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Post by dualinvestor on Jun 14, 2016 14:45:37 GMT
Whilst I haven't looked at the documentation there could be two relatively simple explanations. The d***** company could be registered overseas, indeed with another company with "global property partners "around that is a distinct possibility. Secondly it could be a trading name.
Whatever it is if you do not trust SS to do this simplest of DD you should not be even remotely contemplating lending via them on this or any other loan.
What would worry me is this is yet another offering based on OMV. If the security has to be enforced you simply won't get that.
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Post by geraldine1210 on Jun 14, 2016 14:46:23 GMT
Almost at the point of pulling my pre funding and just buying some of the stuff on the sm.
It seems daft sitting with cash and not using it. Although, I guess still time to go live today.
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grahamg
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Post by grahamg on Jun 14, 2016 14:51:09 GMT
I have turned off my prefunding, will buy something nice on the SM Later
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Post by geraldine1210 on Jun 14, 2016 14:52:29 GMT
I have turned off my prefunding, will buy something nice on the SM Later Put the kettle on. I think I'll join you.
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beechside
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Post by beechside on Jun 14, 2016 14:54:37 GMT
I find this all a little too scary. If I didn't need the income from the interest and were the secondary market liquid, I'd sell out completely. My view is that there is a huge platform risk in this set of loans. Diversification works both ways: platform and investor. SS is also taking a risk on this one. Add the Brexit worries and this scares me - not something I've felt before. Anyone want to buy my portfolio?  |
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Post by p2plender on Jun 14, 2016 14:54:45 GMT
Can't see many funding these new loans given the response here. Loads no doubt freed up dollars in prep for the new stuff as well!
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adrianc
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Post by adrianc on Jun 14, 2016 14:55:56 GMT
Whilst I haven't looked at the documentation there could be two relatively simple explanations. The d***** company could be registered overseas, indeed with another company with "global property partners "around that is a distinct possibility. Secondly it could be a trading name. d*******.com is the only version of that name which has the domain name registered. Now, it's entirely possible that it IS a typo, but the website pitches as being London-based property portfolio investing. There's an old saying about ducks. The apparent lack of DD on this and various other recent loans - and abortive pipeline entrants - is starting to concern me, yes. And it is making me wonder, yes.
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duck
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Post by duck on Jun 14, 2016 15:05:47 GMT
.. There's an old saying about ducks. .... Yes and I'm staying as tight as one for this set of loans. .... or perhaps you were thinking of another saying 
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Post by GSV3MIaC on Jun 14, 2016 15:06:27 GMT
Whatever it is if you do not trust SS to do this simplest of DD you should not be even remotely contemplating lending via them on this or any other loan. /mod hat definitely off I am a little concerned .. this one went from 'under the radar' to 'stage-3, releasing tomorrow', without passing 'go' .. and it happens to be the largest collection of loans ever seen on this platform, with the biggest collection of unanswered Qs yet. Oh yes, and as you point out, the 70% is vs an OMV which is pitched at the height (perhaps) of the recent market, rather than 90-day fire sale values. Still they are apparently funded for 12 month, not 6, so we'd be selling next June. And the other good news is that it really kicked the SM into life, even if the servers are struggling to cope.
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Post by Deleted on Jun 14, 2016 15:09:49 GMT
I find this all a little too scary. If I didn't need the income from the interest and were the secondary market liquid, I'd sell out completely. My view is that there is a huge platform risk in this set of loans. Diversification works both ways: platform and investor. SS is also taking a risk on this one. Add the Brexit worries and this scares me - not something I've felt before. Anyone want to buy my portfolio? Could you explain more clearly what is the perceived problem? Excessive exposure to a single borrower? I have read a lot of criticism, but I honestly don't see still what point some people are making. The London properties don't look apparently bad as security. Of course Brexit is scaring a lot of people and potentially this 'loan' is like an insurance policy for the borrower in case thins really go down badly. But this is the same for any property on site. If prices go down, we lenders take a hit!
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locutus
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Post by locutus on Jun 14, 2016 15:20:25 GMT
I'm in two minds now. Some of the security looks decent enough but there are a lot of unanswered questions regarding the ownership and the companies behind them. I have to ask though whether it really matters as long as the security is solid for my particular loan. It would help hugely if savingstream could answer some of these quite simple questions. |
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Post by Deleted on Jun 14, 2016 15:21:04 GMT
Whatever it is if you do not trust SS to do this simplest of DD you should not be even remotely contemplating lending via them on this or any other loan. /mod hat definitely off I am a little concerned .. this one went from 'under the radar' to 'stage-3, releasing tomorrow', without passing 'go' .. and it happens to be the largest collection of loans ever seen on this platform, with the biggest collection of unanswered Qs yet. Oh yes, and as you point out, the 70% is vs an OMV which is pitched at the height (perhaps) of the recent market, rather than 90-day fire sale values. Still they are apparently funded for 12 month, not 6, so we'd be selling next June. And the other good news is that it really kicked the SM into life, even if the servers are struggling to cope. I don't get this. Remember that SS is the most open Platform around. Companies like FC not only will never publish any pipeline, but will not even tell you when they are going to release loans! Frankly sometimes I feel SS is telling us too much (in the sense that some competitors might jump to prospects and steal a deal...). Given the sensitivity of the London area, might well be that SS kept this borrowers silent to the moment they had an Agreement, also not to loose the business... That is not at all a problem to me. I prefer to concentrate on the Securities rather than how long the borrower has been on a public pipeline.
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rogerbu
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Post by rogerbu on Jun 14, 2016 15:22:19 GMT
I'm out. Prefund to zero Used the funds freed up by selling all my <70 day remaining loans to buy loans between 140 & 110 days remaining, so I'm happy. Thanks for all the digging you have all done.  |
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Post by Deleted on Jun 14, 2016 15:23:51 GMT
I'm in two minds now. Some of the security looks decent enough but there are a lot of unanswered questions regarding the ownership and the companies behind them. I have to ask though whether it really matters as long as the security is solid for my particular loan. It would help hugely if savingstream could answer some of these quite simple questions. ownership? You are put in doubt that what is given as a security is actually owned by the borrower? Rememeber there is a legal team looking after the deals. They would not allow a security on which they cannot legally put a charge on and enfoce it if necessary.
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Post by dualinvestor on Jun 14, 2016 15:24:07 GMT
Can't see many funding these new loans given the response here. Loads no doubt freed up dollars in prep for the new stuff as well! I think you might be surprised, this board does not represent a large proportion of SS lenders and a lot of people seem desperate to get in on anything they offer, maybe because of their 12% return, not a penny lost boast, the PF, and near perfect track record. So let's say a few hundred get doubts from reading this thread still leaves a lot to participate given the 2.5-3k lending in recent loans
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