adrianc
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Post by adrianc on Dec 20, 2015 11:00:55 GMT
I see that SS have read these comments (they "liked" the one two up) but they have still not clarified how "bottom up" will work. Sniff. Maybe it's deliberate to frustrate gamers. Maybe. We'll find out soon enough. If we believe their updates, 74 and 49b - less than half a mill between them - are both due to land this week. The on-going indigestion from 73 might put a mild damper on the shenanigans, but they really are just a waffer-theen meent.
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Post by solicitorious on Dec 20, 2015 11:21:25 GMT
What's 49b?
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ben
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Post by ben on Dec 20, 2015 11:32:52 GMT
I see that SS have read these comments (they "liked" the one two up) but they have still not clarified how "bottom up" will work. Sniff. Maybe it's deliberate to frustrate gamers. Maybe. We'll find out soon enough. If we believe their updates, 74 and 49b - less than half a mill between them - are both due to land this week. The on-going indigestion from 73 might put a mild damper on the shenanigans, but they really are just a waffer-theen meent. Think with that amount between them even with 73 ongoing they will still go pretty quick
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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 Dec 20, 2015 11:37:05 GMT
Another 150k being loaned to borrower of Pebble 49. See this weeks update for that loan.
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chrisf
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Post by chrisf on Dec 20, 2015 13:13:20 GMT
I don't suppose we can pre-fund a top-up loan like 49b then?
Edit: I see from the recent update that 49b will be going up as a new loan, so yes, we will be able to pre-fund. It will be a bottoms-up job where we get 50 quid each though.
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adrianc
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Post by adrianc on Dec 20, 2015 14:12:58 GMT
I don't suppose we can pre-fund a top-up loan like 49b then? Edit: I see from the recent update that 49b will be going up as a new loan, so yes, we will be able to pre-fund. It will be a bottoms-up job where we get 50 quid each though. About £125, if the same number of pre-funders as usual go for it, and assuming none are £100-only-thanks.
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ablender
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Post by ablender on Dec 20, 2015 14:26:04 GMT
I don't suppose we can pre-fund a top-up loan like 49b then? Edit: I see from the recent update that 49b will be going up as a new loan, so yes, we will be able to pre-fund. It will be a bottoms-up job where we get 50 quid each though. About £125, if the same number of pre-funders as usual go for it, and assuming none are £100-only-thanks. Is there any info about the charge? Equal to the first loan or as second charge?
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mikes1531
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Post by mikes1531 on Dec 20, 2015 16:46:41 GMT
I don't suppose we can pre-fund a top-up loan like 49b then? Edit: I see from the recent update that 49b will be going up as a new loan, so yes, we will be able to pre-fund. Only we can't pre-fund it until the loan appears on the Pipeline Loans page. And I do hope it appears there more than just a few hours before it goes live. If it doesn't, savingstream are going to upset quite a few people.
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mikes1531
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Post by mikes1531 on Dec 20, 2015 16:52:29 GMT
Is there any info about the charge? Equal to the first loan or as second charge? Wouldn't it have to be secured by a second charge? Even if SS hold all the same paperwork and simply add the extra amount to their existing charge, I don't think they can give the new lenders equal priority with the initial lenders without breaking the conditions agreed with the initial lenders when they invested. Having said that, though, I expect they could if they had the permission of the existing first charge lenders.
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adrianc
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Post by adrianc on Dec 20, 2015 17:00:02 GMT
Only we can't pre-fund it until the loan appears on the Pipeline Loans page. And I do hope it appears there more than just a few hours before it goes live. If it doesn't, savingstream are going to upset quite a few people. I don't think they've ever promised that all new loans will appear on the pipeline page - and there is the default pre-fund option. If somebody chooses not to set that, then they can't really complain if they don't pre-fund a specific new loan, imho.
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ablender
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Post by ablender on Dec 20, 2015 17:06:44 GMT
Is there any info about the charge? Equal to the first loan or as second charge? Wouldn't it have to be secured by a second charge? Even if SS hold all the same paperwork and simply add the extra amount to their existing charge, I don't think they can give the new lenders equal priority with the initial lenders without breaking the conditions agreed with the initial lenders when they invested. Having said that, though, I expect they could if they had the permission of the existing first charge lenders. I seem to remember new loans coming in with equal charge to previous loans somewhere. I cannot remember which platform (possibly FS but could be mistaken) and the circumstances of that loan. Anyone recalls anything similar? I will try to look it up.
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Post by solicitorious on Dec 20, 2015 17:10:30 GMT
Only we can't pre-fund it until the loan appears on the Pipeline Loans page. And I do hope it appears there more than just a few hours before it goes live. If it doesn't, savingstream are going to upset quite a few people. I don't think they've ever promised that all new loans will appear on the pipeline page - and there is the default pre-fund option. If somebody chooses not to set that, then they can't really complain if they don't pre-fund a specific new loan, imho. I don't think the understanding is we agree to fund everything and anything that SS may throw out "blind" ! The problem is we do have a pre-funding default. Are we supposed to switch that off, lest we accidentally pre-fund something we never see and don't want? 
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ben
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Post by ben on Dec 20, 2015 17:10:43 GMT
I can not see how it can be legal to loan an extra 150,000 and say they have the same priority over the original loan. Its a bit like buying a car on lease then the company changing it half way through it is complete different to what you agreed to. I would guess they would do like they have with the Liverpool one class it as secondary loan
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ben
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Post by ben on Dec 20, 2015 17:11:38 GMT
I don't think they've ever promised that all new loans will appear on the pipeline page - and there is the default pre-fund option. If somebody chooses not to set that, then they can't really complain if they don't pre-fund a specific new loan, imho. I don't think the understanding is we agree to fund everything and anything that SS may throw out "blind" ! The problem is we do have a pre-funding default. Are we supposed to switch that off, lest we accidentally pre-fund something we never see and don't want? I do not use the default on either as I do not want the Hull one when it is released
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chrisf
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Post by chrisf on Dec 20, 2015 18:27:19 GMT
I don't think the understanding is we agree to fund everything and anything that SS may throw out "blind" ! The problem is we do have a pre-funding default. Are we supposed to switch that off, lest we accidentally pre-fund something we never see and don't want? I do not use the default on either as I do not want the Hull one when it is released You can still have a default pre-fund set and manually set Hull to £0 after that, if you were worried about missing out on 49b.
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