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PBL14
Apr 11, 2015 12:26:17 GMT
Post by zzr600 on Apr 11, 2015 12:26:17 GMT
With this due in 10 days, any guesses if this will be paid back on time, be extended or default?
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tony
Posts: 136 
Likes: 91
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PBL14
Apr 11, 2015 19:09:22 GMT
Post by tony on Apr 11, 2015 19:09:22 GMT
The last update said that repayment was expect in May which is beyond the 10 days. We have not had this weeks update yet (What happened to the Friday update as it was originally intended to be?) but I would not be at all surprised to learn that it is yet another loan which has been granted an extension. If it is, then I do not expect Lendy to offer to buy loan parts from lenders who do not wish to wait for repayment - such offers seem to be a thing of the past. Nine months as a SS investor has taught me that the loan terms quoted are pretty meaningless and that you get your investment back when Lendy and the borrowers decide and that investors just have to accept that this is the way that SS now operate. OK, in theory you can sell your loan part on the secondary market and if you are lucky you may get a quick sale but if unlucky you may still wait to find a buyer for a short term loan part.
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j
Member of DD Central
Penguins are very misunderstood!
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PBL14
Apr 12, 2015 7:24:02 GMT
Post by j on Apr 12, 2015 7:24:02 GMT
The last update said that repayment was expect in May which is beyond the 10 days. We have not had this weeks update yet (What happened to the Friday update as it was originally intended to be?) but I would not be at all surprised to learn that it is yet another loan which has been granted an extension. If it is, then I do not expect Lendy to offer to buy loan parts from lenders who do not wish to wait for repayment - such offers seem to be a thing of the past. Nine months as a SS investor has taught me that the loan terms quoted are pretty meaningless and that you get your investment back when Lendy and the borrowers decide and that investors just have to accept that this is the way that SS now operate. OK, in theory you can sell your loan part on the secondary market and if you are lucky you may get a quick sale but if unlucky you may still wait to find a buyer for a short term loan part. I concur with your point. The rality is better though in the sense that you can still offer units on SM, the uptake is quite good (technically there is no default, just an extenson). YOu can sell if you need the money at repayment date & whilst I agrre SS/borrower should buy bakc any units the mselves if lenders do not want to extend, at least you can still sell. Plenty of people are happy to earn the interest from such extensions,me included, if funds are available instead of sitting idle. If the loan defualts, SS have shown with one example that they are quick to act to recoup money owed, unlike say AC who just like to drag thing till pigs fly! There is risk in everything you do with these platforms, you just take it to the limit you feel confortable with.If you make money, great, if you lose some, be prepared for that aspect too.
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Jaydee
Member of DD Central
Posts: 415
Likes: 791
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PBL14
Apr 12, 2015 16:05:27 GMT
Post by Jaydee on Apr 12, 2015 16:05:27 GMT
The last update said that repayment was expect in May which is beyond the 10 days. We have not had this weeks update yet (What happened to the Friday update as it was originally intended to be?) but I would not be at all surprised to learn that it is yet another loan which has been granted an extension. If it is, then I do not expect Lendy to offer to buy loan parts from lenders who do not wish to wait for repayment - such offers seem to be a thing of the past. Nine months as a SS investor has taught me that the loan terms quoted are pretty meaningless and that you get your investment back when Lendy and the borrowers decide and that investors just have to accept that this is the way that SS now operate. OK, in theory you can sell your loan part on the secondary market and if you are lucky you may get a quick sale but if unlucky you may still wait to find a buyer for a short term loan part. I concur with your point. The rality is better though in the sense that you can still offer units on SM, the uptake is quite good (technically there is no default, just an extenson). YOu can sell if you need the money at repayment date & whilst I agrre SS/borrower should buy bakc any units the mselves if lenders do not want to extend, at least you can still sell. Plenty of people are happy to earn the interest from such extensions,me included, if funds are available instead of sitting idle. If the loan defualts, SS have shown with one example that they are quick to act to recoup money owed, unlike say AC who just like to drag thing till pigs fly! There is risk in everything you do with these platforms, you just take it to the limit you feel confortable with.If you make money, great, if you lose some, be prepared for that aspect too. I think the loan periods quoted on the platform are too short by at least 50%, especially when Planning Approval and or construction is involved. We are all aware of the reams of paperwork that has to be dealt with when dealing with mainstream lenders, so refinancing can also be a time issue. When entering into a Savingstream loan it is probably prudent to assume that repayment will be delayed by approximately 3 months.
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tony
Posts: 136
Likes: 91
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PBL14
Apr 14, 2015 13:03:38 GMT
Post by tony on Apr 14, 2015 13:03:38 GMT
Having received the weekly update about two hours ago and learnt that PBL14 is to be extended (surprise, surprise!) I immediately put my part up for sale. It sold within minutes. With more extensions announced this week, I repeat the comment I made some time ago when I said that the SS loan book is likely to have more extended loans than new ones in the future. Does the ever increasing number of loans that would have defaulted, if it was not for SS's readiness to offer extensions, suggest that the property market is ripe for a downturn?
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mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
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PBL14
Apr 14, 2015 14:28:33 GMT
Post by mikes1531 on Apr 14, 2015 14:28:33 GMT
It's important to remember that this loan is a renewal/rollover of a previous loan. The amount was increased at that time, which probably funded the 'retained' interest on this loan, so from the borrower's point of view I think they rolled up the interest. At the time of the renewal -- October -- SS was expecting the sale of half of the land in February. Now they're expecting it at the end of May.
I don't know whether all these delays are just the norm for property transactions, or whether they're omens. But they're not encouraging me to press ahead with further investment.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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PBL14
Apr 21, 2015 6:35:57 GMT
Post by j on Apr 21, 2015 6:35:57 GMT
savingstream, this loan has bviously been extended for another 90 days. Shoudn't you offer the option for those who opted to have upfront interest to now sell on SM if they wished as they already might have had plans for those funds? As with other loans recently (eg superyacht)
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PBL14
Apr 21, 2015 13:53:59 GMT
Post by savingstream on Apr 21, 2015 13:53:59 GMT
All investors who opted to receive upfront interest are now able to sell their loan parts for PBL14 on the secondary market.
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mikes1531
Member of DD Central
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PBL14
Apr 21, 2015 14:47:13 GMT
Post by mikes1531 on Apr 21, 2015 14:47:13 GMT
savingstream, this loan has bviously been extended for another 90 days. Shoudn't you offer the option for those who opted to have upfront interest to now sell on SM if they wished as they already might have had plans for those funds? As with other loans recently (eg superyacht) All investors who opted to receive upfront interest are now able to sell their loan parts for PBL14 on the secondary market. : Can you please clarify whether you have made a change to the system to allow SM sales -- in response to j's request -- or whether the sales restriction was lifted automatically once the period covered by the upfront interest had elapsed?
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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PBL14
Apr 21, 2015 20:29:49 GMT
Post by j on Apr 21, 2015 20:29:49 GMT
All investors who opted to receive upfront interest are now able to sell their loan parts for PBL14 on the secondary market. Thank you savingstream, good to see at least one platform acquesing to its lenders' request.
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mikes1531
Member of DD Central
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PBL14
Apr 21, 2015 23:05:10 GMT
Post by mikes1531 on Apr 21, 2015 23:05:10 GMT
All investors who opted to receive upfront interest are now able to sell their loan parts for PBL14 on the secondary market. Thank you savingstream, good to see at least one platform acquesing to its lenders' request. : Are you sure SS actually responded to your request? Wouldn't the sale restriction automatically have lapsed when the period covered by the upfront interest had finished? Do you know exactly when that period would have ended? I'm still waiting for savingstream to respond to the question about this that I asked in my message immediately above yours.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
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PBL14
Apr 22, 2015 6:41:58 GMT
Post by j on Apr 22, 2015 6:41:58 GMT
Thank you savingstream, good to see at least one platform acquesing to its lenders' request. : Are you sure SS actually responded to your request? Wouldn't the sale restriction automatically have lapsed when the period covered by the upfront interest had finished? Do you know exactly when that period would have ended? I'm still waiting for savingstream to respond to the question about this that I asked in my message immediately above yours. Some platforms may or may not allow you to sell your units in a loan once it takes a decision to extend it. SS, from memory, almost always gives the option of ability to sell on SM (very useful if you expect reapyment within a certain time frame & have other plans for the money ). They at least bothered looking at my post & responding positively.
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mikes1531
Member of DD Central
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PBL14
Apr 22, 2015 13:35:46 GMT
Post by mikes1531 on Apr 22, 2015 13:35:46 GMT
j: Are you sure SS actually responded to your request? Wouldn't the sale restriction automatically have lapsed when the period covered by the upfront interest had finished? Do you know exactly when that period would have ended? I'm still waiting for savingstream to respond to the question about this that I asked in my message immediately above yours. Some platforms may or may not allow you to sell your units in a loan once it takes a decision to extend it. SS, from memory, almost always gives the option of ability to sell on SM (very useful if you expect reapyment within a certain time frame & have other plans for the money ). They at least bothered looking at my post & responding positively. AFAIK, SS never have suspended sales of loan parts for any loan in the secondary market. When an investor opts for upfront interest they cannot sell those parts on the SM until after the period for which they've already received the interest has elapsed. That's a condition for receiving interest upfront. SS would have an awkward situation on their hands without that condition, needing to recover interest pre-paid to the selling lender so as to be able to pay it to the lender purchasing that part, and that's a complication they really don't need. Besides, if there was no such restriction, just about everyone would be taking their interest upfront. What I don't know, however, is whether the sales restriction lapses automatically when the pre-paid interest period ends, or whether ending the sales restriction requires manual intervention from SS. I've asked that question above, but SS have not responded.
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j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
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PBL14
Apr 22, 2015 16:39:51 GMT
Post by j on Apr 22, 2015 16:39:51 GMT
mikes1531, in ref to pbl14 specifically, it should have been repaid yesterday, hence myself asking SS to reinstate ability to sell for those opting for upfront interest (I was one). I don not really know what SS's policy is but as far I can remember, they have always allowed this with an extension of a previous loan, they just need prompting/gently reminding sometimes . It is a feature I have always liked about them & something they will hopefully continue as some lenders will have plans for the expected released funds, as I did with this one. When some other platforms ( will not mention names) decide to extend some loans, they freeze trading completely - not always a good/flexible feature.
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