nick
Member of DD Central
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Post by nick on Jun 26, 2016 17:42:24 GMT
I've noticed that the reported LTVs for PBL052 & PBL051 on the summary listing page are 33% & 11% versus original stated LTVs of 60% (after accounting for existing secured debt). The updates do not mention the removal of the first charge for either loan. Does anyone know whether the first charges on both loans have been removed? Alternatively, perhaps it is the way SS report LTVs (ie excluding other existing secured debt), although it would be inconsistent with the LTV reported in the particulars and clearly grossly misleading to buyer in the SM?
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Post by GSV3MIaC on Jun 26, 2016 19:02:11 GMT
How about you email savingstream and ask them, then you can tell us what the answers are? (the 'anyone' who would most definitely know are SS .. although a ramble through the registry documentation might show any change, but would cost money, and it might be out of date anyway). |
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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 Jun 26, 2016 19:20:35 GMT
I've noticed that the reported LTVs for PBL052 & PBL051 on the summary listing page are 33% & 11% versus original stated LTVs of 60% (after accounting for existing secured debt). The updates do not mention the removal of the first charge for either loan. Does anyone know whether the first charges on both loans have been removed? Alternatively, perhaps it is the way SS report LTVs (ie excluding other existing secured debt), although it would be inconsistent with the LTV reported in the particulars and clearly grossly misleading to buyer in the SM? The indicated LTV for those 2 loans have always (from memory, and to the best of my knowledge) been 33% & 11%; SS have always indicated the LTV on 2nd charge loans as if they had first charge (much to my and other investors annoyance...), such as the recent marina loan ( PBL97). I have asked SS why they don't indicate the correct TLV on 2nd charge loans, but they never responded.
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Post by Deleted on Jun 27, 2016 0:40:47 GMT
Well spotted.
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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 Jun 27, 2016 0:49:53 GMT
I have asked SS why they don't indicate the correct TLV on 2nd charge loans, but they never responded. As SS have now started putting " (2nd Charge)" in the loan's title, I suspect the workings of the displayed LTV are automated via an algorithm. Otherwise, after the amount of stick they've had about it, had it just been a manually added figure, I feel sure they would have changed it by now. Then they should change it so it isn't automated (or alter the algorithm)... I'm sure that the FCA won't be too happy to see a misrepresented LTV as a headline figure on said loans. I certainly don't speak for myself, but some investors may use the indicated LTV as a simple indicator for what loans to invest in; 19% headline LTV on the riviera loan looks much better than the actual 60%...
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