locutus
Member of DD Central
Posts: 1,059 
Likes: 1,622
|
Post by locutus on May 12, 2015 15:58:56 GMT
For those that didn't get the notification SMS
|
|
alison
Member of DD Central
Sanctuary!!
Posts: 356 
Likes: 99
|
Post by alison on May 12, 2015 16:23:30 GMT
For those that didn't get the notification SMS Nearly 4.2 million funded already. Job's a good 'un!!
|
|
hendragon
Member of DD Central
Posts: 631
Likes: 619
|
Post by hendragon on May 12, 2015 16:24:38 GMT
For those that didn't get the notification SMS thank you i missed 32 so this makes up for it
|
|
webwiz
Posts: 1,133
Likes: 210
|
Post by webwiz on May 12, 2015 16:36:13 GMT
It seems that you have to take a chance and invest as soon as the loan becomes available. Any attempt at DD may mean that the loan is fully funded before you finish the DD.
I am a bit worried that SS are raising the full £5m, and paying interest, when the borrower only wants half of it now. Looks as if SS are boosting their working capital?
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on May 12, 2015 16:42:27 GMT
It seems that you have to take a chance and invest as soon as the loan becomes available. Any attempt at DD may mean that the loan is fully funded before you finish the DD. I am a bit worried that SS are raising the full £5m, and paying interest, when the borrower only wants half of it now. Looks as if SS are boosting their working capital? DD would tell you that only half was made available today.
|
|
ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
Posts: 1,370
Likes: 857
|
Post by ramblin rose on May 12, 2015 16:43:46 GMT
It seems that you have to take a chance and invest as soon as the loan becomes available. Any attempt at DD may mean that the loan is fully funded before you finish the DD. I am a bit worried that SS are raising the full £5m, and paying interest, when the borrower only wants half of it now. Looks as if SS are boosting their working capital? I believe this is just the first tranche of £2.5M - the loan size on the loan page which states the full £5M is misleading. Looks like they'll release the second tranche into the same loan, if I've understood it all correctly. From the Description tab: " This loan is to be split into two tranches. Each tranche will be £2,500,000. The first tranche is available for investment now, with the second tranche being made available upon the client's request".
|
|
|
|
Post by savingstream on May 12, 2015 16:50:34 GMT
For confirmation, the loan facility to the borrower is £5m, however we are only releasing £2.5m to the borrower in the first tranche. Hence only £2.5M being made available for investment on the platform.
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on May 12, 2015 17:00:55 GMT
Whilst only 12.5% is left to invest in, I wonder if underwriters will release more once this % gets very low, which can be misleading in terms of availability. This has happened in the past & whilst not wrong & everyone is working within the permissible guidelines, it can still be misleading to how much is actually/will be out there to buy.
|
|
davex
Member of DD Central
Posts: 81
Likes: 18
|
Post by davex on May 12, 2015 17:15:41 GMT
Just made my first investment with SS on this.  |
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on May 12, 2015 17:17:07 GMT
Does any one have an inkling how long a PP for such a developement would be vaild for? At worst case scenario from VR a value of £7.5m on 90 day period is attainable (67% ltv)
|
|
webwiz
Posts: 1,133
Likes: 210
|
Post by webwiz on May 12, 2015 17:32:15 GMT
For confirmation, the loan facility to the borrower is £5m, however we are only releasing £2.5m to the borrower in the first tranche. Hence only £2.5M being made available for investment on the platform. Then why does it say £4.5m+ in "Amount funded"?
|
|
j
Member of DD Central
Penguins are very misunderstood!
Posts: 2,188
Likes: 540
|
Post by j on May 12, 2015 17:35:33 GMT
For confirmation, the loan facility to the borrower is £5m, however we are only releasing £2.5m to the borrower in the first tranche. Hence only £2.5M being made available for investment on the platform. Then why does it say £4.5m+ in "Amount funded"? I wonder if it includes £2.5m for the seconf tranche being laready commited for by underwriters, thus technically the whole £5m almost fully funded
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on May 12, 2015 18:11:57 GMT
Does any one have an inkling how long a PP for such a developement would be vaild for? At worst case scenario from VR a value of £7.5m on 90 day period is attainable (67% ltv) I'm now confused. If you search the Dacorum Borough Council planning website using the application reference given in the SS loan particulars it shows that, whilst the application (which appears to be for Outline consent only) supposedly had a target decision date of 3/12/14, it's current status is still "Pending" and the decision is shown as "This case has not yet been decided" The reason I looked it up is that my office used to look across the valley at this very building and I was rather surprised that planning consent for such a tall replacement building would be granted in that highly visible location. savingstream, do you have documentary proof that planning consent has been obtained, as is stated in the loan particulars, and therefore that the Dacorum BC planning portal is out of date (which would be surprising to say the least)? Update:Having now found the Minutes of the December meeting of the Dacorum BC Development Control Committee, it appears that Members resolved: "That the application be delegated to the Group Manager, Development Management and Planning (or nominated substitute), with a view to approval subject to the completion of a planning obligation under s.106 of the Town and Country Planning Act 1990 for the Heads of Terms detailed below and subject to the following conditions." .... followed by a lengthy set of conditions and financial contributions to be met before the Consent can formally be granted. So, provided that the borrower agrees to all the requirements of the draft S106 agreement then they should ultimately receive their Consent, but (according to the DBC website at least), it appears that Consent has not yet formally been granted. I think the SS loan particulars really should have made this clear!
|
|
|
|
Post by mrclondon on May 12, 2015 18:47:23 GMT
[Mod hat on] I've moved @loki13's post "Thinking about lending using Saving Stream, but not convinced ..." and the replies to a new thread , so it doesn't get lost amongst the PBL 033 specific discussion.
|
|
webwiz
Posts: 1,133
Likes: 210
|
Post by webwiz on May 12, 2015 18:49:16 GMT
Then why does it say £4.5m+ in "Amount funded"? I wonder if it includes £2.5m for the seconf tranche being laready commited for by underwriters, thus technically the whole £5m almost fully funded The whole £5m is underwritten so that can't be the explanation.
|
|
