Way of telling which loans have defaulted?

In a word, no. we have to rely on SS telling us via an update. Even in default they carry on paying interest right up until they sell the asset. So, to a certain extent it's irrelevant.

I believe there has only been one default. At least only one property bridging loan default. This was PBL7.  It was notified in the updates and subsequently the image on the loan page was replaced with wording that clearly noted the default status (although the loan could still be traded at par). The default was managed well and the asset was sold. Interest was paid throughout and investors were repaid in full.

We have had 1 official default which we decided to play out to show our retrieval processes in full. We could have paid this off with cash but decided it was a better exercise to demonstrate the process working. We managed to achieve a sale within 3 months; the sale price was very close to the valuation on which we based our lending. We are confident that in each case going forward, this will remain so.

When a loan reaches its end of term date, we have a number of options available to us namely, put them into official default and seek repayment as soon as possible using our 3rd party advisors (lawyers, receivers, agents etc) and this normally will entail going through the courts. This is obviously an onerous and time consuming process.  However, very often, the reasons for delay in repayment are commercial - i.e the next bank or lending house is in the middle of its legal process, or a sale is taking slightly longer than usual. In these cases, we generally prefer to extend the loan subject to the borrower giving us the interest to cover our SS costs.  

We consider each situation on its individual merits and there are no automatic loan extension policies in place.  Our initial loan underwriting has thus far proven very robust therefore our exit strategies for each loan continue to be very accurate. 

Hope this helps. 

I for one was very reassured by the way that default was handled, enough to invest significant additional funds.