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Post by xyon100 on Feb 24, 2016 10:51:57 GMT
The ability to invest and pay later is one of the major attractions of SS, along with the simple and effective secondary market. My entire P to P investment portfolio is spread across 5 platforms, but 50 percent of my portfolio is with SS. I'm no longer investing on one site at all any more due to cash sitting idle waiting for investments and the cash continuing to sit idle while the investment is activated. I also don't like secondary markets where people can add premiums. No such problems with SS. There might be some tweaking to do regarding loan allocation, but I don't really think there is much wrong to fix here. There is no money "sitting idle" on MT. Deposits and withdrawals are actioned in minutes (automatically I assume) plus whatever time your bank takes (should be <2 hours or you need a new bank). The only drawback compared to SS is that you have to do two bank transfers instead of one if you want to withdraw the uninvested cash. About 60 secs of work is a small price to pay to avoid the gaming shambles on SS IMHO. Well firstly, I was not talking about MT. I know nothing about MT. I was thinking of FS. Yes, transfers to and from bank may well be fast, but the money is making nothing in the bank, either. So do I keep money in the bank earning nothing or have it sitting on FS earning nothing waiting to grab a slice of investment that then sits waiting to be activated, again earning nothing, or do I have it earning 12 percent on SS? In fact I have just noticed that £2000 invested in what feels like a lifetime ago is still awaiting activation on FS while earning precisely nothing. So no, I'm not investing there any more. Yes, it may take a little determination to grab bits of the SS secondary market at times, but there are very good reasons for the popularity of SS.
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webwiz
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Post by webwiz on Feb 24, 2016 12:22:16 GMT
There is no money "sitting idle" on MT. Deposits and withdrawals are actioned in minutes (automatically I assume) plus whatever time your bank takes (should be <2 hours or you need a new bank). The only drawback compared to SS is that you have to do two bank transfers instead of one if you want to withdraw the uninvested cash. About 60 secs of work is a small price to pay to avoid the gaming shambles on SS IMHO. Well firstly, I was not talking about MT. I know nothing about MT. I was thinking of FS. Yes, transfers to and from bank may well be fast, but the money is making nothing in the bank, either. So do I keep money in the bank earning nothing or have it sitting on FS earning nothing waiting to grab a slice of investment that then sits waiting to be activated, again earning nothing, or do I have it earning 12 percent on SS? In fact I have just noticed that £2000 invested in what feels like a lifetime ago is still awaiting activation on FS while earning precisely nothing. So no, I'm not investing there any more. Yes, it may take a little determination to grab bits of the SS secondary market at times, but there are very good reasons for the popularity of SS.
OK. I agree with you about FS. I recommend MT unreservedly. It does not have INPL but IMO does not need it. There is also the option of AC's QAA which pays 3.75% for funds waiting for loans to come up on SS with (so far) instant access, but be aware that AFAIK it carries the same risk as any other loan fund, so you are paying a price for that liquidity. We will have to agree to disagree about the desirability of INPL which seems to me to offer slight convenience at the price of disorderly prefunding.
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Post by GSV3MIaC on Feb 24, 2016 12:31:44 GMT
I wonder how much of the disorder in prefunding is down to people who set '£x k for all loans' and then faded into the distance (or died, or got incarcerated or whatever). This facility is very useful, but needs some sort of 'dead man's handle' IMO .. either gets reset (after an email asking you to reconfirm) every X months or Z loans, or at least gets reset to 0 and locked if you fail to transfer cash to cover a prefund, without a very good excuse (being dead is just about acceptable). That still leaves the avid gamers, but I guess burned fingers (assuming SS has the cash to cover the shortfall) might cure that.
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mikes1531
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Post by mikes1531 on Feb 24, 2016 15:34:52 GMT
In fact I have just noticed that £2000 invested in what feels like a lifetime ago is still awaiting activation on FS while earning precisely nothing. So no, I'm not investing there any more. : Are you referring to the wind turbine loan? If so, you should be aware that FS have committed to paying interest from Monday (22/Feb) no matter when it actually is activated. FS have been very good in the past about honouring commitments such as this. There even have been cases where the loan deal collapsed before drawdown and FS paid the interest anyway -- probably out of their own pocket.
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jfm
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Post by jfm on Feb 24, 2016 21:51:00 GMT
...being dead is just about acceptable I would think that being dead was a good reason not to accept more pre-funding
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Post by xyon100 on Feb 25, 2016 11:07:50 GMT
In fact I have just noticed that £2000 invested in what feels like a lifetime ago is still awaiting activation on FS while earning precisely nothing. So no, I'm not investing there any more. : Are you referring to the wind turbine loan? If so, you should be aware that FS have committed to paying interest from Monday (22/Feb) no matter when it actually is activated. FS have been very good in the past about honouring commitments such as this. There even have been cases where the loan deal collapsed before drawdown and FS paid the interest anyway -- probably out of their own pocket. Yes I was and yes you are right. I just noticed when I logged in this morning.
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Post by p2plender on Jul 21, 2016 18:30:58 GMT
I thought this had a buyer waiting in the wings. Surprised to come across it for sale online.
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Liz
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Post by Liz on Jul 21, 2016 20:03:11 GMT
I thought this had a buyer waiting in the wings. Surprised to come across it for sale online. Do you have any more information? When are we going to get loans that repay without issue?
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jcb208
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Post by jcb208 on Jul 21, 2016 20:31:07 GMT
I work on this type of property all the time ,including this area and at the minute there not selling,expect it to be hanging around for a year or 2 unless the price is dropped significantly
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Post by harvey on Jul 21, 2016 20:41:03 GMT
Unless I'm mistaken Right Move shows it was put on the market for sale in November 2015 and the guide price was reduced to £4.75 million in January 2016.
It looks very much as though the owner of the property has been flying a kite on this one for the past eight months but has failed to catch a lucky gust of wind and unless a buyer has indeed now been found but contracts have not yet been exchanged, I too would think it will be very difficult to shift except at considerably considerably considerably less than the numbers being talked about. These sort of properties are exactly the sort of properties that are going to be hardest hit by current events and reduction in overseas investors.
That said, the SS loan is for about half of the guide price so even if you knock about 2 million off and achieve a sale, it would still be possible to ensure there is no loss in the event of the borrower not being able to pay back.
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ben
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Post by ben on Jul 21, 2016 20:50:42 GMT
latest update was repayment expected shortly granted with how SS are this could mean anytime.
But the loan quite clearly stated "Our borrower has completed this new build very recently; there is a potential buyer who is willing to exchange subject to various modifications of certain aspects of the property for which our borrower needs our funds to complete plus repayment of existing debt of circa £2m. This agreement will all be agreed legally before they commence any work for this prospective buyer"s
So what happened to this and if this legal work was not signed of why did SS go ahead with this loan as that what we were lending agasint for. If they stated it was so they could just pay of some other loans I would not have lent on this one.
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jcb208
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Post by jcb208 on Jul 21, 2016 20:58:27 GMT
Having dealings on these new properties I Know what they go up for sale for and usually what they sell for .I would guess they will still get about 3.5Million for a quick sale
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Post by p2plender on Jul 21, 2016 21:01:06 GMT
Well if the 'original' buyer pulled out, it sure would have altered my views on investing in this. Might be worth marketing to a wealthy U.S hedge fund type given state of pound.
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locutus
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Post by locutus on Jul 21, 2016 21:02:47 GMT
I thought this had a buyer waiting in the wings. Surprised to come across it for sale online. PBL081 has been for sale (viewable online) ever since the SS loan went through. At best the borrower is hedging his position against a lined-up buyer, but I doubt there really was one. (I sold this one a while ago.) Edit: I have record of it being for sale online since 27 March, although it could have been for sale prior to that date. The SS loan went live on 23 Feb. Property Bee shows 03/03/2016. It may have been listed with another agent prior to that though. For those not familiar with Property Bee, I highly recommend it. It shows full history of any changes for a property listing on Rightmove. It is good for seeing how long a property has been hanging about and any price changes that have happened. www.property-bee.com/
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treeman
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Post by treeman on Jul 21, 2016 21:14:47 GMT
PBL081 has been for sale (viewable online) ever since the SS loan went through. At best the borrower is hedging his position against a lined-up buyer, but I doubt there really was one. (I sold this one a while ago.) Edit: I have record of it being for sale online since 27 March, although it could have been for sale prior to that date. The SS loan went live on 23 Feb. Property Bee shows 03/03/2016. It may have been listed with another agent prior to that though. For those not familiar with Property Bee, I highly recommend it. It shows full history of any changes for a property listing on Rightmove. It is good for seeing how long a property has been hanging about and any price changes that have happened. www.property-bee.com/The RM listing has a note - Reduced on 23/01/2016 by W********, Guildford - so I guess it's been on sale somewhat longer than that ..............
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