Post by star dust on Jul 7, 2017 13:08:14 GMT
Weekly Update Email just received, existing loan updates below, and quite an interesting 'weather forecast' this week posted below too - link to discussion thread for that here.
"EXISTING LOANBOOK
DFL001 - Draft valuation figures do not provide any increase on the existing figures held and as such we are in discussions with Borrower to provide additional security in order to consider an extension to the facility, which is now overdue.
DFL002 - Borrower has advised that sale of the commercial unit is now moving forward and that he has received an offer for funding on all the residential units which will fully repay the remaining debt after the sale of the commercial unit. We have requested proof of offer of finance which should be provided shortly.
DFL003 - Telephone conversation with valuer within last few days confirming report to be received early next week.
DFL004 - Unfortunately, the updated valuation is still not received but should now be received early next week.
DFL005 - As per latest development tranche commentary: The IMS report dated 19 June 2017 confirms that site progress is generally good, and that since their last report timber frames have been installed with roofs erected and windows and doors installed on all units, bar one exception which has been omitted to allow crane access; first fix Mechanical & Electrical completed to all southern units and progressing at an advanced pace on the northern units; and works to the sewage treatment plant have completed, however site constraints mean that work to the leisure building has been delayed, and an overall delay of four weeks is considered possible. The total build cost budget is not expected to change. The Borrower has advised that an agreement has now been made for the sale of the freehold title to an investor for in excess of £4m and this will shortly be going into legals. The Borrower will create a new long leasehold title at the same time as the freehold sale and has also advised that he has obtained an agreement for funding from another lender to refinance the remaining debt after the sale of the freehold. Documentary evidence is to be provided over the next two weeks to confirm and the Borrower is confident that the debt will be repaid prior to expiry. On this basis, it is unlikely that the facility will be fully drawn.
DFL006 - No change.
DFL007 - As per latest development tranche commentary: The initial commencement of works on site was later than expected as there were a few delays with subcontractors and a site investigation survey had to be completed (which was a condition of the planning consent). The IMS has commented within their latest report that the project has only been on site for a few weeks but reasonable progress has been made; the site has been completely cleared of all existing buildings, vegetation and the like and has been levelled; excavations to the Easterly plot are complete and concrete foundations have been poured; and the site is tidy and clearly well run.
DFL008 - Independent Monitoring Surveying report now received for next drawdown, which will be added to Pipeline Loans over next few days.
DFL009 - Borrower is going to forward latest marketing material early next week. Completed units are being actively marketed by the Borrower\'s own internal sales team.
DFL010 - Independent Monitoring Surveying report now received and this highlights a number of outstanding issues that still need to be resolved. The only development funds drawn down to date (£203k) were utilised to pay initial deposits for the manufacture of the lodges. Meeting arranged next week with all parties to discuss outstanding issues and proposed way forward. It is likely that an extension to the existing facility will be required.
DFL011 - As per latest development tranche commentary: The IMS commented that, at the time of their visit on 9th June 2017, the following progress was observed: Modifications to electricity mains and provision of temporary supply completed; Demolition soft strip completed to first and second floors and roof stripped; Asbestos Refurbishment and Demolitions Survey completed; Identified Asbestos Bearing Materials (ACM) removed; Scaffold erected to front, rear and side elevations; Third floor steelwork and timber frame erected; First and Second floor timber framing and infill complete to external walls; and Internal stud partitions erected to first and second floors. Whilst works commenced late, we are advised that first and second floors are approximately 3 weeks ahead of programme and the third floor approximately 1 week ahead of programme.
DFL012 - As per latest development tranche commentary: Our IMS is a national firm, with a local office, and the individual inspecting the site each time knows the site and area well. The IMS has also visited the key manufacturer/ supplier of glazing materials to ensure all aspects are covered correctly. The IMS is also ensuring that the building works and materials all meet current building regulations, especially in light of the recent Grenfell Tower tragedy. Works on site are currently circa 4-6 weeks behind schedule, due to delays with some materials and also some weather conditions. However, the Borrower is confident of making this time up. Should this not be the case then an extension may be required nearer to the end of this facility. We are currently also awaiting an updated valuation, which is expected to show an increase on the existing valuation due to some improvements the Borrower has made. The Developer has advised us that they have now agreed on sales for 84 apartments, and exchanged on 78 of these, 16 of which have been in 2017. They provide regular updates of the progress on their website; a recent video published on their website features an update from the Borrower\'s <provided links redacted >
DFL013 - No change.
DFL014 - Information is being exchanged between Borrower and Independent Monitoring Surveyor and report due shortly.
DFL015 - Independent Monitoring Surveyor visited site this week so report should be received next week.
DFL016; DFL017 - No change.
DFL018 - Independent Monitoring Surveying report due next week.
DFL019 - Further tranche of development funding, which forms part of the last Independent Monitoring Surveying report, to be added to Pipeline Loans over next few days .
DFL020 - No change.
DFL021 - We have requested an update from both the Borrower and Independent Monitoring Surveying.
DFL022 - Independent Monitoring Surveyor awaited.
DFL023 - Independent Monitoring Surveying due to visit site again within next few days.
DFL024 - Independent Monitoring Surveying report now received for next drawdown, which will be added to Pipeline Loans over next few days.
DFL025 - Independent Monitoring Surveyor report awaited.
DFL026 - Independent Monitoring Surveyor report for development tranche drawdown due next week.
DFL027 - Next development tranche should be required shortly.
DFL028 - Loan completed on 23rd June. Independent Monitoring Surveying report now received for next drawdown, which will be added to Pipeline Loans over next few days.
DFL029 - No change. First Independent Monitoring Surveying drawdown report should be in a few weeks time.
PBL027 - LPA report due today. Potential purchasers in the background which we are pursuing.
PBL031 - We have requested our receivers to place this property in the earliest auction.
PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - LPA is confident of a refinance, timescales uncertain but we are being advised \'shortly\'. Lawyers are engaged and are preparing the legal documentation.
PBL047 - LPA advises that the refinancing is proceeding.
PBL055 - Discussions continue with the borrower regarding the redemption of this loan.
PBL056 - Looking to exchange within the month.
PBL057 - Discussions continue with the borrower regarding the redemption of this loan.
PBL064 - LPA advises purchase agreed subject to vacant possession. Possession hearing set for 25th August. Letters issued to personal guarantor; statutory demands will be issued shortly.
PBL065 - We have been in contact with our receiver who is preparing proposals for the best course of action to redeem our loan.
PBL066; PBL067 - Receiver is continuing discussions with potential purchasers with exchange and completion expected with one of the proposed purchaser at the earliest opportunity.
PBL068 - Eviction and possession process has started; we were expecting to see evidence of over £400,000 of equity being made available which has not materialised.
PBL074 - Auction scheduled for 30th August as the long stop disposal option. Agents are progressing marketing in the meantime.
PBL081 - Our Agents are continuing to actively market the property in order to try to achieve a sale as soon as possible.
PBL084 - The borrower continues to negotiate the terms of refinancing with the possibility of redeeming our loan early.
PBL089 - The Borrower is expecting to redeem the loan in the coming weeks otherwise we will instruct receivers. We are in constant dialogue with the Borrower to ensure that if there is any sign of malfeasance or unreasonable time slippage, then we won’t hesitate to take more direct action.
PBL094 - The Borrower continues to try to sell the property himself and we are monitoring any offers he receives as this might be the quickest method of repayment. In the meantime, our receivers are marketing the property to interested parties. There appears to be a system error which has automatically assumed the loan was being made to a company, due to the name \"Group” being included in the Borrower\'s name on the Platform. The Borrower is an individual and T** W**** G**** is the trading name of the Borrower’s family business. The security package is a first charge over the security property and because the Borrower is an individual, there is no requirement for any personal guarantees (as he is personally liable for the loan) and there are no companies to secure any guarantees as the Borrower does not trade within a company group structure. The platform particulars have been rectified accordingly.
PBL095 - A few issues concerning the new financier\'s internal lending criteria have delayed the redemption of the loan although advanced discussions have commenced with the new funders concerning the refinance and we are hopeful of a swift resolution to this. We are expecting full redemption of all interest and initial investment within the next week or we will instruct administrators to take control of the Borrower company.
PBL098 - We are still in discussions with the borrower.
PBL101; PBL102 - We are progressing with legal proceedings and looking to take control of the property so we can sell the asset to recoup the debt.
PBL103 - Funds received (albeit late) to cover one month\'s interest. Valuation still awaited and discussions ongoing regarding potential development facility. Decision to be made on way forward within next 2 weeks.
PBL106 - We have successfully submitted a planning application to protect the investors’ position in this loan. We are liaising with the borrower regarding refinance but unless they confirm that they have a clear exit route, we will likely instruct administrators to manage the sale of the security asset and the repayment of this loan.
PBL107; PBL108; PBL112 - We are in regular contact with the borrower and broker, who are progressing with the sale of the asset.
PBL120 - Discussions are ongoing with Borrower regarding repayment and short extension.
PBL123 - We have requested our receivers place this property in the earliest auction which is near the end of July.
PBL126 - The broker is working on the refinancing of this loan.
PBL130 - We are reaching out to the borrower to make sure that the repayment of our loan is progressing.
PBL132 - The borrower is in advance stages of refinancing (The borrower\\\'s solicitor has voiced that redemption is expected in the next fortnight).
PBL133 - Continuing discussions with the borrower in regards to the redemption of this loan.
PBL137 - We are now in discussions with our receivers to assist with the refinancing of this loan.
PBL141 - Continuing discussions with the borrower in regards to the redemption of this loan.
PBL142 - Planning application committee date now obtained for end of August, so facility will need to be extended for a further 2 months subject to interest continuing to be covered upfront by Borrower.
PBL143 - We have been advised the sale has been agreed. Expecting full payment within the next 1 and a half months.
PBL144 - The borrower is currently working on the refinance to redeem our loan. Our receivers are also supporting and looking for alternatives in case the borrowers refinance does not complete.
PBL147 - The borrower is working on the refinance of this loan and our receiver is reviewing alternative options if this does not go through.
PBL148 - No change.
PBL149 - We are actively in discussions with the borrower regarding the settlement. Further updates in due course.
PBL150 - The borrower is progressing the refinance with another lender.
PBL151 - The borrower is still progressing the refinance with another lender.
PBL152 - The borrower is still progressing the refinance with another lender.
PBL153; PBL154 - No change.
PBL155 - We have instructed receivers on the property as we were not willing to accept the partial redemption of the loan due to the increase risk profiling it would have exposed us to. We in regular communication with the borrower who is actively marketing the security.
PBL156; PBL157; PBL158; PBL159 - No change.
PBL160 - We are in discussions with the borrower regarding the refinance of this loan. We are discussing a potential extension to allow for the refinance to complete.
PBL161 - The borrower has agreed on an offer in-principle with term lender.
PBL162 - No change.
PBL163; PBL164 - The borrowers are in regular communication and are currently still working on the repayment of this loan.
PBL165 - No change.
PBL166 - The borrower continues to negotiate the terms of refinancing with the possibility of redeeming our loan early.
PBL167; PBL168 - No change.
PBL169 - The borrower is in negotiations with another lender for term finance. A new valuation is being carried out for the lender.
PBL170 - No change.
PBL172 - We have seen an offer for refinancing the loan which the borrower is beginning to work on.
PBL174 - Sale of remaining units being delayed by the potential purchaser but the sale is still expected to proceed.
PBL175; PBL176; PBL177; PBL178;PBL179; PBL180; PBL181; PBL182; PBL183; PBL184; PBL185; PBL186; PBL187; PBL188; PBL189; PBL190 - No change. "
And the 'Weather Outlook' - changeable
"Welcome to our latest Weekly Update.
A major milestone was reached this week, when the 23 UK peer-to-peer lenders, including Lendy, surpassed the £10bn of cumulative lending mark, after adding a further £2bn in 2017 alone, according to P2P specialists Orca. Not bad for an industry that’s just 10 years’ old.
P2P is now seen as a fast growing industry, underpinned by innovative platforms, which span consumer, business and property lending. And as the P2P model is still new, platforms are evolving all the time, to reflect changing customer needs, and new requirements from the FCA, our regulator.
As part of the process that the FCA is going through in the authorisation and regulation of the P2P industry they have asked the industry to make a number of changes to their terms and conditions, which Lendy will be implementing starting from next week. The changes include the way interest is paid during our post-loan term Tolerance Period, the launch of a new post-term bonus scheme, which is in addition to a new cashback offer that we are introducing on certain individual development tranches, and a new variable pre-funding model.
These changes are ultimately to improve consumer protection in the long term and, whilst requiring a change to some of our policies and platform in the short term, should create benefits for customers in terms of platform transparency, and improving the liquidity of the available loans.
We will write to you again in the early part of next week with details of the changes that we will be making to the platform.
Finally, Lendy continues to attract press and soclal media interest, from our new findings that Wimbledon and Wandsworth are now the new London property hotspots, to us sponsoring ladies’ doubles partners Harriet Dart and Katy Dunne during their doubles match against Heather Watson and Naomi Broady on day four of the Wimbledon Championships at The All England Lawn Tennis and Croquet Club, Wimbledon.
The full loan update is below, but from all of us at Southsea, have a great weekend.
Paul
Head of Marketing & Communications"
"EXISTING LOANBOOK
DFL001 - Draft valuation figures do not provide any increase on the existing figures held and as such we are in discussions with Borrower to provide additional security in order to consider an extension to the facility, which is now overdue.
DFL002 - Borrower has advised that sale of the commercial unit is now moving forward and that he has received an offer for funding on all the residential units which will fully repay the remaining debt after the sale of the commercial unit. We have requested proof of offer of finance which should be provided shortly.
DFL003 - Telephone conversation with valuer within last few days confirming report to be received early next week.
DFL004 - Unfortunately, the updated valuation is still not received but should now be received early next week.
DFL005 - As per latest development tranche commentary: The IMS report dated 19 June 2017 confirms that site progress is generally good, and that since their last report timber frames have been installed with roofs erected and windows and doors installed on all units, bar one exception which has been omitted to allow crane access; first fix Mechanical & Electrical completed to all southern units and progressing at an advanced pace on the northern units; and works to the sewage treatment plant have completed, however site constraints mean that work to the leisure building has been delayed, and an overall delay of four weeks is considered possible. The total build cost budget is not expected to change. The Borrower has advised that an agreement has now been made for the sale of the freehold title to an investor for in excess of £4m and this will shortly be going into legals. The Borrower will create a new long leasehold title at the same time as the freehold sale and has also advised that he has obtained an agreement for funding from another lender to refinance the remaining debt after the sale of the freehold. Documentary evidence is to be provided over the next two weeks to confirm and the Borrower is confident that the debt will be repaid prior to expiry. On this basis, it is unlikely that the facility will be fully drawn.
DFL006 - No change.
DFL007 - As per latest development tranche commentary: The initial commencement of works on site was later than expected as there were a few delays with subcontractors and a site investigation survey had to be completed (which was a condition of the planning consent). The IMS has commented within their latest report that the project has only been on site for a few weeks but reasonable progress has been made; the site has been completely cleared of all existing buildings, vegetation and the like and has been levelled; excavations to the Easterly plot are complete and concrete foundations have been poured; and the site is tidy and clearly well run.
DFL008 - Independent Monitoring Surveying report now received for next drawdown, which will be added to Pipeline Loans over next few days.
DFL009 - Borrower is going to forward latest marketing material early next week. Completed units are being actively marketed by the Borrower\'s own internal sales team.
DFL010 - Independent Monitoring Surveying report now received and this highlights a number of outstanding issues that still need to be resolved. The only development funds drawn down to date (£203k) were utilised to pay initial deposits for the manufacture of the lodges. Meeting arranged next week with all parties to discuss outstanding issues and proposed way forward. It is likely that an extension to the existing facility will be required.
DFL011 - As per latest development tranche commentary: The IMS commented that, at the time of their visit on 9th June 2017, the following progress was observed: Modifications to electricity mains and provision of temporary supply completed; Demolition soft strip completed to first and second floors and roof stripped; Asbestos Refurbishment and Demolitions Survey completed; Identified Asbestos Bearing Materials (ACM) removed; Scaffold erected to front, rear and side elevations; Third floor steelwork and timber frame erected; First and Second floor timber framing and infill complete to external walls; and Internal stud partitions erected to first and second floors. Whilst works commenced late, we are advised that first and second floors are approximately 3 weeks ahead of programme and the third floor approximately 1 week ahead of programme.
DFL012 - As per latest development tranche commentary: Our IMS is a national firm, with a local office, and the individual inspecting the site each time knows the site and area well. The IMS has also visited the key manufacturer/ supplier of glazing materials to ensure all aspects are covered correctly. The IMS is also ensuring that the building works and materials all meet current building regulations, especially in light of the recent Grenfell Tower tragedy. Works on site are currently circa 4-6 weeks behind schedule, due to delays with some materials and also some weather conditions. However, the Borrower is confident of making this time up. Should this not be the case then an extension may be required nearer to the end of this facility. We are currently also awaiting an updated valuation, which is expected to show an increase on the existing valuation due to some improvements the Borrower has made. The Developer has advised us that they have now agreed on sales for 84 apartments, and exchanged on 78 of these, 16 of which have been in 2017. They provide regular updates of the progress on their website; a recent video published on their website features an update from the Borrower\'s <provided links redacted >
DFL013 - No change.
DFL014 - Information is being exchanged between Borrower and Independent Monitoring Surveyor and report due shortly.
DFL015 - Independent Monitoring Surveyor visited site this week so report should be received next week.
DFL016; DFL017 - No change.
DFL018 - Independent Monitoring Surveying report due next week.
DFL019 - Further tranche of development funding, which forms part of the last Independent Monitoring Surveying report, to be added to Pipeline Loans over next few days .
DFL020 - No change.
DFL021 - We have requested an update from both the Borrower and Independent Monitoring Surveying.
DFL022 - Independent Monitoring Surveyor awaited.
DFL023 - Independent Monitoring Surveying due to visit site again within next few days.
DFL024 - Independent Monitoring Surveying report now received for next drawdown, which will be added to Pipeline Loans over next few days.
DFL025 - Independent Monitoring Surveyor report awaited.
DFL026 - Independent Monitoring Surveyor report for development tranche drawdown due next week.
DFL027 - Next development tranche should be required shortly.
DFL028 - Loan completed on 23rd June. Independent Monitoring Surveying report now received for next drawdown, which will be added to Pipeline Loans over next few days.
DFL029 - No change. First Independent Monitoring Surveying drawdown report should be in a few weeks time.
PBL027 - LPA report due today. Potential purchasers in the background which we are pursuing.
PBL031 - We have requested our receivers to place this property in the earliest auction.
PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - LPA is confident of a refinance, timescales uncertain but we are being advised \'shortly\'. Lawyers are engaged and are preparing the legal documentation.
PBL047 - LPA advises that the refinancing is proceeding.
PBL055 - Discussions continue with the borrower regarding the redemption of this loan.
PBL056 - Looking to exchange within the month.
PBL057 - Discussions continue with the borrower regarding the redemption of this loan.
PBL064 - LPA advises purchase agreed subject to vacant possession. Possession hearing set for 25th August. Letters issued to personal guarantor; statutory demands will be issued shortly.
PBL065 - We have been in contact with our receiver who is preparing proposals for the best course of action to redeem our loan.
PBL066; PBL067 - Receiver is continuing discussions with potential purchasers with exchange and completion expected with one of the proposed purchaser at the earliest opportunity.
PBL068 - Eviction and possession process has started; we were expecting to see evidence of over £400,000 of equity being made available which has not materialised.
PBL074 - Auction scheduled for 30th August as the long stop disposal option. Agents are progressing marketing in the meantime.
PBL081 - Our Agents are continuing to actively market the property in order to try to achieve a sale as soon as possible.
PBL084 - The borrower continues to negotiate the terms of refinancing with the possibility of redeeming our loan early.
PBL089 - The Borrower is expecting to redeem the loan in the coming weeks otherwise we will instruct receivers. We are in constant dialogue with the Borrower to ensure that if there is any sign of malfeasance or unreasonable time slippage, then we won’t hesitate to take more direct action.
PBL094 - The Borrower continues to try to sell the property himself and we are monitoring any offers he receives as this might be the quickest method of repayment. In the meantime, our receivers are marketing the property to interested parties. There appears to be a system error which has automatically assumed the loan was being made to a company, due to the name \"Group” being included in the Borrower\'s name on the Platform. The Borrower is an individual and T** W**** G**** is the trading name of the Borrower’s family business. The security package is a first charge over the security property and because the Borrower is an individual, there is no requirement for any personal guarantees (as he is personally liable for the loan) and there are no companies to secure any guarantees as the Borrower does not trade within a company group structure. The platform particulars have been rectified accordingly.
PBL095 - A few issues concerning the new financier\'s internal lending criteria have delayed the redemption of the loan although advanced discussions have commenced with the new funders concerning the refinance and we are hopeful of a swift resolution to this. We are expecting full redemption of all interest and initial investment within the next week or we will instruct administrators to take control of the Borrower company.
PBL098 - We are still in discussions with the borrower.
PBL101; PBL102 - We are progressing with legal proceedings and looking to take control of the property so we can sell the asset to recoup the debt.
PBL103 - Funds received (albeit late) to cover one month\'s interest. Valuation still awaited and discussions ongoing regarding potential development facility. Decision to be made on way forward within next 2 weeks.
PBL106 - We have successfully submitted a planning application to protect the investors’ position in this loan. We are liaising with the borrower regarding refinance but unless they confirm that they have a clear exit route, we will likely instruct administrators to manage the sale of the security asset and the repayment of this loan.
PBL107; PBL108; PBL112 - We are in regular contact with the borrower and broker, who are progressing with the sale of the asset.
PBL120 - Discussions are ongoing with Borrower regarding repayment and short extension.
PBL123 - We have requested our receivers place this property in the earliest auction which is near the end of July.
PBL126 - The broker is working on the refinancing of this loan.
PBL130 - We are reaching out to the borrower to make sure that the repayment of our loan is progressing.
PBL132 - The borrower is in advance stages of refinancing (The borrower\\\'s solicitor has voiced that redemption is expected in the next fortnight).
PBL133 - Continuing discussions with the borrower in regards to the redemption of this loan.
PBL137 - We are now in discussions with our receivers to assist with the refinancing of this loan.
PBL141 - Continuing discussions with the borrower in regards to the redemption of this loan.
PBL142 - Planning application committee date now obtained for end of August, so facility will need to be extended for a further 2 months subject to interest continuing to be covered upfront by Borrower.
PBL143 - We have been advised the sale has been agreed. Expecting full payment within the next 1 and a half months.
PBL144 - The borrower is currently working on the refinance to redeem our loan. Our receivers are also supporting and looking for alternatives in case the borrowers refinance does not complete.
PBL147 - The borrower is working on the refinance of this loan and our receiver is reviewing alternative options if this does not go through.
PBL148 - No change.
PBL149 - We are actively in discussions with the borrower regarding the settlement. Further updates in due course.
PBL150 - The borrower is progressing the refinance with another lender.
PBL151 - The borrower is still progressing the refinance with another lender.
PBL152 - The borrower is still progressing the refinance with another lender.
PBL153; PBL154 - No change.
PBL155 - We have instructed receivers on the property as we were not willing to accept the partial redemption of the loan due to the increase risk profiling it would have exposed us to. We in regular communication with the borrower who is actively marketing the security.
PBL156; PBL157; PBL158; PBL159 - No change.
PBL160 - We are in discussions with the borrower regarding the refinance of this loan. We are discussing a potential extension to allow for the refinance to complete.
PBL161 - The borrower has agreed on an offer in-principle with term lender.
PBL162 - No change.
PBL163; PBL164 - The borrowers are in regular communication and are currently still working on the repayment of this loan.
PBL165 - No change.
PBL166 - The borrower continues to negotiate the terms of refinancing with the possibility of redeeming our loan early.
PBL167; PBL168 - No change.
PBL169 - The borrower is in negotiations with another lender for term finance. A new valuation is being carried out for the lender.
PBL170 - No change.
PBL172 - We have seen an offer for refinancing the loan which the borrower is beginning to work on.
PBL174 - Sale of remaining units being delayed by the potential purchaser but the sale is still expected to proceed.
PBL175; PBL176; PBL177; PBL178;PBL179; PBL180; PBL181; PBL182; PBL183; PBL184; PBL185; PBL186; PBL187; PBL188; PBL189; PBL190 - No change. "
And the 'Weather Outlook' - changeable
"Welcome to our latest Weekly Update.
A major milestone was reached this week, when the 23 UK peer-to-peer lenders, including Lendy, surpassed the £10bn of cumulative lending mark, after adding a further £2bn in 2017 alone, according to P2P specialists Orca. Not bad for an industry that’s just 10 years’ old.
P2P is now seen as a fast growing industry, underpinned by innovative platforms, which span consumer, business and property lending. And as the P2P model is still new, platforms are evolving all the time, to reflect changing customer needs, and new requirements from the FCA, our regulator.
As part of the process that the FCA is going through in the authorisation and regulation of the P2P industry they have asked the industry to make a number of changes to their terms and conditions, which Lendy will be implementing starting from next week. The changes include the way interest is paid during our post-loan term Tolerance Period, the launch of a new post-term bonus scheme, which is in addition to a new cashback offer that we are introducing on certain individual development tranches, and a new variable pre-funding model.
These changes are ultimately to improve consumer protection in the long term and, whilst requiring a change to some of our policies and platform in the short term, should create benefits for customers in terms of platform transparency, and improving the liquidity of the available loans.
We will write to you again in the early part of next week with details of the changes that we will be making to the platform.
Finally, Lendy continues to attract press and soclal media interest, from our new findings that Wimbledon and Wandsworth are now the new London property hotspots, to us sponsoring ladies’ doubles partners Harriet Dart and Katy Dunne during their doubles match against Heather Watson and Naomi Broady on day four of the Wimbledon Championships at The All England Lawn Tennis and Croquet Club, Wimbledon.
The full loan update is below, but from all of us at Southsea, have a great weekend.
Paul
Head of Marketing & Communications"