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Post by savingstream on Sept 6, 2016 17:29:55 GMT
Now showing as 274 days term. That seems rather cheeky on savingstream 's part -- advertise and sell one product... and deliver a different one.  Not really Mike; commercial expediency. Last minute negotiations, funds required this week.
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am
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Post by am on Sept 6, 2016 17:31:30 GMT
Now showing as 274 days term. That seems rather cheeky on savingstream 's part -- advertise and sell one product... and deliver a different one. I put money into Biggleswade thinking it was a twelve month loan, but when it went live it was only 6 months. Did I misread or misremember the loan length, or were SS tardy in changing the loan length from the default?
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dan83
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Post by dan83 on Sept 6, 2016 17:33:27 GMT
If I'd seen the shorter loan period, I wouldn't of put as much in. Never mind, plenty in the pipe line.
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mikes1531
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Post by mikes1531 on Sept 6, 2016 17:39:12 GMT
In that case, there wouldn't technically have been a default if the borrower didn't abandon the project immediately but it would have been difficult, if not impossible, to sell parts on the SM and the impact on SS investors would have been virtually the same as an in-term default. this loan is not in default... not sure where you are coming from. not relevant. : I thought I made it clear that PBL081 isn't in default, and wouldn't have been in the scenario I described. The relevance is that in that scenario "the impact on SS investors would have been virtually the same as an in-term default." As an investor, if the consequences of an event are the same to me as a default, then I really couldn't care less whether the loan actually had defaulted or not. It's the results that I care about, not the legal definitions. I guess that's why I'm an engineer and not a lawyer! 
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mikes1531
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Post by mikes1531 on Sept 6, 2016 17:43:48 GMT
That seems rather cheeky on savingstream 's part -- advertise and sell one product... and deliver a different one. Not really Mike; commercial expediency. Last minute negotiations, funds required this week. : Can you imagine what sort of public/press reaction there'd be if a large company -- Tesco, Amazon, Apple, etc. -- did something like this? They'd be crucified!
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Post by supernumerary on Sept 6, 2016 17:59:25 GMT
Now live... At least £7,000.00 allocation - 1862 Investor @ Live. Now showing as 274 days term.YES, I noticed that reduction in days... ...after it had gone LIVE!! 
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Post by grodecki on Sept 6, 2016 18:16:18 GMT
Not really Mike; commercial expediency. Last minute negotiations, funds required this week. : Can you imagine what sort of public/press reaction there'd be if a large company -- Tesco, Amazon, Apple, etc. -- did something like this? They'd be crucified! None of which operate in a market anywhere like as volatile or changable as bridging finance. It is not ideal, I agree, but not unexpected.
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SteveT
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Post by SteveT on Sept 6, 2016 18:17:47 GMT
savingstream : Can you imagine what sort of public/press reaction there'd be if a large company -- Tesco, Amazon, Apple, etc. -- did something like this? They'd be crucified! On the other hand, it's the inability of large, complex, monolithic organisations like Tesco (and more specifically in our case, the banks) to adapt quickly to meet fast-changing customer needs that led to businesses like savingstream emerging. The day they decide they can no longer do so is the day we should really start worrying. [If you don't like holding the loan now that it's down to just 9 months, it should take about 10 seconds to get rid of it via the SM] [crossed with grodecki]
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Post by supernumerary on Sept 6, 2016 18:26:49 GMT
That seems rather cheeky on savingstream 's part -- advertise and sell one product... and deliver a different one. Not really Mike; commercial expediency. Last minute negotiations, funds required this week. Thank you for explaining, what happened at the last minute, during negotiations. The 365 day loans are my favourite... ...not to worry! 
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puffin
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Post by puffin on Sept 6, 2016 18:32:55 GMT
Now live... At least £7,000.00 allocation - 1862 Investor @ Live. Now showing as 274 days term.Personally, I have no issue with the last moment days changed. Indeed, if I was in SS shoes, I would do the same, so I can see the sense in it. I do think a general disclaimer on the savingstream.co.uk/loans/pipeline page would be helpful to make it clear that the information found prior to go-live is advisory.
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am
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Post by am on Sept 6, 2016 21:03:42 GMT
Now live... At least £7,000.00 allocation - 1862 Investor @ Live. Now showing as 274 days term.Personally, I have no issue with the last moment days changed. Indeed, if I was in SS shoes, I would do the same, so I can see the sense in it. I do think a general disclaimer on the savingstream.co.uk/loans/pipeline page would be helpful to make it clear that the information found prior to go-live is advisory. I do. It's one thing if the borrower changes his mind and negotiates a different length at the last minute. (But in this case arguably SS should have sent out an email to notify us.) It's another thing if SS don't get round to putting the correct number up until after than loan has gone live. In my opinion it should be correct no later than the assignment of the PBL/DFL number.
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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 Sept 6, 2016 21:26:41 GMT
As PBL081 has showed, things can come to light which can cause the SM to become effectively unavailable for certain loans. I can see why you might think that as the amount for sale seems to remain constantly high, but in fact PBL081 has continued to sell really quite well on the SM - the amount for sale is just getting topped up as it sells. Since 11:14 yesterday morning (so about a day and a half at this point) a part I put up for sale has gone from being behind £129.3K to now being behind only £57.8K - that's £71.5K through the SM in a day and a half which, whilst not as lightening fast as most other loans, is still a pretty good turnover, and to me doesn't really constitute unavailable SM. It is certainly predominantly sales, rather than people removing their loan parts because there are some quite large chunks getting picked up on a regular basis according to the investor activity. And this on a day when there's been all kinds of better options available and new loans about to be spat out of the pipeline. Not that I'm disagreeing that things can occur to make a loan unpalatable, just trying to debunk the apparently widely held myth that PBL081 doesn't sell.
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star dust
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Post by star dust on Sept 6, 2016 22:09:27 GMT
It is certainly predominantly sales, rather than people removing their loan parts because there are some quite large chunks getting picked up on a regular basis according to the investor activity. And this on a day when there's been all kinds of better options available and new loans about to be spat out of the pipeline. Not that I'm disagreeing that things can occur to make a loan unpalatable, just trying to debunk the apparently widely held myth that PBL081 doesn't sell. I think it was an indicator of investor frustration, cause that was the only one that stood still long enough for everyone to be able to buy a piece.  On a more serious note, I agree that most of the apparently unpopular ones do shift more than intermittent glances at the headline 'available' would suggest. Even the red box has had a surprising £4000+ of sales in the last week.
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Post by savingstream on Sept 7, 2016 7:49:01 GMT
Not really Mike; commercial expediency. Last minute negotiations, funds required this week. : Can you imagine what sort of public/press reaction there'd be if a large company -- Tesco, Amazon, Apple, etc. -- did something like this? They'd be crucified! Mike, whilst we understand your frustration, you must understand our need to be nimble in this market place. It is fact why we are so successful i.e the ability to fund deals that change at the last minute but are still sufficiently safe and attractive. We don't think Tesco or the like could operate in our market. Retail businesses, whilst operating on a 'Lean' model are (sometimes) very efficient, their decision making processes are too sclerotic to even comprehend entering our world. If we must, we will put a disclaimer in the pipeline that all information is advisory and likely to change up until the point of completion/drawdown.
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Post by Deleted on Sept 7, 2016 7:58:41 GMT
The more communication the better, I agree with that. SS do need to work on the quality of their updates.
But is also important to understand that this kind of uncertainty is the reason we are getting 12%. If all the i's were dotted and t's crossed perfectly, we'd be getting 6%, same as platforms like LendInvest.
And in this case, if anyone didn't like the change, the SM is so liquid that they can change their mind for no cost. Plenty of buyers for this loan, even at 90 days less.
And tbh, with some loans repaying 100s of days early, and others 100s of days late, I view the timescales as guesstimates anyway.
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