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Post by savingstream on Jul 1, 2014 20:31:36 GMT
Do you have funds currently on account with Saving Stream?
There is still £300k required on Property Bridging Loan 005 for it to be fully funded. (This mostly constitutes the interest part of the loan).
If we manage to raise the additional £300k in the next 7 days, we will pay another 1% cashback to investors on top of the standard interest rate (payable on new funds only).
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Post by Duane Dibley on Jul 1, 2014 20:50:58 GMT
Nice one. That's really made my day.
So those existing investors whose loans in the Bayliner were repaid but couldn't rollover or reinvest and so put the money into the only available loans (properties 4 & 5) get nothing, but any investors with new money get 1% cashback?
Yea nice one. <<MODERATED: BB: use of *'s doesn't mask/excuse use of excessively crude language. Please take note of of the following forum rule "Please be polite and constructive.">>
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Post by pepperpot on Jul 1, 2014 21:44:41 GMT
savingstream, just to be clear, is it only payable on new funds personally transferred in. i.e. if I sell a loan part of another loan, and invest it in 005, it wouldn't qualify? Even though it would have the same net effect. I think it would be best to put firm a date limit on the offer, so funds transferred in from xx.xx to xx.xx and invested in 005 receive a 1% cashback. Also the clause of ' If we manage to raise the additional £300k in the next 7 days', doesn't fill me with confidence that scraping together a few extra pennies elsewhere would definitely be worth it. Is it a confirmed 1% cb or a maybe?
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vmail
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Post by vmail on Jul 1, 2014 21:50:19 GMT
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ramblin rose
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“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 21:52:32 GMT
I read the reference to 'new funds' as meaning not any that was invested in the loan prior to July, rather than meaning necessarily newly deposited funds. The wording on the loan description is slightly different to that given in the post above and says: "If we manage to fully fund the remainder of this loan in the first 7 days of July, we will pay an ADDITIONAL 1% CASHBACK on these new funds." So, I've just recycled the funds I didn't have the opportunity to put back in the Bayliner into PBL 005. I won't be throwing my rattle out the pram if it turns out my understanding is wrong, but it would be good to have some clarification if possible. Edit: Just seen pepperpot also posted whilst I was composing, needing similar clarification. Also highlighted the difference in the wording. |
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j
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Post by j on Jul 1, 2014 23:18:54 GMT
savingstream have been very good so far in terms of listening to members & incetivising them but, I think this is an own goal as you will somewhat alienate those who happily committed & helped get this loan off the ground in the early days but received no or just 0.5% cash back, whilst those who kept their money safe all the while get 1% just like that, and not even guaranteed if £300k not raised in 7 days. I think a strategy rethink is in order. 
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vmail
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Post by vmail on Jul 2, 2014 1:38:39 GMT
Dear Admin. In the olden days (probably 2006) Nationwide Building Society made an advert to take the mic out of other banks because the other banks had deals to benefit brand new customers only and any existing loyal customers would get stuffed. The same behaviour is what SS have done.
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smee
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Post by smee on Jul 2, 2014 7:37:11 GMT
Look on the bright side. Perhaps people will sell some boaty loans in order to fund this.
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oldgrumpy
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Post by oldgrumpy on Jul 2, 2014 8:10:58 GMT
I find the wording on this offer very odd. If I put another grand in before 7 July to help fill this loan, I might get 1% cashback, but only if others actually complete the job by then, or any money put in doesn't get the 1% cashback (but SS will have still sucked in some new money)??
I prefer offers which depend on my actions, not offers which depend on what other people decide to do.
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markr
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Post by markr on Jul 2, 2014 8:35:02 GMT
There's a classic prisoners dilemma game here. My best strategy is to keep an eye on the percentage filled and if it looks like getting near target on or before the 7th, then dump my cash in and take the last remaining bit, so ensuring that I don't buy it unless there will definitely be cashback. Of course, if everyone follows this strategy, then no one will buy anything and nobody will get any cashback.
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star dust
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Post by star dust on Jul 2, 2014 9:26:47 GMT
savingstream have been very good so far in terms of listening to members & incetivising them but, I think this is an own goal as you will somewhat alienate those who happily committed & helped get this loan off the ground in the early days but received no or just 0.5% cash back, whilst those who kept their money safe all the while get 1% just like that, and not even guaranteed if £300k not raised in 7 days. I think a strategy rethink is in order. Last night I thought the same - this is an own goal. However around £70k has gone so far this morning, so some people have taken the bait. Nonetheless, this is not a good move in my opinion and I'm sure they will lose some goodwill from it one way or the other.
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Investor
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Post by Investor on Jul 2, 2014 9:35:13 GMT
There's a classic prisoners dilemma game here. My best strategy is to keep an eye on the percentage filled and if it looks like getting near target on or before the 7th, then dump my cash in and take the last remaining bit, so ensuring that I don't buy it unless there will definitely be cashback. Of course, if everyone follows this strategy, then no one will buy anything and nobody will get any cashback. Closer in fact to the iterated prisoners dilemma, the standard prisoners dilemma involves a single 'share' or 'steal' decision however in this instance their are multiple prisoners (us) and an opportunity in advance of your decision to view how the other prisoners are reacting. The loan is already down to 230k with some larger investments being shown on the recent activity tab which depending on your optimistic persuasion will give at least some indication of whether the total will be achieved. I certainly understand the logic behind savingstream decision to try to boost funding for this loan, however as previously mentioned it is to the detriment of the early investors. Wonder if savingstream have considered that with this new knowledge there may be a significant group of investors who when PBL006/7/8 (all at stage 3 and 4) go live, decide to wait and see if they can get a better offer in the second tranche of loans and therefore there will be significantly less early adopters whilst we wait the 'auction' out to see how high savingstream are willing to push the cashback on each loan. Simply solution is to retrospectively pay the early investors the new or final cashback rate as if they had sold their loan part and re-invested. You can't have your cake and eat it, unless you buy two cakes!
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Post by savingstream on Jul 2, 2014 9:37:39 GMT
Our objective is to get this loan filled to 100% and in order to do this we have found it necessary to incentivise additional investment.
To clarify this incentive, ANY FUNDS invested in this loan from 1st July 2014 to 7pm on 7th July 2014 will receive the EXTRA 1% CASHBACK.
Funds from sold investments in other loans still qualify. However to prevent abuse of this offer, funds from sold investments in PBL005 will not qualify for the additional cashback.
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Post by pepperpot on Jul 2, 2014 10:28:41 GMT
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j
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Post by j on Jul 2, 2014 14:08:43 GMT
Our objective is to get this loan filled to 100% and in order to do this we have found it necessary to incentivise additional investment. To clarify this incentive, ANY FUNDS invested in this loan from 1st July 2014 to 7pm on 7th July 2014 will receive the EXTRA 1% CASHBACK. Funds from sold investments in other loans still qualify. However to prevent abuse of this offer, funds from sold investments in PBL005 will not qualify for the additional cashback. I think savingstream should have reintroduced the 0.5% initially offered & then applied the 1% figure to anyone who invested above a certain level (say 5k or 10k) & that total figure would include any funds already committed towards the total figure invested by a member. That way, SS would have given a fairer distribution of cashback opportunities to new funds & those who already committed some funds to gain a higher cashback. IMHO
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