cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 13, 2016 21:57:10 GMT
ilmoroPBL095 & PBL106 are both connected. Same director.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 14, 2016 10:36:31 GMT
Apparently.... There were lots of updates 3 days ago....
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star dust
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Post by star dust on Nov 14, 2016 12:30:34 GMT
General Update email received from SS this morning. Posting here for completeness. There's an awful lot of 'no change', some things of interest highlighted in blue. Will tidy up when I get to a laptop later to get rid of repeats etc.
"LOANBOOK UPDATE Interest Rate Change
We introduced our first sub-12% loan recently. It was for a residential buy to let property in Surrey at 9% to investors and was 3 times over funded. We released a larger (£1.25m) loan at 10% which was still overfunded. We are experimenting with pricing to gauge supply/demand more accurately so that we can offer a consistent price in the borrower market. Deals are starting to flow in now that these price changes are in effect. They will be in the pipeline soon.
New staff
M*** W*******, who joins our credit underwriting team today. He has enjoyed over 35 years with HSBC and brings a wealth of banking experience to our business.
R** E******** - a solid compliance expert with extensive knowledge and experience with FCA regulated finance businesses.
This now takes the Lendy Team to seventeen.
DFL001- Build progressing on schedule. DFL002 - Build progressing on schedule. Commercial tenant is ready to sign the lease and begin work on the fit out. DFL003- No change. DFL004 - Written confirmation seen from PRS Scheme facilitator to advise that they had to delay their visit/ offer until the end of October/ November due to their own increased workloads. DFL005; DFL006 - Build progressing on schedule. DFL007 - First development tranche due to be paid today.
PBL006 - Client seeking an extension. He is expecting significant funds shortly and will repay. PBL020 - New buyer agreed subject to contract and valuation. PBL027 - Receiving monthly interest. Client offering another property as further security which we will lend against to raise extension monies. TBC. PBL031 - Agreed repayment for 2 months extension, one month term now remaining. PBL033 - Expected to be repaid before end 2016. PBL035 - No change. PBL037; PBL038; PBL039; PBL069; PBL070; PBL071- Investment funds still expected soon; however we have encouraged the borrower to market the property for sale on an accelerated basis. PBL040 - Expected repayment end of November. PBL042 - We are relaunching this loan soon as a new PBL. In pipeline. PBL046 - No change. PBL047 - Redemption is currently in legals, repayment due shortly. PBL048 - Redemption is currently in legals, repayment due shortly. PBL055 - Loan extended for 12 months. Servicing interest quarterly in advance. PBL056 - We have instructed our receiver to act to control the sale of this property on our behalf. We felt this was required due to the borrower taking too long. Lendy will cover the interest for the next 2-3 months and recover these payments from the sale proceeds. We don't feel it necessary to formally default this loan as we believe there is a viable exit strategy in place. PBL057 - Loan extended for 12 months. Servicing interest quarterly in advance. PBL062 - The borrower has put the property into auction for Mid December with our encouragement. PBL063 - The borrower has put the property into auction for Mid December with our encouragement. PBL064 - Had an offer to refinance in full from the borrower, also received offers to purchase from our agents. We are talking with the borrower and working to a deadline. PBL065 - Interest payment received for 1 month extension. We are looking at providing the development finance. PBL066 - In discussions with borrower to refinance exit. PBL067 - New planning permission has been granted for a larger scheme which should add value to the site. We have asked the borrower to refinance with another company or sell. He is in the process now. PBL068 - In discussion with broker to refinance away. Supposedly a number of offers on the table, monitoring closely. PBL073 - Agreed with the borrower a 3 month extension subject to receipt of funds in advance. PBL074 - The borrower has had an offer accepted that is sufficient to clear our debt. In legals, we are monitoring closely. PBL075 - Borrower refinancing another unemcumbered property to raise sufficient funds to clear his debt on this property. In legals. Monitoring closely. PBL081 - We are lending the client the funds to fix the unauthorised building works out of our own capital. Our QS/Monitoring Surveyor is visiting the site weekly, we will release funds upon receipt of his positive report. Expected 3 months work. PBL082 - Borrower has asked for a 3 month extension, within this period the borrower expects to find an operator to take on the lease and repay the loan. PBL084 - We are making a further advance shortly subject to new valuation and legals. PBL085 - No change. PBL086 - Borrower has exchanged contracts on another property, completion is expected shortly. Interest has been received in the interim. PBL088 - No change. PBL089 - Aiming for end of November repayment. PBL090 - In discussions with a buyer for the property who we may lend the development funds to. PBL092 - We are visiting the site this week to review progress so far. The borrower is requesting a further advance which we are considering depending on the outcome of the visit. PBL094 - Borrower in discussions with new lender. Failing refinance we may provide development finance to build the scheme as it is quite attractive. PBL095 - 1 month extension to be paid early next week. They have received a lucrative contract (Lendy have seen) to take the aggregates from the site which they want to take advantage of before the sale goes through. PBL096 - No change. PBL097 - Repayment expected soon. PBL098; PBL099 - No change. PBL100 - Borrower is in the process of refinancing, awaiting further details. PBL101; PBL102; PBL103 - No change. PBL105- We are considering a restructure to a DFL. PBL106; PBL107; PBL108; PBL112; PBL113; PBL116; PBL117; PBL118- No change PBL119 - Considering development funding for this project. Awaiting further information. PBL120 - Visited the site recently. Build progressing and sales underway. PBL121; PBL122 - No change PBL123 - Borrower is in discussions with a number of lenders to refinance onto a term loan. PBL125; PBL126- No change. PBL127- Wind turbine completed which adds further value to the site. PBL130- No change. PBL131 - Still in legals, the seller of the site was procrastinating. Funds sat in our client account in full. PBL132; PBL133; PBL134; PBL135; PBL136; PBL137; PBL139; PBL140 - No change. PBL143- This loan completed. It may be the worlds largest P2P loan, we are doing some research. PBL145 - No change."
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adrianc
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Post by adrianc on Nov 14, 2016 13:04:05 GMT
PBL006 Client seeking an extension. He is expecting significant funds shortly and will repay. Hands up who believes that? He was saying that in August... August 2015...
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seeingred
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Post by seeingred on Nov 14, 2016 13:27:27 GMT
There has been discussion elsewhere as to the credibility of valuations. On the DFL002 thread I raised the issue of this morning's mass update appearing to show that a previous update was materially incorrect - the latest update for DFL002 says the commercial client is ready to sign the lease.
Yet a previous update (some weeks ago) (pasted from ilmoro's list of updates) stated
Commercial tenant has signed the lease and begins work on the fit out next week.
Do updates come with their own belief index?
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twoheads
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Programming
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Post by twoheads on Nov 14, 2016 13:29:11 GMT
There has been discussion elsewhere as to the credibility of valuations. On the DFL002 thread I raised the issue of this morning's mass update appearing to show that a previous update was materially incorrect - the latest update for DFL002 says the commercial client is ready to sign the lease.
Yet a previous update (some weeks ago) (pasted from ilmoro's list of updates) stated
Commercial tenant has signed the lease and begins work on the fit out next week.
Do updates come with their own belief index? Can the belief index be negative?
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adrianc
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Post by adrianc on Nov 14, 2016 16:48:50 GMT
There has been discussion elsewhere as to the credibility of valuations. On the DFL002 thread I raised the issue of this morning's mass update appearing to show that a previous update was materially incorrect - the latest update for DFL002 says the commercial client is ready to sign the lease.
Yet a previous update (some weeks ago) (pasted from ilmoro's list of updates) stated
Commercial tenant has signed the lease and begins work on the fit out next week.
Do updates come with their own belief index? TBF, the val doc does say that the commercial side is one restaurant unit (464m 2) and two retail units (131m 2 and 135m 2), all let as shells, so they could easily be separate leases. Terms had been agreed for the restaurant at the time of the valuation, so I'm guessing these updates are the first, and now the second retail units.
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Post by sayyestocress on Nov 14, 2016 16:50:16 GMT
Where SS say they are "encouraging" the borrower to perform an action like the gloucs loans, is it fair to say they are on the verge of officially defaulting them?
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star dust
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Post by star dust on Nov 25, 2016 18:56:28 GMT
ilmoro, I was just looking at your table and thought for one ghastly moment I'd missread something on the SS site and aquired a loan at 9% - shouldn't PBL147 appear in the row below DFL009 not PBL144?
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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 Nov 25, 2016 19:43:07 GMT
ilmoro , I was just looking at your table and thought for one ghastly moment I'd missread something on the SS site and aquired a loan at 9% - shouldn't PBL147 appear in the row below DFL009 not PBL144? Oooops, going to have to get out of the habit of just adding the new loan to the bottom. Will fix later on proper computer. Thanks
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 26, 2016 0:21:38 GMT
25/11/2016 Update List DFL001 | - | Build progressing and further development tranche drawn this week. | DFL002 | - | Build nearing completion and further development tranche drawn this week. | DFL003 | - | No change. | DFL004 | - | Next development tranche just about to draw. Monthly rental being received. Update due from PRS Scheme facilitator within next few days. | DFL005 | - | First development draw made earlier this month and development now progressing. | DFL006 | - | No change. | DFL007 | - | First development tranche drawn and development progressing. | DFL008 | - | New development facility recently completed. Next development tranche due next week. | DFL009 | - | First small tranche of development funding was drawn earlier this month. Development works now progressing. |
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| PBL006 | - | No change. | PBL020 | - | New buyer agreed subject to contract and valuation. | PBL027 | - | Receiving monthly interest. Client offering another property as further security which we will lend against to raise extension monies. TBC. | PBL031 | - | Interest being received on a monthly basis. | PBL033 | - | We have asked the borrower to refinance elsewhere before the new year. | PBL035
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| Client has advised that discussions are well advanced with a JV partner and copy of draft agreement seen which is subject to a Non Disclosure Agreement. Repayment is expected prior to expiry. | PBL037 | - | Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. | PBL038 | - | Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. | PBL039 | - | Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. | PBL040 | - | Expected repayment end of November. Currently talking with the solicitors. | PBL042 | - | We are relaunching this loan soon as a new PBL. In pipeline. Waiting on the valuation. | PBL046 | - | No change. | PBL047 | - | Redemption is currently in legals, repayment due shortly. Waiting on funds from new lender. | PBL055 | - | Loan extended for 12 months. Servicing interest quarterly in advance. | PBL056 | - | In legals. Offers received that will sufficiently repay the loan. | PBL057 | - | Loan extended for 12 months. Servicing interest quarterly in advance. | PBL062 | - | The borrower has put the property into auction for Mid December with our encouragement.Together with PBL62 expected to sell for c£950k. | PBL063 | - | The borrower has put the property into auction for Mid December with our encouragement.Together with PBL63 expected to sell for c£950k. | PBL064 | - | The borrower is repaying the loan in full (advised by his solicitors). Currently in legals with other lender. | PBL065 | - | 1 month extension received. | PBL066 | - | Receivers have now been appointed to push Borrower to repay/ refinance. Offers to purchase have been received. | PBL067 | - | Receivers have now been appointed to push Borrower to repay/ refinance. Offers to purchase have been received. | PBL068 | - | In discussion with broker to refinance away. Supposedly a number of offers on the table, monitoring closely. | PBL069 | - | Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. | PBL070 | - | Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. | PBL071 | - | Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. | PBL073 | - | Agreed with the borrower a 3 month extension from January subject to receipt of funds in advance. | PBL074 | - | The borrower has had an offer accepted that is sufficient to clear our debt. In legals, we are monitoring closely. | PBL075 | - | Borrower refinancing another unencumbered commercial property to raise sufficient funds to clear his debt on this property. In legals. Monitoring closely. | PBL081
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| Second £50k tranche of our own capital has been released to the Borrower and our Independent Monitoring Surveyor has undertaken his second inspection since the funds were advanced to certify works. Work has been completed to a satisfactory standard and progressing to schedule. | PBL082 | - | Confirmed 1 month extension and received payment. Borrower is in discussions with another lender to refinance. | PBL084 | - | We are looking at slightly increasing the loan in order for the borrower to purchase an additional property. Will be in the pipeline soon. | PBL085
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| Works are progressing well with Practical Completion due by the end of January/ start of February. Borrower had advised that he has a buyer for the remaining units within the Block and another buyer for the freehold of the site. | PBL086 | - | Borrower has exchanged contracts on another property, completion is expected shortly. Interest has been received in the interim. | PBL088 | - | No change. | PBL089 | - | Expecting repayment within next 2 weeks due to hold up with the borrowers solicitors. Funds have been received for 1 month. | PBL090 | - | In discussions with a buyer for the property. We may lend them the funds to purchase. | PBL092 | - | No change. | PBL094
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| Borrower in discussions with new lender. Failing refinance we may provide development finance to build the scheme. We have seen offers to purchase the site and also to refinance. Borrower is considering best options. | PBL095 | - | The borrower has paid the 1 month loan extension. We are on track for repayment in 1 months time. | PBL096 | - | Development finance has now been agreed and facility documentation now being drafted. Matters should all be completed within the next 2 weeks. | PBL097 | - | We are currently in discussions with the borrower regarding a 1 month extension. The borrower is in the process of refinancing. | PBL098 | - | No change. | PBL099 | - | No change. | PBL100 | - | Expecting repayment shortly. | PBL101 | - | Expecting to receive one month interest to extend while the sale of another asset goes through. | PBL102 | - | No change | PBL103 | - | No change. | PBL105 | - | We are no longer looking at restructuring to a DFL. We are expecting this to be repaid on/before the redemption date. | PBL106 | - | No change. | PBL107 | - | No change. | PBL108 | - | No change. | PBL112 | - | No change. | PBL113 | - | No change. | PBL116 | - | No change. | PBL117 | - | No change. | PBL118 | - | No change. | PBL120 | - | No change. | PBL121 | - | No change. | PBL122 | - | No change. | PBL123 | - | No change. | PBL125 | - | Borrower has received offer of refinance which is under consideration. | PBL126 | - | No change. | PBL127 | - | No change. | PBL130 | - | No change. | PBL131
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| We are going to restructure this loan. The seller of the site is being difficult. The borrower has offered another large piece of land with full planning nearby which we can use as additional security. Details to follow via the pipeline loan section. "Funds will be returned to borrowers within a week. TBC." | PBL132 | - | No change. | PBL133 | - | No change. | PBL134 | - | No change. | PBL135 | - | No change. | PBL136 | - | Client has advised that loan will be repaid within the next 7 days. | PBL137
| - | No change. | PBL139 | - | No change. | PBL140 | - | No change. | PBL141 | - | No change. | PBL142 | - | No change. | PBL143 | - | No change. | PBL144 | - | No change. | PBL145 | - | No change. | PBL146 | - | Drawndown expected shortly. With lawyers. |
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lobster
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Post by lobster on Nov 26, 2016 7:44:10 GMT
For PBL131 , the update on the website itself has the additional (and important) addendum :
"Funds will be returned to borrowers within a week. TBC."
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adrianc
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Post by adrianc on Nov 27, 2016 15:21:57 GMT
Wow. Lots of repayments due, not much to put them into.
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oldgrumpy
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Post by oldgrumpy on Nov 27, 2016 15:48:28 GMT
cooling_dude Any update list is welcome and saves us a lot of time, thank you. Can I take it that those in red are the changes which actually happened on 25 November? (Despite being placed on posts still dated up to a month or more ago). Maybe I can refer here again to the fact that these updates actually replace previous ones (sometimes for the second time) while actually removing from public view what they formerly said. (see the other threads discussing this malpractice). Most original statements by SS from their update pages can be seen here, courtesy of ilmoro : p2pindependentforum.com/thread/2635/savingstream-loans-updates-useful-links?page=1As an example for readers of this forum, an update two months ago on #69 (and associated loans) states "Expecting repayment imminently." Since then, three updates have been deleted by SS (see below), the one dated 24/10 (actually originated 21/10 on the SS page source) now contains the wording on our 25/11 update list. I don't know the exact date those words were substituted by SS. Noted on 11/11 :Investment funds still expected soon; however we have encouraged the borrower to market the property for sale on an accelerated basis. 24/10 Due to delays with the purchaser, we have asked the borrower to seek bridging finance elsewhere. The broker estimates mid November, otherwise we have at least 2 buyers ready in the wings. 16/9 Expected repayment 22nd of September. (Incidentally on 11 May the news was: "Repayment expected shortly". People often call me "Shortly". That's the trouble with being 5'9" SS on another thread suggest the deletion and substitution of updates on their webpages is a result of "a new system" and would like to be informed of other examples*. I believe it is a deliberate policy; they know exactly what they are doing. * "With regards to update changes, we are building a new system and it looks like that one got deleted. There are probably more out there that we haven't noticed. Please point them out if there are any inconsistencies." p2pindependentforum.com/thread/6412/pbl131-quay-hull-live?page=9
Update: Time to make some dinner
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ablender
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Post by ablender on Nov 27, 2016 16:44:37 GMT
cooling_dude People often call me "Shortly". That's the trouble with being 5'9" Shortly -- that is: 7 letters. Then I will be Shorty (6 letters) at 5'2".
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