PBL011

SS will repay just as soon as the borrower repays. Last week's not-really-weekly update said "PBL 11 – All of the legal documents for the refinance were signed on Monday this week. Should be repaid this week". It didn't, clearly, but maybe this week, maybe next. Bottom line is that, if you need your money back quickly, best to stick your loan part(s) up for sale on the SM and they'll likely go within a couple of hours.

Thanks for your replies. Much appreciated.

I'm not desperate for the cash and SS are still paying interest so I'll leave it for now. I was expecting to be repaid on the maturity date and so I was finding the '-12 days' slightly worrying. I'll know better in future!

From last weeks Weekly Update....

PBL 11 & PBL 12 – Dragonfly (the finance company taking out our loan) are sending their asset manager out on Weds to confirm the tenant has now moved in. They confirm completion no later than end of the week.

So, expected last Friday.

And the Friday before that, and the Friday before the Friday before, and the Fri.......

TTMAR

I dont think so, refinance timescales always seem more optomistic than the actuality, not surprising given involvement of banks & lawyers. Security position hasnt changed much, slight increase in LTV as an extra month interest has accrued. Cant remember if the borrower paid 4 months interest to cover delayed drawdown, if they didnt its 5 months interest owing which will put LTV at around 70% still a reasonable margin IMO

Edit: In relation to the cause of the delay

I think the honest answer is that, as far as the lending community is concerned, 'nobody knows'. Overruns on bridging loans appear to be very much the norm, problems or otherwise.

It really comes down to whether you 'trust' SS to be upfront with bad news. Despite the sometimes infrequent/inaccurate communications, and quirky 'features' of their software, SS's record is exemplary, with only a single default, for which a full recovery of capital was achieved.

Unless anyone has inside information , or a crystal ball, to enlighten us otherwise I'm not going to start worrying about this type of situation. In any case, as I like to avoid having idle cash in my account, my strategy is to slowly run-down my holdings in the last two months of a loan and reinvest in later offerings, if/when any is available.

For many weeks now SS have been promising imminent repayment of this loan which confirms my long standing belief that the updates (no longer weekly but infrequent) are not to be relied upon.  I have a small credit balance which I thought was not worth withdrawing on its own so I intended to add it to the PBL11 repayment and withdraw them together.  This balance has been stuck there for several weeks earning nowt.  I have exceeded my planned limit of investment in SS so all credit will be withdrawn as it becomes available but because the majority of loans are either extended or overrun I guess I will have to start selling some on the SM ahead of the term date.

OK - refinancing can take a long time but does anyone suspect that the young, relatively inexperienced, people running SS are being taken for a ride by older and wiser borrowers?    

No, not at all. In fact, I think SS have selected borrowers who have a high net wealth and are less likely to default. Remember, that borrowers can be pursued for any defaults even if the property value is sold below the loan value. That is less likely for wealthy borrowers. Also, note that PBL013 was to the same borrower and paid back early. Just sell your parts on the SM.