merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jun 6, 2017 17:35:03 GMT
Rumour has it that the next step is a secret bond issue in £10k blocks. Obviously must be aimed at the BH boys and girls.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Jun 6, 2017 19:05:02 GMT
Would have to be 14.007% to tempt me.
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Post by martin44 on Jun 6, 2017 21:40:37 GMT
 More like Liam Brooke bond " You hum it Liam... I'll play it" 
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Post by Cashback Chaser on Jun 6, 2017 21:55:42 GMT
5 YEAR SERIES 2
Rate of interest
7% per annum, paid in quarterly instalments from the date of issue of the Saving Stream Bond until the date of redemption.
3 YEAR SERIES 4
Rate of interest
6% per annum, paid in quarterly instalments from the date of issue of the Saving Stream Bond until the date of redemption.
Minimum amount per application
£5,000 and, thereafter, multiples of £1,000
Maximum amount per tranche
£25m (being the maximum aggregate amount of Saving Stream Bonds being issued in Series 2/4)
Minimum raise condition
Not less than £100,000
Note: 20% tax is withheld.
Are the Saving Stream Bonds transferable?
No, the Saving Stream Bonds are not transferable and they cannot be sold or traded. The interest coupon and redemption payment are payable to the original Bondholder.
Can I withdraw my money before the end of the initial fixed-term
No, the Saving Stream Bonds are issued for a 5/3-year fixed-term. You should only invest in Saving Stream Bonds if you are prepared to invest your money for the full five year term. (five year is also the case for 3 year bond)
Can I change my mind?
No, your Application is irrevocable and will not be capable of being terminated or rescinded by you.
Can I pay by instalments or top up on my holding of Saving Stream Bonds?
Unfortunately, you will not be able to pay for your Saving Stream Bonds in instalments, nor can they be topped up.
What happens if I die while I hold the Saving Stream Bond?
Under these circumstances, the Saving Stream Bonds would form part of your estate and title to them would be held by the executors or administrators of your estate. Your executors or administrators would hold the Saving Stream Bonds until their redemption or, if the Company agreed in writing, the Saving Stream Bonds may be redeemed and the cash value would become part of your estate. If applicable, the redemption process may take some time depending on the specific circumstances around your estate.
Does holding a Saving Stream Bond mean that I have shares in Saving Stream Bond Limited or Lendy Ltd?
No, Saving Stream Bonds are debt instruments not convertible into shares and the holder of a Saving Stream Bond does not have any ownership interest in either the Company or any connected entity such as its holding company Lendy Ltd
Non-Transferable
Saving Stream Bonds are not transferable or negotiable on the capital markets and no application is to be made for Saving Stream Bonds to be admitted to listing or to trading on any market.
Illiquid investment
Investment in an unquoted security of this nature, being an illiquid investment, is speculative, involving a degree of risk. It will not be possible to sell or realise Saving Stream Bonds or to obtain reliable information about the risks to which they are exposed. Saving Stream Bonds are an unsecured debt of the Company and there is no certainty or guarantee that the Company will be able to repay them.
No Certainty That Bondholders Will Be Repaid
There is no certainty or guarantee that the Company will be able to repay the Bondholders. If the Company were to become insolvent, there is a risk that (a) some or all of the nominal value of the Saving Stream Bonds will not be redeemed, and (b) some or all of the return due on the Saving Stream Bonds will not be repaid.
Because this is by invitation only, I'm not sure if I am allowed to upload the bond documents. There is too much text to paste, if you have any questions then let me know.
Source: I have been invited.
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merlin
Minor shareholder in Assetz and many other companies.
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Post by merlin on Jun 7, 2017 9:02:34 GMT
@angry Bear IMHO you would have to be Harpic to buy into that sort of deal but I guess there may be people out there who will.
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moogman
Member of DD Central
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Post by moogman on Jun 7, 2017 10:24:01 GMT
To clarify, is this a corporate bond by Lendy? Do they specify what they will be using the capital for within the business? (As if we don't already know)
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Post by Cashback Chaser on Jun 7, 2017 13:23:22 GMT
@angry Bear IMHO you would have to be Harpic to buy into that sort of deal but I guess there may be people out there who will. Does Harpic mean something else other than a brand name?
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Post by Cashback Chaser on Jun 7, 2017 13:29:29 GMT
To clarify, is this a corporate bond by Lendy? Do they specify what they will be using the capital for within the business? (As if we don't already know) Saving Stream Bond Limited Brankesmere House Queens Crescent Southsea PO5 3HT Sponsor
Lendy Ltd Brankesmere House Queens Crescent Southsea PO5 3HT The Saving Stream Bond allows investors to indirectly participate in the Peer to Peer marketplace without any active management. The Company will use the proceeds of each subscription for the Saving Stream Bond to make loans on the Lendy Platform. Investors will NOT become lenders on the Lendy Peer to Peer platform. All loans made by the Company are used to provide either bridging finance or development finance. In addition to funding new lending opportunities, the Company may buy and sell loan parts through the Platform’s secondary market* to provide diversification. The loans are short term by nature and finance rates are comparatively high, enabling the Company to generate sufficient returns to offer a generous rate of return on the Saving Stream Bond. * As at 21.03.2017 up to £8.4m is traded weekly on the Lendy Platform
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GeorgeT
Member of DD Central
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Post by GeorgeT on Jun 7, 2017 13:32:42 GMT
@angry Bear IMHO you would have to be Harpic to buy into that sort of deal but I guess there may be people out there who will. Does Harpic mean something else other than a brand name? You wouldn't know this because you use the woods, but Harpic is a toilet cleaner. I found this explanation which seems to make sense - "To be Harpic is to be insane - because you are 'clean round the bend'."
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merlin
Minor shareholder in Assetz and many other companies.
Posts: 902
Likes: 302
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Post by merlin on Jun 7, 2017 13:54:26 GMT
Does Harpic mean something else other than a brand name? You wouldn't know this because you use the woods, but Harpic is a toilet cleaner. I found this explanation which seems to make sense - "To be Harpic is to be insane - because you are 'clean round the bend'." Harpic was a coded term used by psychologists and psychiatrists to describe the mental state of a patient. A similar term in the more public domain but derived from Harpic is "clean off". Sorry if I have caused confusion.
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Post by Cashback Chaser on Jun 7, 2017 13:58:40 GMT
The Saving Stream Bond allows investors to indirectly participate in the Peer to Peer marketplace without any active management. The Company will use the proceeds of each subscription for the Saving Stream Bond to make loans on the Lendy Platform. Investors will NOT become lenders on the Lendy Peer to Peer platform. All loans made by the Company are used to provide either bridging finance or development finance. In addition to funding new lending opportunities, the Company may buy and sell loan parts through the Platform’s secondary market* to provide diversification. The loans are short term by nature and finance rates are comparatively high, enabling the Company to generate sufficient returns to offer a generous rate of return on the Saving Stream Bond. * As at 21.03.2017 up to £8.4m is traded weekly on the Lendy Platform [my emphasis] The interesting question here is whether those sell listings would rank behind or equal with direct investor SM listings. Or would they be pushed to the front? The document does not disclose this information, I would assume equal, but Bendy may be able to make tweaks in their favour.
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GeorgeT
Member of DD Central
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Post by GeorgeT on Jun 8, 2017 0:19:56 GMT
I've no idea how this bond will work but if it adds a bit of demand and eases congestion on the SM I'm all for it.
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mary
Member of DD Central
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Post by mary on Jun 8, 2017 18:22:25 GMT
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skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
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Post by skippyonspeed on Jun 11, 2017 19:34:46 GMT
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Mousey
Member of DD Central
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Post by Mousey on Jul 3, 2021 11:58:29 GMT
For completeness:
Saving Stream Bond
74. Another investment product was developed called the Saving Stream Bond (the “Bond”). This was issued by Saving Stream Bond Limited (CRN: 10261814), a separate company which was wholly owned by Lendy. It was incorporated in July 2016 but did not start trading until around September 2016. In a similar fashion to Lendy Wealth, if investors invested in the Bond, they invested “blind” and agreed for Lendy to choose which loans to invest in. The Bond had a separate website to the standard Lendy platform.
75. This Bond was run by [KM] of Lendy. Brokers were financially incentivised with higher introductory fees, to introduce investors to invest through the Bond rather than through the normal platform. The Bond was another method to raise additional investment and fulfil loans which had not raised sufficient investment through the ordinary channel of the Lendy platform.
76. Saving Stream Bond Limited was dissolved on 10 December 2019 following a compulsory strike off note. Saving Stream Bond Limited did not have its own bank account; instead, Lendy had a separate bank account into which Bond investors paid their money. From that account the broker’s fees were deducted and the balance was invested on the Lendy platform.
77. Based on information and documentation obtained by the Joint Administrators, there are 12 investors who invested through the Bond, with a total of circa £155K invested across 15 loans (DFL001/ DFL002/ DFL005/ DFL010/ DFL019/ DFL029/ PBL064/ PBL069/ PBL070/ PBL071/ PBL081/ PBL106/ PBL155/ PBL167 and PBL199).
78. According to the accounting records, the Bond owes Lendy the sum of circa £191k in relation to unpaid legal fees, advertising and marketing, consulting and IT expenses (see page 247).
Source: 2nd Witness Statement of Joint Administrator Damian Webb dated 9/7/2020
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