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 Jun 17, 2016 16:03:01 GMT
Ooof! Anybody seen the update email that's just gone out? Wow. Another £15m next week...? <blink> If they're happy with the SM now, they'll be delighted then! I really hope there's some juicy repayments coming... Cant say they dont have a sense of humour given widespread support for the state of the SM yesterday. 
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Post by geraldine1210 on Jun 17, 2016 22:13:55 GMT
I thought the sm was becoming a lot more liquid this morning. Has become sluggish again.
Maybe because of the announcement of the loans tomorrow and the 'big' one due next week.
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Post by jackpease on Jun 18, 2016 5:59:49 GMT
I reckon its a binary choice - lots of loans and 'poor' liquidity or a scarcity of loans and total liquidity, even for dross.
I really hope that recent incomers to SS who have only known the latter get to enjoy the former (while it lasts)
With SS, FC and Wellesley having lower rates in recent weeks, IMHO it'll take days maybe weeks to mop up the excess as new investors are sucked in, then it'll be back to 'normal'
Jack P
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 18, 2016 10:22:13 GMT
In addition to the posts above: If you need confirmation, that you don't receive interest after putting a loanpart up for sale, then look at "My Loans", "Selling Loanparts", select a loan and it displays the Loan ID, Start Date, End Date. It's not discretionary, it's the way the software works. Yep. And that "End Date" is the date that the part is put for sale, no matter when it sells. If you've had a part that's been for sale overnight, look at the Sold Parts view - End Date is the date it went on the market - or the My Account view at the transaction where the money came in - it shows the transaction date, and the End Date of the part is the date it was put on sale. There ain't no doubt that parts on the market across midnight are not interest-paying. Thanks for the inputs, all valid, the information is available on the SS site for anyone prepared to look for it (I can only assume that lots of sellers haven't taken the time to look or they're happy to forgo the interest). On a related point, does anyone know for sure what happens to the interest? I read on this forum an assumption that it's paid into the provision fund but I've twice written to SS and they've not confirmed this (first time they answered a different question, second time they didn't answer).
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Post by brianac on Jun 18, 2016 10:28:34 GMT
On a related point, does anyone know for sure what happens to the interest? I read on this forum an assumption that it's paid into the provision fund but I've twice written to SS and they've not confirmed this (first time they answered a different question, second time they didn't answer). I suspect the lack of an answr is an answer in itself? Brian
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Balder
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Post by Balder on Jun 18, 2016 10:28:58 GMT
Yep. And that "End Date" is the date that the part is put for sale, no matter when it sells. If you've had a part that's been for sale overnight, look at the Sold Parts view - End Date is the date it went on the market - or the My Account view at the transaction where the money came in - it shows the transaction date, and the End Date of the part is the date it was put on sale. There ain't no doubt that parts on the market across midnight are not interest-paying. Thanks for the inputs, all valid, the information is available on the SS site for anyone prepared to look for it (I can only assume that lots of sellers haven't taken the time to look or they're happy to forgo the interest). On a related point, does anyone know for sure what happens to the interest? I read on this forum an assumption that it's paid into the provision fund but I've twice written to SS and they've not confirmed this (first time they answered a different question, second time they didn't answer). I doubt if it goes into the PF. I know there has been talk about that BUT SS have never communicated that it is happening. I expect it goes to SS. Remember SS PF commitment is to keep the PF at 2% of the loan book. If the PF has to pay out they would need to top up - so they may keep the "interest" in reserve for this.
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ped
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Post by ped on Jun 18, 2016 10:33:36 GMT
The interest goes to the provision fund until it hits 2% of the loan book, then SS make some extra profit. Feast and Famine is the most likely scenario for SM. New loans and old ones repaying will have a mismatch. Just the joy of investments!  |
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jun 20, 2016 8:47:30 GMT
Yes, SS really need some loans to repay on time. So few of them do which has always concerned me slightly. That is just the nature of bridinging finance I'm afraid; the borrowers rarely get the refinancing done in time, or the hoped for sales don't happen in time, or something else. You'll find it's common to any of the platforms that are involved in bridging, and I tend to expect it to be the norm.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Jun 20, 2016 10:33:32 GMT
Yes, SS really need some loans to repay on time. So few of them do which has always concerned me slightly. That is just the nature of bridinging finance I'm afraid; the borrowers rarely get the refinancing done in time, or the hoped for sales don't happen in time, or something else. You'll find it's common to any of the platforms that are involved in bridging, and I tend to expect it to be the norm. ramblin rose: briding....finance? Clearly you're an expert and you've just broken my heart 
Can we draw a veil over this and move on? 
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Post by earthbound on Jun 20, 2016 10:42:23 GMT
I agree and jonno is the 'Best Man' to advise on this.. |
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Post by brianac on Jun 20, 2016 13:26:04 GMT
We don't want any Groom-ing on here thank you.
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sam i am
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Post by sam i am on Jun 20, 2016 13:48:59 GMT
Ooof! Anybody seen the update email that's just gone out? Wow. Another £15m next week...? <blink> If they're happy with the SM now, they'll be delighted then! I really hope there's some juicy repayments coming... I've been thinking about this again and I'm wondering where this £15m requirement is coming from next (now this) week. As far as I can see, it's not from the current pipeline. What we currently have is: PBLs - The Dundee tiddler - Newcastle-under-Lyme building Total £2m DFLs - Huddersfield (slated to be the following week) - Torquay (waiting for repayment on the mansion house) Total just under £13m OK, so I can add these all together and get £15m if I ignore the fact that Huddersfield is the week after. BUT The whole point of DFLs is that the loan is dripped out over time as the development progresses. Typically we have seen £500,000 tranches being released. So either SS means that £15m of loans will be agreed this week (but not the full funds required) OR the DFLs aren't DFLs (they are really PBLs with full drawdown on launch) OR there are other loans hanging around in the wings that we haven't seen in the pipeline yet. I wonder which it will be.
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adrianc
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Post by adrianc on Jun 20, 2016 13:58:36 GMT
Wow. Another £15m next week...? <blink> If they're happy with the SM now, they'll be delighted then! I really hope there's some juicy repayments coming... I've been thinking about this again and I'm wondering where this £15m requirement is coming from next (now this) week. As far as I can see, it's not from the current pipeline. ...OR there are other loans hanging around in the wings that we haven't seen in the pipeline yet. I wonder which it will be. Remind me how long The Nine were visible in the pipeline? Or, indeed, the Luton/Manc triumvirate. The Anti-Hull...! I think we treat the visible pipeline as a nice hint of what might be coming, no more than that.
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Post by geraldine1210 on Jun 20, 2016 14:03:52 GMT
I've been thinking about this again and I'm wondering where this £15m requirement is coming from next (now this) week. As far as I can see, it's not from the current pipeline. ...OR there are other loans hanging around in the wings that we haven't seen in the pipeline yet. I wonder which it will be. Remind me how long The Nine were visible in the pipeline? Or, indeed, the Luton/Manc triumvirate. The Anti-Hull...! I think we treat the visible pipeline as a nice hint of what might be coming, no more than that. The nine caused a bit of an unseemly scramble. A bit more notice is definitely preferable.
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sam i am
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Post by sam i am on Jun 20, 2016 14:19:24 GMT
I've been thinking about this again and I'm wondering where this £15m requirement is coming from next (now this) week. As far as I can see, it's not from the current pipeline. ...OR there are other loans hanging around in the wings that we haven't seen in the pipeline yet. I wonder which it will be. Remind me how long The Nine were visible in the pipeline? Or, indeed, the Luton/Manc triumvirate. The Anti-Hull...! I think we treat the visible pipeline as a nice hint of what might be coming, no more than that. So you're going for the 'other loans hanging around' option. After last week I was coming to the same conclusion.
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