ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
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Post by ramblin rose on Dec 5, 2014 10:54:52 GMT
Another one just gone up. £525K, so should be around a while longer than yesterday's loans.
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Investor
Member of DD Central
Posts: 662 
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Post by Investor on Dec 5, 2014 11:01:03 GMT
Thanks RR. First one I have managed to get into for a while.
P.s Nice hat, is it real beaver?
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jonno
Member of DD Central
nil satis nisi optimum
Posts: 2,806
Likes: 3,237
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Post by jonno on Dec 5, 2014 11:15:32 GMT
Thanks RR. First one I have managed to get into for a while. P.s Nice hat, is it real beaver? Wow @ramblin rose..Is that a real hat?
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
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Post by ramblin rose on Dec 5, 2014 11:16:24 GMT
Hmm. Well. As I once set up an animal charity with some other people who used to do annoying things to people in fur coats and who still know where I live, I'd better say 'No, not real'  . Truth is, I don't know - it was lying around and looking unloved. Keeping my ears toasty up in the frozen North though. |
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Post by bracknellboy on Dec 5, 2014 11:22:37 GMT
Wow @ramblin rose.Nice beaver... Umm. Are you sure you don't want to self moderate that post ?
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Post by helmholtz on Dec 5, 2014 11:44:17 GMT
Hmm why would the borrower terminate existing relationship with RBS before being onboarded to Llloyds? Refi with Lloyds in 12 weeks but doc states minimum charging period 6 months .... assuming a minimum of 6 months interest to be paid that turns into a very expensive bridge (30%+ pa) if the loan is successfully refinanced with Lloyds in 12 weeks? Why would borrower be so desperate to pay that? savingstream can you comment more on the circumstances of the borrower regarding the old mortgage provider and the likely timescales involved for the refi? |
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Investor
Member of DD Central
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Post by Investor on Dec 5, 2014 11:53:21 GMT
50% gone already and falling fast. Think this one might be gone by COB today
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Dec 5, 2014 13:29:52 GMT
50% gone already and falling fast. Think this one might be gone by COB today Now around the 25% mark! It is going fast for a 1/2 mil loan!
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
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Post by sqh on Dec 5, 2014 18:35:25 GMT
Hmm why would the borrower terminate existing relationship with RBS before being onboarded to Llloyds? Refi with Lloyds in 12 weeks but doc states minimum charging period 6 months .... assuming a minimum of 6 months interest to be paid that turns into a very expensive bridge (30%+ pa) if the loan is successfully refinanced with Lloyds in 12 weeks? Why would borrower be so desperate to pay that? savingstream can you comment more on the circumstances of the borrower regarding the old mortgage provider and the likely timescales involved for the refi? This is surprising, especially because SS are offering investors the option of up-front interest.
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Post by helmholtz on Dec 6, 2014 10:32:37 GMT
Oh dear, looks like savingstream declining to comment if a loan is already selling fast. Bad sign. |
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Post by sammy on Dec 6, 2014 10:36:11 GMT
Hmm why would the borrower terminate existing relationship with RBS before being onboarded to Llloyds? Refi with Lloyds in 12 weeks but doc states minimum charging period 6 months .... assuming a minimum of 6 months interest to be paid that turns into a very expensive bridge (30%+ pa) if the loan is successfully refinanced with Lloyds in 12 weeks? Why would borrower be so desperate to pay that? savingstream can you comment more on the circumstances of the borrower regarding the old mortgage provider and the likely timescales involved for the refi? Agreed, thats why I didn't go for it, some of the exit stratagys by SS on some of these new loans look a bit suspect! I just wonder if SS are rushing some of these new loans just to get more monies on the book, rather than thoroughly going through them like they use to!
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Post by mrclondon on Dec 6, 2014 10:45:37 GMT
Hmm why would the borrower terminate existing relationship with RBS before being onboarded to Llloyds? Refi with Lloyds in 12 weeks but doc states minimum charging period 6 months .... assuming a minimum of 6 months interest to be paid that turns into a very expensive bridge (30%+ pa) if the loan is successfully refinanced with Lloyds in 12 weeks? Why would borrower be so desperate to pay that? savingstream can you comment more on the circumstances of the borrower regarding the old mortgage provider and the likely timescales involved for the refi? Based on experience on other P2P platform, one posible scenario is that the existing finance is an overdue bridging loan with RBS who are now threatening to appoint a LPA Receiver for the property if the loan isn't redemmed by a certain date (which is before Lloyds will be in a position to make an offer). Yes SS is an expensive option, but if the alternative is to lose a significant percentage of your equity in the propety due to receiver fees and fire sale discount it might well be preferable. This is surprising, especially because SS are offering investors the option of up-front interest. The loan offer from Lendy appears to be min 6 months / max 6 months so the borrower has committed to pay 6 months interest irrespective of loan duration (and I understand will be retained from the drawndown funds). Hence upfront interest option is feasible. Based on experience on other platforms, the quoted 12 week refinance (especially over the Xmas period) seems unfeasibly short.
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mikes1531
Member of DD Central
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Post by mikes1531 on Dec 6, 2014 17:04:39 GMT
Hmm why would the borrower terminate existing relationship with RBS before being onboarded to Llloyds? Refi with Lloyds in 12 weeks but doc states minimum charging period 6 months .... assuming a minimum of 6 months interest to be paid that turns into a very expensive bridge (30%+ pa) if the loan is successfully refinanced with Lloyds in 12 weeks? Why would borrower be so desperate to pay that? savingstream can you comment more on the circumstances of the borrower regarding the old mortgage provider and the likely timescales involved for the refi? I'd agree with mrclondon. Chances are good that the existing lender wants out of the loan and is putting pressure on the borrower to refinance. And if other loans are anything to go by, arranging the refinancing out of the bridging loan will not happen quickly. And even if the new lender is ready to take on the loan three months from now, I suspect that once the borrower realises that they've pre-paid the interest to SS for a full six months they will arrange for their new lender to defer the start of the replacement loan until the SS loan has run its six-month term. In short, despite the borrower having told SS that they expect the loan to be repaid in 10-12 weeks, I'm expecting the loan to run for six months.
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mikes1531
Member of DD Central
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Post by mikes1531 on Dec 6, 2014 19:36:19 GMT
Here we go again?
Is it my imagination, or did this loan go from having about 5% left to fund earlier today to having nearly 10% to fund early this evening?
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mikes1531
Member of DD Central
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Post by mikes1531 on Dec 8, 2014 17:21:29 GMT
Here we go again? Is it my imagination, or did this loan go from having about 5% left to fund earlier today to having nearly 10% to fund early this evening? This isn't my imagination. Not too many hours ago this loan was showing as being fully funded, and not long after that it was showing nearly £40k available. Are big investors really signing up for large amounts and then changing their minds and putting their units up for sale a few days later? I suppose it's not impossible if all they're looking for is a place to park a chunk of cash for a little while.
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. Truth is, I don't know - it was lying around and looking unloved. Keeping my ears toasty up in the frozen North though.
