P2P: Saving Stream (AKA SavingStream)

jamesd

This is a discussion for things specific to the Lendy peer to peer lending platform, formerly called Saving Stream, to make it easier to find those as distinct from more general P2P discussions.

Lendy typically does the ubiquitous property development loans seen in the P2P world at the moment. Interest rates were typically 12% but these days seem priced to attract the money needed based on size rather than risk. All loans are secured on some sort of physical asset.

TOPICS: generic P2P, Ablrate, Lendy (formerly Saving Stream), MoneyThing.

jamesd

My opinion:

2-8-2016: I currently recommend against using this platform, I'll expand later. I abandoned plans to invest many tens of thousands of Pounds via the platform as a result of my pre-investment due diligence work.

16-4-2017: No change to my recommendation and the issues which caused that opinion.

Startup1985

jamesd wrote: »

My opinion:

I currently recommend against using this platform, I'll expand later. I abandoned plans to invest many tens of thousands of Pounds via the platform as a result of my pre-investment due diligence work.

To be honest it holds by far my largest holding in any p2p platform and there is a lot of us on p2p independent that agree it is one of the better platforms so I would love for you to expand on what you have said

Cheers

masonic

Startup1985 wrote: »

To be honest it holds by far my largest holding in any p2p platform and there is a lot of us on p2p independent that agree it is one of the better platforms so I would love for you to expand on what you have said

You can read about some of the issues here: https://forums.moneysavingexpert.com/discussion/comment/70787838#Comment_70787838

I have about 20% of my P2P holdings in SS at the moment and while I have been a bit more picky with loans post Brexit, I'm still happy with my current level of exposure to SS. I rarely hold loans to term.

Startup1985

masonic wrote: »

You can read about some of the issues here: https://forums.moneysavingexpert.com/discussion/comment/70787838#Comment_70787838

I have about 20% of my P2P holdings in SS at the moment and while I have been a bit more picky with loans post Brexit, I'm still happy with my current level of exposure to SS. I rarely hold loans to term.

That's the thing about SS, as long as you don't hold till term the risks are lowered a lot, the SM is getting a bit more liquid since July interest payment so the newbies buy more of the nearer term crap that we cast off. I will defiantly not be reducing my holdings and still plan to put more in

jaydeeuk1

I'm mainly using moneything at the moment but the current live loans don't appeal to me so had considered SS. Will be interested to hear jamesD's reasons in full.

TheTracker

Even the name doesn't sound fully kosher. Savings?

If you had a barge pole....?

Broken_Biscuits

What's the motivation for starting a brand new thread about a savings/investment platform that the OP has no intention of using and doesn't recommend. There are plenty of other P2P posts, so what's the point of this?

yorkie3

SavingStream is no different to any other platform and has a standard bell curve of loans. A small handful are excellent, a small handful go bad (although they are secured by a first charge) and the majority fit somewhere in between. SS requires a bit of due diligence before investing and carries some risk but that is the reason they are paying 12%.

mvarrier

I am continuing to invest in this platform. I agree that the best strategy to invest higher in new long term loans as they come up and then sell them when they get less to 60-90 days (unless the security looks particularly good)

jamesd

Broken_Biscuits wrote: »

What's the motivation for starting a brand new thread about a savings/investment platform that the OP has no intention of using and doesn't recommend. There are plenty of other P2P posts, so what's the point of this?

To make it easier to find the discussions related to a few platforms without having an unduly large number of topics discussing things.