sam i am
Member of DD Central
Posts: 697 
Likes: 555
|
Post by sam i am on Sept 24, 2015 10:54:37 GMT
The two Wolverhampton loans now have numbers on the Pipeline Loans page.
|
|
|
|
Post by fiatlender on Sept 24, 2015 11:35:08 GMT
PBL 60 now live £1.29m to fund
Edit: PBL 61 now live £578,000 to fund
|
|
sam i am
Member of DD Central
Posts: 697
Likes: 555
|
Post by sam i am on Sept 24, 2015 11:40:10 GMT
I'm a little surprised at the lower pre-funding for these loans, in particular PBL61. This was about 60% pre-funded representing a pre-fund pot of around £850,000. This is significantly lower than some other recent loans. Is the supply of funds beginning to dry up?
|
|
bjorn
Posts: 102
Likes: 39
|
Post by bjorn on Sept 24, 2015 11:44:35 GMT
I'm a little surprised at the lower pre-funding for these loans, in particular PBL61. This was about 60% pre-funded representing a pre-fund pot of around £850,000. This is significantly lower than some other recent loans. Is the supply of funds beginning to dry up? Or people have noted from the last few new loans that there are opportunities to pick up more after launch so haven't overbid on pre-funding. And/or have upped their pre-funding on smaller ones like the two Hackney loans where pre-funding is likely to be greater than loan size.
|
|
mack
Posts: 85
Likes: 90
|
Post by mack on Sept 24, 2015 11:50:33 GMT
I'm a little surprised at the lower pre-funding for these loans, in particular PBL61. This was about 60% pre-funded representing a pre-fund pot of around £850,000. This is significantly lower than some other recent loans. Is the supply of funds beginning to dry up? Why be surprised? A few weeks ago everyone was complaining about the lack of ability to invest so in all likelihood most have already put in all their funds as there seemed little patience to buy over several months. Prefund estimates are a waste of time as there is a presumption that every investor has that same amount to put into each loan. This will not be the case. There will not be £2million each time.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Sept 24, 2015 11:53:46 GMT
And with over £2.5m available across the platform, it will be a while before SS lenders are stuck for a home for spare cash.
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Sept 24, 2015 12:03:28 GMT
Dear SS will you perlease clarify if old or new t&c on each loan as it is announced
|
|
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
|
Post by ilmoro on Sept 24, 2015 12:13:46 GMT
Dear SS will you perlease clarify if old or new t&c on each loan as it is announced Theyve already said that all the loans in the pipeline are under old T&CS, though perhaps they need to communicate this to all lenders not just us.
|
|
paulgul
Member of DD Central
Posts: 401
Likes: 92
|
Post by paulgul on Sept 24, 2015 12:45:38 GMT
I'm a little surprised at the lower pre-funding for these loans, in particular PBL61. This was about 60% pre-funded representing a pre-fund pot of around £850,000. This is significantly lower than some other recent loans. Is the supply of funds beginning to dry up? Perhaps in the early prefund days people were over estimating their prefund amount thinking they were only going to get a percentage of their requirements. Now, on theses larger loans, we get what we ask for some may have reduced their prefund amounts
|
|
sam i am
Member of DD Central
Posts: 697
Likes: 555
|
Post by sam i am on Sept 24, 2015 12:53:53 GMT
I'm a little surprised at the lower pre-funding for these loans, in particular PBL61. This was about 60% pre-funded representing a pre-fund pot of around £850,000. This is significantly lower than some other recent loans. Is the supply of funds beginning to dry up? Why be surprised? A few weeks ago everyone was complaining about the lack of ability to invest so in all likelihood most have already put in all their funds as there seemed little patience to buy over several months. Prefund estimates are a waste of time as there is a presumption that every investor has that same amount to put into each loan. This will not be the case. There will not be £2million each time. Surprised for a number of reasons: * the pre-fund pot for this loan was considerably smaller than we have seen before * based on previous pot sizes it might have been expected that this would fill before launch therefore encouraging more pre-funding * I had expected a number of people who had bought the earlier loans to pre-fund this one and then sell some of their existing holding to spread their investment * But I was particularly surprised at the pre-fund pot for PBL61 being considerably smaller than for PBL60 even though it is a smaller loan with a lower LTV But it was only a little surprise (apart from the last point) and your counter-points are valid. It will be interesting to see what the pre-fund for the Hackney loans will be.
|
|
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
|
Post by ilmoro on Sept 24, 2015 13:05:54 GMT
Why be surprised? A few weeks ago everyone was complaining about the lack of ability to invest so in all likelihood most have already put in all their funds as there seemed little patience to buy over several months. Prefund estimates are a waste of time as there is a presumption that every investor has that same amount to put into each loan. This will not be the case. There will not be £2million each time. Surprised for a number of reasons: * the pre-fund pot for this loan was considerably smaller than we have seen before * based on previous pot sizes it might have been expected that this would fill before launch therefore encouraging more pre-funding * I had expected a number of people who had bought the earlier loans to pre-fund this one and then sell some of their existing holding to spread their investment * But I was particularly surprised at the pre-fund pot for PBL61 being considerably smaller than for PBL60 even though it is a smaller loan with a lower LTV But it was only a little surprise and your counter-points are valid. It will be interesting to see what the pre-fund for the Hackney loans will be. I think the market is a little bit sated at the moment. Thats 10.5mil net in 2 weeks. Outside of FC, RS, Z does any other platform generate that sort of volume. Suspect it might take a little while for demand to catch up
|
|
shimself
Member of DD Central
Posts: 2,563
Likes: 1,171
|
Post by shimself on Sept 24, 2015 13:12:33 GMT
Dear SS will you perlease clarify if old or new t&c on each loan as it is announced Theyve already said that all the loans in the pipeline are under old T&CS, though perhaps they need to communicate this to all lenders not just us. I guessed, but still. Then theoretically only 3 to go
Residential, Hackney £500,000 £350,000 70% 4
Office building, Somerset £3,000,000 £2,100,000 70% 4 n/a
Commercial, Hackney £425,000 £297,500 70%
But I find their silence on the matter a bit odd
|
|
rogerbu
Member of DD Central
Posts: 398
Likes: 213
|
Post by rogerbu on Sept 24, 2015 14:00:45 GMT
No mention of security
Am I being thick. I can't see anywhere what security is being taken. 1st Charge, 2nd Charge, nth charge etc.
Also, I cannot see any difference between the loans except the amount.
Same borrower.
Same Valuation.
Same Blurbs.
Without any security being taken, the developer could be raking in multiple loans against the same valuation etc.
These two don't seem upto SS normal standard!
|
|
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
|
Post by ilmoro on Sept 24, 2015 14:14:22 GMT
No mention of security Am I being thick. I can't see anywhere what security is being taken. 1st Charge, 2nd Charge, nth charge etc. Also, I cannot see any difference between the loans except the amount. Same borrower. Same Valuation. Same Blurbs. Without any security being taken, the developer could be raking in multiple loans against the same valuation etc. These two don't seem upto SS normal standard! Its in the CR. PRIMARY SECURITY 1st charge mortgage SECONDARY SECURITY Debenture & PGs
PBL60 1st charge over Phase 1 at Market Value PBL61 1st charge over residual site (ie excluding phase 1) you have to marry the valuation sums with the security sums given in CR to work it out exactly
|
|
paulg
Member of DD Central
Posts: 312
Likes: 189
|
Post by paulg on Sept 24, 2015 14:58:18 GMT
I'm a little surprised at the lower pre-funding for these loans, in particular PBL61. This was about 60% pre-funded representing a pre-fund pot of around £850,000. This is significantly lower than some other recent loans. Is the supply of funds beginning to dry up? Another point to bear in mind is that these two loans are to the same borrower - prefund totaling £2,077k, so some investors will have spread the amount they want to invest between them.
|
|
