webwiz
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Post by webwiz on Sept 16, 2015 19:48:44 GMT
I vote for Bjørn's suggestion as the best so far: a system where you can only sell a pre-funded loan once you've funded it (either by selling parts you already hold on the SM or adding new money). That way people won't bid for more than they're happy to take. Easy idea to contemplate, probably harder to code without messing up the new BACS offset facility. Currently the automatically created BACS deficit is created by the pre-funding of a loan but it's not tied to that loan. Am I missing something? The idea is that a prefunded loan cannot be offered on the SM whilst there is a BACS deficit. That deficit can be cleared by either sending cash or selling other loans. A refinement would be that prefunded loans over a certain period, say a week or a month, previously can be sold to clear the deficit. Simple to code.
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mikes1531
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Post by mikes1531 on Sept 16, 2015 20:29:17 GMT
It's very easy to see how you could end up with an extended delay purely through not knowing. Loans sit in the pipeline for ages, then - bang - number assigned, live, and you owe a few hundred quid or more, to be paid within a couple of days. That's not always terribly convenient. All it takes is forgetting to turn off the pre-fund before you go away... You would certainly need to have a convincing note from your mum, but there should be a way to appeal at least the first strike. One thing that might help would be if SS were to send text messages when loans go live. Then it wouldn't require internet access to know that you owed money. But you'd still need an internet connection -- possibly via telephone mobile data roaming at an exorbitant cost -- in order to do something about it. But maybe an apologetic text to SS saying when you'll be able to settle your obligation would suffice as an appeal? In any case, it seems clear that you have to put 'cancel SS pre-funding instructions' on your pre-holiday ToDo list in the same way that you put 'cancel milk delivery' on it. (And I realise I'm showing my age here, but I still do have a milkman!  )
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adrianc
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Post by adrianc on Sept 16, 2015 20:33:43 GMT
It's very easy to see how you could end up with an extended delay purely through not knowing. Loans sit in the pipeline for ages, then - bang - number assigned, live, and you owe a few hundred quid or more, to be paid within a couple of days. That's not always terribly convenient. All it takes is forgetting to turn off the pre-fund before you go away... You would certainly need to have a convincing note from your mum, but there should be a way to appeal at least the first strike. One thing that might help would be if SS were to send text messages when loans go live. Then it wouldn't require internet access to know that you owed money. Which is all very nice, but... living somewhere with no mobile connection, not only do I not have SMS notifications set up, but I very rarely actually take my mobile anywhere with me.
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mikes1531
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Post by mikes1531 on Sept 16, 2015 20:55:40 GMT
One thing that might help would be if SS were to send text messages when loans go live. Then it wouldn't require internet access to know that you owed money. Which is all very nice, but... living somewhere with no mobile connection, not only do I not have SMS notifications set up, but I very rarely actually take my mobile anywhere with me. I've discovered, somewhat by accident, that it's possible to send a SMS to a landline. The phone rings and, when answered, a text-to-speech engine delivers the message. I don't know whether that service is available through all landline providers. But the bottom line is that if you're going to be out of touch you have to arrange your affairs to cope with that.
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adrianc
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Post by adrianc on Sept 16, 2015 21:02:37 GMT
Great, I can have an SMS to my landline. Ready for me to listen to when I get back home, at about the same time as I check my emails...
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mikes1531
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Post by mikes1531 on Sept 16, 2015 22:18:41 GMT
Great, I can have an SMS to my landline. Ready for me to listen to when I get back home, at about the same time as I check my emails... Everybody operates differently. I get so much email that I don't look at every one that arrives as soon as it arrives, whereas the phone doesn't ring nearly as often, so when it does ring I answer it. As a result, an SMS that arrives by phone will get my attention more quickly than an email would. But what works for me might not work for you.
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Post by savingstream on Sept 17, 2015 9:06:24 GMT
And yet the Loan Particulars states "The apartments have recently been granted full residential status; our borrower has found genuine buyers for all of the apartments..".
I didn't see a date on the VR. Did I miss it? I did see the paragraph that was supposed to indicate when the valuers visited the property. One was in 2012, IIRC. I expect the other visit was more recent, but there's a blank space where the date should be, and I wouldn't have thought that was felt to be sensitive data that needed to be redacted. Has anyone investigated the status of the planning application for the change to full-time residential use on the local authority website? The VR indicates it was 'Pending' at the time of the VR but, as noted above, I don't know how long ago that was. Planning was granted for full residential use of the apartments on the 17th September 2014.
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mikes1531
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Post by mikes1531 on Sept 17, 2015 13:04:06 GMT
Has anyone investigated the status of the planning application for the change to full-time residential use on the local authority website? The VR indicates it was 'Pending' at the time of the VR but, as noted above, I don't know how long ago that was. Planning was granted for full residential use of the apartments on the 17th September 2014. That's good to know. But it also means the valuation was made at least a year ago. 
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Post by meledor on Sept 17, 2015 14:02:11 GMT
Planning was granted for full residential use of the apartments on the 17th September 2014. That's good to know. But it also means the valuation was made at least a year ago.
The Loan Particulars indicate the valuation is dated August 2015 which accords with the development and refurbishment of the main building apartments. However if so this does suggest that Savills valuation is incorrect to say that P2014/0470 was still pending.
Perhaps Saving Stream could clarify?
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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 Sept 17, 2015 17:03:29 GMT
That's good to know. But it also means the valuation was made at least a year ago.
The Loan Particulars indicate the valuation is dated August 2015 which accords with the development and refurbishment of the main building apartments. However if so this does suggest that Savills valuation is incorrect to say that P2014/0470 was still pending.
Perhaps Saving Stream could clarify?
According to planning site, that decision was issued July 2015, so was still pending when valuation issued. Not sure what SS are referring to
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Post by supernumerary on Sept 17, 2015 19:01:32 GMT
Yesterday, there were 4,446 investors who had signed up with Saving Stream since launch.
Today that figure is 4,521, an increase of 75 in one day...
The amount of money needed to fund these loans, are substantially increasing Saving Streams investor numbers.
With the amount still available to fund currently at £870,090.57, it will be interesting to see what the investor numbers are, when this loan is fully funded.
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Post by meledor on Sept 17, 2015 19:16:29 GMT
The Loan Particulars indicate the valuation is dated August 2015 which accords with the development and refurbishment of the main building apartments. However if so this does suggest that Savills valuation is incorrect to say that P2014/0470 was still pending.
Perhaps Saving Stream could clarify?
According to planning site, that decision was issued July 2015, so was still pending when valuation issued. Not sure what SS are referring to
Strange. According to the planning site you referred to the actual committe date was 14 July 2014 (in Important Dates for the application in question).
The minutes of that meeting approving the application are contained here:
www.torbay.gov.uk/DemocraticServices/documents/g5462/Public%20reports%20pack%20Monday%2011-Aug-2014%2014.00%20Development%20Management%20Committee.pdf?T=10
This same date is also on the website for the development as being the date when full residency was approved.
I'm assuming some sort of administrative problem for the reason for the "decision issued date" to be 12 months later.
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jonah
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Post by jonah on Sept 17, 2015 19:26:35 GMT
Careful with the rules about identifying lenders there meledor |
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Post by queenvictoria on Sept 17, 2015 19:39:23 GMT
Yesterday, there were 4,446 investors who had signed up with Saving Stream since launch. Today that figure is 4,521, an increase of 75 in one day... The amount of money needed to fund these loans, are substantially increasing Saving Streams investor numbers. With the amount still available to fund currently at £870,090.57, it will be interesting to see what the investor numbers are, when this loan is fully funded. So the average investment is in the region of £10k then? c£44m / 4,500 investors.
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jonah
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Post by jonah on Sept 17, 2015 20:17:06 GMT
Over 100k bought up in the last hour or so, including 90k 160k from one investor.
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