tx
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Post by tx on May 28, 2016 18:51:43 GMT
I understand SS changed their way of leading and become true P2P some time last year. I am sorry j only joined last month and learned about these by reading online.
However, anyone has the knowledge and able to enlight me, which loan is the first loan, and all the loans onwards, was lent out under the new terms where investors no long lend to Lendy and lend to borrower directly?
My understand is the new loans will not go down with Lendy if that ever happen. Am I correct?
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david42
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Post by david42 on May 28, 2016 18:58:57 GMT
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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 May 28, 2016 19:43:20 GMT
I understand SS changed their way of leading and become true P2P some time last year. I am sorry j only joined last month and learned about these by reading online. However, anyone has the knowledge and able to enlight me, which loan is the first loan, and all the loans onwards, was lent out under the new terms where investors no long lend to Lendy and lend to borrower directly? My understand is the new loans will not go down with Lendy if that ever happen. Am I correct? PBL64 was the first loan written after the change. A few earlier loans have definitely been switched to new terms asso that loans secured on connected security were on same terms. Otherwise as david42 says we are guessing.
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tx
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Post by tx on May 28, 2016 21:12:03 GMT
I understand SS changed their way of leading and become true P2P some time last year. I am sorry j only joined last month and learned about these by reading online. However, anyone has the knowledge and able to enlight me, which loan is the first loan, and all the loans onwards, was lent out under the new terms where investors no long lend to Lendy and lend to borrower directly? My understand is the new loans will not go down with Lendy if that ever happen. Am I correct? PBL64 was the first loan written after the change. A few earlier loans have definitely been switched to new terms asso that loans secured on connected security were on same terms. Otherwise as david42 says we are guessing. Thanks!
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Post by dualinvestor on May 28, 2016 21:21:33 GMT
My understand is the new loans will not go down with Lendy if that ever happen. Am I correct? That depends on how robust Lendy's "run-off" plans are and the behaviour of the debtors (borrowers), it is pretty likely that if the platform goes the Provision Fund will go with it.
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Post by earthbound on May 28, 2016 21:23:46 GMT
if you look at the property loan 20 and defaulted loans threads, theirs a lot of discussion about old and new t&cs on there , if you are new , then i would expect that any loans that interest you will be on the new t&cs, but check first. (easier said than done)  |
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tx
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Post by tx on May 28, 2016 21:25:04 GMT
My understand is the new loans will not go down with Lendy if that ever happen. Am I correct? That depends on how robust Lendy's "run-off" plans are and the behaviour of the debtors (borrowers), it is pretty likely that if the platform goes the Provision Fund will go with it. True, but at least the loan has a chance to be repaid by borrower rather than defaulted at the same time when Lendy in chaper11.
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jonah
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Post by jonah on May 29, 2016 7:22:17 GMT
That depends on how robust Lendy's "run-off" plans are and the behaviour of the debtors (borrowers), it is pretty likely that if the platform goes the Provision Fund will go with it. True, but at least the loan has a chance to be repaid by borrower rather than defaulted at the same time when Lendy in chaper11. Hmmm, interesting thought. I'm no administration expert, but I had assumed that in the uk, if SS or any other p2p site goes bust, the mandatory running off process which each site is required to have in place by the fca should kick in. This might not allow secondary market trades and might get a lower rate of repayment as borrowers could be chased less etc, but I wouldn't expect all loans on a platform to be immediately called in. It could be very different in the US (chapter 11) of course
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Post by Deleted on May 29, 2016 8:12:00 GMT
I am not sure I understand the reasons for all these disaster scenarios discussed here.
SS appears to be a solid, fast growing lending company. The esistimates have been up to now conservative, and I see no immediate signs for a property crash.
The default of PBL20, if correctly managed, should show that the model of 70% LTV should help resist in much more difficult times.
I expect the sale to bring in most, if not all, what is due and allow to get onto the next projects.
Would certainly be interesting to have more numbers to judge (for example if the 150 days of pre-default have been advanced by Lendy or paid by the customer, this would add another 5% to the necessary recovery), but at present we should have patience and trust the good judgments of Liam and Tim.
They certainly have all the interest to recover as much as possible from this default and let SS continue grow.
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tx
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Post by tx on May 29, 2016 9:26:40 GMT
I am not sure I understand the reasons for all these disaster scenarios discussed here. SS appears to be a solid, fast growing lending company. The esistimates have been up to now conservative, and I see no immediate signs for a property crash. I totally agree that SS is more likely to grow than collapse, but risk management is not about faith, is about all adverse scenarios considered and loss given default quantified. If any cases not fit someone's risk objective and constrain then investment not viable. So I am happy to find SS strong, but at the sametime to limit my exposure to any potential downside consistently. That requires to know my exposure, which in turn requires to know when my investment would default, and the loss given default. In fact I don't think SS is transparent enough in this regard, such as the criteria they would finally classify late to default. And not giving out data like funding circle about their loan book and historical data. I actually bought 1p in the default loan last night, so that I would be fully informed by SS the process and event in handling default and how long it take to repay by becoming a real lender in this loan.
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