Carter
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Post by Carter on Feb 5, 2017 12:02:15 GMT
There's probably quite a few investors that have taken a big position in this one. If there's potential for this to be repaid as the update suggests then I can imagine people may start to transition into other loans rather than wake up to a large credit in there account at some point over the next few months with nowhere for it to go.
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elliotn
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Post by elliotn on Feb 5, 2017 12:02:19 GMT
The loan update has meant I do not want to be left with nearly 10% of my SS portfolio unexpectedly redeemed (my SM days are behind me). It will be my accelerated go to loan for go lives, jumping ahead of the notorious London Nine.
Edit - x'd with Carter.
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twoheads
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Programming
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Post by twoheads on Feb 5, 2017 16:39:47 GMT
Based on SS' record of accuracy concerning early repayment updates, or any others come to mention it, I'll invest for today, not what might happen tomorrow - so thanks, panic sellers.  Have to agree with MONEY. I've got a sizable chunk (for me at least) but have stopped buying as it is one of my biggest. I will keep what I have for as long as it lasts.
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Post by supernumerary on Feb 17, 2017 19:23:05 GMT
LATEST UPDATE (17th Feb 2017):
The borrower has requested a redemption statement . We are expecting repayment on time.
So does mean now, that we can assume that this loan will go the full term?
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gt94sss2
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Post by gt94sss2 on Feb 17, 2017 20:29:09 GMT
LATEST UPDATE (17th Feb 2017): The borrower has requested a redemption statement . We are expecting repayment on time.So does mean now, that we can assume that this loan will go the full term? I would think it means its likely to be repaid pretty quickly and not in 248 days (the current remaining term)
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Jeepers
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Post by Jeepers on Feb 17, 2017 21:04:32 GMT
I'm assuming this should say 'we are expecting repayment ANYTIME' surely you wouldn't request a redmemption statement 248 days before it's due if it was running to term. Could you clarify savingstream ? |
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elliotn
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Post by elliotn on Feb 18, 2017 4:28:39 GMT
On time should probably be read as within repayment date and if only legals are required to tie out the redemption statement then expect this 'imminently'.
Might help the SM for a short while if prior to the big dfl launching.
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Post by supernumerary on Feb 18, 2017 6:17:42 GMT
I'm assuming this should say 'we are expecting repayment ANYTIME' surely you wouldn't request a redmemption statement 248 days before it's due if it was running to term. Could you clarify savingstream ? Might be due to the fact that Saving Stream do hold the 12 months interest for this loan, if you recall these two previous postings. savingstream , is this a firm 12 month loan  or will it be reduced to six months shortly after launch like the Farmland  ? At the moment, it is a 12 month loan and we don't see any changes forthcoming. Not at this stage. So, just for clarity, SS will be holding 12 months pre-paid interest for this loan? Yes. So, if the loan is terminated early, does the borrower have to pay extra money to get out of the contract? If so, does that mean any financial penalty payment is passed onto the lenders who have taken on the loan, in anticipation of it going the full term? It would be interesting to know.
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elliotn
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Post by elliotn on Feb 18, 2017 8:19:16 GMT
I understand borrowers can repay early (certainly better than going overdue) and unlike some other platforms I haven't read of minimum contractual interest payments although SS would be in line for their standard exit fee of 2%.
I never received any 'penalty' interest for the recent London residential property that redeemed early for example and MT/FS typically guarantee only 30 days interest and abl up to 6 months (to compensate buyers of amortising loans at a premium).
At go live SS warned us there were already offers in excess of the valuation so this isn't too surprising (immediate profit, no PP hassles).
It does however give a positive headache - what to do if nearly 10% of my SS pot is returned early...probably not put it into the <12% guff they've been serving up recently!
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mikes1531
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Post by mikes1531 on Feb 20, 2017 4:34:57 GMT
So, if the loan is terminated early, does the borrower have to pay extra money to get out of the contract? If so, does that mean any financial penalty payment is passed onto the lenders who have taken on the loan, in anticipation of it going the full term? It would be interesting to know. I understand borrowers can repay early (certainly better than going overdue) and unlike some other platforms I haven't read of minimum contractual interest payments although SS would be in line for their standard exit fee of 2%. Back in the good ol' days, when savingstream were more open and transparent, they used to indicate what the 'Loan Term (min)' was. For an example, look at the Bridging Loan Particulars document for PBL031, which shows a six month minimum. IIRC, if a loan was paid off before the minimum term had passed, the investor holding the loan on the repayment day received the 'bonus' interest. But that was then, and this is now. SS no longer let us have this info. There may be a minimum term specified in the loan contract, but we don't know about it. And if there's a benefit to be had from such a clause because a borrower repaid early, I really don't expect that SS would give any of it to their investors.
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lobster
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Post by lobster on Feb 20, 2017 10:00:50 GMT
If this loan does indeed pay out soon, as is very much expected, then bearing in mind that this is a mega 7.9m loan, there is suddenly going to be a LOT of cash looking for a new home.
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p2p2p
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Post by p2p2p on Feb 20, 2017 11:47:37 GMT
What puzzles me is why do the threads about individual loans 'xxx' out details of the loan, but keep the identifier in clear. When I visit <link redacted as it identifies assets on which loans are secured>, I can see the full details of the loan name before I login, so the information is publicly accessible. The same applies to pipeline loans
Wouldn't quoting the full name be easier?
[Second Edit]. I am even more puzzled now, as I just posted a link to this own forums rules page, and it was edited out by a moderator.
That was a shortcut to "going to the SS forum top page, reading the FORUM RULES page, clicking on the only link, and quoting the line below the line starting FAILURE, and then noting that if you visited SS's own website, you could navigate to the live loans page, which I quoted.
Surely this most elementary detective work is exactly what the rule allows
John
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Post by Deleted on Feb 20, 2017 11:50:27 GMT
What puzzles me is why do the threads about individual loans 'xxx' out details of the loan, but keep the identifier in clear. When I visit <link detailing secured assets redacted> I can see the full details of the loan name before I login, so the information is publicly accessible. The same applies to pipeline loans Wouldn't quoting the full name be easier? John At the very least x'ing out every last letter is a bit of a wind up, we're not coding to prevent cold war spies here! Give us a clue!
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n
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Yet another Nick
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Post by n on Feb 20, 2017 12:18:24 GMT
I think this thread was started just after there had been some major kafuffle over redaction and the entire x'ing out of the loan title was in jocular reposte.
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SteveT
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Post by SteveT on Feb 20, 2017 13:35:39 GMT
Mod hat on.
Thread title now tweaked a little to aid identification.
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or will it be reduced to six months shortly after launch like the Farmland 
?
