Two loans expected to go live today.

Thanks Tim.
They have added that kind of info since I checked in earlier this morning.

It seems a pity that 3 of their pipeline loans have customers trying to find alternative options.
That would reduce the pipeline by >£120k.

Thanks - £18k+ still available.

Interesting fact that the first £20k took the same 20 mins to fund, the remaining £15k took a further hour.

I agree. 

I'm a bit surprised at the "Customer delay. Trying to find alternative options" comments.  I presume this is what happens when FS go back to the potential borrower to ask why they haven't sent in the money to pay for the valuation, and the borrower replies that they're not sure they want to proceed because they're looking around to see if they can get a better loan offer.  I suppose that just might be a negotiating tactic to see if they can squeeze a better deal out of Lendy.  Or it might be a situation where the borrower doesn't need the loan urgently enough to be willing to pay the significant costs involved, but wants to proceed as far as they can without putting out any money just to assure themselves that a loan is a real possibility. 

I wonder what proportion of enquiries get to this point and go no further?

I'm new to SS, so just dipping a toe in the water gingerly.

A question. I notice on the valuation report for both of these loans that "the engines have not been tested". Now I know nothing about conventions and practices in the boaty world, but this seems odd to me. It's like buying a used car without knowing if it actually goes.

Am I missing something? So what is the value of the security if it turns out there is something wrong?

Lendy only marks a loan as live once a borrower has committed, returned the signed paperwork, boat documentation and has received the funds.

We have experienced borrowers accepting the offer in principle, paying for a valuation survey, the valuation survey going ahead, the loan documents are produced, and at that point for whatever reason the borrower decides against proceeding. We received requests from our investors for us to share our pipeline and deal stages, so it is only logical that some visible pipeline deals will never go live. 

With regards the narrowboat valuations, the vast majority (90%+) of a narrowboat's valuation is in the quality of the hull structure and the cabin fit out. A very small value is attributed to the engine. This is the polar opposite to a speed boat for example where the majority of the boats value lies in the value of the engines.