New Property Bridging Loan Available

To clarify "Exit bridge available", the borrowers have an option to replace Lendy's bridging loan with another bridging loan at the end of the 6 month period should the property not have sold. Alternatively if the interest is paid up to date, we may wish to renew this facility subject to existing investor agreement.

Current Bridging Loan Status

Investor funds: £290,812

Underwritten funds: £90,000

Total funds: £380,812

Current remaining funding available: £74,187

We have sufficient additional underwriting in place to cover surplus required prior to drawdown.

All underwritten funds will be opened up for funding on the SS platform once the loan goes live.

The property's Valuation document is also available for viewing on the platform.

With underwritten funds being regularly released, and with the currently remaining funding requirement now down to less than £30k, it seems clear that total investor fund have increased substantially in the past week.  Could we please have an update of the 1/Apr figures?

Thank you.

Thanks for the update.
I looks like this has happened now, with the website showing £74k of investment opportunity remaining.

Does this mean that the 'Loan start date' and 'Maximum term remaining' in the Loan Detail shortly will be updated to reflect the actual drawdown date and term?

Congratulations to Lendy/SS for getting their first bridging loan to drawdown in just two weeks.  And it's a very positive move to commit to paying interest from the time a lender makes their investment rather than exposing lenders to an indeterminate period of 'dead' funds earning nothing while waiting for drawdown.  Some of the other P2P/P2B platforms would do well to follow SS's good example.

As for the start date and term of the loan...  I can see the logic of SS's position, and my first reaction was that it could cause some awkwardness if a loan wasn't repaid on time as it would be impossible in that circumstance for lenders to have their money back by the end of the 7-month term.  But whereas in the case of a yacht loan it might be possible to turn the security into cash by -- or very soon after -- the end of the 7-month lender investment term, there's probably no way the security underlying a bridging loan could be sold at a fair price in just a month, so the lenders' investment would end up 'frozen' beyond the end of the 7-month term in any case.  So what difference would a couple of weeks make?

SS have explained what would happen if a yacht or car loan were to go into default, and it would seem likely that lenders would have access to their funds near to the end of the 7-month term.  Furthermore, with those loans Lendy/SS probably have sufficient resources to repay lenders while waiting for the security auction to complete. 

Bridging loans are a very different situation, however, as selling the security inevitably would take longer and Lendy/SS are much less likely to be able to repay lenders with their own funds.  Could I ask, therefore, for SS to explain how they expect events to proceed if there were to be a default on a bridging loan?