star dust
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Post by star dust on Mar 25, 2015 15:35:38 GMT
I am somewhat loath to start a new thread, but I don't believe there ever was one about loan extensions, and I thought it might be useful to keep some tabs on which loan has been extended when. Please add or correct, these are just the ones I think I know about. So today (25th March) we have: PBL 06 - second extension for a further 90 days PBL 08 - extended for a further 60 days SY - extended for a further 80 days, following a previous 8? day extension. PBL 021 - extended a further 31/32 days and BTW there is a five figure sum of PBL06 on the SM right now, and No, it's not mine  . Edit 21/04/2015 : As noted on another thread the expected extension of PBL 014 for a further 90 days. |
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bugs4me
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Post by bugs4me on Mar 25, 2015 16:58:19 GMT
I am somewhat loath to start a new thread, but I don't believe there ever was one about loan extensions, and I thought it might be useful to keep some tabs on which loan has been extended when. Please add or correct, these are just the ones I think I know about. So today (25th March) we have: PBL 06 - second extension for a further 90 days PBL 08 - extended for a further 60 days SY - extended for a further 80 days, following a previous 8? day extension. PBL 021 - extended a further 31/32 days and BTW there is a five figure sum of PBL06 on the SM right now, and No, it's not mine . It appears, although please correct me if I'm wrong, that SS automatically extend a loan without allowing existing lenders the opportunity to exit as per the original loan agreement. Whilst you can always of course exit via the SM you are still left waiting for the interest to be paid. All a bit odd to me - maybe savingstream would care to comment?
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star dust
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Post by star dust on Mar 25, 2015 18:00:48 GMT
It appears, although please correct me if I'm wrong, that SS automatically extend a loan without allowing existing lenders the opportunity to exit as per the original loan agreement. Whilst you can always of course exit via the SM you are still left waiting for the interest to be paid. All a bit odd to me - maybe savingstream would care to comment?
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Post by sammy on Mar 25, 2015 21:13:01 GMT
I am somewhat loath to start a new thread, but I don't believe there ever was one about loan extensions, and I thought it might be useful to keep some tabs on which loan has been extended when. Please add or correct, these are just the ones I think I know about. So today (25th March) we have: PBL 06 - second extension for a further 90 days PBL 08 - extended for a further 60 days SY - extended for a further 80 days, following a previous 8? day extension. PBL 021 - extended a further 31/32 days and BTW there is a five figure sum of PBL06 on the SM right now, and No, it's not mine . It appears, although please correct me if I'm wrong, that SS automatically extend a loan without allowing existing lenders the opportunity to exit as per the original loan agreement. Whilst you can always of course exit via the SM you are still left waiting for the interest to be paid. All a bit odd to me - maybe savingstream would care to comment? Where did the Super Yacht ext come from, SS have never advised me or sent me an email about this ext, only found out by just looking on here tonight! Very poor SS, explanation please pronto!
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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 Mar 25, 2015 21:25:48 GMT
It appears, although please correct me if I'm wrong, that SS automatically extend a loan without allowing existing lenders the opportunity to exit as per the original loan agreement. Whilst you can always of course exit via the SM you are still left waiting for the interest to be paid. All a bit odd to me - maybe savingstream would care to comment? Where did the Super Yacht ext come from, SS have never advised me or sent me an email about this ext, only found out by just looking on here tonight! Very poor SS, explanation please pronto!On the weekly update, emailed to (though not received by) all & posted on board. bugs4me PBL6 was the loan that offered to buy lenders out if they didnt want to renew.
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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 Mar 25, 2015 21:32:07 GMT
Relevant bit of update for recent extensions PBL 006 – No change. We will probably be extending this loan by a further 3 months as the client is still waiting for his funds from a deal to come through but expects it in June. This should be agreed in time for next weeks update.
SUPERYACHT LOAN - We will probably be extending this loan by a further 3 months as the client is still waiting for his funds from a deal to come through but expects it in June. This should be agreed in time for next weeks update. |
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bugs4me
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Post by bugs4me on Mar 25, 2015 22:25:46 GMT
Relevant bit of update PBL 006 – No change. We will probably be extending this loan by a further 3 months as the client is still waiting for his funds from a deal to come through but expects it in June. This should be agreed in time for next weeks update.
SUPERYACHT LOAN - We will probably be extending this loan by a further 3 months as the client is still waiting for his funds from a deal to come through but expects it in June. This should be agreed in time for next weeks update. In the meantime, I sell my loan on the SM and the interest is effectively locked. No problem with that as that was part of the original deal. But, and it is a big BUT, that interest is locked until the loan is redeemed and it would appear that Lendy feel at liberty to extend the loan for a further three months. Then of course it follows they could extend it by a further xx months again. Meanwhile, the interest I am due, as per the original agreement at the end of 6 months is still locked. Not good. I won't be bailing out of my existing holdings but I'm not inclined to reinvest once they mature at some time in the future.
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mikes1531
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Post by mikes1531 on Mar 25, 2015 22:45:27 GMT
In the meantime, I sell my loan on the SM and the interest is effectively locked. No problem with that as that was part of the original deal. But, and it is a big BUT, that interest is locked until the loan is redeemed and it would appear that Lendy feel at liberty to extend the loan for a further three months. Then of course it follows they could extend it by a further xx months again. Meanwhile, the interest I am due, as per the original agreement at the end of 6 months is still locked. Not good. I won't be bailing out of my existing holdings but I'm not inclined to reinvest once they mature at some time in the future. ISTM that we're confusing small boat loans that pay interest at maturity with larger loans that pay interest monthly. All of the loans that have been extended pay interest monthly, so the problem of interest locked up for an indefinite period doesn't seem to apply. If parts are sold in the month leading up to the original maturity date then any accrued interest for that month should be paid on the maturity date because SS/Lendy should have the money for that in their client account. Investors who sell any parts after maturity shouldn't have to wait longer than the end of the month of sale for their interest -- unless SS stop paying monthly interest on those loans. If they do that, however, their business model would be in deep trouble!
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bugs4me
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Post by bugs4me on Mar 25, 2015 22:52:35 GMT
In the meantime, I sell my loan on the SM and the interest is effectively locked. No problem with that as that was part of the original deal. But, and it is a big BUT, that interest is locked until the loan is redeemed and it would appear that Lendy feel at liberty to extend the loan for a further three months. Then of course it follows they could extend it by a further xx months again. Meanwhile, the interest I am due, as per the original agreement at the end of 6 months is still locked. Not good. I won't be bailing out of my existing holdings but I'm not inclined to reinvest once they mature at some time in the future. ISTM that we're confusing small boat loans that pay interest at maturity with larger loans that pay interest monthly. All of the loans that have been extended pay interest monthly, so the problem of interest locked up for an indefinite period doesn't seem to apply. If parts are sold in the month leading up to the original maturity date then any accrued interest for that month should be paid on the maturity date because SS/Lendy should have the money for that in their client account. Investors who sell any parts after maturity shouldn't have to wait longer than the end of the month of sale for their interest -- unless SS stop paying monthly interest on those loans. If they do that, however, their business model would be in deep trouble! Okay, I'm obviously not getting it somewhere as I have interest locked in loans 006, 007 and 008 which I sold on the SM a while ago. Clearly these need to be redeemed before that interest is released or have I got the wrong end of the stick on this?
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mikes1531
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Post by mikes1531 on Mar 25, 2015 23:02:28 GMT
ISTM that we're confusing small boat loans that pay interest at maturity with larger loans that pay interest monthly. All of the loans that have been extended pay interest monthly, so the problem of interest locked up for an indefinite period doesn't seem to apply. If parts are sold in the month leading up to the original maturity date then any accrued interest for that month should be paid on the maturity date because SS/Lendy should have the money for that in their client account. Investors who sell any parts after maturity shouldn't have to wait longer than the end of the month of sale for their interest -- unless SS stop paying monthly interest on those loans. If they do that, however, their business model would be in deep trouble! Okay, I'm obviously not getting it somewhere as I have interest locked in loans 006, 007 and 008 which I sold on the SM a while ago. Clearly these need to be redeemed before that interest is released or have I got the wrong end of the stick on this? : If you sold parts before 1/Mar, the interest accrued before you offered them for sale should have been paid to you on 28/Feb. If you sold those parts in March, the interest accrued before you offered them for sale should be paid to you on 31/Mar. (Or on the date the loan is repaid if earlier, though that's not going to be the case now that they've been extended.)
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star dust
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Post by star dust on Mar 26, 2015 7:08:48 GMT
. bugs4me PBL6 was the loan that offered to buy lenders out if they didnt want to renew. It was me that 'asked' that, but thanks for supplying the answer .
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Post by savingstream on Mar 27, 2015 10:41:57 GMT
For commercial reasons we have chosen to extend the loan term of 4 loans on the platform.
The following two loans are the same borrower who is awaiting completion of a separate £8M property sale (confirmed):
2005 Superyacht 35M - 3 month extension
PBL006 – 3 month extension
We did update investors in the weekly update that we considering extending the above two loans.
There is delay in refinance of the following two loans (confirmed):
PBL 008 - 2 month extension
PBL 021 - 1 month extension
Interest will continue to be paid on all these loans as normal on a monthly basis.
If investors do not wish to participate in these extensions, they may exit their position using the active secondary market.
The only downside to this is that you stop earning interest from the date that you place your loan part up for sale.
There has obviously been some negativity over this decision to extend these loans, however the alternative would be to place these loans into default, which we felt was unnecessary given their confirmed exits and would result in a much more inactive secondary market (see PBL007).
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will
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Post by will on Mar 27, 2015 11:30:43 GMT
That's fine. If only you'd said so a few days ago!
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webwiz
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Post by webwiz on Mar 27, 2015 11:34:25 GMT
For commercial reasons we have chosen to extend the loan term of 4 loans on the platform. The following two loans are the same borrower who is awaiting completion of a separate £8M property sale (confirmed): 2005 Superyacht 35M - 3 month extension PBL006 – 3 month extension We did update investors in the weekly update that we considering extending the above two loans. There is delay in refinance of the following two loans (confirmed): PBL 008 - 2 month extension PBL 021 - 1 month extension Interest will continue to be paid on all these loans as normal on a monthly basis. If investors do not wish to participate in these extensions, they may exit their position using the active secondary market. The only downside to this is that you stop earning interest from the date that you place your loan part up for sale. There has obviously been some negativity over this decision to extend these loans, however the alternative would be to place these loans into default, which we felt was unnecessary given their confirmed exits and would result in a much more inactive secondary market (see PBL007). That's reassuring as far as it goes. It all depends on what exactly has been "confirmed" and the degree of confidence in the confirmation.
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Post by duncandive on Mar 27, 2015 13:12:57 GMT
Thanks savingstream I'm sure that will put a lot of minds at ease. It's always nice to know how things stand. |
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