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Post by savingstream on Mar 6, 2014 20:25:14 GMT
I can confirm that the Superyacht loan is still in place as is the fixed and floating charge.
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Post by mrclondon on Mar 6, 2014 20:30:59 GMT
Has the fixed and floating charge related to the 'superyacht' been lifted or is this still in play ? The superyacht loan is still live, so if early repayment is still on the cards it hasn't happened as early as SS had expected when I spoke to them in December. Consequently it's no great surprise that the Fixed & Floating charge is still outstanding. The easiest way of viewing this is to use duedil.com, search for Lendy Ltd, click on the 'Financials' tab, and any mortgages and charges are shown in a box bottom right of that page. I'm hoping that SS realise that the eventual removal of the Fixed & Floating charge will encourage some of the "fence sitters" (including me) to join the party, and hence will take the earliest oppotunity to update us on here once it is satisfied.
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Post by marek63 on Mar 18, 2014 12:03:43 GMT
I found this post and a conversation with Lendy to be sufficient for my dd. Thank you for your diligence and time.
I am now in 3 loans
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shimself
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Post by shimself on Mar 19, 2014 19:55:58 GMT
I can confirm that the Superyacht loan is still in place as is the fixed and floating charge. I'm feeling dumb. I thought the yacht owner borrowed money from SS, so how come the borrower has a charge over the lender?
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Post by pepperpot on Mar 19, 2014 20:17:27 GMT
I can confirm that the Superyacht loan is still in place as is the fixed and floating charge. I'm feeling dumb. I thought the yacht owner borrowed money from SS, so how come the borrower has a charge over the lender?  Without knowing the back story, I can see how that sentence might be confusing!! It's the HNWI who funded the loan that imposed the charge over SS. I'll feel a lot more comfortable when that deal has run it's course, as it would put the platform under quite a bit of stress should it go wrong.
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j
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Penguins are very misunderstood!
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Post by j on Mar 22, 2014 17:40:27 GMT
Can anyone who lends through SS confirm if repayments on its loans are paid as interest only or a combo of capital/interest. Also, would the answer apply to all its loans or is there a mixture of both repayment models. The info is probably somewhere but, as someone new to the site I'm having trouble finding it!  |
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j
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Penguins are very misunderstood!
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Post by j on Mar 22, 2014 18:40:12 GMT
Can anyone who lends through SS confirm if repayments on its loans are paid as interest only or a combo of capital/interest. Also, would the answer apply to all its loans or is there a mixture of both repayment models. The info is probably somewhere but, as someone new to the site I'm having trouble finding it! Neither - AFAIA, to date, both capital and interest is rolled up and paid at the end of the term, although your dashboard does display the interest as it is accrued. Naturally, having no repayment of funds until the loan matures, and the impact it has on the LTV needs bearing in mind when consideration is given to investing. Plus, interest is not compounded. What I'm trying to ascertain is if the loans are interest only or not. I've probably asked the question in a long winded manner beforehand 
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j
Member of DD Central
Penguins are very misunderstood!
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Post by j on Mar 22, 2014 19:14:02 GMT
Sorry if I have misunderstood you, j, but by 'interest only' I'd assumed you were asking if interest is paid to the lender on a monthly basis? If so, as I outlined in my above post, that is not the case - interest and capital is rolled up and paid at the end of the term. To add to my previous post - simple interest being paid is easily compensated for by having no draw down delays, and earning interest from day one. No MONEY, it's probably the way I asked the q that was confusing 
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Post by marek63 on Apr 30, 2014 8:48:13 GMT
Along these lines, have any of the users here any updated thoughts on how SS could demonstrate their business security and compliance to give us all some more reassurance as to making larger investments. I am currently a user of SS but restricting myself to below 5% of total P2P funds until I see the business model actually pay back funds on bridging properties and see some rundown processes and documentation.
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Post by mrclondon on May 16, 2014 19:35:07 GMT
Has the fixed and floating charge related to the 'superyacht' been lifted or is this still in play ? The Companies House website has this afternoon flagged the fixed and floating charge as "satisfied" (previously "outstanding") allthough the corresponding download of the paperwork isn't yet available. The SS website showed the superyacht loan as redemmed about a week ago.
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Post by bracknellboy on May 16, 2014 20:34:35 GMT
That's Super ! With the removal of the Fixed charge, SS is now free to slip its moorings and sail away to a bright new future. Lets just hope that the removal of the Floating element doesn't have other implications.
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Post by elljay on May 17, 2014 7:42:54 GMT
Glug glug glug...   |
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Post by davee39 on May 17, 2014 17:49:54 GMT
Along these lines, have any of the users here any updated thoughts on how SS could demonstrate their business security and compliance to give us all some more reassurance as to making larger investments. I am currently a user of SS but restricting myself to below 5% of total P2P funds until I see the business model actually pay back funds on bridging properties and see some rundown processes and documentation. I have a small investment with SS, but will certainly not be placing more than a tiny sum with any of the smaller P2P companies. They need a couple of years to show a track record and a respectable rate of growth. Any business offering a 12% return, even if asset backed must be presenting greater risk than the larger players.
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mikes1531
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Post by mikes1531 on Jul 29, 2014 3:14:45 GMT
Lendy do try to ascertain a borrowers intentions before the end of the loan term. Sometimes this is possible. The latest information Lendy has on the two loans close to completion is as follows. Westerly Sealord: This loan is expected to have the interest paid to date and be renewed on Monday, the borrower has a buyer in place but doesn't expect to complete until end of Jan/Start of Feb so will renew the loan until the sale concludes. [Second old loan now irrelevant, so deleted from above quote.] I think it's time for an update from savingstream regarding this loan. I presume the borrower's buyer went away empty-handed. The loan was renewed on 7/Jan, so its six months would have been up on 7/Jul. That was over three weeks ago. So what's happening? Is there going to be another renewal? Or is SS going to have to foreclose on this loan and put the boat up for sale by auction?
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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 Jul 29, 2014 9:27:36 GMT
Westerly Sealord: This loan is expected to have the interest paid to date and be renewed on Monday, the borrower has a buyer in place but doesn't expect to complete until end of Jan/Start of Feb so will renew the loan until the sale concludes. I think it's time for an update from savingstream regarding this loan. I presume the borrower's buyer went away empty-handed. The loan was renewed on 7/Jan, so its six months would have been up on 7/Jul. That was over three weeks ago. So what's happening? Is there going to be another renewal? Or is SS going to have to foreclose on this loan and put the boat up for sale by auction? I agree that this is interesting, but if I'm remembering correctly (and I know someone will be quick to correct me if I'm wrong on this ) we don't have any involvement in the messy business of foreclosure, so we don't strictly NEED to know. SS will simply close our loans at the end of the 7 months (because there is always a 7th month with SS boat loans during which payments, renewals or 'none of the above' can get sorted), and deal with it all themselves. I THINK, but won't swear to it because I've been proved to have a faulty memory on occasion, that it's happened before this way.
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Without knowing the back story, I can see how that sentence might be confusing!!
