PBL 60 Tranche increase

This all makes reasonable sense, except it seems to be changing the basis on which the current investors invested.  In other situations where further advances have been required -- my experience is mostly via FS -- either...

• It's made clear at the outset that further advances will be made as the security value increases due to work in progress completing; or

• The further advance is treated as an additional loan.

In the former case, all lenders have equal priority in the event of a default.  In the latter, the additional loan is ranked behind the initial loan so that investors in the first loan don't lose the priority they had when they invested.  (A third possibility would be to ask investors if they are happy with the increased loan, and not make it if they aren't.)

I suppose the only mitigating factor here is that if any of the initial investors don't like what's happening they can exit the loan via the SM.  Which might be fine as long as the SM is liquid -- which it is at the moment -- but it still does look like SS are changing the rules while the game is being played, and forcing anyone who doesn't like the new rules to leave the game.  I suspect SS are on shaky ground here, and sure hope they are taking legal advice before doing such things, as it would do them no good at all to create unnecessary conflicts with their investors.  And if any of those conflicts were to boil over they could affect the whole platform -- which, I suppose, is why I'm concerned about such behaviour.

Looks like the allocation is £270

LW

At the moment, the SS website shows the PBL060 loan amount to be £3.559M.  Has that changed from what it was before today's allocations?  If not, what does that number mean?