Greenwood2
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Post by Greenwood2 on Jun 28, 2016 7:43:12 GMT
I wonder how many lenders contacted SS to say they weren't happy with these loans after Brexit.
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adrianc
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Post by adrianc on Jun 28, 2016 7:52:57 GMT
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stevio
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Post by stevio on Jun 28, 2016 8:01:09 GMT
Yes, a good decision by savingstream to pull these loans if they were not sure of them in the current climate. And it also helps the market by putting funds back in the hands of lenders and bringing supply and demand a bit closer together. But (unless I am proven wrong in the next few days) I think the best decision by savingstream has possibly gone under the radar. If you recall, last week was supposed to bring us another £15m of loans including 'the largest P2P loan ever'. Thankfully this seems to have been quietly shelved. I don't see an appetite for significant P2P funding right now. Best to keep things steady, do nothing to frighten lenders (such as flooding the market) and then gradually increase the supply again when things have settled down a bit. It might slow growth a little for savingstream in the short term but I believe it will generate greater trust with lenders and this will reap dividends in the longer term. Edit: It woud be good if savingstream could give us their thoughts on this (either now or when talks with potential borrowers have concluded). No face lost if they have decided against a record loan. In fact kudos to them if they have the courage to change their mind when circumstances change. Agree it helped liquidity But there was not really an explanation other than Brexit That doesn't really explain why and I would have liked a more substantial explanation SS seem to have turned into a platform that just does as it likes with little investor input or communication with investors
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jun 28, 2016 8:22:00 GMT
stevio I guess SS has taken lessons from AC. Originally when this Forum started you could expect almost daily input from one or other of AC's top team and that must have burned-up a lot of precious management time for little reward and quite a few brickbats from forum members. I think SS are sensible to keep their communication to the minimum whilst they get on with running the show and instead let their results 12% and no expensive defaults speak for themselves.
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Liz
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Post by Liz on Jun 28, 2016 22:14:50 GMT
Yes, a good decision by savingstream to pull these loans if they were not sure of them in the current climate. And it also helps the market by putting funds back in the hands of lenders and bringing supply and demand a bit closer together. But (unless I am proven wrong in the next few days) I think the best decision by savingstream has possibly gone under the radar. If you recall, last week was supposed to bring us another £15m of loans including 'the largest P2P loan ever'. Thankfully this seems to have been quietly shelved. I don't see an appetite for significant P2P funding right now. Best to keep things steady, do nothing to frighten lenders (such as flooding the market) and then gradually increase the supply again when things have settled down a bit. It might slow growth a little for savingstream in the short term but I believe it will generate greater trust with lenders and this will reap dividends in the longer term. Edit: It woud be good if savingstream could give us their thoughts on this (either now or when talks with potential borrowers have concluded). No face lost if they have decided against a record loan. In fact kudos to them if they have the courage to change their mind when circumstances change. Agree it helped liquidity But there was not really an explanation other than Brexit That doesn't really explain why and I would have liked a more substantial explanation SS seem to have turned into a platform that just does as it likes with little investor input or communication with investors Maybe SS can't afford to have liquidity tied up in these loans; with several loans converting to or already development loans, then SS needs to make sure there are funds available for these projects. If SS can't supply development funding on 1 or 2 on these loans, then they are likely to be unfunded projects, defaulting and leaving the the provision fund depleted(or SS unable to top it up) and confidence in the platform would soon plummet... I will stop there. All the above is 100% speculation of course.
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Post by Deleted on Jun 28, 2016 23:07:21 GMT
Yes, a good decision by savingstream to pull these loans if they were not sure of them in the current climate. And it also helps the market by putting funds back in the hands of lenders and bringing supply and demand a bit closer together. But (unless I am proven wrong in the next few days) I think the best decision by savingstream has possibly gone under the radar. If you recall, last week was supposed to bring us another £15m of loans including 'the largest P2P loan ever'. Thankfully this seems to have been quietly shelved. I don't see an appetite for significant P2P funding right now. Best to keep things steady, do nothing to frighten lenders (such as flooding the market) and then gradually increase the supply again when things have settled down a bit. It might slow growth a little for savingstream in the short term but I believe it will generate greater trust with lenders and this will reap dividends in the longer term. Edit: It woud be good if savingstream could give us their thoughts on this (either now or when talks with potential borrowers have concluded). No face lost if they have decided against a record loan. In fact kudos to them if they have the courage to change their mind when circumstances change. Agree it helped liquidity But there was not really an explanation other than Brexit That doesn't really explain why and I would have liked a more substantial explanation SS seem to have turned into a platform that just does as it likes with little investor input or communication with investors I think exactly the opposite. This forum was vocal in asking a second thought on the London loans after the Brexit. (read multiple messages on this...). Summing the investors requests with a massive liquidity drain caused by this sudden 12 mil input, you get the picture of high risk that SS saw. In fact those loans which were not yet complete were missing real funds (virtual funds has been allocated by some people but there was a significative shortfall).... Overall I think it was an excellent decision by SS even if it involved three loans I had invested in.
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jonbvn
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Post by jonbvn on Jun 29, 2016 11:47:27 GMT
Got email. SS pulled three loans because of Brexit aftermath. Beaten by le dude. I was only in #110 from those three. I wonder if any more are to be dealt with similarly. Which three loans were pulled? Given that I didn't get the email, I obviously was not invested in them.
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Liz
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Post by Liz on Jun 29, 2016 12:01:29 GMT
Got email. SS pulled three loans because of Brexit aftermath. Beaten by le dude. I was only in #110 from those three. I wonder if any more are to be dealt with similarly. Which three loans were pulled? Given that I didn't get the email, I obviously was not invested in them. Look under the "Repaid tab" on the website. It was 110,111, and 114.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 9, 2016 18:14:04 GMT
It seems that PBL109 may be close to repaying, as the property has been released from its charge (07/07/2016); SS did say that our borrower had currently had a sale agreed, so I guess that the sale has/ or is very close to completing.Surprised this wasn't in the update.Update : new charge created 
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max
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Post by max on Jul 10, 2016 9:40:57 GMT
It seems that PBL109 may be close to repaying, as the property has been released from its charge (07/07/2016).. where did you get that info pls?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 10, 2016 9:46:06 GMT
It seems that PBL109 may be close to repaying, as the property has been released from its charge (07/07/2016).. where did you get that info pls? ; Search the company (Our lender - S**** Enterprise Ltd - You'll have to get the full name from the Loan Overview page on SS).
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star dust
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Post by star dust on Jul 10, 2016 13:46:58 GMT
Actually a charge secured against PBL109 still exists and has not been discharged. The charge that was dismissed was in favour of "Saving Stream Security Holding Limited as the Security Agent", and the one that still exists (logged on the 4 July) is in favour of "Saving Stream Security Holding Limited". Haven't bothered to do a compare and contrast on the 31 page charges, but I suspect this is the difference between them (i.e. who it's in favour of). Indeed I suspect there may be a few more of these soon, as the other charges we have an interest in are also in the name of the former which presumably needs amending for legal reasons.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 10, 2016 13:54:01 GMT
Actually a charge secured against PBL109 still exists and has not been discharged. The charge that was dismissed was in favour of "Saving Stream Security Holding Limited as the Security Agent", and the one that still exists (logged on the 4 July) is in favour of "Saving Stream Security Holding Limited". Haven't bothered to do a compare and contrast on the 31 page charges, but I suspect this is the difference between them (i.e. who it's in favour of). Indeed I suspect there may be a few more of these soon, as the other charges we have an interest in are also in the name of the former which presumably needs amending for legal reasons. Seems you are correct star dust, I didn't see that new charge  .
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Liz
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Post by Liz on Jul 10, 2016 14:03:49 GMT
Actually a charge secured against PBL109 still exists and has not been discharged. The charge that was dismissed was in favour of "Saving Stream Security Holding Limited as the Security Agent", and the one that still exists (logged on the 4 July) is in favour of "Saving Stream Security Holding Limited". Haven't bothered to do a compare and contrast on the 31 page charges, but I suspect this is the difference between them (i.e. who it's in favour of). Indeed I suspect there may be a few more of these soon, as the other charges we have an interest in are also in the name of the former which presumably needs amending for legal reasons. Seems you are correct star dust, I didn't see that new charge . How do we give negative kudos? 
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 10, 2016 14:06:51 GMT
Seems you are correct star dust , I didn't see that new charge . How do we give negative kudos? Turn your monitor upside down... 
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