webwiz
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Post by webwiz on May 13, 2015 12:17:32 GMT
It might be helpful to keep a running record of the Loan Part Detail page for this loan. here is the state of play as of 13.15 on 13/5. Feel free to copy and paste here:
Security value £14,000,000.00
Total loan value £5,000,000.00
Loan to value (LTV) 35.7%
Loan start date 12/05/2015
Max term remaining 365 days
Funded by savers £4,892,782.46
Available for funding £107,217.54
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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 May 13, 2015 16:33:24 GMT
here is the state of play as of 17.30 on 13/5. Another chunk added Security value £14,000,000.00 Total loan value £5,000,000.00 Loan to value (LTV) 35.7% Loan start date 12/05/2015 Max term remaining 365 days Funded by savers £4,834,815.13 Available for funding £165,184.87 Utterly incomprehensible system, where the more we invest the less we appear to have funded. Whole thing seems to be running backwards  |
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mikes1531
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Post by mikes1531 on May 13, 2015 20:24:24 GMT
At 2100 on 13/May the situation was... Funded by savers £4,825,524.94 Available for funding £174,475.06 A little while ago, but after ilmoro's report at 1730, there was just over £200k available, so I suspect another £100k was released this evening. I expect that SS believe that investors will be induced to invest when there's a limited amount of parts available, so they don't want all available parts dumped onto the market at once. They're probably right about retail lenders' behaviour, but it does mean we don't have a clue about how much of a loan really remains to be funded. (For all I know, a big chunk of PBL032 might appear magically once PBL033 is completely funded!) I suppose one other -- probably unlikely -- possibility is that SS's underwriters actually have provided funding already and they're in the same situation that we are in that they stop earning interest on any parts they offer to us. In that case, they'd want to release their parts gradually so as to minimise the lost interest. (I've certainly done that in the past when I've had a large position to dispose of, but it doesn't appear to be necessary these days since any parts made available seem to be bought up quite rapidly.) But I really don't expect the underwriters have to put up any money until drawdown is imminent. And if we're reading the signs of PBL033 correctly, the underwriters might not have to provide any funding at all! |
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ramblin rose
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Post by ramblin rose on May 13, 2015 20:47:22 GMT
At 2100 on 13/May the situation was... Funded by savers £4,825,524.94 Available for funding £174,475.06 A little while ago, but after ilmoro's report at 1730, there was just over £200k available, so I suspect another £100k was released this evening. I expect that SS believe that investors will be induced to invest when there's a limited amount of parts available, so they don't want all available parts dumped onto the market at once. They're probably right about retail lenders' behaviour, but it does mean we don't have a clue about how much of a loan really remains to be funded. (For all I know, a big chunk of PBL032 might appear magically once PBL033 is completely funded!) I suppose one other -- probably unlikely -- possibility is that SS's underwriters actually have provided funding already and they're in the same situation that we are in that they stop earning interest on any parts they offer to us. In that case, they'd want to release their parts gradually so as to minimise the lost interest. (I've certainly done that in the past when I've had a large position to dispose of, but it doesn't appear to be necessary these days since any parts made available seem to be bought up quite rapidly.) But I really don't expect the underwriters have to put up any money until drawdown is imminent. And if we're reading the signs of PBL033 correctly, the underwriters might not have to provide any funding at all! Or it could be that they're releasing it gradually to try and make it that there's something available for people to invest in for a longer period of time. They can't really do that with the smaller loans, but they can with the larger ones.
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mikes1531
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Post by mikes1531 on May 14, 2015 1:15:08 GMT
Or it could be that they're releasing it gradually to try and make it that there's something available for people to invest in for a longer period of time. Wouldn't releasing everything all at once accomplish the same thing? Would people who want to make a large investment restrain themselves if there's only £100k available compared to what they'd do if there was £1M available? I doubt it myself, but that's JMHO.
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star dust
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Post by star dust on May 15, 2015 11:34:48 GMT
Only £13.14 left as I write, I wonder if this is it for the £2.5 million or another tranche will be pulled out of the hat soon. SS seem to get several new investor sign up's each day, so now doubt having something for them to invest in other than any bits and bobs that happen to be on the SM is likely better for business too.
Well, scrub that £200k has just appeared!
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webwiz
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Post by webwiz on May 15, 2015 16:57:33 GMT
15.5.15 17.55
Security value £14,000,000.00
Valuation Available
Loan value £5,000,000.00
Loan to value (LTV) 35.7%
Loan start date 12/05/2015
Max term remaining 365 days
Amount funded £4,836,646.66
Amount available to fund £163,353.34
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mikes1531
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Post by mikes1531 on May 16, 2015 11:20:20 GMT
16/May 1220
Amount available to fund £67,446.71
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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 May 17, 2015 10:53:02 GMT
17/5 11.50 £32,597.73 left to fund |
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gc
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Post by gc on May 17, 2015 13:12:27 GMT
Seems to me like they're just playing the "scarcity tactic" technique. Let things run down and almost gone and people can't help but jump all over it.
All shops etc do it and they may be just playing to this. Can't really see any other benefit as to why they're doing it this way.
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webwiz
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Post by webwiz on May 17, 2015 13:57:07 GMT
Seems to me like they're just playing the "scarcity tactic" technique. Let things run down and almost gone and people can't help but jump all over it. All shops etc do it and they may be just playing to this. Can't really see any other benefit as to why they're doing it this way. I agree, but it's not exactly honest is it? Makes you wonder what else.....?
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trevor
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Post by trevor on May 17, 2015 14:26:08 GMT
If SS are using the "scarcity tactic" as described then it means that the statement in the overview tab showing amount funded is not true. If this is the case then SS are being dishonest. I have a theory that they may have a deal with a bank or finance co that has agreed to ensure the larger loans are more or less fully funded then as us small retail investors invest the bank or finance co withdraws their cash in large chunks so making more available for retail investors. Then the funding statement in the overview tab is correct. Care to comment SS?
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gc
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Post by gc on May 17, 2015 16:29:31 GMT
Seems to me like they're just playing the "scarcity tactic" technique. Let things run down and almost gone and people can't help but jump all over it. All shops etc do it and they may be just playing to this. Can't really see any other benefit as to why they're doing it this way. I agree, but it's not exactly honest is it? Makes you wonder what else.....? If it is what they are doing, I wouldn't be too concerned about it as it is a common play used by every industry and so far SS have been pretty good.
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ilmoro
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Post by ilmoro on May 18, 2015 10:27:17 GMT
18/5 11.20 £23,261.29 left to fund, Looks like might be approaching fully funded as no more chunks released this week. Have to assume that this is still tranche 1 as annouced, & it will all start again at some point |
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webwiz
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Post by webwiz on May 18, 2015 18:56:22 GMT
18/5 11.20 £23,261.29 left to fund, Looks like might be approaching fully funded as no more chunks released this week. Have to assume that this is still tranche 1 as annouced, & it will all start again at some point Yep. First £2.5m funded. Whether this is all by private individuals or whether a big chunk is an underwriter I don't know but an average investment of £3213 suggests that there are some really big investments in the mix.
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