jsmithe
Member of DD Central
Posts: 74
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Post by jsmithe on Jul 26, 2016 12:01:27 GMT
I wonder why they didn't hold on taking it live until sure, it is not drawndown so the interest is paid by whom? We still get paid, right?
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fp
Posts: 1,008 
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Post by fp on Jul 26, 2016 12:04:14 GMT
Had a feeling about this one and sold it yesterday, interest is still paid etc.... but for how long.
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jsmithe
Member of DD Central
Posts: 74
Likes: 22
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Post by jsmithe on Jul 26, 2016 12:14:44 GMT
Had a feeling about this one and sold it yesterday, interest is still paid etc.... but for how long. Until funds returned plus interest I guess, somebody has to pay the funds plus interest back, no chance of default until drawndown and interest is accruing until what looks like repayment next week.
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ilmoro
Member of DD Central
'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 Jul 26, 2016 12:23:59 GMT
Savingstream will cover the interest in the event of non-drawdown, though they may have some means to cover this in part from the borrower. Nothing to pay back as funds are still sat in SS account (client account most likely)
Yes we still get paid (well I dont as sold out a while ago when the timescales looked iffy)
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sam i am
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Post by sam i am on Jul 26, 2016 12:29:19 GMT
With SS holding the money and paying the interest, does this make PBL104 the safest loan on the site over the next week?
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ben
Posts: 2,020
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Post by ben on Jul 26, 2016 12:32:06 GMT
With SS holding the money and paying the interest, does this make PBL104 the safest loan on the site over the next week? Probably but a chance it might go live next week.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jul 27, 2016 1:45:02 GMT
Interesting thought...
If this one were to be cancelled, it would return £1.75M to investors' accounts. That's about double the amount available on the SM at the moment.
Between that, and the rather empty pipeline, and the £1.25M of interest that will be credited at the beginning of next week, ISTM that the supply/demand balance in the SM could change significantly in the next few days.
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SteveT
Member of DD Central
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Post by SteveT on Jul 27, 2016 5:24:55 GMT
Interesting thought... If this one were to be cancelled, it would return £1.75M to investors' accounts. That's about double the amount available on the SM at the moment. Between that, and the rather empty pipeline, and the £1.25M of interest that will be credited at the beginning of next week, ISTM that the supply/demand balance in the SM could change significantly in the next few days. ... And then we're into August, when all the solicitors hit the beach, so likely several weeks of relative inactivity until mid-September. Famine mode imminent, I suspect.
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ben
Posts: 2,020
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Post by ben on Jul 27, 2016 7:17:19 GMT
If 47/48 repay on time as states then that be a other bit of change looking for new home.
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lofty
Posts: 101
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Post by lofty on Jul 27, 2016 7:29:32 GMT
Interesting thought... If this one were to be cancelled, it would return £1.75M to investors' accounts. That's about double the amount available on the SM at the moment. Between that, and the rather empty pipeline, and the £1.25M of interest that will be credited at the beginning of next week, ISTM that the supply/demand balance in the SM could change significantly in the next few days. ... And then we're into August, when all the solicitors hit the beach, so likely several weeks of relative inactivity until mid-September. Famine mode imminent, I suspect. Of that £1.25M I'd love to know what percentage of that gets re-invested and what gets taken out as income. Also, if all the repay imminently, soon, within weeks, shortly, on time, etc actually do then there'll be little left on the SM anyway. Will that garden centre start to look tempting? Presumably SS don't want a large wedge of cash lying round in investors accounts as its feasible for that money to be withdrawn, so (conspiracy hat on) I wonder if some of these loans may "delay" repayment/cancelling until there's a new one ready to swallow up the surplus cash? (if the Arboretum goes live on the day that this loan is cancelled then I shall wear that conspiracy hat with pride  )
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SteveT
Member of DD Central
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Post by SteveT on Jul 27, 2016 7:38:04 GMT
It would make no commercial sense for SS to continue to pay 12% interest to lenders beyond the point at which a borrower repays a loan. If / when a loan is actually repaid, that's when funds will be returned to lenders.
That said, repayment of a bridging loan generally relies on the completion of a sale or refinance, which hinge on the same solicitors that are drinking cocktails under sun umbrellas during August...
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jimbob
Member of DD Central
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Post by jimbob on Jul 27, 2016 9:21:19 GMT
058 was due to repay £3m yesterday too, although i'm glad I didn't hold my breath  Lawyers are "talking" to each other. Interestingly 50 days left on the loan...
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lofty
Posts: 101
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Post by lofty on Jul 27, 2016 9:41:47 GMT
058 was due to repay £3m yesterday too, although i'm glad I didn't hold my breath Lawyers are "talking" to each other. Interestingly 50 days left on the loan... Lawyers charge by the hour, so I wouldn't hold my breath either. (I was once charged £10 postage for a lawyer posting something to himself!  )
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Post by p2plender on Jul 27, 2016 9:54:55 GMT
I don't know why they bother posting 99 percent of updates as they appear meaningless.
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Post by brokenbiscuits on Jul 27, 2016 16:37:34 GMT
With SS holding the money and paying the interest, does this make PBL104 the safest loan on the site over the next week? Surprised by so few takers for a short safe haven.
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