ben
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Post by ben on Jun 4, 2016 10:24:11 GMT
I was surprised how little I was allocated for 103/104 considering it's meant to fill from the bottom up. Guess I miscalculated. Due to the amount it was perecentage rather then bottom up. Beaten to it by CD
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Liz
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Post by Liz on Jun 4, 2016 10:36:56 GMT
I was surprised how little I was allocated for 103/104 considering it's meant to fill from the bottom up. Guess I miscalculated. It wasn't bottoms up; you got a % of what you requested in pre-funding. In 103 & 104 we got 23% & 28% respectively. Loans Less than 1mill is Bottoms Up Loans over 1mill is allocation "Bottoms up" Are you still on the Brandy! On another loan, the pipeline is looking sparse. The two big loans are existing borrowers, so only small tranches, maybe 500k will be released. With lots due repay, getting fully invested May be a problem.
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NSFW
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Post by NSFW on Jun 4, 2016 10:49:45 GMT
I was surprised how little I was allocated for 103/104 considering it's meant to fill from the bottom up. Guess I miscalculated. It wasn't bottoms up; you got a % of what you requested in pre-funding. In 103 & 104 we got 23% & 28% respectively. Loans Less than 1mill is Bottoms Up Loans over 1mill is allocation Ahhhh cool I'll remember that. Makes sense now.
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Post by GSV3MIaC on Jun 4, 2016 14:47:54 GMT
Expect a total pre-fund of about £7-8M, as happened today and on 14/May when the last two large loans were released? That might be too high if the loan being released is quite large, or if there is only a short gap since the previous large loan was released. The issue I think is that the 'real demand' is probably still clunking along at £2-3-4m somewhere (SS will never know, although they can maybe work it out from what people are willing to hold) .. the £7-8m which we are seeing is the "average game playing" inflated number (presumably the BHs are a bit more leery of going in at 4x, 'just in case'). Yes, it varies a bit depending on the recent paybacks, interest paid, what else has come up, and what people think of the loan, but I believe that is small beer compared to the 2x to 4x (or one a recent smaller loan, 8x) overbidding that is going on.
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mikes1531
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Post by mikes1531 on Jun 4, 2016 18:33:41 GMT
Yes, it varies a bit depending on the recent paybacks, interest paid, what else has come up, and what people think of the loan, but I believe that is small beer compared to the 2x to 4x (or one a recent smaller loan, 8x) overbidding that is going on. GSV3MIaC: I presume the 8x you are referring to is #96, which had the 12% allocation factor. But how are you concluding the level of overbidding was 8X? I suspect the 'overbidding' factors you refer to should really be described as 'oversubscription' factors. With #96, we know that investors got 12% of what they asked for but -- while they may have asked for 8X what they were allocated -- we don't really have a clue what they wanted. Some people might have asked for what they wanted, some might have asked for double what they wanted, and some might have asked for ten (or more) times what they wanted, but we really don't know what they were thinking/wanting when they set their pre-funds. The only time SS would get any hint of what people really want would be for a huge loan where people are convinced the allocation factor will be 100%. Even then, the results could be skewed by people who ask for more than they wish to hold long-term because they're eager to dispose of some loans in the near future, and will plan on reducing their holding of the most recent loan as soon as the next loan is released.
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Post by GSV3MIaC on Jun 4, 2016 21:10:35 GMT
What I really concluded was that the level of overbidding required to get what you wanted was 8x (in that case) - I doubt many people did get what they wanted though. As I said, I suspect the real demand (for practically everything) is £2-3-4m, and anything being bid higher than that is gaming. We may see for sure (as you say) when a 'clean' (no rollover) £4m+ loan shows up. I was certainly overbidding on 103/4 by 3x-4x (on a fairly trivial amount, so quite happy to take/hold the extra, but I wasn't expecting there would be any, and there wasn't). I'm not sure what the solution is (if SS even think there is a problem), but IMO we haven't seen it yet.
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Liz
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Post by Liz on Jul 6, 2016 22:21:30 GMT
Still not drawndown, will it ge t the chop, I wonder.
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Jeepers
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Post by Jeepers on Jul 20, 2016 11:45:39 GMT
With only 74 days to go, it looks like this one will be due to be repaid before it's drawndown.
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Post by harvey on Jul 20, 2016 14:22:56 GMT
I keep expecting an email to tell me that the loan isn't proceeding and that capital has been returned to investors accounts. I will be quite surprised if this one gets drawndown at all but who knows. In the meantime it's a nice little 12% with lower than normal risk because I assume our money is still safely sitting in the SS client account but all the while they are paying us our interest.
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Post by GSV3MIaC on Jul 20, 2016 16:09:59 GMT
Well it's good for us, but hardly a viable business model for SS. 8<.
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sam i am
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Post by sam i am on Jul 20, 2016 17:45:28 GMT
I suspect they will have taken some fees along the way...
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mikes1531
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Post by mikes1531 on Jul 20, 2016 19:30:31 GMT
I keep meaning to ask savingstream if they expect the loan to be extended when it finally draws down, so as to still give the borrower 120 days to do the renovation and sell the property. When this loan first appeared, 120 days struck me as very short, and the current 73 days is ridiculously short. Without an extension, I can't see how the loan could avoid going beyond its 'expected' repayment date, and I don't expect SS really want another loan on their books with a negative Remaining Term. Has anyone else asked SS this question? If so, what was the response?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 20, 2016 20:38:00 GMT
I keep meaning to ask savingstream if they expect the loan to be extended when it finally draws down, so as to still give the borrower 120 days to do the renovation and sell the property. When this loan first appeared, 120 days struck me as very short, and the current 73 days is ridiculously short. Without an extension, I can't see how the loan could avoid going beyond its 'expected' repayment date, and I don't expect SS really want another loan on their books with a negative Remaining Term. Has anyone else asked SS this question? If so, what was the response? The indicated term is based on the amount of interest held by SS, which is part of the actual loan. So even when this loan does finally drawdown, the term will remain 73days (and decreasing), because that is the amount of time remaining until interest runs out. However, I'm sure that the term with the borrower will remain 120 days when SS eventually send funds... Would like to see what savingstream have to say about this
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mikes1531
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Post by mikes1531 on Jul 20, 2016 21:18:27 GMT
I keep meaning to ask savingstream if they expect the loan to be extended when it finally draws down, so as to still give the borrower 120 days to do the renovation and sell the property. When this loan first appeared, 120 days struck me as very short, and the current 73 days is ridiculously short. Without an extension, I can't see how the loan could avoid going beyond its 'expected' repayment date, and I don't expect SS really want another loan on their books with a negative Remaining Term. Has anyone else asked SS this question? If so, what was the response? The indicated term is based on the amount of interest held by SS, which is part of the actual loan. So even when this loan does finally drawdown, the term will remain 73days (and decreasing), because that is the amount of time remaining until interest runs out. However, I'm sure that the term with the borrower will remain 120 days when SS eventually send funds... Would like to see what savingstream have to say about this I realise that the indicated term reflects the pre-agreed retained interest, but ISTM that SS could tell the borrower that in view of the delay and their need to have 120 days to turn the property around, perhaps they'd be willing to draw down about £30k less than originally anticipated so that the retained interest could be increased by that £30k. That would extend the loan by about 50 days and make the remaining term around 120 days -- presuming, of course, that drawdown happens in the next few days.
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Post by trilby on Jul 26, 2016 11:35:28 GMT
Update added today:
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