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Post by Duane Dibley on Jul 1, 2014 16:44:22 GMT
Thanks for the update savingstream. Communication appreciated. Will existing investors be rolled into the new loan? Unfortunately no, we will be repaying all existing investors capital plus interest and opening the loan up as a new loan with a investment cap of 2% (£500). Shame that Saving Stream didn't show any loyalty to existing investors over this loan. Especially with the loyalty shown by investors when SS were going through the photographs and testimonials fiasco.
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geoff
Member of DD Central
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Post by geoff on Jul 1, 2014 16:58:27 GMT
Unfortunately no, we will be repaying all existing investors capital plus interest and opening the loan up as a new loan with a investment cap of 2% (£500). Shame that Saving Stream didn't show any loyalty to existing investors over this loan. Especially with the loyalty shown by investors when SS were going through the photographs and testimonials fiasco. I don't think it's a question of loyalty at all. SS have previously stated elsewhere on this board that their policy would be to treat a loan renewal as a new loan to give all investors an equal chance to buy into it. Seems very fair to me.
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Post by Duane Dibley on Jul 1, 2014 17:03:57 GMT
Would be nice if all investors did get an equal chance.
But when it gets snapped up within minutes of going live there's not much chance of that.
Seems very unfair to me, but then I guess we all have our different opinions as to what constitutes fairness.
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ramblin rose
Member of DD Central
“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Jul 1, 2014 17:08:23 GMT
Shame that Saving Stream didn't show any loyalty to existing investors over this loan. Especially with the loyalty shown by investors when SS were going through the photographs and testimonials fiasco. I don't think it's a question of loyalty at all. SS have previously stated elsewhere on this board that their policy would be to treat a loan renewal as a new loan to give all investors an equal chance to buy into it. Seems very fair to me. I can see both sides. As a long term SS lender, and having parts of most of the loans I would obviously like the choice of rolling it over - that is what FS have been doing for the past year. On the other hand, there has recently been a reasonably steady flow of opportunities to invest any excess funds into the property bridging loans, so there isn't really a problem in mopping up the funds, and it does give newcomers the chance to diversify more. Where I would be upset, is if I didn't have the opportunity to re-invest the funds anywhere at all. But then, that would be SS loss, as I would take the money out. I'm not unhappy shovelling it into the property loans because I've found that I've been able to sell parts of those loan parts to diversify later without any problem at all.
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Post by Duane Dibley on Jul 1, 2014 17:29:53 GMT
That's exactly the problem though. It's all right putting the money in to the property loans but if you can't invest into new funds later on then your portfolio becomes less and less diversified. If investments can't be rolled over and new investments are only available to those with fast fingers as time goes on your investments become more concentrated in the larger property loans, the very opposite of what you are trying to achieve by diversification. It's not that I want existing investors to have an advantage over new investors, it's because as the old loans mature but because of demand it's not possible to invest in new or renewed loans my investments are getting less and less diversified. Apart from the property loans I can't remember the last time I invested in a loan.
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geoff
Member of DD Central
Posts: 54
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Post by geoff on Jul 1, 2014 17:46:29 GMT
Would be nice if all investors did get an equal chance. But when it gets snapped up within minutes of going live there's not much chance of that. Seems very unfair to me, but then I guess we all have our different opinions as to what constitutes fairness. I agree that fairness is a subjective concept. From where I stand however, I think that SS have tried to make the platform as fair as possible to everyone, particularly now with the introduction of instant deposit and investment cap. Surely the platform should offer a level playing field and not favour one investor over another. I'm a new poster to this board but have been a SS investor for some time. I personally find it encouraging and an indication of investor confidence in the platform when loans get snapped up quickly.
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ejohn
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Post by ejohn on Jul 11, 2014 8:17:59 GMT
Looks like this loan has been repaid in 9 days. That seems to be an SS record. It is no longer in the Live loans list, but in the repaid list
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Post by savingstream on Jul 11, 2014 9:09:46 GMT
To clarify this rapid repayment, the loan was actually a renewal of a loan that was 6 months old. The borrower had to renew the loan as the boat hadn't sold, the boat has now sold and the loan has been repaid.
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