n
Member of DD Central
Yet another Nick
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Post by n on Nov 30, 2016 12:56:14 GMT
I wanted £0.01 so prefunded £100 then sold £99.99 which went in about 5 seconds. I didn't prefund the last low interest loan and it took me days to buy my £0.01. Ummmm really  Why ...... coppers burning a hole in your pocket As SteveT says, so when it comes up on the SM I don't accidentally buy it. If I see one come up I haven't already invested in I will try to snap it up, although the chances of that happening are pretty slim. Also, if the loan defaulted and communications started being sent only to investors I would see those. Actually, if a loan defaulted I would try to buy another £0.99 so that in the event of a recovery I would then know 1st hand what % was recovered.
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Post by Deleted on Nov 30, 2016 12:58:51 GMT
Ummmm really Why ...... coppers burning a hole in your pocket As SteveT says, so when it comes up on the SM I don't accidentally buy it. If I see one come up I haven't already invested in I will try to snap it up, although the chances of that happening are pretty slim. Also, if the loan defaulted and communications started being sent only to investors I would see those. Actually, if a loan defaulted I would try to buy another £0.99 so that in the event of a recovery I would then know 1st hand what % was recovered. You really are a glutton for information .... I admire you're attention to ALL the details !!
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ablender
Member of DD Central
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Post by ablender on Nov 30, 2016 16:51:04 GMT
Do you really want your barge-pole to touch this loan?
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ablender
Member of DD Central
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Post by ablender on Nov 30, 2016 17:04:25 GMT
For those looking for numbers and detail, another figure to note is the number of lenders. This one continues on the trend that sub 12% loans attract about half as many lenders as the 12 percenters.
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Post by martin44 on Nov 30, 2016 17:33:55 GMT
I got a lot more than I expected  why did you prefund more than you wanted? As far as i know all loans are bottoms up now,  
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duck
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Post by duck on Nov 30, 2016 18:28:46 GMT
I got a lot more than I expected why did you prefund more than you wanted? As far as i know all loans are lake bottom up now, fixed it for you martin44 ............. anyway perhaps fp made an honest mistake and thought he was funding the G.. B... Sheds 
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toffeeboy
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Post by toffeeboy on Nov 30, 2016 18:43:25 GMT
I got a lot more than I expected why did you prefund more than you wanted? As far as i know all loans are bottoms up now, He doesn't say more than he wanted just more than he expected. Maybe expected the loan to be more popular than it actually was
I believe that you are right and all loans are bottoms up now
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fp
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Post by fp on Nov 30, 2016 19:38:42 GMT
fixed it for you martin44 ............. anyway perhaps fp made an honest mistake and thought he was funding the G.. B... Sheds did fund GB sheds - a bunch of expensive sheds 'round a lake in the UK.  That's my summary of this loan to "T"
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twoheads
Member of DD Central
Programming
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Post by twoheads on Nov 30, 2016 22:38:05 GMT
Liz and others are just having a bit of a dig at SS for using that %. LTGV is a pointless, untruthful and misleading figure. As soon as a new tranche is released, the % increases, and it will be less ( much less in the early stages of dev) than the final LTV unless it is the last tranche and the build is very close to completing. IMHO (and JMHO) LTGV should be ignored on the DFLs. Where possible a current LTV should be used, or alternatively, and if available, a final LTGV (so in this case 60%). When DFL001 & 002 was released, SS used the 'anticipated full loan' / 'GDV' as the headline LTGV figure, but then changed it; this is what I would prefer to see savingstream . I don't mind them using a LTGV, but the 15% figure is just a pointless, meaningless and misleading figure. Why don't savingstream just quote the 60% LTGV figure? At least that means something. DFL assumption: The DFL security is the property being developed.
The total GDV is a completely useless figure if the development goes wrong.
The important information for us lenders is the total current loan versus the total current value of the security (this could be the 90 day sale value but I would prefer the current sale value).
When SS releases any tranche of a DFL, they will (presumably) check the current value of the security. If they don't then I would ask 'why not?'
We need to know two key pieces of information: - The total loan value (all tranches including the next on offer) versus current value of the security. I would call this the 'current LTV', with no mention of the irrelevant 'developed value'. This gives investors some insight into the risk factor, similar in some ways to the risk factor of PBL secured against a fixed asset which is not being developed.
- The maximum loan value versus security value that SS will offer in subsequent tranches. This gives investors an idea of how the maximum risk will change as development proceeds.
Obviously with each new tranche, the total loan increases. But also, with each new tranche, the security value (assumption above) will increase and the LTV% will reflect both the total loan and the latest update on the security value. I am assuming that SS check the current development with each tranche they release.
I would like to see, for each tranche, an LTV calculated as: Total loan including the current tranche versus current sale value of the development.
This is may well be an over simplified model but it makes sense to me.
Criticism and corrections are expected.
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elliotn
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Post by elliotn on Dec 1, 2016 1:22:31 GMT
Yes, current valuations most welcome.
Just a couple of points from other DFL discussions.
When starting DFL ltv may actually decrease ie demolition of building that has existing use, digging a muddy hole in the ground etc and this would accentuate the problem you highlight.
MT/FS typically try to provide loan aggregate vs current value. Mikes351 has thoughtfully probed this as these are often little more than a straight line apportionment of the expected profit based on cost % drawndown which may be indicative but only really tested if disposed of partially complete ie developer gone bust.
Mitigating this potentially is SS are on record as saying they would be determined to see any dfl to practical completion to maximise realisable value. The remedial work to the detached house in contravention of PP from its own capital could be seen as example of this.
Although they might need to clear a larger part of the backlog of overdue loans to be sure of being able to do this for the long term..
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bababill
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Post by bababill on Dec 1, 2016 2:37:01 GMT
I got a lot more than I expected ""Why on earth did you ask for ....then? All new loans are filled bottom up these days, so simply pre-fund whatever you want to lend.""  
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fp
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Post by fp on Feb 9, 2017 20:00:20 GMT
A further unannounced tranche amounting to £93,068 was placed on the SM @ 13:18 Well spotted MONEY
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twoheads
Member of DD Central
Programming
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Post by twoheads on Mar 29, 2017 13:53:48 GMT
'Official' tranche 3 just went live (14:51).
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fraggle
New Member
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Post by fraggle on Jul 3, 2017 12:43:05 GMT
What has all the tranches been spent on?. I have just been to the site today (03/07/2017) as I live about 20 miles away. There has been no development at all on site. When is it to commence? as its supposed to be finished c6Months.
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Post by p2plender on Jul 4, 2017 13:58:15 GMT
Well I was stood at the (locked) gate of the site this morning and there's definitely nothing going on, absolutley zilch. Perhaps this is what 'no change' means...
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Why ...... coppers burning a hole in your pocket 
