Newbie Qn re start times and bid amounts on live auction.

It should be automatic and close to instant. Make sure that you press "save" for each prefunding you do otherwise it is not sent to the server and will be lost.

Edit: Crossed with everyone else. 

Apparently not; some members have confirmed that they have no pre-funding, but got the e-mail.

Make sure you send an e-mail to SS tomorrow, as this seems to be a problem quite a few members are suffering from.

No problem jivan ; happy to help.

Indeed not necessary to have in list to prefund; however when the loans are in a list it shows the “prefunding” column to make it easier to explain to others how to prefund  .  You seem to be getting the hang of things; now maybe you'll want to try your luck in the secondry market (good luck  )

@cooling_dude .. Now that's unkind, winding him up about the SM. 8>.
Although, just maybe, there might be some more super-yacht for sale tomorrow .. if PBL 75/6 get off the launchpad that is.

jivan .. getting SS to tell us how much interest they actually took/hold is one of the complaints you'll find discussed on several threads here.
However you are right about the risks (that's how come you get 1% a month and not 1% a year). Two main risks .. liquidity (can you get out when you thought you could) and risk to capital (or capital + interest). Hopefully the assets are worth more than the loan, and are insured, and are actually owned by the borrower .. in which case you just have to worry about a possible property crash (-30% or more), the value if you have to shift them quickly (often less than book value), and whether you can keep eating while the liquidation takes place (do NOT put all your eggs in the P2P basket!!). If SS crashes, there is supposed to be a backup plan to take over debt collection (a FCA requirement) .. like most safety nets, you just have to hope it'll work, coz it's never been tested.

i)  If a loan defaults, SS will let you know. Interest will keep occurring 12%, but you will not receive the interest until the assets are sold.  Also it is understood that you will still be able to trade the loan on the SM.  Any problems selling the assets, then SS will dip into their provident funds. If the provident funds does not cover the loan & interest, that’s when we would loose out.

ii) With the new T&C the loans are between us & the borrower not Lendy Ltd. If the platform fails the borrower will still owe us the money, but of course the complexity of this would mean there's a risk we would not get back some or all of the money owed. On old T&C loans the loan is between us & Lendy Ltd, so if the platform fails we would most likely loose our money

iii) It shouldn't matter unless; a. the loan is actually for the asset or b. the loan defaults. In either case, once again SS will dip into the provident fund, and if the provident fund does not cover the loan + interest we would loose out.

iv) SS will always be in contact with the borrower, and quite often extend or relist a loan.  They will only do so if the borrower pays the inteast for the extended term

Remember that these are Bridging loans; they are a short-term funding options. They are primarily used to 'bridge' a gap between a debt coming due and the credit becoming available.

OK, I get that they are bridging loans, but I've just looked at one in the pipeline, for development of farmland, where the "Exit Strategy" is as follows;

Gain planning; development finance; sale

Why would you invest in a loan with such a complex exit strategy when one can earn identical rates on a straightforward bridging loan for the purchase of a residential property, where the exit strategy is clear and straightforward?

i) Slight correction to this. Loans held under the old T&Cs, anything before PBL64, except 59, 37,38, 39, (to the best of our knowledge) will continue to pay interest even in the event of default because those are loans to Lendy. New T&C loans would roll up interest until recovery. Provison fund covers both.
ii) While old T&C loans are to Lendy, if the platform failed there are mechanisms (insurance to cover the cost) to wind the loan book down so loses would depend on ability to realise security. How much money would be realised may also be dependent on what other creditors Lendy had as they may also have claim to Lendys assets (ie loans not not held by the Trust)

Variations between T&Cs here

jivan . This may be of interest p2pindependentforum.com/post/47560/thread