awk
Posts: 276
Likes: 147
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PBL 27
Apr 18, 2016 14:41:33 GMT
Post by awk on Apr 18, 2016 14:41:33 GMT
Let's see how long it takes SS to suspend trade! They should have been aware of this since yesterday morning. edit. 15:30 There's more on sale now. Hopefully, all is well in terms of insurance and realisable value. However, until this is confirmed, then surely SS must temporarily suspend trading - it will be new joiners buying it !!
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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PBL 27
Apr 18, 2016 14:43:01 GMT
Post by Liz on Apr 18, 2016 14:43:01 GMT
Shouldnt affected the valaution as it was all based on the planning permission and the potential generation & development value of the land. Agreed, but it could be several months without interest whilst the insurance claim is dealt with. I've sold up.
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Post by savingstream on Apr 18, 2016 14:43:45 GMT
Yes this is our site. That is a big derelict shed that was being used by a 3rd party to store some recycling waste. It is going to take 2 weeks for the fire to die down. The fire service are not putting any water on it so there won't be any contamination issues for our site.
They have apprehended a local scallywag.
We have lent on a site with planning permission only, the building was coming down anyway as part of the next phase.
This fire, whilst very unfortunate for the neighbours, is not a risk issue for our or your position.
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stokeloans
Member of DD Central
Posts: 402
Likes: 485
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PBL 27
Apr 18, 2016 14:45:29 GMT
via mobile
Post by stokeloans on Apr 18, 2016 14:45:29 GMT
Shouldnt affected the valaution as it was all based on the planning permission and the potential generation & development value of the land. Agreed, but it could be several months without interest whilst the insurance claim is dealt with. I've sold up. Me too.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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PBL 27
Apr 18, 2016 14:47:03 GMT
Post by ilmoro on Apr 18, 2016 14:47:03 GMT
Shouldnt affected the valaution as it was all based on the planning permission and the potential generation & development value of the land. Agreed, but it could be several months without interest whilst the insurance claim is dealt with. I've sold up. Interest is already covered so thats not an issue. Sold mine months ago as I dont hold to term these days. Dont think SS borrower is directly involved in site currently
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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PBL 27
Apr 18, 2016 14:47:35 GMT
Post by littleoldlady on Apr 18, 2016 14:47:35 GMT
I'm just trying to understand the platform better and learn a bit more about how SS and/or underwriters interact with the SM if this is the case. On this forum we tend to use the term SM, but actually there is just one market place in which loans belonging to lenders, new loan parts being released by SS and (AIUI) loans being sold by underwriters, are all sold. Loans belonging to lenders are prioritised so that they are sold first but there is no easy way of telling which parts of any loan are of which type. Generally it does not much matter. SS may release a loan in tranches or they may agree with the borrower to increase the amount of an existing loan at any point. In both cases they put the loan on what we call the SM but it is actually a primary sale.
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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PBL 27
Apr 18, 2016 14:51:19 GMT
Post by Liz on Apr 18, 2016 14:51:19 GMT
Agreed, but it could be several months without interest whilst the insurance claim is dealt with. I've sold up. Interest is already covered so thats not an issue. Sold mine months ago as I dont hold to term these days. Dont think SS borrower is directly involved in site currently Only 2 months worth of interest is covered.
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oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
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PBL 27
Apr 18, 2016 14:52:34 GMT
Post by oldgrumpy on Apr 18, 2016 14:52:34 GMT
Well, w*********1 is making a meal of it. Maybe this incident will mean the developers can get on with their work a few weeks earlier.
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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PBL 27
Apr 18, 2016 14:53:12 GMT
via mobile
Post by Jeepers on Apr 18, 2016 14:53:12 GMT
This is quite a wake up call! Can savingstream confirm that security on all loans is insured?
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Liz
Member of DD Central
Posts: 2,426
Likes: 1,297
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PBL 27
Apr 18, 2016 15:08:53 GMT
Post by Liz on Apr 18, 2016 15:08:53 GMT
This is quite a wake up call! Can savingstream confirm that security on all loans is insured? Doesn't really matter, the building was coming down anyway.
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Post by savingstream on Apr 18, 2016 15:15:09 GMT
This is quite a wake up call! Can savingstream confirm that security on all loans is insured? Of course, all properties that we lend on have applicable insurance in place for at least the term of the loan.
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stub8535
Member of DD Central
personal opinions only. Not qualified to advise on investment products.
Posts: 1,447
Likes: 945
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PBL 27
Oct 18, 2016 16:18:40 GMT
Post by stub8535 on Oct 18, 2016 16:18:40 GMT
This is quite a wake up call! Can savingstream confirm that security on all loans is insured? Of course, all properties that we lend on have applicable insurance in place for at least the term of the loan. Nice to see a clear and concise answer to a question from SS. Is this the last one they made I wonder? Are we going to see any comments on here about material changes on this loan that you seem to be rolling over every 30 days using mostly existing lenders money with out of date company comments? Having just seen a 454 day loan listed I wonder how that will be viewed by ss staff when it comes time to roll it for a month at a time. If I did some research would I find an up to date financial report with items of concern mentioned? Yep Just add it to the loan info at least then its up to the investor to decide.
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