am
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Post by am on Jan 12, 2017 15:03:47 GMT
A simpler solution (than going back to arbitrary "stages") would be for savingstream briefly to list "Items remaining to be checked before draw-down" when posting new pipeline loan details. That way, the forum's DD hounds would know that SS are already aware and on the case. An excellent suggestion and very much in the spirit of P2P. Sadly, I suspect this has zero chance of happening. SS now have a new communications manager ( Paul64 ). We can hope that he can convince the rest of the management team of the value of defined procedures for proactive communications with prospective lenders. SS should be maintaining checklists of outstanding actions on each loan, and are hopefully using a computer for that purpose, so copying the list to the website should be a trivial matter. (Possibly they might want to mark particular items as commercially confidential or legally sensitive and not copy them.)
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 12, 2017 15:52:33 GMT
This is going live... .... Now
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 12, 2017 15:54:50 GMT
Isn't this covered by having (something like) 24hrs to fund your account to satisfy the pre-funding requirement after the loan goes live? If you don't like the last-minute revisions don't fund the account. I suspect that might incur the wrath of SS and they may even operate some kind of 'three strikes and out' system, but I'd be tempted to inform them of exactly why the pre-funding amount wasn't going to be fulfilled and head that possibility off. That doesn't work if you have a cash float from recent interest and capital repayments. It also relies on SS communicating the material change before the funding is due. Also, if the new loan allocation has resulted in a negative balance, I wouldn't want to give SS the opportunity to sell off parts of loans that I want to keep in order to pay for parts that I don't want to keep.
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 12, 2017 16:00:41 GMT
This is going live... .... Now cooling_dude: Are you saying it's happening now? Or that you've received a go-live notice?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 12, 2017 16:01:50 GMT
This is going live... .... Now cooling_dude : Are you saying it's happening now? Or that you've received a go-live notice? C****t is now live Received no warning (discounting the original e-mail, after that initial go-live date was delayed)
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guff
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Post by guff on Jan 12, 2017 16:02:53 GMT
Nothing on the SM so it must be a good 'un.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 12, 2017 16:06:13 GMT
Looks like £39k got put on the SM 2647 investors
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mikes1531
Member of DD Central
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Post by mikes1531 on Jan 12, 2017 16:09:58 GMT
But all quoted loan durations are imaginary, because you know the borrower can repay early when they like (or even extend), so I wouldn't get too excited about a change on paper. I realise the borrower can repay early, and I have no problem with that. When the loan term is shortened, however, it means -- or is supposed to mean -- that SS have retained less interest and that can be important. It's particularly an issue when the borrower's exit plan is a refinance that is unlikely to be obtained before something else that they're planning to do, such as obtaining PP or completing a refurbishment or development project. I'm reluctant to invest in a loan where I don't believe the exit plan is feasible within the term of the loan and that the loan is, IMHO, very likely to overrun. I realise that -- at the moment, anyway -- an investor can exit a loan via the SM before maturity, but I prefer to invest in loans that I'm happy to hold until maturity even if I might wish to sell out before then.
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Post by portlandbill on Jan 12, 2017 16:13:49 GMT
Only the C****t gone live? at least, I've not got any of the other (yet) and I prefunded both (with different amounts)
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jan 12, 2017 16:14:25 GMT
So a perfect example for Paul64 to get his teeth into. Major questions have been raised about the planning, the ownership of the property, even the identity of the borrower yet the loan has been launched without any communication that any of these queries have been resolved.
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am
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Post by am on Jan 12, 2017 16:17:40 GMT
That doesn't work if you have a cash float from recent interest and capital repayments. It also relies on SS communicating the material change before the funding is due. Also, if the new loan allocation has resulted in a negative balance, I wouldn't want to give SS the opportunity to sell off parts of loans that I want to keep in order to pay for parts that I don't want to keep. Ah. I don't use INPL, unless the gap between announcement and float is very short, and I don't have a cash float at the time, so that problem had escaped my attention.
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am
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Post by am on Jan 12, 2017 16:24:58 GMT
Looks like £39k got put on the SM 2647 investors Now a total of £50k (plus whatever has scrolled off) showing on recent activity. Somebody grabbed the whole £39k.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 12, 2017 16:36:42 GMT
R*****a now live
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toffeeboy
Member of DD Central
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Post by toffeeboy on Jan 12, 2017 16:37:56 GMT
R****** is live as well now, 2562 lenders. I only went small so not sure how much the limit
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will
Member of DD Central
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Post by will on Jan 12, 2017 16:39:55 GMT
Limit was 850.
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