am
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Post by am on Sept 5, 2016 13:45:08 GMT
Recent update: partial repayment and 6th month extension.
The valuation looked rather stretched for farmland, so I'd would be pleased to see a reduction in the loan amount. If I was sure that the repayment will take place I might even buy a bit more, rather than looking to sell off what's currently an overdue loan.
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Post by harryvederci on Sept 5, 2016 14:10:59 GMT
if you pop the property address into webcheck the borrowers business plan seems apparent - its not just SS who can crowdfund!
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stokeloans
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Post by stokeloans on Sept 21, 2016 17:17:42 GMT
Quite the about turn....
1 month ago..... The borrower is refinancing away from us, currently waiting on the offer then will instruct legals
5 days ago...We are waiting for funds to come in to reduce the overall loan and extend for a further 6 months.
What happened to the refinancing ?
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Post by martin44 on Sept 21, 2016 18:58:25 GMT
Quite the about turn.... 1 month ago..... The borrower is refinancing away from us, currently waiting on the offer then will instruct legals 5 days ago...We are waiting for funds to come in to reduce the overall loan and extend for a further 6 months. What happened to the refinancing ? They probably got wind of the imaginary re-zoning and potential £75m valuation that SS curiously (edit.. spuriously?) announced. 
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ben
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Post by ben on Sept 26, 2016 14:11:17 GMT
These all gone now that notification be repaid and reissued tommorow.
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adrianc
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Post by adrianc on Sept 26, 2016 14:24:09 GMT
These all gone now that notification be repaid and reissued tommorow. Gawd knows why anybody would buy them just for repayment tomorrow. And why bother pull them off the SM? Strange. Anyway - yep, 136 - single £5.6m loan. Lots of stuff starting to appear on the SM...
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bloodycat
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Post by bloodycat on Sept 26, 2016 14:40:53 GMT
Gawd knows why anybody would buy them just for repayment tomorrow. And why bother pull them off the SM? Strange. Anyway - yep, 136 - single £5.6m loan. Lots of stuff starting to appear on the SM... I doubt anyone has bought them, but if they are being repaid tomorrow then I would be inclined to cancel the sale to make sure I didn't forgo any interest, in the same way people cancel sales at the end of the month before the interest run.
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bg
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Post by bg on Sept 26, 2016 14:42:06 GMT
These all gone now that notification be repaid and reissued tommorow. Gawd knows why anybody would buy them just for repayment tomorrow. And why bother pull them off the SM? Strange. Anyway - yep, 136 - single £5.6m loan. Lots of stuff starting to appear on the SM... I bought them. Had the spare cash in my account so why not get the (virtually) risk free interest overnight.
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ben
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Post by ben on Sept 26, 2016 14:44:43 GMT
The other loans are all being repaid. So people have just done it for the interest.
If everyone wanted to stay invested then this loan will fill up pretty easily. Not a loan I put much in orgianlly but might go for a chunk this time as borrorower must be pretty convienced it will work to repay a chunk of the loan and reduce the borrowing. As it was he could have walked away without to much of a loss to them but if they walk away now £1.3 million is a pretty big loss.
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adrianc
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Post by adrianc on Sept 26, 2016 14:47:22 GMT
Gawd knows why anybody would buy them just for repayment tomorrow. And why bother pull them off the SM? Strange. Anyway - yep, 136 - single £5.6m loan. Lots of stuff starting to appear on the SM... (my bold) Something to do with rolling funds into the new loan? £5.6m is big - even for SS. They won't be rolling on. They're repaying the old four, and requesting pre-fund for the new loan. No pre-fund, no carry-forward, no parts - not least because there's a partial repayment. And it's Bottoms-Up...
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adrianc
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Post by adrianc on Sept 26, 2016 14:54:36 GMT
Gawd knows why anybody would buy them just for repayment tomorrow. And why bother pull them off the SM? Strange. Anyway - yep, 136 - single £5.6m loan. Lots of stuff starting to appear on the SM... I bought them. Had the spare cash in my account so why not get the (virtually) risk free interest overnight. The other loans are all being repaid. So people have just done it for the interest. Good point, I'd not thought of it that way. Now, I wonder if SS would like it if I bought the £23k that's there currently...?
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SteveT
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Post by SteveT on Sept 26, 2016 15:05:14 GMT
Not that I expect the issue to arise, but it would be tricky to repay the existing loans first if only £2-3m were pre-funded in the new loan. I doubt even SS are sitting on a multi-million float.
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arbster
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Post by arbster on Sept 26, 2016 15:14:00 GMT
Not that I expect the issue to arise, but it would be tricky to repay the existing loans first if only £2-3m were pre-funded in the new loan. I doubt even SS are sitting on a multi-million float. It's all "funny money" until withdrawal requests are processed. So they could easily "repay" existing loans, pre-fund new loans, and leave a bunch of positive balances burning a hole in people's pockets for 24 hours or so....
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SteveT
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Post by SteveT on Sept 26, 2016 15:27:54 GMT
Not that I expect the issue to arise, but it would be tricky to repay the existing loans first if only £2-3m were pre-funded in the new loan. I doubt even SS are sitting on a multi-million float. It's all "funny money" until withdrawal requests are processed. So they could easily "repay" existing loans, pre-fund new loans, and leave a bunch of positive balances burning a hole in people's pockets for 24 hours or so.... Er, no. Positive cash balances should be real money in the segregated Client Funds Account!
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ben
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Post by ben on Sept 26, 2016 15:38:10 GMT
I suprised they never gave an option to rollover and if everoyne wanted to then you only get percentage to make sure the loan got filled as it if did not could have left them the issue of not being able to repay the old loan even though they have stated they are going to. Although this is SS so they have history of saying one thing and doing another so would not be an issue to them.
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