j
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Post by j on May 7, 2014 21:48:43 GMT
New boat loan on the site now I think it's a 'roll-over'. I think this was one that's paid back slightly early and taken out a new 6 month loan. It appears at the top of the repaid page too - unless by some amazing coincidence it's just got the same name and details. Having re-checked I can see you're absolutely correct. Not having had any units in the previous one didn't make it clearer for me either with being a recent investor in SS. Thanks for the clarification.
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ramblin rose
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“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 May 8, 2014 8:49:53 GMT
I think it's a 'roll-over'. I think this was one that's paid back slightly early and taken out a new 6 month loan. It appears at the top of the repaid page too - unless by some amazing coincidence it's just got the same name and details. Having re-checked I can see you're absolutely correct. Not having had any units in the previous one didn't make it clearer for me either with being a recent investor in SS. Thanks for the clarification. Yes, it is. In fact it wasn't really repaid early. The seventh month in the SS loans is leeway for sorting out paperwork - they become due after 6 months. I've known them repay very early, roughly on time or well into the seventh month as in this case. We once were offered the option to roll-over our holding into the renewed loan for one boat, but not in this case - perhaps because there are other opportunities for re-investment of the proceeds on this occasion.
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alison
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Sanctuary!!
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Post by alison on May 8, 2014 9:08:41 GMT
Yes, it is. In fact it wasn't really repaid early. The seventh month in the SS loans is leeway for sorting out paperwork - they become due after 6 months. I've known them repay very early, roughly on time or well into the seventh month as in this case. We once were offered the option to roll-over our holding into the renewed loan for one boat, but not in this case - perhaps because there are other opportunities for re-investment of the proceeds on this occasion.And possibly also because there is now a secondary market available if you don't fancy staying in the rolled over loan.
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ramblin rose
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“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 May 8, 2014 9:14:31 GMT
Yes, it is. In fact it wasn't really repaid early. The seventh month in the SS loans is leeway for sorting out paperwork - they become due after 6 months. I've known them repay very early, roughly on time or well into the seventh month as in this case. We once were offered the option to roll-over our holding into the renewed loan for one boat, but not in this case - perhaps because there are other opportunities for re-investment of the proceeds on this occasion.And possibly also because there is now a secondary market available if you don't fancy staying in the rolled over loan. Not following your logic there alison, because surely that would mean you'd be more likely to want the option to roll-over your holding, since you could get out afterwards? Anyhow, didn't bother me not to be offered the option this time as I would have chosen to diversify the money in the way that I did yesterday. If there hadn't been any other re-investment options though, I would have wanted to roll it over, because I could have then chosen at a later date to get out of it.
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alison
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Post by alison on May 8, 2014 9:36:03 GMT
And possibly also because there is now a secondary market available if you don't fancy staying in the rolled over loan. Not following your logic there alison, because surely that would mean you'd be more likely to want the option to roll-over your holding, since you could get out afterwards? Anyhow, didn't bother me not to be offered the option this time as I would have chosen to diversify the money in the way that I did yesterday. If there hadn't been any other re-investment options though, I would have wanted to roll it over, because I could have then chosen at a later date to get out of it. I can see why you are not following it!! Yesterday was such a long time ago that I had totally forgotten they had paid the money into my account which I then immediately lent out again on the same boat!! Looking at it today I assumed they had rolled me over!! Duh 
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ramblin rose
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“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 May 8, 2014 10:17:29 GMT
Not following your logic there alison, because surely that would mean you'd be more likely to want the option to roll-over your holding, since you could get out afterwards? Anyhow, didn't bother me not to be offered the option this time as I would have chosen to diversify the money in the way that I did yesterday. If there hadn't been any other re-investment options though, I would have wanted to roll it over, because I could have then chosen at a later date to get out of it. I can see why you are not following it!! Yesterday was such a long time ago that I had totally forgotten they had paid the money into my account which I then immediately lent out again on the same boat!! Looking at it today I assumed they had rolled me over!! Duh Know the feeling 
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spockie
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Post by spockie on May 22, 2014 14:42:57 GMT
When are those pipeline loans going to turn into real loans, savingstream? |
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star dust
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Post by star dust on May 22, 2014 14:59:26 GMT
When are those pipeline loans going to turn into real loans, savingstream? Hope we get a favourable responce soon cause it's definately been "Nothing Nadda Nowt" for a while. No new loans, nothing on the aftermarket (at least when I've been looking) and no draw down on the two big property loans - not that this theoretically matters as we still get interest, but until they draw down there is a risk they may not I guess. I'd like to invest a bit more, but want diversification not more of the two remaining loans at this stage.
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Post by savingstream on May 22, 2014 15:54:23 GMT
The two property loans should be going live either late this week (tomorrow) or early next week, just standard solicitor delays between borrower and lender's respective legal parties with both blaming the other. Frustrating for all involved but I'm sure you appreciate the due diligence involved.
We hope to have one of the pipeline boat loans potentially going live tomorrow.
We also have some larger property loans which we hope to be offering on the platform in the near future. Although we do appreciate that some investors probably prefer increased diversity rather than necessarily larger loans.
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spockie
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Post by spockie on May 22, 2014 16:22:09 GMT
Thanks for the swift reply. It's always appreciated when platforms put time and effort into talking to lenders.  |
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star dust
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Post by star dust on May 22, 2014 18:44:36 GMT
Agreed, response much appreciated. I have only just started with SS, and am most impressed with the communication and responsiveness of the staff, I also like the simplicity of the site, and the speed of their processes, I hope it will all continue as the platform grows. I shall keep my finger on the trigger for another boat bit tomorrow then, and good to hear that the property loans are approaching draw down, with the possibility of more to come.
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Investor
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Post by Investor on May 23, 2014 12:10:31 GMT
New loan now available £50000 at 37% LTV. You heard it here first.......
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Investor
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Post by Investor on May 23, 2014 13:17:27 GMT
Sold out. About 70 minutes to fund a 50k loan. What does this tell the guys at SS about the supply and demand curve, and their customers diversity requirements, when the larger loans still have significant funding available. As if they didn't already know ;-)
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ejohn
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Post by ejohn on May 23, 2014 14:17:11 GMT
Amazing and I am pleased I got some. SS are to be complimented on letting this forum know when to expect a new loan.
There is one other message that comes through. SS are good with boats and have the expertise to source secure loans in this niche area. It seems that lenders recognise this as there are few boaty loan parts that come through in the aftermarket - at least as far as I am aware. I suspect they are gobbled up quickly if they do. I hope SS don't stray too far from their boat expertise, even though it may become more competitive for us Lenders to join in on the few boats loans coming live.
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kermie
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Post by kermie on May 23, 2014 14:19:10 GMT
Indeed - do SS have suitable arrangements with enough introducers? I'd be interested in understanding their current set up there. I sat there hitting Refresh and just watched it vanish in front of my eyes - gobsmacked at the pace! Thank goodness for GoCardless immediate funding. |
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