greeb
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Post by greeb on Nov 12, 2016 9:12:07 GMT
Given the recent growth in loans and number of overdue that need following up I am not surprised and comforted that ss may be pausing to get on top of their business. There is plenty to be getting on with for a small team and a good base of revenue. Far better to have a healthy secondary market, loans being repaid and confidence in the platform growing. Updates are needed on loans that should have repaid by now where news is 3 weeks old.
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Post by valueinvestor123 on Nov 12, 2016 10:18:16 GMT
I don't personally feel it's a bad thing if a platform takes time to work through their loan book. I would be more alarmed if a platform suddenly started issuing new loans like crazy and would make me worry if they were using this method to generate income to pay off bad debt as this wouldn't be sustainable.
I also prefer the secondary market to be 'dried up' as this would ensure liquidity for me.
Just personal preferences.
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twoheads
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Programming
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Post by twoheads on Nov 12, 2016 11:43:08 GMT
I have to agree with valueinvestor123 , a sparse SM assures me that I can liquidate my loans easily. However, it does make it a pain in the a**e when attempting to (re)invest.
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freddy
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Post by freddy on Nov 13, 2016 0:40:08 GMT
I agree with the three comments above, if indeed a short break in the introduction of new loans is being taken to allow more focus on tidying up the existing loan book. Do we know this to be the case or is it just assumption and wishful thinking. Without repayment of, or at least meaningful updates on some of the overdue loans, my confidence is diminishing a little.
Personally, any further investment with SS is on hold until I see some progress with the existing loans that are outstanding.
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oldgrumpy
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Post by oldgrumpy on Nov 13, 2016 14:15:55 GMT
I am quite happy for the new loans pipeline to dry up for a few weeks if that releases SS staff to concentrate on the repayment of the many overdue (or imminently due!) loans. That list is far too long. There are always other places to invest in the meantime.
.... or is the current lull due to SS directors and staff being very busy setting up FOUR brand new Lendy companies? It will be interesting to see the purpose of these in the next few months.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Nov 13, 2016 14:18:28 GMT
.... or is the current lull due to SS directors and staff being very busy setting up FOUR brand new Lendy companies? It will be interesting to see the purpose of these in the next few months. Yes... It will be interesting to see what the purpose of these new "Lendy" companies are... For reference.... 4 New companies were set up 11/11/2016, all sharing the LENDY name and all have Liam & Tim as directors... > LENDY GROUP LIMITED - The parent company of the three below> LENDY CAPITAL UK LIMITED> LENDY PROPERTIES LIMITED> LENDY SPECIAL PURPOSE LIMITEDThe last three have "LENDY GROUP LIMITED" as the 100% shareholder, and "LENDY GROUP LIMITED" have Liam & Tim as 50/50 shareholders.
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Post by martin44 on Nov 13, 2016 14:26:06 GMT
.... or is the current lull due to SS directors and staff being very busy setting up FOUR brand new Lendy companies? It will be interesting to see the purpose of these in the next few months. Yes... It will be interesting to see what the purpose of these new "Lendy" companies are... For reference.... 4 New companies were set up 11/11/2016, all sharing the LENDY name and all have Liam & Tim as directors... > LENDY GROUP LIMITED - The parent company of the three below> LENDY CAPITAL UK LIMITED> LENDY PROPERTIES LIMITED> LENDY SPECIAL PURPOSE LIMITEDThe last three have "LENDY GROUP LIMITED" as the 100% shareholder, and "LENDY GROUP LIMITED" have Liam & Tim as 50/50 shareholders. Looking at the 'Nature of business' statements, all 3 new CO's are different. New opportunities on the way? Hope so. 
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kermie
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Post by kermie on Nov 13, 2016 14:44:47 GMT
Speculation, just for fun and to wind people up: i) Lendy Capital - to ring-fence Lendy direct lending i.e. where Lendy has invested directly in off-platform loans. ii) Lendy Properties - Lendy moving into the property equity space a la HouseCrowd/Property Moose/etc. iii) Lendy SPV - cases where Lendy will step in and purchase distressed assets, to release SS lenders. The latter is wishful thinking to say the least!  |
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toffeeboy
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Post by toffeeboy on Nov 14, 2016 16:45:56 GMT
As i explained further in my other post I was referring to quietness in terms of communication more than in terms of new loans. I don't have anymore free money to invest in anything else at present. There is lots of speculation on this forum about various things going on with SS which never gets nipped in the bud by a quick and easy response from someone from SS causing doubts to start to creep in. As someone mentioned on another thread we shouldn't have to speculate about certain things we should just be updated on them. Yes I'm making money from my loans but I'm losing confidence in the platform, that's why I would consider selling my loans. Not in some childish attempt to throw my toys out the pram but rather there are lots of other loans on other platforms to invest in where I feel more secure at present. There's loans in the pipeline but how long will they be there for? Will they ever go live? This information is communicated on other platforms I use which makes it easier to plan investments but not here. I'm not going to wait to the stage where SS have several defaults. The long default on the garden centre, the long list of overdue loans without a clear resoultion in sight, combined with poor communication overall is what is making me jumpy. I don't think that makes me irrational As I said already there are some good things about SS which is why i still have some investments. But since broaching out to other platforms and seeing them handle things better and consequently feeling more secure about my money there makes me feel less secure with my money here. All of my loans are well over 200 days but it's got to the stage now where I plan to sell my loans when they dip below 200 rather 100 days as an extra precautionary measure and ensuring that out of all my P2P exposure SS is where i have the least invested or withdraw entirely depending on how things continue to go. sorry then lolly88 I assumed that you were responding to the original post which referenced the lack of new loans and availability on the SM and I think my post corssed with your second post. I agree that SS could be a lot more communicative on all fronts but I trust that they are working hard in the background to ensure that all loans are serviced correctly and maintained so am not overly bothered by the lack of communication. There is always a lot of speculation about everything on forums but as you say it speculation.
I am sure you will have no problem selling loans with 200 days to go so good luck wherever your funds go. I have no problem with negative days as long as they are continuing to pay the interest, I do think that SS need to add another column that actually says how many days interest is funded as well as a projected settlement date as this will then remove all negative except for PBL020 as far as I am aware but will also reveal the ones that are funding month by month and ones that fund on a longer basis.
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mikes1531
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Post by mikes1531 on Nov 14, 2016 17:15:17 GMT
I have no problem with negative days as long as they are continuing to pay the interest... : When you used "they" in the above quote, did you mean the borrower or SS?
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seeingred
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Post by seeingred on Nov 14, 2016 18:45:17 GMT
I have quite a few large property loans in FC (silly of me I know) and most go negative. Interest continues to be paid (eventually) but not at any punitive or increased rate. This encourages borrowers to be lazy in repaying.
Not so at MT - witness the 18% recently for a short term (14 day) tide-me-over loan which was extended once, and then again. Suits me to have the 18%. Just a pity FC don't do it.
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mikes1531
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Post by mikes1531 on Nov 14, 2016 20:41:49 GMT
I have quite a few large property loans in FC (silly of me I know) and most go negative. Interest continues to be paid (eventually) but not at any punitive or increased rate. This encourages borrowers to be lazy in repaying. Not so at MT - witness the 18% recently for a short term (14 day) tide-me-over loan which was extended once, and then again. Suits me to have the 18%. Just a pity FC don't do it. : Just because FC don't pay extra interest to their lenders on defaulted loans doesn't mean they aren't collecting increased interest/fees from their borrowers. The same goes for SS. As near as I can tell, AC generally pay about 75% of the extra interest they receive on defaulted loans to their investors and, IIRC, The House Crowd have said they'll pass on half of any excess interest received to their investors. I haven't a clue what other platforms' arrangements are, but I wouldn't be surprised if nearly all platforms penalise their non-performing borrowers in some way.
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toffeeboy
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Post by toffeeboy on Nov 15, 2016 11:56:51 GMT
I have no problem with negative days as long as they are continuing to pay the interest... : When you used "they" in the above quote, did you mean the borrower or SS? I mean the borrower, if SS are paying the interest and planning on getting the money back on settlement then it puts their company in the high risk category for me.
As far as I understand it the interest that we are paid is funded by the borrower originally for the length of the loan and then on a monthly basis if the loan overruns. this is why negative days exist because the loan has overrun but interest is still being paid. When the borrower stops paying interest as in pbl020 is when the loan defaults.
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toffeeboy
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Post by toffeeboy on Nov 15, 2016 12:07:01 GMT
I have quite a few large property loans in FC (silly of me I know) and most go negative. Interest continues to be paid (eventually) but not at any punitive or increased rate. This encourages borrowers to be lazy in repaying. Not so at MT - witness the 18% recently for a short term (14 day) tide-me-over loan which was extended once, and then again. Suits me to have the 18%. Just a pity FC don't do it. : Just because FC don't pay extra interest to their lenders on defaulted loans doesn't mean they aren't collecting increased interest/fees from their borrowers. The same goes for SS. As near as I can tell, AC generally pay about 75% of the extra interest they receive on defaulted loans to their investors and, IIRC, The House Crowd have said they'll pass on half of any excess interest received to their investors. I haven't a clue what other platforms' arrangements are, but I wouldn't be surprised if nearly all platforms penalise their non-performing borrowers in some way. I think the difference is that SS are categorised as bridging loans to me, I don't lend on FC or AC so might be wrong but I believe that they offer loans with set repayments. SS offer loans with an anticipated repayment date which invariably is missed but that is to be expected which is why I don't panic when a loan goes into negative days. It is also the reason that SS only has one loan in default because as long as the interest continues to be paid then the loan continues as long as there is an exit strategy which there should be for the loan to be made in the first place.
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am
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Post by am on Nov 15, 2016 15:15:13 GMT
seeingred : Just because FC don't pay extra interest to their lenders on defaulted loans doesn't mean they aren't collecting increased interest/fees from their borrowers. The same goes for SS. As near as I can tell, AC generally pay about 75% of the extra interest they receive on defaulted loans to their investors and, IIRC, The House Crowd have said they'll pass on half of any excess interest received to their investors. I haven't a clue what other platforms' arrangements are, but I wouldn't be surprised if nearly all platforms penalise their non-performing borrowers in some way. I think the difference is that SS are categorised as bridging loans to me, I don't lend on FC or AC so might be wrong but I believe that they offer loans with set repayments. SS offer loans with an anticipated repayment date which invariably is missed but that is to be expected which is why I don't panic when a loan goes into negative days. It is also the reason that SS only has one loan in default because as long as the interest continues to be paid then the loan continues as long as there is an exit strategy which there should be for the loan to be made in the first place. Most property loans on FC are development finance, and all or nearly all of them for residential property (I don't recall seeing any non-residential developments, but I might have forgotten) and most of these are new builds, but there have been some residential conversions. These are usually at 8% and graded A+. FC also do bridging loans (called short term property loans, usually at 10% and graded A.) FC used to do commercial mortgages (also mostly at 10% and graded A), but I haven't seen any recently. A lot of FC's property loans have been repaid early, but another lot have overrun, some significantly. FC's communication on overrunning loans has been poor. (Also on the communication point, at FC we don't even get to see the valuation report - fortunately it's easier to run a sanity check on a residential valuation than some other properties.) AC has the widest variety of property loans - bridges, development finance, commercial mortgages and BTL, plus wind turbines and an aerobic digester.
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