mikes1531
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Post by mikes1531 on May 11, 2016 13:51:58 GMT
be a good time for them to release one as one just payed back And a big one as well -- just over £3M!
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ilmoro
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'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 May 11, 2016 13:52:05 GMT
Hull valuation "expected today" ..... funnily enough, from a different valuer to that engaged 4 weeks ago. Did they take a look and walk away?  [crossed with ilmoro!] SS posted a couple of week back that the old valuers had admitted they couldnt do it and this new lot had been hired to deliver within two weeks.
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mikes1531
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Post by mikes1531 on May 11, 2016 14:02:37 GMT
Well, touch rabbit foot, wood, four leaf clover etc, whisper it quietly but Hull valuation due today and will launch on receipt apparently, pinch of salt, temperature drop in hell etc How does that differ from the update of four weeks ago saying "Valuation ... expected ... 12th of April" ?? As for the loan becoming live when the valuation is received... Do savingstream really mean 'live', or just that they'll tell us it's going to go live shortly and that we need to check our pre-funding amounts? Not to mention that Hull is still showing as being at Stage 1?
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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 May 11, 2016 14:04:36 GMT
be a good time for them to release one as one just payed back And a big one as well -- just over £3M! Lot of money potentially coming back shortly (in theory) 1m from PBL22 also due Fri and PBL35 also due this week 3.5m & PBL58 3m.
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mikes1531
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Post by mikes1531 on May 11, 2016 14:13:22 GMT
And a big one as well -- just over £3M! Lot of money potentially coming back shortly (in theory) 1m from PBL22 also due Fri and PBL35 also due this week 3.5m. So it looks like the next >£1M loan to go live will have a rather low allocation factor -- even if it's Hull!
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gurberly
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Post by gurberly on May 11, 2016 15:02:56 GMT
Whilst I would not really consider myself an ethical investor, I don’t think I could bring myself to invest directly in the development of a casino... even one in Hull.
I also find it funny that within the mix they plan a load of student accommodation, complete with student bar (the site itself is a fair distance from the university??). But hey ho, at least the students will have the super casino to help keep them amused of an evening.
I bet their student loans won’t last long
M
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 11, 2016 15:32:32 GMT
Dundee & Fisheries by end of week Arboretum & single farm next week cooling_dude a little work for you  Yes... well I have my DD ready when they actually go live. You know... in a couple of months maybe
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ilmoro
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'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 May 11, 2016 15:46:33 GMT
General Update just arrived: Interesting new structure change for default loans...
"We have made a slight change to our operating procedures for ‘loans in default’ (we have only ever had one to date) - once we declare a loan to be in default, instead of crediting interest to investor's accounts monthly, interest will accrue on account and will be paid once the loan capital is recovered. This rule will only apply to the loan in default and not other loans, which will operate as usual. Loans in default can continue to be traded on the secondary market. Our solicitors have advised us to implement this as the FCA perceives Lendy's own covering of the interest as a potential cashflow risk to the sustainability of the platform."
I thought that this had already been implemented when the T&Cs were introduced; it's certainly what I've been telling everyone? No interest paid out until the loan is recovered if they are within the new T&Cs Also, the update isn't specific; is it all the loans currently on SS, on the ones on the new T&Cs, or all loans from now on... Possible needs some further clarification. As written, it just means that on defaulted loans, whether old or new T&Cs, interest will accrue rather than be paid monthly. Lendy will still be the borrower on old T&CS and liable for capital & interest it just means they arent committed to forking out unfunded sums for a potentially prolonged period during recovery. Wonder whether it will have any impcat on predrawdown interest being covered by SS? savingstream Can you please clarify the situation regarding terms & conditions? For loans under the old terms & conditions, does Lendy remain the borrower and therefore would be liable for payment of default interest in full even in the event of shortfall in recovery, with todays change meaning this interest would be paid at recovery rather than monthly, or would payment of interest be dependent on sufficient funds being recovered from realisation of the security? Also in the light of this change can you please ensure and confirm that all loan terms are accurately reported on the site and it is clear that ongoing interest is being covered - there are still several loans where there are discrepancies/uncertainty between information provided in updates and remaining term displayed on the site.
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mikes1531
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Post by mikes1531 on May 11, 2016 17:40:16 GMT
As for the loan becoming live when the valuation is received... Do savingstream really mean 'live', or just that they'll tell us it's going to go live shortly and that we need to check our pre-funding amounts? Crucially, Hull is finally moving into gear.
"Valuation from Bruton Knowles expected today, will become live on platform as it is received. Completion expected shortly afterwards." I'm now thinking that perhaps I was being too optimistic in my earlier post. (Very uncharacteristic of me, I realise! ) Maybe all savingstream are saying is that the Valuation Report will become live when it is received, rather than the loan itself will become live.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 12, 2016 16:14:07 GMT
Come on savingstream... we're eagerly awaiting the updated Hull valuation report! Has the office fax broken again... 
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Post by chielamangus on May 12, 2016 16:20:03 GMT
Oh dear - do you pen those reviews after the brandy....?  well... yeah... of course I do. Bloody essential I would say Personally, I don't find this type of material at all erotic, but, heigh ho, chaque a son gout.
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Post by chielamangus on May 12, 2016 16:28:52 GMT
can't find a juicy back story for the single devon 'farm' on a quick look but a valuation document does come up valuing the whole place at 1.3 mill be an interesting compare and contrast I find this valuation fascinating. As someone in the market for a Devon farmhouse with a bit of land (and following the market closely for the past 7 months), I have to say I have seen dozens of better properties at way less than half this valuation. Some have included rental earning property attached, though not 6 letting places, but cannot see how that would bump the valuation up by such a huge amount.
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Post by supernumerary on May 12, 2016 17:02:57 GMT
Come on savingstream ... we're eagerly awaiting the updated Hull valuation report! Has the office fax broken again... It is called the calm before the storm... 
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sam i am
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Post by sam i am on May 17, 2016 11:46:55 GMT
New pipeline loan. A riverside marina and boatyard on the Thames. A second charge loan of £540,000 against a valuation of £2,900,000 and with a first charge of £1,200,000. Savingstream LTV is 19% on top of a first charge of 41% taking the total to 60% LTV.
Edit: It's straight in at stage 2.
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11025
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Post by 11025 on May 17, 2016 12:01:04 GMT
Edit: It's straight in at stage 2. Sorry for the comparison- but you made me think of Fluff (Alan Freeman) Straight in at number 2 , not arf
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