PBL064 - Tenanted Office Block, Somerset DEFAULT

[Mod hat on]

You are missing the point. We have a standard forum-wide policy that borrowers should not be identified. It works fine and doesn't prevent discussion of specific loans amongst registered borrowers who can use a loan ID or loan descriptor as an identifier. The fact that savingstream see fit to make their borrower information freely accessible to anyone without registration is beside the point; the vast majority of P2P platforms do not and SS could change their policy on this at any time (indeed, I'm amazed they've not already, given the potential issues they may face with borrowers). Operating one policy on the SS board and another on the rest simply wouldn't work; people seem to have enough problems remembering the current standard rule, let alone tailoring their posts according to the board.

If a Times journalist were sued for defamation or libel by a disgruntled P2P borrower then they'd have the resources and expertise of the Times legal department to call upon. The unpaid, volunteer Mods of this forum have no such back-up and are not about to make themselves personally liable for the hassle, expense and risk of potential legal action against them. If someone wants to set up their own forum and openly discuss SS borrowers there, they are entirely free to do so. I would very likely join such a forum, but I certainly wouldn't volunteer to Moderate it!

Can you not get a taste of what's coming with the other loan this family have,excuses ,excuses and probably lies.

[Mod hat on]

Some of the posts on this thread are IMO verging on a hate campaign against the borrower, and have minimal bearing on the security held for this loan. My suspicsion is some of the posts on this thread have been made by people who have no investment in this loan, no investment in SS nor indeed any investment in p2p. Such posts are harming both SS and p2p in the wider context.

If you have no investment in either this loan, nor the other loan to this borrower please consider the extent to which your posts are indirectly harming small p2p investors vs your intent of hurting the borrower.  You are running the danger of hurting people just like you far more than your intended target.

Take a look at the advertised rental (google the name of the building from page 1 of the valuation report plus I**).... it is NOT a tin shed, it is a modern smart office building on an estate of similiar modern office buildings. The I** part of the building does have a roller shutter door, leading into state of the art modern clean IT workshops.  The rental offices are well fitted out with air conditioning suspended ceilings etc etc.

I certainly have no intention of harming small borrowers in SS, having witnessed the damage done to the investors in his previous scheme,I felt perhaps SS's exposure to this man was disproportionate to the risk. I think the result has been positive regarding the valuer re-evaluating the situation,forewarned is forearmed. And why launch a hate campaign against somebody so thick skinned and arrogant anyway.I hope your comments are based on an uninformed view,and not something which SS and p2p condone.

easilyparted In general my comments on this forum are based on my investment strategy for the p2p related part (well into 6 figures) of my portfolio which is spread over several platforms and well over 200 individual loans.  My background is as an engineering, IT, business and management consultant working with multinational corporations and FTSE-100 companies on manufacturing strategy.

I have a lower tolerance to risk than some p2p investors, and yet I have a large position in this loan which I have no intention of selling. At the risk of repeating myself, the loan is secured by a high quality asset, with at least in part a strong rental covenant.  The alledged background of the borrower's directors/shareholders does not IMO influence the valuation placed on the security for this loan.