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Post by savingstream on Dec 22, 2016 9:33:31 GMT
Even by SavingStream's standards the past couple of days has been a bit shambolic. And I still can't work out what kind of property development projects suddenly realise 3 days before Christmas that they need an additional tranche of funding, let alone 4 on the same day. I would have expected a properly managed project to know their cashflow needs weeks in advance, and if they don't need the money why rush in additional borrowing just before (presumably) everyone stops working for about a week? If I was a real cynic I'd say SavingStream saw that the pre-fund on the caravan parks was insufficient so decided to pull them and release them just after the interest payments in January, then tried to avoid a mass withdrawal by those who had freed up capital by pushing some other loans through more quickly. Whatever the reason, it all feels too slapdash and shoot-from-the-hip for me, which makes me too nervous to maintain my current level of investment here. I'll be running down my holdings from here on. And you would be wrong. The caravan sites were/are over twice funded. They are just not ready in legals to complete this week. With regards cashflow requirements for the developments, people need recompensing for work already completed and also for work to be undertaken over the next couple of weeks and we would rather they have cash to get them through the Xmas period without having to struggle.
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arbster
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Post by arbster on Dec 22, 2016 9:57:18 GMT
Well, I appear to have hit upon the way to get some kind of information from SavingStream, albeit in the casually derisive tone we're coming to expect. The caravan sites were/are over twice funded. They are just not ready in legals to complete this week. With regards cashflow requirements for the developments, people need recompensing for work already completed and also for work to be undertaken over the next couple of weeks and we would rather they have cash to get them through the Xmas period without having to struggle. Good news of the over-funding - plenty of liquidity is good for everyone, especially those looking to reduce their holdings. And I appreciate your magnanimity in advancing additional funding to the poor developers, at a generous 18%+. However, I maintain that were these properly managed developments, Christmas wouldn't have come upon them by surprise, leading to a sudden appearance on the pipeline and rushed loan launch.
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Post by portlandbill on Dec 22, 2016 10:17:15 GMT
As you may have seen, I've been making an attempt to help with DD w.r.t. the three pipeline Hampshire loans. This is my first real foray into helping out with DD. I hadn't realised how difficult and time consuming a DD investigation can be, and how many blind alleys there are. I may not have been much help with the Hampshire campsites but it's a start.
A small point but one which might help with anyone's DD, these campsites are in Dorset and are subject to Christchurch and East Dorset Local Plan
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twoheads
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Post by twoheads on Dec 22, 2016 11:06:04 GMT
A small point but one which might help with anyone's DD, these campsites are in Dorset and are subject to Christchurch and East Dorset Local Plan Christchurch used to be in Hampshire... I seem to be 42 years out of date!
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Post by jackpease on Dec 22, 2016 12:12:56 GMT
Shambolic? I'd prefer the word exciting.
SS seems to be a platform that a borrower can go to and get money in a matter of days - contrast that with a bank with a default 'no' position and if the answer is a yes, considerable delay.
DD obviously will suffer - and risk increase - but that justifies the high rate compared to 'safe' p2p & banks.
SS is delivering the goods for me and at some point there will be defaults but given SS has delivered large returns for years, I am ready for it. I am happy for SS to carry on exactly as it is warts and all and not morph into something dull, safe and with lower returns.
Jack P
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Liz
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Post by Liz on Dec 22, 2016 13:05:15 GMT
Shambolic? I'd prefer the word exciting. SS seems to be a platform that a borrower can go to and get money in a matter of days - contrast that with a bank with a default 'no' position and if the answer is a yes, considerable delay. DD obviously will suffer - and risk increase - but that justifies the high rate compared to 'safe' p2p & banks. SS is delivering the goods for me and at some point there will be defaults but given SS has delivered large returns for years, I am ready for it. I am happy for SS to carry on exactly as it is warts and all and not morph into something dull, safe and with lower returns. Jack P Well said. The one thing that I do want clarity on from savingstream is the PF. When the defaults and receivership loans increase, the PF just won't be big enough to pay out in full. Maybe easier to let members believe it will be able to pay out in all conditions, keeps the money flowing in. If only 15-20% of the negative days loans default(or receivership), then the PF will be strained. PS Please can we have a tab for "loans in receivership" as well as "defaulted loans", unless I go through every loan, I don't know how many "problem" loans there are. I only follow the loans I invest in.
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seeingred
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Post by seeingred on Dec 22, 2016 13:28:39 GMT
A snapshot of the overall position could be provided by someone computer literate (jonah?) simply by creating a bar histogram of all loans, ordered by their 'days remaining' (x axis say -150 to +365 days) and amount of money (y axis). On the positive side of 0 would be green bars, on the negative side red. It would only be a snapshot but updated automatically every day to give an idea of the overall state of play. Loans that had gone negative but for a good reason (and notified as such) could be yellow. So for each negative day (say -34 days) you might have a red and a yellow component. Just thinking out loud - otherwise there are c. 80 loans to keep tabs on. It could also show a tabulation of total loans (£) green loans (£) red lonas (£) and so on and the current size of the PF, if known. Picture paints a thousand words..... It would also show at a glance if huge repayments were due within the next few days, assuming green didn't turn red or yellow of course. Farmland.......... Attachments:
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jamesc
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Post by jamesc on Dec 22, 2016 14:44:28 GMT
Well, with the Castle just becoming filled, I make that around £11.2 million funded in something like 4 hours. Impressive! Cheers, Ian.. Not really because of the return of funds from 92 & 131 plus the repayment of 116-118 total of nearly £8.5mln giving a net of about £2.7mln which in the present market hardly touches the sides and by the end of the day the SM will be zero.
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twoheads
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Post by twoheads on Dec 22, 2016 15:12:28 GMT
Live loans chart at 14:30 today (22/12/2017)
Click on the picture.
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twoheads
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Post by twoheads on Dec 22, 2016 15:20:20 GMT
...return of funds from 92 & 131 plus the repayment of 116-118 total of nearly £8.5mln giving a net of about £2.7mln which in the present market hardly touches the sides and by the end of the day the SM will be zero. Quite right. Drought already: £3k of negative days rubbish left.
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Liz
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Post by Liz on Dec 22, 2016 15:26:04 GMT
...return of funds from 92 & 131 plus the repayment of 116-118 total of nearly £8.5mln giving a net of about £2.7mln which in the present market hardly touches the sides and by the end of the day the SM will be zero. Quite right. Drought already: £3k of negative days rubbish left. Yet the minions keep buying the dross  Can't complain, great for selling anything  I might sell my car on Savingstream.
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Liz
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Post by Liz on Dec 22, 2016 15:27:08 GMT
Not really because of the return of funds from 92 & 131 plus the repayment of 116-118 total of nearly £8.5mln giving a net of about £2.7mln which in the present market hardly touches the sides and by the end of the day the SM will be zero. Ah... good point, well made. So, with £12.9m on the books dues to repay between now and the end of January, those £12.8m of new loans " still in legals, go live likely early January 2017" are likely well covered, too. (That £12.9m figure doesn't include any negative-dated loans which may repay and, conversely, some of the loans included may overrun.) I wonder if that's factored into SS' calculations when stating (of the c. £7.6m of new 'Caravan loans') that they " were/are over twice funded"? Or whether that is solely what's reported via prefunding? I guess there'll be some overlap as experienced SS'ers prefund based partly on what they currently hold repaying or plan to realise by selling off short-dated loans on the SM, with a view to getting the longer dated new loans. Interesting.... Cheers, Ian.. Depends if any of them actually repay.
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twoheads
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Post by twoheads on Dec 22, 2016 16:10:41 GMT
I wonder if that's factored into SS' calculations when stating (of the c. £7.6m of new 'Caravan loans') that they " were/are over twice funded"? Or whether that is solely what's reported via prefunding? I'm pretty certain that over twice funded means that the total prefunded amount is more than twice the loan value. I don't think it's anything more complex than that.
Of course we don't know if each loan individually was over twice. My guess would be yes.
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oldgrumpy
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Post by oldgrumpy on Dec 22, 2016 17:02:45 GMT
I wonder if that's factored into SS' calculations when stating (of the c. £7.6m of new 'Caravan loans') that they " were/are over twice funded"? Or whether that is solely what's reported via prefunding? I'm pretty certain that over twice funded means that the total prefunded amount is more than twice the loan value. I don't think it's anything more complex than that.
Of course we don't know if each loan individually was over twice. My guess would be yes.
Maybe they realised they could've got away with 10% and will relist with "loan corrections" in January    "SHUT UP, GRUMPY!!!"
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twoheads
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Post by twoheads on Dec 22, 2016 17:23:54 GMT
Maybe they realised they could've got away with 10% and will relist with "loan corrections" in January "SHUT UP, GRUMPY!!!" What... and incite a revolution? The sh*t would definitely hit the fan!
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Can't complain, great for selling anything 
I might sell my car on Savingstream.
