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Post by mrclondon on Dec 10, 2013 13:37:35 GMT
For those that have already explored Funding Secure, the concept is very similiar with only minor differences - 6 or 7 month loans secured against assets, max LTV 50%, minimum asset value pledged £10k, minimum bid £100 per loan, 12% pa fixed interest, no lender fees. The main difference is they are underwriting 100% of the loan up front so the borrower gets the funds regardless of lender demand, with lenders then taking over the loan. Currently 8 yacht loans need funds, and several have apparently already been paid off. Website reckons 140+ registered lenders and £1m+ of loans written. Uses the same GoCardless direct debit scheme that Assetz Capital uses, as well as standard FP/BACS transfers. Saving Stream (trading name of Lendy Ltd) is registered at The Royal Naval Club, Portsmouth which explains why all the loans (thus far) are against yachts. Saving Stream is purely focussed on the lender side, Lendy Marine is where the borrower side lives. The only obvious downsides at present are the fact that they appear to have copied Funding Circle's IP in creating the website which raises the spectre of legal action against them, and the T&C's / Privacy Policy are at present are not brilliantly worded - its really a lack of attention to detail rather than anything too fundamental. The combination of these two aspects means I'm reluctant to invest at the present time. They have, however, been very responsive to comments on the zopa forum thread and emails over the last couple of days. |
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andy2001
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Post by andy2001 on Dec 10, 2013 17:51:12 GMT
They say they started in Jan 2013, so I don't understand why there website was registered on Nov 3 2013
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Post by savingstream on Dec 10, 2013 18:09:27 GMT
Saving Stream is a trading name of Lendy Ltd. Lendy Ltd was registered with companies house in October 2012, received its Consumer Credit License from the OFT in Dec 2012 and started making loans in January 2013. The Saving Stream website & platform was launched in November as a platform to sell existing loan parts to lenders for a fixed rate of return. I hope this clarifies andy2001's query.
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andy2001
Member of DD Central
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Post by andy2001 on Dec 10, 2013 18:17:47 GMT
Ok, so a far as being a P2P platrorm there new, which would explain why today is the first time I've seen them.
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Post by mrclondon on Dec 10, 2013 18:32:17 GMT
Their decision to be the first P2x platform to pay for a prominent banner ad on the forum was either extremely clever or extremely mis-guided. I'm just not sure which.
Setting aside the finding from our own poll that a sizable number of members don't actually see the adverts rendered, I personally find the concept of advertising to a captive audience rather OTT, and a major turnoff. Its a bit too "in your face" for me.
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alison
Member of DD Central
Sanctuary!!
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Post by alison on Dec 10, 2013 18:46:33 GMT
Their decision to be the first P2x platform to pay for a prominent banner ad on the forum was either extremely clever or extremely mis-guided. I'm just not sure which. Setting aside the finding from our own poll that a sizable number of members don't actually see the adverts rendered, I personally find the concept of advertising to a captive audience rather OTT, and a major turnoff. Its a bit too "in your face" for me. I hadn't even noticed the ad. Haven't looked at any of them before!! I have dipped a little toe in the Stream however to test the water! (Sorry - I couldn't resist!!)
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mikeb
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Post by mikeb on Dec 10, 2013 19:07:19 GMT
Their decision to be the first P2x platform to pay for a prominent banner ad on the forum was either extremely clever or extremely mis-guided. I'm just not sure which. Setting aside the finding from our own poll that a sizable number of members don't actually see the adverts rendered, I personally find the concept of advertising to a captive audience rather OTT, and a major turnoff. Its a bit too "in your face" for me. Well, it beats shilling posting on MoneySavingExpert.com, asking whether people thought 12% was "too good to be true", as someone with a fairly similar name did recently, and ending up with the thread being deleted due to the thinly veiled spamming attempt (coupled with the breach of forum rules in that they were a company rep pretending to be an interested party, plus undeclared interest). I hadn't seen any banner ads up to now, this is this first one. And this big fat 12% banner has reminded me of the above. So advertising works, but not always in a positive way. Now off to find some block rules for the adverts.
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andy2001
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Post by andy2001 on Dec 10, 2013 19:21:19 GMT
Looking at there other site it looks like they now have links to Borro who are always advertising on TV.
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Post by savingstream on Dec 10, 2013 19:29:16 GMT
Lendy Marine is Borro's official marine partner, we handle all of the marine asset enquiries that Borro receives.
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debeast
(o)(o)
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Post by debeast on Dec 11, 2013 13:08:56 GMT
Ok a couple of things:
1) Can you answer the query regarding the site design being very similar to AC?
2) Can you call people investors and not 'Savers' or at least Funders?
I too saw the MSE post so not too impressed at the mo. Any explanation on that one?
But thanks for engaging in this community. I definitely appreciate it!!
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Post by savingstream on Dec 11, 2013 14:25:30 GMT
1) This is being resolved, our 'lazy' web designer's brief was for it to look like FC's as this is what we wanted. From Public reaction it would appear that it is too similar, this is in the process of being resolved. it is only the style that is shared, no imagery or text is shared bar the quote from the FT.
2) We take your point on board and will be re-terming our users 'Investors' and 'Funders' rather than 'Savers'.
3) The reason we started the aforementioned MSE thread was to simply gain public opinion of whether people would be put off by headlines offering 12%pa return on funds.
We are pleased people wish to engage with us in the forum communities as it is our desire to make our offering as clear and transparent as possible.
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andy2001
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Post by andy2001 on Dec 11, 2013 19:43:31 GMT
If there is a default on a loan which can't be fully recovered, will this be covered by saving stream or will it be a saver/lender loss.
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Post by batchoy on Dec 11, 2013 19:53:03 GMT
I have two big concerns about Saving Stream. - How are assets secured and I mean physically in order to prevent them being sailed off into the sunset.
- I have no knowledge of the resale market for boats (though a close friend who does says it pretty dire a the current time) and so would be totally reliant on the valuations carried out on the vessels in assessing risk.
Both of these mean that I a reluctant to invest at the current time. |
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Post by savingstream on Dec 11, 2013 21:36:04 GMT
If there is a default on a loan which can't be fully recovered, will this be covered by saving stream or will it be a saver/lender loss. If there is a default on the loan and the sale of the asset does not cover the the full repayment due to the saver/lender then Saving Stream will cover any shortfall. The saver/lender's return is a set arrangement with Saving Stream and is not dependant on if the sale of the asset that a loan is secured against covers the loan + interest.
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Post by savingstream on Dec 11, 2013 21:41:51 GMT
I have two big concerns about Saving Stream. - How are assets secured and I mean physically in order to prevent them being sailed off into the sunset.
- I have no knowledge of the resale market for boats (though a close friend who does says it pretty dire a the current time) and so would be totally reliant on the valuations carried out on the vessels in assessing risk.
Both of these mean that I a reluctant to invest at the current time. 1) Assets are secured in various marina/boat yard locations around the UK. The third party (marina/boat yard) who is responsible holds all keys and documentation and signs an agreement stating that they will not allow the owner any access to the boat and they will not allow any movement of the boat. The boat is also fully insured for the duration of the loan with Lendy Ltd being the payee of the policy. 2) All secured assets are valued by indemnified qualified independent surveyors. Lendy then only lends a maximum of 50% of the value of the asset as a loan. 3) The third point (as mentioned in a previous post) is that if there is a default on the loan and the sale of the asset does not cover the the full repayment due to the saver/lender then Saving Stream will cover any shortfall. The saver/lender's return is a set arrangement with Saving Stream and is not dependant on whether the sale of the asset that a loan is secured against covers the loan + interest.
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