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Post by retired2005 on Mar 9, 2018 12:10:20 GMT
Paul64 Lendy SupportPresumably there will be some comment from Lendy in todays update on the disgust constructive criticism expressed by so many on this forum concerning the changes to Ts and Cs ? (or maybe not ......)
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SteveT
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Post by SteveT on Mar 9, 2018 12:12:49 GMT
Updates are fortnightly these days, not weekly.
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Post by retired2005 on Mar 9, 2018 12:18:30 GMT
sorry my mistake .... got confused reading the thread where someone was asking for an update on a particular loan 'arrangement' that was due to be finalised today.
Guess we'll have to hold our collective breaths until next week for Lendys comment ..!!
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elliotn
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Post by elliotn on Mar 9, 2018 12:27:14 GMT
Paul64 Lendy SupportPresumably there will be some comment from Lendy in todays update on the disgust constructive criticism expressed by so many on this forum concerning the changes to Ts and Cs ? (or maybe not ......) Disgust or disgussed; or perhaps a bit of both? This maybe better placed in the aptly named Fortnightly BS thread ; ) . Edit - x'd with Steve
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p2p2p
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Post by p2p2p on Mar 9, 2018 17:41:03 GMT
Well they asked themselves a question about LTVs in the first para, then didn't answer it.
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Monetus
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Post by Monetus on Mar 9, 2018 18:23:09 GMT
"And if the property does not realise its full potential value when sold or auctioned, it is worth remembering that this is just the first part of the recovery process. No capital has been lost at the stage, and we have a very good track record of recovering both the capital and any accrued interest owed."
Can anyone recall an instance where Lendy has recovered any "accrued interest owed" from a borrower using legal means/additional recovery processes without using the Provision Fund?
i.e. Meaning in a situation where a "property does not realise its full potential value when sold or auctioned"?
I certainly can't.
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oldgrumpy
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Post by oldgrumpy on Mar 9, 2018 18:54:13 GMT
Property valuations can be hard to get absolutely right, as there are many variables at play. It is for this reason that we only employ RICS-registered valuers, to ensure our valuations are always undertaken by independent professionals.
Is it a coincidence that these valuations, undertaken by independent professionals, when it comes to sale following default, are nearly always well above the actual sale value, sometimes extremely so, but on the other hand, valuations are almost never at or below actual recovery sale prices? That suggests to me that they are manipulated for the convenience of borrowers, with Lendy compliance, and nothing to do with the task being "hard to get absolutely right". The tone of today's not fully literate "update special" strikes me as rather condescending, almost to the extent of saying "we know what we are doing, but you don't really understand, so let us explain". I am becoming even more adverse  to most of these creative Lendy utterings than before.
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Post by nickdavies on Mar 9, 2018 19:06:39 GMT
The tone of today's not fully literate "update special" strikes me as rather condescending, almost to the extent of saying "we know what we are doing, but you don't really understand, so let us explain". Geven the aggressive and often kneejerk nature of some of the contributions on this forum I'm not surprised. I am sometimes surprised that Lendy bother to engage at all.
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Post by charliebrown on Mar 9, 2018 20:14:10 GMT
Paul64 Lendy Support Presumably there will be some comment from Lendy in todays update on the disgust constructive criticism expressed by so many on this forum concerning the changes to Ts and Cs ? (or maybe not ......) Nope, don’t presume tthat hey care.
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Post by GSV3MIaC on Mar 9, 2018 20:17:08 GMT
Shouldn't 'inaccurate valuations' be roughly normally distributed around the accurate answer?
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bloodycat
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Post by bloodycat on Mar 9, 2018 20:28:19 GMT
Well they are claiming DFL025 has 3 sales well in excess of the valuation document so not all valuations are biased on the high side - just most of them.
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copacetic
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Post by copacetic on Mar 9, 2018 22:48:49 GMT
We’ve received a few enquiries about the last investor update that included information on how our average LTV has reduced from an average of around 60% in 2016 to 44% in 2017. I found today's Investor Update Special email to be very curious. It's sent out to all investors and introduced a question some investors had but failed to answer it. The purpose of the email seems to be just to trumpet the fact that the LTV's have reduced last from 60% in 2016 to 44% in 2017. This sounds great but it doesn't explain how it was calculated. I did some calculations of my own. I downloaded the Live, Default and Repaid tabs onto a spreadsheet and sorted them by DFL/PBL number, deleting off any partial repayments. I found the first and last loan in the years 2016 and 2017 and took the average of all the headline LTVs for the DFL/PBL numbers in between and the averages I came up with are: 2016 2017 PBL 64.27% 58.57% DFL 53.23% 37.62% TOTAL 62.54% 51.59% Not the same as the email but to be fair they may have used weighted averages or chosen to calculate the average on a particular date or at loan origination or any number of other things. The thing that stands out though is the drop in LTV of the DFLs ... which of course the more recent DLFs have very low LT(GD)V since not all of the tranches have been lent out yet! It's also massively misleading to say the LTV is 44% based on the loan to GDV since the developments haven't actually been completed! I think an explanation for the explanation is in order Lendy.
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Jeepers
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Post by Jeepers on Mar 9, 2018 23:35:18 GMT
I smell yet more BS, it's coming like diahrea at the moment: 'our average LTV has reduced from an average of around 60% in 2016 to 44% in 2017' 44% average LTV ? No chance. This is skewed by the GDV figures some of which are about 20% which is totally misleading when the current LTV of these loans is 70% and in some cases 100% of the purchase price! Whilst we're on the subject of BS, our last dose regarding '10% of the loan book in default' yet that included repaid loans but the best bit is that some of those repaid loans weren't repaid, just rolled into new loans ! Do you think we're stupid Lendy Support ? |
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michaelc
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Post by michaelc on Mar 9, 2018 23:47:10 GMT
Shouldn't 'inaccurate valuations' be roughly normally distributed around the accurate answer? To be pedantic, not sure about the normal distribution but certainly if they were fair and unbiased you'd expect the mean to be the accurate answer.
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to most of these creative Lendy utterings than before. 
