sam i am
Member of DD Central
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Post by sam i am on Jul 21, 2016 12:31:04 GMT
My suggestion to SS is to forget this loan. What they should do is actually buy the property themselves. Then sell it. If the valuation is correct, they will make a killing.
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boble
Posts: 150
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Post by boble on Jul 21, 2016 14:36:34 GMT
Saving Stream have confirmed to me that this loan is now not proceeding.
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ben
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Post by ben on Jul 21, 2016 14:45:36 GMT
I am glad that they have removed it but why do they put these loans up surely some of there own staff should be competent enough to do basic DD. It was obvious this was not going to work and only shows how poor some of SS DD must be.
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boble
Posts: 150
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Post by boble on Jul 21, 2016 15:10:58 GMT
I am glad that they have removed it but why do they put these loans up surely some of there own staff should be competent enough to do basic DD. It was obvious this was not going to work and only shows how poor some of SS DD must be. I think that they are still on a very steep learning curve, however, Tim and Liam do listen and learn fast, which is a credit to them. The positive to take from this particular loan is that the experience will have raised their caution a couple of notches.
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sam i am
Member of DD Central
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Post by sam i am on Jul 21, 2016 15:34:16 GMT
IIRC last time this happened Saving Stream said something like: "We believe this was a good loan but we have withdrawn it due to a lack of interest from lenders". I wonder if they will say the same this time.
Edit: I found it (PBL83 - Toxic Waste Site)
"In the end, we appreciate that our investors trust us to make the right decisions and we still feel that this loan was fine, but when feedback is so asymmetrically negative we need to consider reputational risk over the need to provide deal flow. The will of the crowd prevailed on this occasion."
Although to be fair, it appears that with PBL83 there was enough interest from lenders as the pipeline had been 3x funded. But the market was very different then.
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Liz
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Post by Liz on Jul 21, 2016 15:42:36 GMT
I am glad that they have removed it but why do they put these loans up surely some of there own staff should be competent enough to do basic DD. It was obvious this was not going to work and only shows how poor some of SS DD must be. I think that they are still on a very steep learning curve, however, Tim and Liam do listen and learn fast, which is a credit to them. The positive to take from this particular loan is that the experience will have raised their caution a couple of notches. Lets hope they are more selective of the valueers next time, or ask them to be a tad more realistic.
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Post by geraldine1210 on Jul 21, 2016 15:44:12 GMT
It's still showing, which is strange.
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ben
Posts: 2,020
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Post by ben on Jul 21, 2016 15:46:13 GMT
I am glad that they have removed it but why do they put these loans up surely some of there own staff should be competent enough to do basic DD. It was obvious this was not going to work and only shows how poor some of SS DD must be. I think that they are still on a very steep learning curve, however, Tim and Liam do listen and learn fast, which is a credit to them. The positive to take from this particular loan is that the experience will have raised their caution a couple of notches. They have removed a few loans now because of feedback from on here. However when a bunch of random people on the internet can do a better job of DD in their spare time and without most of the vital figures/fact then there full time team can, you have to actual wonder how competent what there team bring to the table?
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Post by Deleted on Jul 21, 2016 15:47:21 GMT
I think that they are still on a very steep learning curve, however, Tim and Liam do listen and learn fast, which is a credit to them. The positive to take from this particular loan is that the experience will have raised their caution a couple of notches. Lets hope they are more selective of the valueers next time, or ask them to be a tad more realistic. A surveyor signing off an evaluation which is 2-3x the current market value of a land (and with multiple years of marketing) should not be allowed to work anymore in price-sensitive bsinesses like SS. His name is in my black book and if any further property gets out with his name on the valuation report, will not have a penny from me.
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goopy
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Post by goopy on Jul 21, 2016 15:51:07 GMT
It's still showing, which is strange. Gone now...
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romy
Member of DD Central
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Post by romy on Jul 21, 2016 16:06:33 GMT
..........However when a bunch of random people on the internet can do a better job of DD in their spare time .... Though I guess between us all we have quite a bit of "skin in the game" and a number of people have expert knowledge in closely related fields.
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locutus
Member of DD Central
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Post by locutus on Jul 21, 2016 16:13:53 GMT
One of the major benefits of investing with SS is the crowd sourced DD that is conducted on here. When we have so many people participating, someone is almost always available with niche expert knowledge, is familiar with the local area or possesses excellent Google-Fu which all combine to give us multiple perspectives. In fact, I think it would be difficult for any centralised organisation to compete with.
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stokeloans
Member of DD Central
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Post by stokeloans on Jul 21, 2016 20:18:36 GMT
If it wasn't for the amateur experts on here I know I'd be into some loans that I might regret further down the line.
Keep up the good work guys
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Post by harvey on Jul 21, 2016 20:58:24 GMT
If it wasn't for the amateur experts on here I know I'd be into some loans that I might regret further down the line. And so would SS. Although I fear they may already be into a few loans they will come to regret and you can't keep kicking the ball further down the road forever. Sooner or later you have to face the music and let the chickens come home to roost.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jul 21, 2016 21:24:29 GMT
If it wasn't for the amateur experts on here I know I'd be into some loans that I might regret further down the line. And so would SS. Although I fear they may already be into a few loans they will come to regret and you can't keep kicking the ball further down the road forever. Sooner or later you have to face the music and let the chickens come home to roost. I wonder if SS are waiting to see what happens with the garden centre, and its impact on the Provision Fund and their investors' enthusiasm, before they force the issue on more of their non-performing loans.
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