, value £750, loan £450-500k.
Large portfolio of properties in Gloucestershire, value £3.5m, loan of £2.25m.
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ilmoro
Member of DD Central
'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 Feb 7, 2015 1:01:10 GMT
Hmmm, hope they have tested the robustness of their system.Seem to remember when FS first did this their system crashed. Its still going to be a scrum, just with potentially more participants. Lenders, you will go on my first whistle. Wait for it! Go!  |
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Post by mrclondon on Feb 7, 2015 11:24:39 GMT
A noticeable omission from the weekly update email (which I've stopped receiving once again. Grrr. ) is any mention of the boat loan which is now 8 days overdue. savingstream can you include any overdue boat loans in your weekly updates please.
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star dust
Member of DD Central
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Post by star dust on Feb 7, 2015 11:49:20 GMT
I think it would be useful to have updates as they move towards end of term anyway, not just when they are overdue. The Superyacht has got just a little over a month left, and belongs to the same borrower who is having another loan extended I believe, so I would like information on repayment proposals for that if available.
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Post by Deleted on Feb 7, 2015 15:20:18 GMT
What is the KISS principle?
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Grezza
Member of DD Central
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Post by Grezza on Feb 7, 2015 15:26:01 GMT
Keep It Simple, Stupid.
it means exactly what it says on the tin!!
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Post by duncandive on Feb 7, 2015 16:07:43 GMT
They also make quite a nice little rebreather as it happens. Might be useful come the next feeding frenzy... A little bit of Stealth could come in handy.
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ilmoro
Member of DD Central
'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 Feb 7, 2015 16:33:57 GMT
A noticeable omission from the weekly update email (which I've stopped receiving once again. Grrr. ) is any mention of the boat loan which is now 8 days overdue. savingstream can you include any overdue boat loans in your weekly updates please. Hopefully youll have more response than I did a few months ago! p2pindependentforum.com/post/32363.
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Post by Deleted on Feb 7, 2015 18:33:31 GMT
Hmmm, hope they have tested the robustness of their system.Seem to remember when FS first did this their system crashed. Its still going to be a scrum, just with potentially more participants. Lenders, you will go on my first whistle. Wait for it! Go! I like the idea of having a loan launch time so people who wish to invest can be prepared but my concern is that it results in hundreds of people all logging into the website and trying to do transactions at the same time. Given previous website issues I hope it doesn't result in the website crashing, grinding to a halt or going wrong. Time will tell I suppose. But this gets a thumbs up from me.
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