ilmoro
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'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 Mar 8, 2016 19:57:50 GMT
Can anybody tell me (after the shenanigans today, I may have missed it), if SS actually told us how much of this loan (or the other Exeter loan) is actually going live tomorrow? No but reading between lines original loan plus interest/fees on original loan plus 500k. So Im guessing max 1.5m for DFL2. 3m for DFL1
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 8, 2016 20:08:48 GMT
Can anybody tell me (after the shenanigans today, I may have missed it), if SS actually told us how much of this loan (or the other Exeter loan) is actually going live tomorrow? No but reading between lines original loan plus interest/fees on original loan plus 500k. So Im guessing max 1.5m for DFL2. 3m for DFL1 Ok, so getting back to DFL 1...... If your above estimate is correct; then the LTV of the first Tranche would be 75%; would this be right (value of the current land is £4 m)?
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star dust
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Post by star dust on Mar 8, 2016 20:11:03 GMT
Can anybody tell me (after the shenanigans today, I may have missed it), if SS actually told us how much of this loan (or the other Exeter loan) is actually going live tomorrow? No but reading between lines original loan plus interest/fees on original loan plus 500k. So Im guessing max 1.5m for DFL2. 3m for DFL1 That's roughly what I was working on, but it might be nice if they told us. Also if the existing loans roll in their entirety (which also seems quite possible as how to avoid being rolled seems unclear) this leaves a c £500k or almost certainly sub £1m loan allocation which bottom up will likely be in the hundred's each. i really think savingstream should clarify quickly (before go-live) if they want to avoid a bunch of confused and possibly disgruntled investors.
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dawn
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Post by dawn on Mar 8, 2016 20:29:42 GMT
I saw that - but haven't been told by SS where exit option will be offered BEFORE the new loan is launched. I will be rolling over (cue funny images). Answer from Tim at SS on how to roll over your PBL into the DFL. You would need to set your prefund to £0 for DFL001.
I didn't ask how you can exit. I'm confused - this suggests I need to set my pre-fund to £0 to be rolled over into the DFL? Or does it mean that setting it to £0 is how not to roll over. I have a small amount in the PBL and would like a slightly bigger part of the DFL so I want it to roll over and to get a little something extra (not greedy- a couple of £100 would be nice). However I have no idea what to put in my pre-fund. The comment above suggests if I pre-fund zero I will be rolled over but won't be able to get any new money, but if I pre-fund an amount I won't be rolled over. Clearly I'm not getting this. Could one of the wiser people on this forum explain how this is going to work?
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SteveT
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Post by SteveT on Mar 8, 2016 20:33:53 GMT
I think the best approach is to prefund for (at least) the total amount you want to end up with in the new loan, including anything you want rolled over from the old. I suspect that the rollover sums will be allocated first and then a bottom up allocation made of whatever is left, which means everyone getting much the same of the "new" advance whatever they've prefunded
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 8, 2016 20:34:56 GMT
Answer from Tim at SS on how to roll over your PBL into the DFL. You would need to set your prefund to £0 for DFL001.
I didn't ask how you can exit. I'm confused - this suggests I need to set my pre-fund to £0 to be rolled over into the DFL? Or does it mean that setting it to £0 is how not to roll over. I have a small amount in the PBL and would like a slightly bigger part of the DFL so I want it to roll over and to get a little something extra (not greedy- a couple of £100 would be nice). However I have no idea what to put in my pre-fund. The comment above suggests if I pre-fund zero I will be rolled over but won't be able to get any new money, but if I pre-fund an amount I won't be rolled over. Clearly I'm not getting this. Could one of the wiser people on this forum explain how this is going to work? I think........ That if you set your pre-funding to zero, your current investments will be credited to your account (i.e. the loan is repaid, and your investments returned). If you have £1000 and you want to reinvest that in this loan, you have to set pre-funding to £1000 (but you will only get this if allocation is 100%) If you want to opt out and receive credit from your original investment, set pre-funding to 0%
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treeman
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Post by treeman on Mar 8, 2016 21:32:12 GMT
I think the best approach is to prefund for (at least) the total amount you want to end up with in the new loan, including anything you want rolled over from the old. I suspect that the rollover sums will be allocated first and then a bottom up allocation made of whatever is left, which means everyone getting much the same of the "new" advance whatever they've prefunded This seems to be the most likely explanation at the moment. I'll be following this logic to decide on PF barring any definitive statements from SS tomorrow ...........
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jonah
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Post by jonah on Mar 8, 2016 21:47:12 GMT
There is a question and an answer, in the q&a on the website. Nothing readers of this thread don't already know (go live date basically) but I thought note worthy as I believe that it's a first for SS to respond in this manner.  |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 8, 2016 21:54:54 GMT
There is a question and an answer, in the q&a on the website. Nothing readers of this thread don't already know (go live date basically) but I thought note worthy as I believe that it's a first for SS to respond in this manner. Good spot! This would be a great feature on each loan as (good) questions come through......
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star dust
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Post by star dust on Mar 8, 2016 22:10:57 GMT
There is a question and an answer, in the q&a on the website. Nothing readers of this thread don't already know (go live date basically) but I thought note worthy as I believe that it's a first for SS to respond in this manner. Well spotted, but their answer "investors will be given 48 hours notice of any pipeline loan going live. At this point full information will be available in order to make an informed pre-funding decision." Well, I wish  . In Edit: could do with some dates on the Q&As too, although good to see they seem to have started using the feature at least.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 8, 2016 22:11:10 GMT
(Regarding savingstream 's post) You know, everything in that post makes perfect sense and it's all pretty reassuring. But can some kind person just take me through the bit where it says "We are seeking to borrow the interest to pay SS investors". is Lendy borrowing money from someone to pay us? Does "we" actually mean the borrower? but wasn't the interest already paid up front for each loan?? feeling confused.... I'll be honest; I was so happy that SS (finally) answered the DFLs questions, I skipped that bit  Well; we pay the interest up front, so this comment is strange...... I would suspect it is just poorly written More questions..... more confusion...... why can't anything be simple 
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locutus
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Post by locutus on Mar 8, 2016 22:26:42 GMT
They still don't make sense to me so my prefund is zero. How much is being released initially and what is the initial LTV?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 8, 2016 22:43:36 GMT
They still don't make sense to me so my prefund is zero. How much is being released initially and what is the initial LTV? In regards to DFL 1, if (big if...) the first tranche release is the suspected £3,000,000 then the LTV on that first tranche will be 75% On DFL 2, if the first tranche release is the suspected £1,000,000 then the LTV on that first tranche will be 80%
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locutus
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Post by locutus on Mar 8, 2016 22:51:40 GMT
They still don't make sense to me so my prefund is zero. How much is being released initially and what is the initial LTV? In regards to DFL 1, if (big if...) the first tranche release is the suspected £3,000,000 then the LTV on that first tranche will be 75% On DFL 2, if the first tranche release is the suspected £1,000,000 then the LTV on that first tranche will be 80% That sounds right but has yet to be confirmed by SS. Don't forget the SS website states (emphasis mine): Lending is secured with a legal charge, and loan amounts do not exceed 70% of the Open Market Value.
Until I get a confirmed LTV, then I can't commit. PBL085 looks like it will have plenty available for me to invest in.
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locutus
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Post by locutus on Mar 8, 2016 23:04:23 GMT
(Regarding savingstream 's post) You know, everything in that post makes perfect sense and it's all pretty reassuring. But can some kind person just take me through the bit where it says "We are seeking to borrow the interest to pay SS investors". is Lendy borrowing money from someone to pay us? Does "we" actually mean the borrower? but wasn't the interest already paid up front for each loan?? feeling confused.... It makes sense to me. SS are looking to borrow from us, the investors, a combined amount of the funds to pay our interest and the construction costs for the developer. 12% of every loan we fund is retained to pay our interest back to us.
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