am
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Post by am on Oct 28, 2016 12:10:38 GMT
In terms of the recent advance, i think it is probably important to distinguish between Lendy and SS. The recent video suggests that SS is entirely retail-funded. i.e. there are no institutional lenders hoovering up loans on the SS website. However, SS is not the only source of funds for Lendy to lend out. Lendy has retained profits that it can use to lend out, and such lending does not need to appear on SS (although for transparency, an update and clarification for existing lenders would be welcome). In fact, there is likely to be lending in general which Lendy has engaged in which does not appear through SS, particularly if the funding requirements are not that large. I have no problem with Lendy doing business with SS clients -- as long as it doesn't affect my SS investment. If the extra money came from Lendy and it ranks behind the SS loan, then it's irrelevant to SS investors. But if that's the case, why bother to mention it to SS investors? I mentioned upthread that it might have implications on our judgement of the borrower's ability to repay. There is also the point that a second charge holder can call in the security. As I understand the matter, the first charge holder can take over the disposal of the property, but can't stop the security being called in. If I understand correctly, you usually need the first chargeholder's permission to add a second charge. (For all we know - unless someone has found an additional charge at the land registry - this could even be an unsecured loan.) The update is perhaps the worst of both worlds - not enough to be informative, but sufficient to cause people to take counsel of their fears.
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mikes1531
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Post by mikes1531 on Oct 28, 2016 16:21:45 GMT
The update is perhaps the worst of both worlds - not enough to be informative, but sufficient to cause people to take counsel of their fears. Thanks to am for his input. Obviously there remain issues that SS could clarify with a bit more information and explanation. How about it savingstream? Please don't leave us in the dark wondering about the significance, if any, of this cryptic update.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 6, 2016 12:58:35 GMT
£400k Tranche has appeared disappeared on the pipeline (was there - I promise  )
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SteveT
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Post by SteveT on Dec 6, 2016 13:01:24 GMT
£400k Tranche has appeared Can't see it in the Pipeline. Surely a further advance of that size wasn't simply dumped on the SM ?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 6, 2016 13:04:12 GMT
£400k Tranche has appeared Can't see it in the Pipeline. Surely a further advance of that size wasn't simply dumped on the SM ? Was there, but has since disappeared. It hasn't been dumped on the SM (Security is still @ £6,645,000, as opposed to £8,500,000; the new security valuation). Still have the loan opened in my TAB 
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SteveT
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Post by SteveT on Dec 6, 2016 13:07:19 GMT
You've not been at that refrigerant again ... ?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 6, 2016 13:23:34 GMT
You've not been at that refrigerant again ... ? You wouldn't want to do that... once caught a blast of sulphur once....   But not imagining things - it's back  SECURITY VALUE £8,500,000 LOAN VALUE £400,000 (Total Loan - £5,050,000) LOAN TO VALUE 59% REMAINING TIME 150 days 87 days ANNUAL RATE 12%
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SteveT
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Post by SteveT on Dec 6, 2016 13:30:44 GMT
Interesting that it shows 150 days. I wonder if that means the whole of PBL084 will be extended from the current 86 days remaining.
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Post by supernumerary on Dec 6, 2016 13:33:04 GMT
You've not been at that refrigerant again ... ? You wouldn't want to do that... once caught a blast of sulphur once.... But not imagining things - it's back SECURITY VALUE £8,500,000 LOAN TO VALUE 59% LOAN VALUE £400,000 (Total Loan - £5,050,000) REMAINING TIME 150 days ANNUAL RATE 12% Of course you don't work for Saving Stream DUDE, but I wonder whether the existing loan term, will also be upped in terms of days remaining on the contract? The existing loan currently has 86 days remaining, the new loan is being advised as having 150 days... 
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star dust
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Post by star dust on Dec 6, 2016 14:17:24 GMT
I've not been able to look at any of the details (presumably in the valuation docs), but I find the uplift in valuation of 28% or near £2 million a little on the extraordinary side for the bits and pieces of renovation signage and other works that are stated in the tranche overview.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 6, 2016 14:27:01 GMT
I've not been able to look at any of the details (presumably in the valuation docs), but I find the uplift in valuation of 28% or near £2 million a little on the extraordinary side for the bits and pieces of renovation signage and other works that are stated in the tranche overview. Different company valuing the site and complex estate so different valuations are a given. I wonder WHY SS used a different valuation company (was the previous company unavailable?)... Furthermore, the quick sale figures are far more optimistic now; the previous VR provided a 180 market day valuation @ £5,250,000, a massive £1,395,000 discount to sell quickly, with a subtle note that even then it would be hard to sell. This new VR is more optimistic, providing a 90days MV, with only a 500k discount. We see these sort of estates in the newspaper all the time; long market duration, massive discounts with still no signs of a sale.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 6, 2016 16:06:36 GMT
Also... Maybe with this new Tranche, SS might want to change the charge to benefit SSSH (new T&Cs) instead of the current Lendy Ltd charge... The above has always bugged me; this loan went live long after SSSH, so I can't understand why the charge is held with Lendy Ltd  |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Dec 6, 2016 16:27:18 GMT
Just got e-mail :
Tranche going live tomorrow
PLEASE NOTE - Term now showing as 87 days (in line with PBL084... or one day shy)
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mikes1531
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Post by mikes1531 on Dec 6, 2016 17:25:55 GMT
Does anyone understand what the recent update "We made a further advance against this property recently." means? The update referred to above no longer exists. Another example of how savingstream are changing history, I'm afraid. Ugh!  When the above update appeared, there was some discussion in this thread, and SS were asked to explain -- more than once -- what was going on. Their response was complete silence. (Was that before or after their commitment to better communication?) There's now an update from '1 month ago' stating "We are making a further advance shortly subject to new valuation and legals." Perhaps that relates to the current tranche, but I really don't have a clue. And I haven't a clue whether tomorrow's tranche is a replacement for, or in addition to, the further advance mentioned in the now-disappeared update. I really don't understand why SS don't want to explain what's going on. Meanwhile, I sold the last of my PBL084 parts not too long ago, and the wealth of information accompanying this new tranche does not make me want to buy back in. So I'm not changing my pre-funding for this loan from my standard default amount of nil. I do hope this loan is successful, both for SS's and their investors' sakes, but I do not wish to be involved.
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oldgrumpy
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Post by oldgrumpy on Dec 6, 2016 21:42:08 GMT
"The update referred to above no longer exists. Another example of how savingstream are changing history, I'm afraid. Ugh!" If savingstream continue deleting update texts and substituting replacement "information", pretending it is from the same date, we cannot trust what they are doing. SS has made a feeble excuse that it is an error due to a new system, but continues doing it, therefore I conclude it is a deliberate and unexplained policy. I will shout: ALL NEW UPDATES SHOULD BE GIVEN THEIR OWN DATE OF ISSUE. PREVIOUS UPDATES SHOULD REMAIN IN PLACE UNCHANGED. IF SAVING STREAM DO NOT AGREE WITH ME, LET THEM SAY WHY ON THIS FORUM. OTHERWISE, THEY ARE BEING EVASIVE AND NON-"TRANSPARENT" AND (to repeat a previously discussed phrase) DEVIOUS. I still await SS confirmation that SS have reinstated all the previously discussed alterations of old update texts. p2pindependentforum.com/thread/6412/pbl131-quay-hull-live?page=9
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