Here's the first update, under the wing of
Paul64 , for 2017 - will tidy up later, it's being discussed
here.Also noted on the website for PBL082 - 1 week ago - Loan extended for 3 months and
PBL089 - 2 weeks ago - We are expecting repayment imminently after a few issues popped up last month. The borrower has paid the 1 month extension sum whilst they organise our repayment.
The update for DFL09 - Next development tranche drawn this week - is 'dated' 4 weeks ago on the website, so timing here is not clear.
There are no updates or update tabs for DFL011; PBL156; PBL157; PBL158
"After a highly successful 2016, the team at Savings Stream are very excited about 2017, and see it as a year where the property development market will continue to thrive.
We celebrated our fourth birthday last October, having built a loan portfolio in excess of £220m, which has since increased to over £250 million, a 150% increase on 2015. The number of registered platform users is also up, from 5,700 to over 13,000, and continues to expand.
While we have been particularly pleased with how quickly we have grown, and the reputation we have attracted for low-risk secured property lending, I know we’ve not always been good at keeping you updated.
I joined the team in January with one priority objective: to improve our communications to investors.
There’s a lot to do, but I do hope that over coming weeks and months, you will see more regular, timely and relevant communications from us. Our updates will take the form of weekly news bulletins on our pipeline and live loans, along with some market comment, and we will also do our best to provide quicker responses to questions that come in via our dedicated 'support @ savingstream.co.uk' service.
I will also keep an eye on all our communiciations channels, to address requests as they come up. I won’t however be providing a running commentary on each project, as that is not a good use of time, as the process to going live is nearly always choppy. Our legal and credit assessment teams work tirelessly to get every project over the line in the most efficient and secure way.
Also, in response to our rapid growth, we will be rebranding in Q1 this year, to create a more simple and coherent brand identity, so watch this space.
My other priorities will include boosting our profile with borrowers to create more choices for investors; and at look at new media channels, including social media, to continue to build our reputation as one of the foremost P2P property investment companies.
I am really looking forward to the opportunity of working with you in 2017.
Paul ******** Head of Marketing and Communications
DFL001; DFL002; DFL003; DFL004 - No change.
DFL005 - Next development tranche being drawn this week.
DFL006; DFL007; DFL008 - No change.
DFL009 - Next development tranche drawn this week.
DFL010; DFL012 - No change.
PBL006 - Borrower continues to service their interest payments and we are confident the Borrower has substantial assets so we are comfortable for this loan to continue.
PBL020 - Still in with legals for the sale. The purchasers bank requires a valuation. We are pushing hard towards a satisfactory conclusion soon.
PBL027 - No change.
PBL031 - We are expecting payment for the interest to date and a further one month extension.
PBL033 - Expecting funds for a 1-month extension to give the borrower time to refinance with another lender.
PBL035 - No change.
PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - Sales particulars are being prepared and will be issued widely next week. Estates Gazette advert has been booked. Subject to legal issues focusing on accelerated sale.
PBL040 - The customer is working towards a refinance and is continuing to pay interest. Our agent is working very closely with the borrower and if a satisfactory resolution is not agreed within the next few weeks, we will appoint and dispose.
PBL046 - We are applying significant pressure on the Borrower to complete their refinance. The Borrower has told us that they have been delayed by a mainstream lender so will be refinancing in the interim using a bridging lender with a view to paying back the Saving Stream loan. We are closely monitoring the Borrower and their financial position to ensure that if receivers need to be appointed, then they are done so without delay.
PBL047 - The borrower is working towards an imminent repayment. Our solicitor is working very closely with our borrowers counterparts to make this happen, probably next week if all goes to plan.
PBL055 - No change.
PBL056 - Sales particulars being prepared and property will be advertised over next week.
PBL057 - No change.
PBL064 - Sales particulars being prepared and property will be advertised over next week.
PBL065 - The borrower is currently working on the sale of the property, they may extend 1 further month.
PBL066 - Awaiting offers.
PBL067 - Awaiting offers.
PBL068 - Customer has recently instructed a valuation for his new lender, and is in legals for a refinance.
PBL073 - No change.
PBL074 - Agent is marketing the property which has received positive enquiries. If this doesn't get an acceptable offer soon, we will put it into auction to dispose.
PBL075 - We are looking to dispose of this property at auction in March. There is plenty of equity in the property based on recent advice.
PBL081 - Third £50k tranche of our own capital has been released to the Borrower and our Independent Monitoring Surveyor is due to visit again early in January. The build is progressing to plan and on time, we are in close communication with the borrower.
PBL082 - No change.
PBL084 - Borrower hopes to receive an offer of long term finance next week.
PBL085; PBL088 - No change.
PBL089 - Borrower asked for an extension as his probate payment is delayed, currently in credit for assessment.
PBL090 - Borrower has provided details of an Offer in Principle from another funder to refinance the debt and has advised that the refinance will complete in January.
PBL094 - We are considering funding the development of this site. In credit for assessment.
PBL095 - Borrower is hoping to redeem in the coming weeks via refinance.
PBL098 - Borrower is working with a number of lenders to refinance.
PBL099 - Borrower is in final stages of refinance and expects to repay fully by the due date.
PBL101 - A further one month extension has been received. The borrower is now working with their broker to get this loan financed elsewhere.
PBL102; PBL103 - No change.
PBL105 - Borrower is on track to repay in February when the extension expires.
PBL106 - Borrower in negotiations for refinance with another lender.
PBL107; PBL108; PBL112; PBL120 - No change.
PBL121 - Borrower is currently in the final stages of refinance and expect to repay imminently.
PBL122 - Phase two of this loan is currently still in legals but has been delayed slightly due to a planning issue.
PBL123 - Working with the introducer who is working on refinancing this deal elsewhere.
PBL125; PBL126; PBL127; PBL130; PBL132; PBL133 - No change.
PBL134 - Expecting partial repayment soon.
PBL135 - No change.
PBL136 - Reduction now made to loan as outlined in previous update.
PBL137; PBL139; PBL140; PBL141; PBL142; PBL143; PBL144; PBL145 - No change.
PBL147 -The loan has now completed and drawndown.
PBL148; PBL149; PBL154; PBL155 - No change."