david42
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Post by david42 on Mar 9, 2017 18:47:29 GMT
Buying back you stuck loan parts is not as easy now that INPL has been abolished. You can only buy back your unsold loan parts if you have enough cash in your account. Previously you could buy it back regardless and the debt created was immediately cancelled by the sale of the stuck loan part.
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david42
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Post by david42 on Feb 28, 2017 11:01:36 GMT
I telephoned Property Crowd to clarify the position for early investors and Tasmin confirmed that the loan can close multiple times: if the loan is not fully funded when it closes on 1st March, those who have already invested will get their interest from 1st March; those who invest after 1st March will get their interest from the next close date (8th March as stated in the bond term sheet).
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david42
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Post by david42 on Feb 27, 2017 21:22:21 GMT
Mine is not showing yet. Cash transferred at 16:15 today.
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david42
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Post by david42 on Feb 26, 2017 21:23:40 GMT
Property crown PC2 borrowers are connected to DFL012 & PBL120 on SS and 327 on AC Another company in the group has also had a loan from Wellesley which has just refinanced & repaid
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david42
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Post by david42 on Feb 26, 2017 19:38:01 GMT
Title PC2 Residential Development Liverpool W********* Loan Amount £ 4,830,000 of which £844,145 is available from Property Crowd Security Value £ 9,500,000 LTV Based on Security Value 51% 90 Day Market Valuation £ 8,500,000 LTV Based on 90 day Market Valuation 57% Rate 12% Term 7 months So we need to complete our own due diligence for Property Crowd loans without the help from the famous Cooling Dude. Maybe if I kick things off by creating a thread for discussion of the loan that is currently available, others can add anything they manage to discover. Hopefully charles will be able to re-assure us on my negative observations. As Property Crowd loans do not have reference numbers I have started my own numbering. PC2 because the platform mentions an earlier loan that would have been PC1. My positive observations are: - Nice to see a low LTV based on current value not GDV
- Presumably the apartments can be created with minimum structural reconstruction of the existing building.
- "The borrower and its group have 11 major developments under construction or awaiting planning permission, with a further 10 sites secured for future development."
My negative observations are: - Exit route not stated. The implied exit route is to sell the apartments.
- 7 months looks optimistic to create and sell the apartments.
I could not see anything about default interest payments if the loan over-runs. - Unproven ability of Property Crowd to manage the loan, particularly around late repayment and default handling.
Edit: I have now found a statement on default interest in the Bond Instrument document. If I have understood it correctly the default interest is 12% plus an extra 5 months interest as soon as it becomes late, minus any recovery costs.
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david42
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Post by david42 on Feb 26, 2017 18:27:12 GMT
I have just signed up and found it painless. Everything was verified electronically. Now to decide whether to invest.
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david42
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Post by david42 on Feb 24, 2017 21:47:17 GMT
Now that is scary, someone caching my little baby tracker... on my to do list this weekend is to do a retrospective view for as much of 2016 as I have got, but looks like someone else already has it all! I hope you do not mind my keeping snapshots. I am not efficient enough to have kept regular snapshots. I kept a couple of snapshots around the launch of the London loans to record of the impact of such a major flooding of the secondary market. I see the Internet Archive has one snapshot: Wayback machine I will look forward to your retrospective view.
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david42
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Post by david42 on Feb 24, 2017 19:45:29 GMT
Yep - a lot more (Over £3m if memory serves me right) SS seemed to cancel 3 of the "London 9" because of sluggish market (blamed it on Brexit) Your memory serves you well. From the attached screen shot it looks like the market peaked at just over £3m for 24 hours on 16 Jun 2016 after the launch of the loans for the London flats. I seem to recall that was the event that prompted Jonah to start publishing his secondary market availability tracker. Attachments:
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david42
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Post by david42 on Feb 24, 2017 19:12:46 GMT
Was told today that problem i had on pbl142 was fixed, but clearly not. Heading beyond embarrassing. I can confirm that PBL142 still has a £649 hidden that cannot be sold. It is worrying that Saving Stream no longer has an effective support team.
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david42
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Post by david42 on Feb 23, 2017 12:35:28 GMT
£72.83 is unsellable in PBL145.
You can find how much is unsellable by clicking on sell, when it displays the total queue including the unsellable amount. Compare that with the value displayed in the available loans list which excludes the unsellable amount.
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david42
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Post by david42 on Feb 22, 2017 20:41:28 GMT
Yes, I had 8 bids accepted at around 18:30 this evening. I topped up my account and created new bids, but the seller does not seem to have returned for another bite.
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david42
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Post by david42 on Feb 22, 2017 17:37:43 GMT
My glut of February maturing loans have now matured so I can report some meaningful statistics. My total loan repaymemts to date are: - 3 loans repaid early, average 59 days early.
- 12 loans repaid within 2 days of the correct time. Average 1.5 days late. Repaying a day or two late seems to be normal. Surprising as borrowers should be paying by direct debit
- 3 loans repaid late. Average 4 days late
- 0 late loans outstanding
- 0 defaults so far - Horray!
- All interest paid in line with the rates I expected
Unfortunately I have not been able to re-invest in new loans at the frequency I was acheiving in November, so I am reluctantly withdrawing the repaid loans.
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david42
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Post by david42 on Feb 20, 2017 20:53:57 GMT
If you have funded Saving Stream from different accounts in the past, the withdrawal form has a drop down list with all the accounts you have ever used. You need to remember to select the correct account.
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david42
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Post by david42 on Feb 19, 2017 9:57:13 GMT
Just gone live. £590 allocation 1943 investors
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david42
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Posts: 419
Likes: 346
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Post by david42 on Feb 14, 2017 17:14:59 GMT
Yes mine got sorted soon after I emailed them this morning And yet there is still £649.00 unsellable in PBL142. So whoever now works on the SS support desk does not know how to fix this.
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