Jeepers
Member of DD Central
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Post by Jeepers on Aug 8, 2016 11:24:49 GMT
Think someone has been spooked by the article and is selling up his loan book ...... Lots of similarly sized chunks of quite decent long dated loans coming up in quick succesion on the SM.... Well they didn't last very long if they did.
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Post by retired2005 on Aug 8, 2016 11:27:03 GMT
The loan parts on the SM....? Indeed they didnt I sat and watched them come and go in seconds......
Edit: all £30-60 chunks of 100 plus day loans - two more just come and gone ..... a 109 day care home and a bit of Glasgow (v. small amount of the care home still there ....)
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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Post by Jeepers on Aug 8, 2016 11:31:56 GMT
The loan parts on the SM....? Indeed they didnt I sat and watched them come and go in seconds...... Yep, I quickly logged on in the hope of getting some more but they'd already gone 😒
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fp
Posts: 1,008
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Post by fp on Aug 8, 2016 11:33:36 GMT
There has been a steady flow all morning, i'm sure there will be plenty more before the day is out.
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Post by Deleted on Aug 8, 2016 11:47:05 GMT
So... the Times author is the same one who has been active on SavingStreams twitter feed?
The one making comments about borrower background... and who has also written articles on the borrower in the past?
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Post by retired2005 on Aug 8, 2016 11:49:18 GMT
YAY!!
Dont know if its still the same person .... expect so..... bbut just got a small chunk of Liverpool 92 !!
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Post by xyon100 on Aug 8, 2016 12:15:49 GMT
New to this thread, it is extremely confusing and difficult to work out what is going on here. Could somebody following this please summarise which loans are involved and what the problem is, if there is indeed one?
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Post by dualinvestor on Aug 8, 2016 12:18:04 GMT
The exit strategy listed in the loan particulars is 'Refinance with Commercial Mortgage'. I raised that with SS last year after I had done some checks on the individuals concerned and questioned how they would ever get a commercial mortgage with their credit history - I did't get a response. Regardless of the recent Times article, there was already significant reputational risk to SS from this transaction - it doesn't pass the smell test! There are lots of other red flags, not just the credit history of the individuals concerned. The rent for half the office comes from a related company, which questions the value of that income stream. The original SS loan was to refinance another bridging loan (why not go commercial if the rent covenent is so strong...) Bottom line is that a significant number of borrowers who resort to paying 18%+ for bridging finance have 'issues' that mean mainstream finance not readily available - it isn't always that the Banks don't want to lend on a particular type of asset. SS primarily base investment decisions (as do SS investors) on the valuation of the collateral and future saleability/recovery. made a post in the last few days (on this thread but good luck finding it) quoted in the Times article where they said that the history of the debtor was not relevent to his ability to repay the loan. They also said in the post that alternative exit routes were also being explored including sale of the property. You are not the first to point out that the feasibility of the original strategy seem a little far fetched. Even ignoring his own credit history this debtor is suppossed to have experience of credit broking, if he could not arrange a "mainstream" loan in October 2015 that situation is unlikely to change by October 2016. Whilst a large portion is occupied by a blue chip tenant the remainder is occupied by associated company(ies) of the debtor, the "yield calculation of value" (12 times annual rent) made no distinction between the hugely different covenants offerred by the separate tenants. Edit Link to post p2pindependentforum.com/post/131348
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Post by geraldine1210 on Aug 8, 2016 12:21:43 GMT
New to this thread, it is extremely confusing and difficult to work out what is going on here. Could somebody following this please summarise which loans are involved and what the problem is, if there is indeed one? If I were you, I would start from the beginning of the thread and read through. Joining in at this stage is likely to make your head spin, unless you read from the beginning.
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Post by geraldine1210 on Aug 8, 2016 12:26:20 GMT
There has been a steady flow all morning, i'm sure there will be plenty more before the day is out. For people who can hold their nerve, there will certainly be some nice loan parts available.
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Post by xyon100 on Aug 8, 2016 12:29:07 GMT
New to this thread, it is extremely confusing and difficult to work out what is going on here. Could somebody following this please summarise which loans are involved and what the problem is, if there is indeed one? If I were you, I would start from the beginning of the thread and read through. Joining in at this stage is likely to make your head spin, unless you read from the beginning. I don't have time right now for 26 pages. And yes, it IS making my head spin. I'll have to check back later. For now I have to see if my Belgian new agent has a copy of The Times.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
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Post by ilmoro on Aug 8, 2016 12:50:44 GMT
If I were you, I would start from the beginning of the thread and read through. Joining in at this stage is likely to make your head spin, unless you read from the beginning. I don't have time right now for 26 pages. And yes, it IS making my head spin. I'll have to check back later. For now I have to see if my Belgian new agent has a copy of The Times. Youll be wasting your money, just go to Times site and register for free. Google the article title referred to [ Link removed], login and read.
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Post by easilyparted on Aug 8, 2016 18:36:52 GMT
So... the Times author is the same one who has been active on SavingStreams twitter feed? The one making comments about borrower background... and who has also written articles on the borrower in the past? And the one who knows there's a much bigger story in this.Not Saving Stream orientated may I add,you guys were just in the wrong place at the wrong time.
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Post by martin44 on Aug 8, 2016 19:27:08 GMT
So... the Times author is the same one who has been active on SavingStreams twitter feed? The one making comments about borrower background... and who has also written articles on the borrower in the past? And the one who knows there's a much bigger story in this.Not Saving Stream orientated may I add,you guys were just in the wrong place at the wrong time. Are we to tar anyone who deals with Mr P******** with the same brush.
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Post by easilyparted on Aug 8, 2016 20:20:27 GMT
And the one who knows there's a much bigger story in this.Not Saving Stream orientated may I add,you guys were just in the wrong place at the wrong time. Are we to tar anyone who deals with Mr P******** with the same brush. If you think SS have been misled and the unfortunate victims of this mans misrepresentation,then yes,I'm happy to be tarred with that same brush.
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