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Post by savingstream on Dec 22, 2013 13:22:56 GMT
For clarification SavingStream will remain the investment platform to fund all marine, auto and aviation loans that are sourced from alternative lead generation websites e.g. lendymarine.com, lendyclassic.com etc.
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bugs4me
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Post by bugs4me on Dec 22, 2013 16:04:59 GMT
For clarification SavingStream will remain the investment platform to fund all marine, auto and aviation loans that are sourced from alternative lead generation websites e.g. lendymarine.com, lendyclassic.com etc. Whilst this may not make any difference due to what appears to be a 'guarantee' in place, is it to be assumed that Lendy will be the primary source of loans to borrowers with SS picking up the 'slack'. Presumably the original loans that were made by Lendy are being repaid thereby freeing up capital for future use - at Lendy.
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Post by savingstream on Dec 22, 2013 16:23:52 GMT
That is correct, Lendy funds all new loans from in house capital, subsequently offer these new loans to investors through the Saving Stream platform in order to recapitalise and write new loans.
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mikes1531
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Post by mikes1531 on Dec 22, 2013 17:06:19 GMT
Whilst this may not make any difference due to what appears to be a 'guarantee' in place, is it to be assumed that Lendy will be the primary source of loans to borrowers with SS picking up the 'slack'. Presumably the original loans that were made by Lendy are being repaid thereby freeing up capital for future use - at Lendy. If Lendy can produce enough borrowers, their lending will end up being restricted by their supply of funds. So I'd expect them to make available as much as they can to SS investors. If their borrower prospects become thin, they might decide to hold back some of their most recent loans from SS until they can see a need for more funds. But they can't let SS run out of prospects to invest in or SS lenders will get bored and go elsewhere. If they can expand successfully into other areas -- cars, planes, etc. -- then they'll probably find SS lenders more willing to invest because of the increased diversification possible.
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bugs4me
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Post by bugs4me on Dec 22, 2013 17:16:51 GMT
That is correct, Lendy funds all new loans from in house capital, subsequently offer these new loans to investors through the Saving Stream platform in order to recapitalise and write new loans. That is how I understood the situation. Playing Devil's advocate, will all the loans that Lendy fund be placed on the 'secondary' market via SS or only a percentage of them. As Lendy builds up it's own capital from repayments then unless they increase their borrower base then the assumption would be that fewer and fewer opportunities would be available via the SS platform. Obviously there is no incentive to pay 12% to lenders when the loan could be retained by Lendy. AIUI ATM the loans have been funded by Lendy and it was due to the fact they had exhausted their money supply that the demand went to SS. Hence one of the prime factors behind establishing SS in the first place - or have I got the wrong end of the stick??
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Post by savingstream on Dec 23, 2013 11:02:18 GMT
All loans that Lendy funds will be placed on the 'secondary' SS market for funding by investors.
The longer term intention is to repay the initial Lendy investors (before Saving Stream) and then use the Saving Stream model going forward to continually recycle Lendy's own capital.
We are also looking at implementing a 'tertiary' market in the new year to allow Saving Stream investors to place their loan parts up for sale to other investors should their need arise.
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mikes1531
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Post by mikes1531 on Dec 23, 2013 18:36:48 GMT
We are also looking at implementing a 'tertiary' market in the new year to allow Saving Stream investors to place their loan parts up for sale to other investors should their need arise. I was going to ask about whether there were plans to allow the selling on of loan parts, and I'm most pleased to learn that there are. It would be a positive move, and should increase SS's appeal. Most other P2P platforms do allow this and, from the reaction I saw when Zopa introduced its Rapid Return option, it helps increase lenders willingness to invest.
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Post by brummiefred on Dec 26, 2013 15:36:31 GMT
A problem with funding on the boat at the top of the list requiring £99.84
If one bids the balance, then a message pops up "minimum bid £100"
If one bids £100, then message pops up "exceeds sum required"
An adjustment to the software required methinks !!!
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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 Dec 26, 2013 17:42:45 GMT
It's the same issue that FS have. Maybe they aren't worried about selling on every last little bit of the loans - I don't think I would be in SS's position.
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Post by savingstream on Dec 26, 2013 21:15:48 GMT
We have now modified the software logic to allow sub £100 fundings if the amount remaining to be funded is less than £100.
Thanks for spotting this Fred!
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spyrogyra
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Post by spyrogyra on Dec 28, 2013 13:43:51 GMT
SS, did lendyclassic.com already facilitate any loans ? If yes, why SS investors can't see them on the SS platform? Remember your claim that all loans will be offered to SS investors so that Landy can facilitate new loans. If no, what about happy Stu from Exeter who has his car picked up and the loan was in his account the same day. I don't want to be sarcastic, but is Stu actually Marshal in time of need? Lendyclassic.com promises to fund loans of £10,000 - £1,000,000 secured against vehicles in 24 hours. Having confessed you've already invested all your capital in loans, how can you stand to your promise (time-wise) if a borrower approaches you today?
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Post by savingstream on Dec 28, 2013 16:40:09 GMT
SS, did lendyclassic.com already facilitate any loans ? If yes, why SS investors can't see them on the SS platform? Remember your claim that all loans will be offered to SS investors so that Landy can facilitate new loans. If no, what about happy Stu from Exeter who has his car picked up and the loan was in his account the same day. I don't want to be sarcastic, but is Stu actually Marshal in time of need? Lendyclassic.com promises to fund loans of £10,000 - £1,000,000 secured against vehicles in 24 hours. Having confessed you've already invested all your capital in loans, how can you stand to your promise (time-wise) if a borrower approaches you today? Hi spyrogyra, LendyClassic has not facilitated any classic car loans as yet. Rest assured all loans will be offered to SS investors once initially funded by Lendy Ltd itself. Since launching SS last month, Lendy Ltd has already re-capitalised over £100k with c£78k remaining available. This allows us to now fund future loans. We also have a particular SS investor who has privately stated that they would consider 100% funding of individual asset backed loans over £100k, an example being the £664k Superyacht loan.
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mikes1531
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Post by mikes1531 on Dec 28, 2013 20:03:29 GMT
SS, did lendyclassic.com already facilitate any loans ? If yes, why SS investors can't see them on the SS platform? Remember your claim that all loans will be offered to SS investors so that Landy can facilitate new loans. If no, what about happy Stu from Exeter who has his car picked up and the loan was in his account the same day. I don't want to be sarcastic, but is Stu actually Marshal in time of need? Lendyclassic.com promises to fund loans of £10,000 - £1,000,000 secured against vehicles in 24 hours. Having confessed you've already invested all your capital in loans, how can you stand to your promise (time-wise) if a borrower approaches you today? Hi spyrogyra, LendyClassic has not facilitated any classic car loans as yet. Rest assured all loans will be offered to SS investors once initially funded by Lendy Ltd itself. Since launching SS last month, Lendy Ltd has already re-capitalised over £100k with c£78k remaining available. This allows us to now fund future loans. We also have a particular SS investor who has privately stated that they would consider 100% funding of individual asset backed loans over £100k, an example being the £664k Superyacht loan. For anyone who hasn't recently visited the lendyclassic.com website very recently... I see that the quote from Stu of Exeter has disappeared. I suspect that means it was a creation of the marketing people, who thought it would help sell the product and weren't too worried about using their imagination. It will be interesting to learn what evidence supporting the 'testimonials' on the SS website is produced during mrclondon's visit.
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bugs4me
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Post by bugs4me on Dec 28, 2013 22:13:42 GMT
Hi spyrogyra, LendyClassic has not facilitated any classic car loans as yet. Rest assured all loans will be offered to SS investors once initially funded by Lendy Ltd itself. Since launching SS last month, Lendy Ltd has already re-capitalised over £100k with c£78k remaining available. This allows us to now fund future loans. We also have a particular SS investor who has privately stated that they would consider 100% funding of individual asset backed loans over £100k, an example being the £664k Superyacht loan. For anyone who hasn't recently visited the lendyclassic.com website very recently... I see that the quote from Stu of Exeter has disappeared. I suspect that means it was a creation of the marketing people, who thought it would help sell the product and weren't too worried about using their imagination. It will be interesting to learn what evidence supporting the 'testimonials' on the SS website is produced during mrclondon's visit. I saw that quote and again I would expect that SS will blame their website designers. Com'on guys, everyone round here (maybe) had some sympathy with your first effort but to repeat the error is simply pushing it too far. When or if you respond, perhaps you would like to add the name of the person that is defending exactly what you are doing rather than just a 'savingstream said' message. All we're getting is fob off after fob off and it's simply not going to work. Whilst you may have a good idea (on paper), simply trying to continuously pull the wool over peoples eyes isn't going to work and is frankly offensive to people's intelligence. So stop hiding behind everyone's mistakes and start accepting responsibility.
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Post by savingstream on Dec 28, 2013 23:10:24 GMT
I'm afraid I don't follow how a web designer using a temporary testimonial whilst building a new classic car lead generation website for Lendy Ltd, equates to pulling the wool over Saving Stream investor's eyes.
Evidence of Saving Stream's investor's testimonials will be shown to mrclondon on Monday along with all the evidence he has requested.
In response to 'bugs4me' comment above, I understand using real names on this forum is against forum rules and would serve little actual purpose.
Our continued advice to anyone who feels that Saving Stream is offensive to people's intelligence would be to request that that person simply looks for investment opportunities elsewhere.
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