duck
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Post by duck on Dec 3, 2016 7:34:44 GMT
Has the end date of this loan changed? My spreadsheet says it has but since that has manual end date entries I could well be wrong! This is a six month loan of £350,000 .....Date Made Active
23/05/2016
Expected End Date
13/01/2017
08/07/2016
All documents between FS, the borrower and the other lenders have now been agreed and are in the process of being signed
Expected End Date
13/01/2017
Obviously took some time to get out the door with interest being paid from 23rd May. With drawdown some time after 08/07 an end date of 13/01 certainly appears to be correct, so tell me my spreadsheet is wrong
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fp
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Post by fp on Dec 3, 2016 14:39:31 GMT
duck, your spreadsheet is wrong 👍
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mikes1531
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Post by mikes1531 on Dec 3, 2016 18:13:39 GMT
It's quite possible that the end date originally was around 23/11 because the FS system used to set the end date to be six months after the 'active' date. But that was before FS started setting an 'interest paid from' date so as to encourage people to invest and put those dates into their system as the 'date made active'. Then FS realised that the real end dates were six months after the borrower actually got the money. In some cases, FS simply noted in an update that a loan wasn't actually due until somewhat later than shown.
Having now switched to paying interest on individual parts from the date an investment is made, ISTM that they've now gone back to showing an 'Active' date that reflects when the six-month term starts, and that's after the date that most investors will be receiving interest from.
In short, it's all the result of changes FS have made to when they start paying interest. Presuming the current system continues for a at least few more months, all the transitional effects should have worked their way out of the system -- for all but the most overdue loans -- by the spring and things will become a bit more consistent.
In any case, investors need to take any stated end dates with a liberal pinch of salt, because a fair percentage of this sort of loans are not, and will not be, repaid exactly on time. If you need certainty of exactly when you'll have access to your money again, this is not the place to invest.
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duck
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Post by duck on Dec 6, 2016 6:21:07 GMT
Think you have nailed it there mikes1531 Thanks! Think I had better cross check a few more dates ......
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