arbster
Member of DD Central
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pbl42
Jul 6, 2015 21:24:38 GMT
Post by arbster on Jul 6, 2015 21:24:38 GMT
Well it is good that SS appear to have reviewed the position very quickly in the light of user comments. Some detailed response from SS here would be good, and obviously a definite update of the loan particulars detailing the new security. I agree, that's a positive thing, assuming it was driven by feedback from lenders. It'd be less good if it was the case that the loan went live on the platform before SS had finished doing their own DD.
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Post by mrclondon on Jul 7, 2015 9:49:19 GMT
Well it is good that SS appear to have reviewed the position very quickly in the light of user comments. Some detailed response from SS here would be good, and obviously a definite update of the loan particulars detailing the new security. I agree, that's a positive thing, assuming it was driven by feedback from lenders. It'd be less good if it was the case that the loan went live on the platform before SS had finished doing their own DD. My understanding is SS target getting loans live on the website roughly 1 week before drawdown is expected, i.e. one week before the expected end of legal due dilligence. This seems a not unreasonable practise, as by that point it should be mostly a matter of "dotting the i's and crossing the t's". However, as PBL 034 showed fairly recently, nasties can still be uncovered at this late stage and cause the loan to be pulled prior to drawdown (with SS covering the few days interest accrued to lenders). Prior to drawdown lenders money should be in a segregated client money account and at zero risk (whilst remembering nothing in life is actually zero risk, e.g. there is a discrete but miniscule risk of the entire western world's banking system imploding over the few weeks triggered by grexit).
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arbster
Member of DD Central
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pbl42
Jul 7, 2015 10:17:30 GMT
Post by arbster on Jul 7, 2015 10:17:30 GMT
Interesting. Strikes me, then that the approach will need to continue to be to invest before reading the documentation, to secure some kind of stake, and don't re-list on the SM if it feels under-secured until just before or shortly after drawdown.
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pbl42
Jul 7, 2015 11:19:04 GMT
Post by savingstream on Jul 7, 2015 11:19:04 GMT
Whilst our underwriting was focussed primarily on the Gunboat Shed security in Gosport, we managed to negotiate with the borrower to provide us with additional security from the outset. This was not to do with any concerns about the commercial property aspects of the loan; we endeavour to provide our investors with as much security as possible at all times.
We didn't include the information about the additional security, as the original loan particulars were strong enough in their own right but after consideration we including the information in the Weekly Update.
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Investor
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pbl42
Jul 7, 2015 11:26:25 GMT
Post by Investor on Jul 7, 2015 11:26:25 GMT
Thanks for that savingstream. The weekly update tells us you have secured 'a' charge over the property. Accepting that you feel the LTV is sufficient without this, just out of curiosity does 'a' charge mean the same as 'a' first charge? |
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pbl42
Jul 7, 2015 13:23:05 GMT
Post by solicitorious on Jul 7, 2015 13:23:05 GMT
Thanks for that savingstream. The weekly update tells us you have secured 'a' charge over the property. Accepting that you feel the LTV is sufficient without this, just out of curiosity does 'a' charge mean the same as 'a' first charge? The weekly update states "unencumbered", which I take to mean a 1st charge, although I repeat my request that SS give explicit details in the loan particulars, and modify the LTV calculation appropriately.
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pbl42
Jul 7, 2015 15:13:24 GMT
Post by savingstream on Jul 7, 2015 15:13:24 GMT
Thanks for that savingstream. The weekly update tells us you have secured 'a' charge over the property. Accepting that you feel the LTV is sufficient without this, just out of curiosity does 'a' charge mean the same as 'a' first charge? The weekly update states "unencumbered", which I take to mean a 1st charge, although I repeat my request that SS give explicit details in the loan particulars, and modify the LTV calculation appropriately. That is correct. We have a 1st charge over the additional property.
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pbl42
Jul 9, 2015 17:26:41 GMT
Post by solicitorious on Jul 9, 2015 17:26:41 GMT
The weekly update states "unencumbered", which I take to mean a 1st charge, although I repeat my request that SS give explicit details in the loan particulars, and modify the LTV calculation appropriately. That is correct. We have a 1st charge over the additional property. Disappointing there's still no formal update of the loan particulars on the site, to reflect the additional security...
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sam i am
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pbl42
Jul 9, 2015 19:35:56 GMT
Post by sam i am on Jul 9, 2015 19:35:56 GMT
SS have added a new tab on the individual loan pages called Loan Updates. The information about the extra security has been added there.
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pbl42
Jul 9, 2015 20:57:05 GMT
Post by solicitorious on Jul 9, 2015 20:57:05 GMT
Well, I don't know when this tab appeared, and while not averse to it - all information is welcome - I would expect aspects of the security to appear primarily in the description and documents section as a pdf valuation document, not as a mere assertion...
Also the LTV needs to be updated to around 51.2% surely?
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sam i am
Member of DD Central
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pbl42
Jul 9, 2015 21:51:55 GMT
Post by sam i am on Jul 9, 2015 21:51:55 GMT
The new tab appeared a day or two ago. I agree that the additional security ought to be in the main doc and fundamentally it should have been there at launch not as a surprise after the event.
And don't get us going about LTVs. A number of them should be amended to reflect the fact that the security for the loans are second charges. OK the info is in the docs but it isn't accurately reflected on the loans page.
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pbl42
Jul 16, 2015 11:07:10 GMT
Post by solicitorious on Jul 16, 2015 11:07:10 GMT
Very disappointed that SS appear to be ignoring this reasonable best practice request.
It can't be that hard to upload a pdf to detail the additional security, can it?
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pbl42
Jul 16, 2015 15:08:27 GMT
Post by biggles on Jul 16, 2015 15:08:27 GMT
It's a shame also that, though the update and other tabs are all available on the 'loans' list, they aren't available from the Dashboard list of live loan parts. That would save flitting backwards and forwards between the two when you want information.
And, on the subject of flitting, when I log in I would like to be able to be taken to my account pages. But, whatever link I use as the bookmark, I am always taken first to the list of loans, which I can do absolutely nothing with until I see my available cash situation. Is that possible?
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pbl42
Jul 16, 2015 16:16:26 GMT
Post by pepperpot on Jul 16, 2015 16:16:26 GMT
It's a shame also that, though the update and other tabs are all available on the 'loans' list, they aren't available from the Dashboard list of live loan parts. That would save flitting backwards and forwards between the two when you want information.
And, on the subject of flitting, when I log in I would like to be able to be taken to my account pages. But, whatever link I use as the bookmark, I am always taken first to the list of loans, which I can do absolutely nothing with until I see my available cash situation. Is that possible? It was the result of a request from some on this forum a while back that got it changed to the loans list from the dashboard, I'm easy* either way as there's only one click to get from one to the other. I suppose from the other point of view, what's the point of checking your balance if there is nothing you want to buy? (*very!)
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pbl42
Jul 16, 2015 16:44:57 GMT
Post by biggles on Jul 16, 2015 16:44:57 GMT
Well, to be pedantic, no, you have to wait till 'Loans' have loaded, then have to 'hover' over 'Account' until 'Dashboard' and 'Transactions' are even available to click on (which is a pretty fiddly way to design it anyway).
I would imagine most of us try to stay fully invested so, unless I've just funded my account and know I have funds, my first move is to see if any repayment or interest has landed in my account. Only then will I know whether I need to look at available loans.
I tried bookmarking the Account page but as soon as I've logged in, it still forces me to the Loans page!
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