greeb
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Post by greeb on Nov 10, 2016 9:17:46 GMT
Is it my imagination or has not the maturity date of this loan suddenly been extended by 100 days or so. Can see no update or info As to why this has happened?
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lobster
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Post by lobster on Nov 10, 2016 9:23:39 GMT
Is it my imagination or has not the maturity date of this loan suddenly been extended by 100 days or so. Can see no update or info As to why this has happened? Well spotted. I believe that DFL002 has also been extended by about 100 days without any comment from savingstream ?? Has the interest been paid up-front by the borrower ? It would be nice to know 
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 10, 2016 10:21:18 GMT
Maybe it was wrong to start with - Indicated term has not been the most accurate thing on SS (amongst other things  ) but they did mention on this forum just 3 days ago that they were updating the term to better reflect actual term ( SEE HERE). However, what the term actually indicates is still up in the air. I always thought that it was an indication of how long before the interest that SS hold runs out, but this seems to not to be the case anymore, what with PBL55 & 57 showing 12 months, but only holding 3 months interest (IMHO, the term should be 3 months). Also, I believe that each time a new tranche is sent, that tranche includes interest that SS put in the pot (i.e. increasing the term), so the terms on all the DFLs are possibly (depending on how you would like to view them) inaccurate. My guess is SS are now streamlining to indicate how long they think the loan will last, not how much interest is held back (something they did with some of the earlier loans, and (ironically) after some pressure from a member here, later change to indicate what interest is actually held) Depending on how you invest, you should note the above; I know some like to hold to a term and then sell, but (if you take PBL55 & 57 as examples) sometimes the term masks the risks involved. |
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Post by dodgeydave on Nov 10, 2016 10:50:16 GMT
Maybe it was wrong to start with - Indicated term has not been the most accurate thing on SS (amongst other things ) but they did mention on this forum just 3 days ago that they were updating the term to better reflect actual term ( SEE HERE). However, what the term actually indicates is still up in the air. I always thought that it was an indication of how long before the interest that SS hold runs out, but this seems to not to be the case anymore, what with PBL55 & 57 showing 12 months, but only holding 3 months interest (IMHO, the term should be 3 months). Also, I believe that each time a new tranche is sent, that tranche includes interest that SS put in the pot (i.e. increasing the term), so the terms on all the DFLs are possibly (depending on how you would like to view them) inaccurate. My guess is SS are now streamlining to indicate how long they think the loan will last, not how much interest is held back (something they did with some of the earlier loans, and (ironically) after some pressure from a member here, later change to indicate what interest is actually held) Depending on how you invest, you should note the above; I know some like to hold to a term and then sell, but (if you take PBL55 & 57 as examples) sometimes the term masks the risks involved. But it is not up to you or us to guess what is happening. Wouldn't some meaningful communication from SS be helpful.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 10, 2016 13:29:16 GMT
Maybe it was wrong to start with - Indicated term has not been the most accurate thing on SS (amongst other things ) but they did mention on this forum just 3 days ago that they were updating the term to better reflect actual term ( SEE HERE). However, what the term actually indicates is still up in the air. I always thought that it was an indication of how long before the interest that SS hold runs out, but this seems to not to be the case anymore, what with PBL55 & 57 showing 12 months, but only holding 3 months interest (IMHO, the term should be 3 months). Also, I believe that each time a new tranche is sent, that tranche includes interest that SS put in the pot (i.e. increasing the term), so the terms on all the DFLs are possibly (depending on how you would like to view them) inaccurate. My guess is SS are now streamlining to indicate how long they think the loan will last, not how much interest is held back (something they did with some of the earlier loans, and (ironically) after some pressure from a member here, later change to indicate what interest is actually held) Depending on how you invest, you should note the above; I know some like to hold to a term and then sell, but (if you take PBL55 & 57 as examples) sometimes the term masks the risks involved. But it is not up to you or us to guess what is happening. Wouldn't some meaningful communication from SS be helpful. Very true; I have asked, but no reply so far. Maybe when savingstream are passing they can address some of the points in my post...
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mikes1531
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Post by mikes1531 on Nov 10, 2016 19:20:27 GMT
Also, I believe that each time a new tranche is sent, that tranche includes interest that SS put in the pot (i.e. increasing the term), so the terms on all the DFLs are possibly (depending on how you would like to view them) inaccurate. : I know you've said that before, but why do you believe that? Have SS said anything to you to support your belief? My expectation is that whenever a new tranche of a DFL is issued, additional interest is retained to cover what that tranche would accrue during the remaining term of that loan. That would suggest the remaining terms could be accurate, and wouldn't change every time a further tranche is issued. But I have to admit that I have no info from SS to support my expectation. What we really need from savingstream is an explanation how they deal with interest retention when they issue further tranches of a DFL. Without that, I'm afraid that all we can do is guess and speculate -- and we really shouldn't have to do that.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 10, 2016 19:29:59 GMT
Also, I believe that each time a new tranche is sent, that tranche includes interest that SS put in the pot (i.e. increasing the term), so the terms on all the DFLs are possibly (depending on how you would like to view them) inaccurate. : I know you've said that before, but why do you believe that? Have SS said anything to you to support your belief? My expectation is that whenever a new tranche of a DFL is issued, additional interest is retained to cover what that tranche would accrue during the remaining term of that loan. That would suggest the remaining terms could be accurate, and wouldn't change every time a further tranche is issued. But I have to admit that I have no info from SS to support my expectation. What we really need from savingstream is an explanation how they deal with interest retention when they issue further tranches of a DFL. Without that, I'm afraid that all we can do is guess and speculate -- and we really shouldn't have to do that. Just my assumption - it is something that savingstream need to clarify (the tranche interest & term situation).
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fp
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Post by fp on Nov 10, 2016 19:40:17 GMT
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Post by jonboy73 on Nov 10, 2016 19:42:56 GMT
GOK what the new customer service team are actually doing. I would wager he is.... as in the dark as the rest of us...
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mikes1531
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Post by mikes1531 on Nov 11, 2016 1:14:53 GMT
GOK what the new customer service team are actually doing. I would wager he is.... as in the dark as the rest of us... I think he's learning to ask others, though. Elsewhere I reported that I had asked for clarification of a comment in an update. and he replied by repeating the comment which, of course, was absolutely no help at all. (The comment in question was from PBL062 and PBL063 -- "In the process of selling residential property to cover shortfall of the commercial property loan." I also had specifically asked whether that meant the commercial property was being sold for less than the loan amount.) When I asked him to try again, the next reply was a lot more informative... "In regards to PBL063 it seems that the borrower is refinancing with another lender. However, the lender is not offering them enough cash to clear our loan completely, so they are selling the residential property to help make up the difference."
Progress is being made!
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Post by 101proof on Nov 11, 2016 10:45:36 GMT
I was bouncing a couple of emails back and forth with them about another subject then as soon as I asked about these Exeter loan terms being extended, I stopped getting replies. Definitely does not give me confidence with the platform.
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elliotn
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Post by elliotn on Nov 11, 2016 12:28:03 GMT
I have no direct quote but during recent platform dd on here I seem to remember SS taking more interest than was required for the duration of the latest DFL tranche to held build up a contingency pot. No help on loan remaining days though.
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mikes1531
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Post by mikes1531 on Nov 11, 2016 12:58:51 GMT
I have no direct quote but during recent platform dd on here I seem to remember SS taking more interest than was required for the duration of the latest DFL tranche to held build up a contingency pot. No help on loan remaining days though. But isn't the remaining term supposed to reflect the interest retained in advance? Wouldn't that mean that extra interest retained would result in an increase in the remaining days?
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elliotn
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Post by elliotn on Nov 12, 2016 15:11:11 GMT
I have no direct quote but during recent platform dd on here I seem to remember SS taking more interest than was required for the duration of the latest DFL tranche to held build up a contingency pot. No help on loan remaining days though. But isn't the remaining term supposed to reflect the interest retained in advance? Wouldn't that mean that extra interest retained would result in an increase in the remaining days? This is from the Exeter court overview which to me sounds like they're taking 12m of interest per tranche to mitigate risk of build costs rather than extending the loan term by another 365 days every drawdown: "We will release [build] costs to the borrower in a tranched format (£500k at a time), following receipt of a report from the QS to confirm...we can lend him another tranche of £500k minus fees and interest for 12 months. In this way, we can control the overall amount we have at risk based on the status of the build programme".
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mikes1531
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Post by mikes1531 on Nov 12, 2016 17:03:39 GMT
But isn't the remaining term supposed to reflect the interest retained in advance? Wouldn't that mean that extra interest retained would result in an increase in the remaining days? This is from the Exeter court overview which to me sounds like they're taking 12m of interest per tranche to mitigate risk of build costs rather than extending the loan term by another 365 days every drawdown: "We will release [build] costs to the borrower in a tranched format (£500k at a time), following receipt of a report from the QS to confirm...we can lend him another tranche of £500k minus fees and interest for 12 months. In this way, we can control the overall amount we have at risk based on the status of the build programme". That would make more sense to me if the subsequent tranches were kept as separate loans, as they are at FS. It would mitigate risks of an overrun since not all of the loan would come due at once, so the borrower would be repaying the capital in stages. Unfortunately, that isn't how SS deal with subsequent tranches. SS maintain a single entry for each DFL, and simply increase the total amount lent whenever a subsequent tranche is issued. Based on that, it would appear to be virtually impossible to know how much interest remains retained in advance, and that means the remaining term no longer is an indication of how much interest remains retained in advance. Perhaps savingstream would be so kind as to respond to this thread and explain how this actually works in practice.
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) but they did mention on this forum just 3 days ago that they were updating the term to better reflect actual term (
