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Post by savingstream on Feb 26, 2016 19:42:35 GMT
E-mail received from SS on 26/02/2016 Can you clarify how much notice we should now expect to receive that new loans are going to go live? You started with 2 days notice which I thought worked very well but the e-mails for PBL 83/84 have both only given 1 days notice. We appreciate that giving as much notice as possible is preferable but you must remember that we are short term lenders who compete on a speed to completion basis and therefore 48 hours notice to go live, collecting the funds, and transfer can conflict with our ability to be a speedy lender. 24 hours notice is a decent compromise.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Feb 26, 2016 20:05:00 GMT
savingstreamWhy you are online, and we have your attention; any chance of you sharing the appendices (plans and photos) of this loan, please  ?
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ablender
Member of DD Central
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Post by ablender on Feb 26, 2016 20:50:49 GMT
I am slightly perturbed by the fact that there is a loan going live on a Saturday. Could I respectfully request that any future loans go live on a weekday, when I should be working, and not on a weekend when I will be playing golf?
Yours in anticipation.
 I thought golf-time is when big business happens.
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goopy
Member of DD Central
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Post by goopy on Feb 26, 2016 22:21:54 GMT
Indeed. Those who waste time trying to hit a small ball into a small hole with a stick deserve everything they get. And that's before we go near their taste in knitwear... And troosers. And socks. And shoes. And hats. I can't think what you're getting at..... 
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ablender
Member of DD Central
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Post by ablender on Feb 26, 2016 23:29:32 GMT
savingstream Why you are online, and we have your attention; any chance of you sharing the appendices (plans and photos) of this loan, please ? There are some pix from a Savills listing but the info may be long out of date and may not include the same properties as covered by the SS loan. That's my dream house. I want it.
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ilmoro
Member of DD Central
'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 Feb 27, 2016 0:30:33 GMT
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Feb 27, 2016 0:48:48 GMT
After reading that (first) article, there is now nobody I want to play golf more with than with Arnie......
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 27, 2016 2:19:26 GMT
I can't see why the borrower want's this loan, they want to sell the estate. I prefer loans where the borrower is adding value and the LTV will improve. This one has a 180 day market valuation of 95% LTV when you include 6 months lender interest (100% LTV when you include platform interest and costs of sale). I suggest lenders read Sections 4.5 and 5.3 of the VR.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Feb 27, 2016 2:35:18 GMT
I can't see why the borrower want's this loan, they want to sell the estate. I prefer loans where the borrower is adding value and the LTV will improve. This one has a 180 day market valuation of 95% LTV when you include 6 months lender interest (100% LTV when you include platform interest and costs of sale). I suggest lenders read Sections 4.5 and 5.3 of the VR. Although I can't see a strategy for the borrowers reason for needing the loan, the overview states the purpose of the loans is "Purchase". Therefore, I assume that the borrower is not the current owner of the security and that they are looking for the loan to purchase the property and using it as security against the loan. It is also worth adding that an additional £360,000 of value could be added to the estate (read 5.1 of the valuation for more information). I missed section 4.5 in my own summary; it's quite important so I will add it. However, the surveyor did the valuation with this in mind, so their indicated market value should represent this, but they do go on to say that a marketing period of 12 months might be required to sell the property. I wouldn't be worried about 5.3; the surveyor actually starts by saying "may have a particular appeal and, in the event of a sale, this may result in a relatively short marketing period and / or a price exceeding expectation", then seems to backtrack to cover their own back.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
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Post by sqh on Feb 27, 2016 3:06:38 GMT
I can't see why the borrower want's this loan, they want to sell the estate. I prefer loans where the borrower is adding value and the LTV will improve. This one has a 180 day market valuation of 95% LTV when you include 6 months lender interest (100% LTV when you include platform interest and costs of sale). I suggest lenders read Sections 4.5 and 5.3 of the VR. Although I can't see a strategy for the borrowers reason for needing the loan, the overview states the purpose of the loans is "Purchase". Therefore, I assume that the borrower is not the current owner of the security and that they are looking for the loan to purchase the property and using it as security against the loan. It is also worth adding that an additional £360,000 of value could be added to the estate (read 5.1 of the valuation for more information). I missed section 4.5 in my own summary; it's quite important so I will add it. However, the surveyor did the valuation with this in mind, so their indicated market value should represent this, but they do go on to say that a marketing period of 12 months might be required to sell the property. I wouldn't be worried about 5.3; the surveyor actually starts by saying "may have a particular appeal and, in the event of a sale, this may result in a relatively short marketing period and / or a price exceeding expectation", then seems to backtrack to cover their own back. Okay, that makes more sense. I'm not impressed with the new loan "particulars", we used to get a half decent explanation of what the loan was for. @shanectheman, if your asking me if I'm investing the answer is no. That's mainly because I'm fully invested, and can't see the purpose in over diversifying.
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adrianc
Member of DD Central
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Post by adrianc on Feb 27, 2016 8:21:52 GMT
After reading that (first) article, there is now nobody I want to play golf more with than with Arnie...... I'd rather play golf with nobody than, well, anybody.
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Post by highlandtiger on Feb 27, 2016 8:29:31 GMT
we used to get a half decent explanation of what the loan was for. Personally I have little interest on what people want these loans for. My main interest is how accurate the valuation is. After all, if the loan defaults I want to know how much of my money I will get back. I'm not interested in trying to second guess people's financial situation or business acumen
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stevio
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Post by stevio on Feb 27, 2016 8:37:40 GMT
Personally I have little interest on what people want these loans for. My main interest is how accurate the valuation is. After all, if the loan defaults I want to know how much of my money I will get back. I'm not interested in trying to second guess people's financial situation or business acumen Exactly, business make new commercial decisions, finances change etc etc etc etc. The valuation of the asset has to be the priority, secondary to the borrower You can try to guess the borrowers intentions all day long - but at the end of the day, you might guess right or wrong - even if right, that is open to change during the course of the loan
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Feb 27, 2016 9:27:16 GMT
Personally I have little interest on what people want these loans for. My main interest is how accurate the valuation is. After all, if the loan defaults I want to know how much of my money I will get back. I'm not interested in trying to second guess people's financial situation or business acumen Exactly, business make new commercial decisions, finances change etc etc etc etc. The valuation of the asset has to be the priority, secondary to the borrower You can try to guess the borrowers intentions all day long - but at the end of the day, you might guess right or wrong - even if right, that is open to change during the course of the loan I do agree that the most important information to consider when investing in these bridging loans is the value of the security. However, I do like to know the borrowers strategy as it may eventually increase or decrease the value of the security.
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adrianc
Member of DD Central
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Post by adrianc on Feb 27, 2016 9:37:15 GMT
I dunno about you, but I'd rather the value of the security didn't become an issue in the first place - and whether their strategy is sane plays a big part in that...
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