adrianc
Member of DD Central
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Post by adrianc on Jun 25, 2016 10:25:29 GMT
Exactly my position on it. I prefunded the Manc/Luton three. I prefunded the London nine. I increased my investment for those. Right now? No, ta. The ones I want to reduce have huge backlogs. If there's any of 119 kicking about when my June interest's paid, then... yep. But otherwise? Nope. The selling queues may not actually be as long as would appear from the SM listing. The ones at the top of my shift list are oldies - two of the three C***e - so there's not going to be an SS component on the market.
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SteveT
Member of DD Central
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Post by SteveT on Jun 25, 2016 12:37:38 GMT
What I tend to do now is put something up for sale and then immediately check where it is in the queue. If the backlog is large, I cancel the sale and try a different loan. You don't even need to go as far as putting it up for sale. Just click the "Sell Loan Part" link for the loan part that you're considering listing and the current Sale Queue ( excluding SS / underwriter parts) is there, just above the green button.
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Post by GSV3MIaC on Jun 25, 2016 13:39:23 GMT
What we all need more than anything are repayments of overdue loans. This would restore confidence and liquidity. What we don't want is another default. Fingers crossed. Yes, it would be really nice if loans repaid on/around the scheduled date, or if they were not going to, then SS re-launched them as a new loan, with the option to roll-over (or more usefully 'not rollover'), which would provide some much needed liquidity and an exit option (regardless of the state of the SM) for lenders on/around a known date. See examples over at MT. The current extend-itis (for months or years) is getting a lot of stick over at Failed Completion, and I don't see why SS should get a free pass on the same issue (although I admit their 12% is better than Feeble Coupon's 8% + 1%CB). OK, to achieve this it would require SS, or their underwriter, to put their hand in their pocket to provide the buy-out of the investors who didn't want to roll over (or else the loan would be in default .. but technically I expect a 6 month loan which is in its 12th month is already in default (of the original loan agreement), even if the borrower is still paying interest. If I could see the loan agreements I would know for sure.)
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
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Post by cooling_dude on Aug 1, 2016 9:28:54 GMT
Hi Guys
Some very minor and possibly insignificant information to add to your notes for this loan (if you have not done already)
Originally SS indicated (via the loan overview) that our borrower was "N***** 10 The A**** LLP", but I've been keeping an eye on the companies house page and noted that no charge was appearing. This morning I had a quick look at the loan page and SS has changed the borrower (not sure when; it could have happened weeks back TBH). Seems our borrower is in fact, W******** A**** PROJECT LTD, who were incorporated just 4 days before drawdown of the loan. This new borrower is connected to the previous borrower (via a common director & same address).
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fp
Posts: 1,008
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Post by fp on Aug 1, 2016 9:39:24 GMT
Hi Guys Some very minor and possibly insignificant information to add to your notes for this loan (if you have not done already) Originally SS indicated (via the loan overview) that our borrower was " N***** 10 The A**** LLP", but I've been keeping an eye on the companies house page and noted that no charge was appearing. This morning I had a quick look at the loan page and SS has changed the borrower (not sure when; it could have happened weeks back TBH). Seems our borrower is in fact, W******** A**** PROJECT LTD, who were incorporated (just 4 days before drawdown of the loan). This new borrower is connected to the previous borrower (via a common director & same address). I was looking for a couple to sell as i'm over my ideal limit on SS, you just helped me make my mind up about one!
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Post by geraldine1210 on Aug 1, 2016 9:52:53 GMT
Hi Guys Some very minor and possibly insignificant information to add to your notes for this loan (if you have not done already) Originally SS indicated (via the loan overview) that our borrower was " N***** 10 The A**** LLP", but I've been keeping an eye on the companies house page and noted that no charge was appearing. This morning I had a quick look at the loan page and SS has changed the borrower (not sure when; it could have happened weeks back TBH). Seems our borrower is in fact, W******** A**** PROJECT LTD, who were incorporated (just 4 days before drawdown of the loan). This new borrower is connected to the previous borrower (via a common director & same address). I was looking for a couple to sell as i'm over my ideal limit on SS, you just helped me make my mind up about one! I honestly don't know why ss ever touched this loan. Just about everything was wrong about it.
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fp
Posts: 1,008
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Post by fp on Aug 1, 2016 9:59:15 GMT
I was looking for a couple to sell as i'm over my ideal limit on SS, you just helped me make my mind up about one! I honestly don't know why ss ever touched this loan. Just about everything was wrong about it. It was on my "keep an eye on" list based on what I read here initially, it just sold in a matter of a minute so no feathers ruffled here
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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 Aug 1, 2016 10:22:11 GMT
Looks like theyve set an SPV to hold & manage the asset, hardly unusual, PP/PM operate the same structure.
I suspect S******* L****** have done exactly the same for PBL093. The loan for that isnt to the company stated in SS particulars as CD as pointed out.
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Aug 1, 2016 10:52:47 GMT
Looks like theyve set an SPV to hold & manage the asset, hardly unusual, PP/PM operate the same structure. I suspect S******* L****** have done exactly the same for PBL093. The loan for that isnt to the company stated in SS particulars as CD as pointed out. I think there was some overreaction to my post...? Like I said, the post was to " add some very minor and possibly insignificant information", and as ilmoro points out this looks to be a case of the borrower simply setting up an SPV. The company is new, I can't confirm that, but that is the most likely scenario here. Personally, I don't see too much wrong with this loan, and was quite please to pick up a couple of pennies in the last hour 
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