moist
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Post by moist on Jun 14, 2016 7:35:20 GMT
interesting how these will go, everyone trying to clear old loans on the SM with little success. So how many will default on pre-funding of the London folio?
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jonbvn
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Post by jonbvn on Jun 14, 2016 7:45:08 GMT
A quick duedil search of the borrowing company shows negative NAV and only one director??? Am I missing something?
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Post by GSV3MIaC on Jun 14, 2016 7:59:27 GMT
We're relying on the asset value, not the strength (or otherwise) of the company or the directors' guaranteeing abilities.
However I do gulp a bit at this set - if they all go out (against previous SS promises, it must be said) today, there'll be about 15% of the loan book on one asset type at one borrower. "Put it all on number 31" .. Oh, and if they don't refinance on schedule, assuming we did get 6 months interest in advance (we advanced enough to cover it, that's for sure) we'll be fire-sale-ing them just in time for Xmas. 8>.
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goopy
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Post by goopy on Jun 14, 2016 8:16:17 GMT
All of these loans are showing as a loan term of 365 days. Does that mean that SS are taking 365 days interest?
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adrianc
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Post by adrianc on Jun 14, 2016 8:24:09 GMT
interesting how these will go, everyone trying to clear old loans on the SM with little success. Stuff is moving. It might not look it, but it is. Even fairly unfashionable stuff. I had a spring clean of PBL60 this morning, and cleared out a lot of shrapnel parts in favour of a single biggie. There was £15k ahead of the parts I was selling - they went within an hour. Last night, I sold off some of one of the farm parts - it took an hour or two to get from about £10k to sold. Even older stuff is moving - I sold some 42 last night, and that went from about £3k back to sold in an hour or two, too.
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adrianc
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Post by adrianc on Jun 14, 2016 8:24:37 GMT
All of these loans are showing as a loan term of 365 days. Does that mean that SS are taking 365 days interest? Yes, it should do. Unless they're changing another thing we've taken as read, too...
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Post by Deleted on Jun 14, 2016 8:32:42 GMT
Think I'll wait to see which way the European Referendum goes before lending against London property at 70% LTV.
Looking at the combined size of these loans, there should be plenty around still.
I just hope SS are confident that the asset backing would be sufficient to cover these loans in a brexit situation, the combined size of these loans would severely test the abilities of the protection fund.
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goopy
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Post by goopy on Jun 14, 2016 8:45:07 GMT
All of these loans are showing as a loan term of 365 days. Does that mean that SS are taking 365 days interest? Yes, it should do. Unless they're changing another thing we've taken as read, too... I was thinking about the 4 pieces of land, they showed 365 days for about 1 month then they changed to 180 days without warning.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 14, 2016 8:51:30 GMT
There are two borrowers here... I should have noted this when I started doing my DD, but I took for granted (because they are all to be released on the same day) that this was a single borrower, and plucked the borrower out of the first overview. | PBL 107, 108, 109, 112, 113, 115 | : | S**** Enterprise ltd | | PBL 110, 111, 114 | : | W**** & Co Property Partners Ltd |
I'm certain that they are connected, simply because of the properties involved are in the same areas, and have the same sort of details (currently or recently been refurbished) but will start digging to find something concrete. |
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jun 14, 2016 8:59:12 GMT
Think I'll wait to see which way the European Referendum goes before lending against London property at 70% LTV. Looking at the combined size of these loans, there should be plenty around still. Wise course of action in my view. I sold a significant six figure sum of SS property and more on FS and elsewhere over the last ten days. If the vote is "out" I have a nasty feeling that there will be a significant downward adjustment of property prices in the UK and particularly in London and the South East. If this turns out to be the case it will not bode well for the P2P market in general. Hope I am wrong as I also have investments directly in property that I will not be selling.
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SteveT
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Post by SteveT on Jun 14, 2016 9:04:05 GMT
All of these loans are showing as a loan term of 365 days. Does that mean that SS are taking 365 days interest? Yes, it should do. Unless they're changing another thing we've taken as read, too... I've just had confirmation from SS via email that the 9 loans all have 12 months interest retained up front. That said, they expect several to be repaid early (once sold).
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jun 14, 2016 9:16:53 GMT
There are two borrowers here... I should have noted this when I started doing my DD, but I took for granted (because they are all to be released on the same day) that this was a single borrower, and plucked the borrower out of the first overview. | PBL 107, 108, 109, 112, 113, 115 | : | S**** Enterprise ltd | | PBL 110, 111, 114 | : | W**** & Co Property Partners Ltd |
I'm certain that they are connected, simply because of the properties involved are in the same areas, and have the same sort of details (currently or recently been refurbished) but will start digging to find something concrete. So a little more research in these 2 companies only shows that they share the same premises. There is no shared directors or any relations, and never has been... S**** Enterprise Ltd is was incorporated in 1997 whilst W**** & Co Property Partners Ltd is a much newer business being Incorporated 2014. They moved into the current office at the same time, but before that, they were in completely different parts of London.
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jonbvn
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Post by jonbvn on Jun 14, 2016 9:53:29 GMT
We're relying on the asset value, not the strength (or otherwise) of the company or the directors' guaranteeing abilities. However I do gulp a bit at this set - if they all go out (against previous SS promises, it must be said) today, there'll be about 15% of the loan book on one asset type at one borrower. "Put it all on number 31" .. Oh, and if they don't refinance on schedule, assuming we did get 6 months interest in advance (we advanced enough to cover it, that's for sure) we'll be fire-sale-ing them just in time for Xmas. 8>. I do realise that we are lending against the property not the borrower's financials per se. However, although maybe not the key issue with these loans, it is still something that we should consider. As somebody else has said, the borrower could be hedging their bets on the referendum outcome.
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adrianc
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Post by adrianc on Jun 14, 2016 10:03:15 GMT
There are two borrowers here... I should have noted this when I started doing my DD, but I took for granted (because they are all to be released on the same day) that this was a single borrower, and plucked the borrower out of the first overview. | PBL 107, 108, 109, 112, 113, 115 | : | S**** Enterprise ltd | | PBL 110, 111, 114 | : | W**** & Co Property Partners Ltd |
I'm certain that they are connected, simply because of the properties involved are in the same areas, and have the same sort of details (currently or recently been refurbished) but will start digging to find something concrete. So a little more research in these 2 companies only shows that they share the same premises. There is no shared directors or any relations, and never has been... S**** Enterprise Ltd is was incorporated in 1997 whilst W**** & Co Property Partners Ltd is a much newer business being Incorporated 2014. They moved into the current office at the same time, but before that, they were in completely different parts of London. You want the waters to get murkier? Have a read of the letter in the valuation docs - p33 of val_232.pdf and val_228.pdf, and that's just checking those two. "A portfolio of properties", O***** R*** E***** Ltd and D******* Ltd
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am
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Post by am on Jun 14, 2016 10:14:01 GMT
All of these loans are showing as a loan term of 365 days. Does that mean that SS are taking 365 days interest? I suggest that you email your question to SS.
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