merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Mar 4, 2015 9:20:56 GMT
In the next few weeks several loans are due to end including the floating gin palace. These could add up to around 10 if none are renewed. With the current rate of new loans coming on the market this will leave me with a pile of dead money looking for a home. Some may say pile it into existing loans or larger amounts into new loans but that approach does not fit my requirement of maintaining a diversified portfolio. So what next?
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will
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Post by will on Mar 4, 2015 10:07:53 GMT
Yes, I understand how you feel as it's the same for me, & so for a good few others, perhaps? The reality, though, is that with Silver Stream, our money isn't really diversified as it's all going to Lendy Ltd, en bloc, sortof. I have to admit, I do still try to diversify. And avoid some of the offers that I just don't fancy somehow  |
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 4, 2015 10:27:53 GMT
Yes, I understand how you feel as it's the same for me, & so for a good few others, perhaps? The reality, though, is that with Silver Stream, our money isn't really diversified as it's all going to Lendy Ltd, en bloc, sortof. I have to admit, I do still try to diversify. And avoid some of the offers that I just don't fancy somehow When you refer to "Silver Stream" are you referring to Old Grumpy's back? 
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will
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Post by will on Mar 4, 2015 10:52:34 GMT
Oh, dear ... & I so tried to get it right .... Rushed as usual ...
(I wanted to avoid putting "SS" .. doesn't ring right !)
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 4, 2015 11:07:13 GMT
Oh, dear ... & I so tried to get it right .... Rushed as usual ... (I wanted to avoid putting "SS" .. doesn't ring right !) Vee ave ways of making you type correctly 
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webwiz
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Post by webwiz on Mar 4, 2015 11:39:38 GMT
There is a property available on Moneything - similar terms to SS.
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jonno
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Post by jonno on Mar 4, 2015 14:38:47 GMT
In the next few weeks several loans are due to end including the floating gin palace. These could add up to around 10 if none are renewed. With the current rate of new loans coming on the market this will leave me with a pile of dead money looking for a home. Some may say pile it into existing loans or larger amounts into new loans but that approach does not fit my requirement of maintaining a diversified portfolio. So what next? :have you dipped a toe in Ablrate? Slow loan pipeline but at least they're a bit different;mostly aircraft leasing.
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mikes1531
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Post by mikes1531 on Mar 4, 2015 18:15:16 GMT
In the next few weeks several loans are due to end including the floating gin palace. These could add up to around 10 if none are renewed. I'm not expecting any boaty renewals because, IIRC, SS have said they aren't doing any more boat loans -- and I thought that included renewals as well. I expect they've done well enough with the PBLs that they've built up enough working capital that they can fund any boat loans completely by themselves. The superyacht loan is large enough that it might be an exception, if the borrower wants to renew.
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star dust
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Post by star dust on Mar 4, 2015 18:30:49 GMT
......... this will leave me with a pile of dead money looking for a home. Don't count your chickens, you might end up with an AC  ...... but I'm in the same boat! It got me thinking, I wonder what would happen if an SS loan defaulted, would we still be able to trade it, would interest carry on accruing at 12% only? Do savingstream have a 'loan in default' policy, can't see anything on their website, other than a suggestion of emailing us about next steps?
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ramblin rose
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Post by ramblin rose on Mar 4, 2015 18:41:06 GMT
......... this will leave me with a pile of dead money looking for a home. Don't count your chickens, you might end up with an AC ...... but I'm in the same boat! It got me thinking, I wonder what would happen if an SS loan defaulted, would we still be able to trade it, would interest carry on accruing at 12% only? Do savingstream have a 'loan in default' policy, can't see anything on their website, other than a suggestion of emailing us about next steps? I'd have to do some digging into the dim but not-so-distant past, but I thought one of the boaty's had defaulted and the boat had to be sold. I THINK we got the interest until the point we got repaid. If nobody's in a position to quickly correct me or confirm, then I'll get the spade out.
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j
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Post by j on Mar 4, 2015 18:48:36 GMT
Don't count your chickens, you might end up with an AC ...... but I'm in the same boat! It got me thinking, I wonder what would happen if an SS loan defaulted, would we still be able to trade it, would interest carry on accruing at 12% only? Do savingstream have a 'loan in default' policy, can't see anything on their website, other than a suggestion of emailing us about next steps? I'd have to do some digging into the dim but not-so-distant past, but I thought one of the boaty's had defaulted and the boat had to be sold. I THINK we got the interest until the point we got repaid. If nobody's in a position to quickly correct me or confirm, then I'll get the spade out. I vaguely remember something similar too ramblin rose. Some of the smaller loans surely won't be an issue for SS/Lendy but, what if say a £3m loans went bust for some reason. Is SS's team big enough (I know they intimated their experience n property deals/recovery in the past) to devote time for a full legal recovery & can they continue paying interest till fully resolved? Even if the matter stretches on & on (with one recent AC loan talk of recovery in 2017 is being thrown around!). I think SS will carry on paying at 12% till end but can they sustain for such a length of time for one loan or maybe 2-3 smaller ones defaulting very closely?
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star dust
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Post by star dust on Mar 4, 2015 18:49:27 GMT
Don't count your chickens, you might end up with an AC ...... but I'm in the same boat! It got me thinking, I wonder what would happen if an SS loan defaulted, would we still be able to trade it, would interest carry on accruing at 12% only? Do savingstream have a 'loan in default' policy, can't see anything on their website, other than a suggestion of emailing us about next steps? I'd have to do some digging into the dim but not-so-distant past, but I thought one of the boaty's had defaulted and the boat had to be sold. I THINK we got the interest until the point we got repaid. If nobody's in a position to quickly correct me or confirm, then I'll get the spade out. I wasn't an investor in SS at that point, but I do remember it being referred to on the board, I know all capital was repaid, but don't recall the interest situation either, one thing was different though, I don't believe there was an SM at the time.
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ramblin rose
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Post by ramblin rose on Mar 4, 2015 18:55:59 GMT
I'd have to do some digging into the dim but not-so-distant past, but I thought one of the boaty's had defaulted and the boat had to be sold. I THINK we got the interest until the point we got repaid. If nobody's in a position to quickly correct me or confirm, then I'll get the spade out. I wasn't an investor in SS at that point, but I do remember it being referred to on the board, I know all capital was repaid, but don't recall the interest situation either, one thing was different though, I don't believe there was an SM at the time. I've initially found one (Bourne 43) which defaulted when there was an SM because a few people were commenting on the fact that people were buying it. It was replaced with a property loan that was used to pay it off (PBL008 I think) after only a short time, and we did get the interest on it up until the capital was repaid. I don't think that was the one I had been thinking of though. Anyway, I absolutely agree with j, it is very different with the small boat loans. Edit: OK, drawn a blank on any other defaulted loans. I did find reference to the Sunseeker Camargue being sold, and I think we had to wait a little while for this to happen, so it probably did technically default in that it was paid late, but it was the owner who was selling it, and not SS. That may well be what I was thinking of. Referring back to star dust's comment about the SM, I'm pretty certain nothing defaulted before the introduction of the SM - it was introduced very early in SS' life - barely 6 months after it started I think.
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star dust
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Post by star dust on Mar 4, 2015 19:30:42 GMT
Yes, I think there have been a few of the boat ones that have been a bit late in being paid back, i.e. negative days showing on the loan page, the most recent being the Arvor, which I think was about a week late? Indeed, wasn't one of the earlier PBL's refinance a bit late going through? But I was thinking more of where SS had to end up selling the security themselves, and agree with both ramblin rose and j that this is most likely to be most problematic for a number of co-incidental small loans or a big one. |
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mikes1531
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Post by mikes1531 on Mar 4, 2015 22:58:42 GMT
Yes, I think there have been a few of the boat ones that have been a bit late in being paid back, i.e. negative days showing on the loan page, the most recent being the Arvor, which I think was about a week late? Indeed, wasn't one of the earlier PBL's refinance a bit late going through? But I was thinking more of where SS had to end up selling the security themselves, and agree with both ramblin rose and j that this is most likely to be most problematic for a number of co-incidental small loans or a big one. IIRC, there was a boat loan where the borrower was late in repaying, the Days Remaining number was negative and getting more so, and enough lenders were asking awkward questions of SS concerning what was going to happen next and when they might get their investments returned, that I think SS effectively did the opposite of what they do at the start of a loan, repaying the lenders and taking the loan back onto the Lendy/SS books. After that, there was no longer any involvement of the lenders, so there's no way to know whether the borrower did repay eventually or whether the boat had to be sold. If the latter, there was no info released regarding how long it took to sell, or whether the proceeds generated were enough to pay all the accrued interest and fees. Actually, this is one of the advantages of the current SS model, where we lend our money to them and they lend it to borrowers -- as long as SS have the necessary resources, they can take us out of a loan and deal with late borrowers in their own time and out of the spotlight. The obvious negative side to this is that we don't learn much, if anything, about SS's ability to deal with defaulting loans -- and it could be difficult, if not impossible, to take this approach if the defaulting loan is a large PBL.
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...... but I'm in the same boat!
