Carter
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Post by Carter on Mar 10, 2018 11:58:53 GMT
Well, this is pretty much the final straw for me. I can see no good reason to mention property price volatility here in conjunction with yet another delay, only bad reasons. And where did I sign up to lend this company operating capital, which as mentioned could even be heading for a field full of sheds that I wanted nothing to do with? Every time Lendy speak, my heart sinks. I'm only glad that I have a much reduced amount of money on this platform and the faster I get out the better. I'd have to agree r1200gs wrt the volatility comment. It's almost as if Lendy intentionally word updates to wind lenders up. The manner in which they communicate is very poor. I was hoping their recruitment over the last year would help them in this regard but it just seems that no one proof reads these updates from a lenders perspective. To me it smacks of arrogance. I haven't invested in any new Lendy loans for ~12mths for various reasons and I don't really have any inclination to reinvest funds once remaining loans finally payback.
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Carter
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Post by Carter on Mar 9, 2018 10:44:18 GMT
Dare I say that Lendy Support should pay interest for loan parts that get put up for sale after they have decided to extend a loan beyond the period lenders signed up for. This at least gives the lenders an opportunity to try and sell out without additional penalty. A bit like Collateral used to. (Yeh I said it!). I would like to see this, what say you Lendy Support?
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Carter
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Post by Carter on Mar 7, 2018 13:27:03 GMT
First time I've looked at this thread for a little while but disappointed to see there has been a display of poor judgement by the mentioned platform associate. Oh dear.
I had looked up the thread again as I've just received notification of their first loan being redeemmed early, potentially later this month. Cxxxx Kxxx.
I was just in this one loan at the moment and overall experience has been good, no drama. I will reinvest with Blend if the opportunity is right for me.
Not providing advice here, just sharing a positive experience so far, albeit on relatively low activity, which isn't reflected by the poor judgement of the platform associate.
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Carter
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Post by Carter on Mar 3, 2018 9:29:30 GMT
We should be given the option to opt out and have repayment ,then a new loan placed on the platform. I only invested in the last tranche as I was led to believe repayment was within 1-2 months.I can see a full repayment years away if ever Yes it's a good point and also agree with GSV3MIaC above, after mulling it over and thinking back over the loan history. I'm sure I'm not alone in being overweight in this one and the plea from Lendy to get the last tranche filled to get this done on the premise that repayment would follow shortly seemed acceptable at the time. The partial payment will reduce exposure but it's not the outcome we were expecting. Given the new situation and that the security package has changed this should be launched as a revised PBL ideally and lenders can judge it on its merits. Instead existing lenders are effectively locked in. I don't know the reality of a new PBL getting filled and not sure where that would leave us other than to force the borrower to refinance to another platform and repay the remaining loan amount. From Lendys perspective this is probably still viewed as a good earner and why risk losing it to another platform.
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Carter
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Post by Carter on Mar 2, 2018 16:03:33 GMT
EDIT: just thinking about it, now the development phase is over this is a now a pure bridge. If it popped up as a new proposal it would be attractive in that respect. Well, if this was so attractive, the borrower would have refinanced away. Unfortunately this did not happen and only a small portion of our money will be released... That's just it, the borrower had finance lined up but it's been stalled so he now needs a bridge. In those terms its quite straight forward. However, as I think more, I'm puzzled as to why the investment funds were not ready. It's not like the development finished early and caught them by surprise!
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Carter
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Post by Carter on Mar 2, 2018 15:34:51 GMT
Firstly, thankyou Lendy Support for the detail here, it really does help to have the context. At first glance it's clearly not a straight exit at this point but there is a workable solution and this has been progressing in the background. I need to go back over the valuations again for the new security package just for my own piece of mind. I would like clarity that the equity funds being in place is the only issue, everything else is in place and there are no other legal/contractual problems with the proposed transaction in ~6mths. I'm assuming of course that the equity funding is still committed to the deal and will be in a position to complete as explained. EDIT: just thinking about it, now the development phase is over this is a now a pure bridge. If it popped up as a new proposal it would be attractive in that respect.
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Carter
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Post by Carter on Mar 2, 2018 13:08:49 GMT
Dear all, We'll comment on this thread, although there's relevance for a number of other threads as well. While there are understandably a lot Qs requiring As here, as a professional platform we need to be very careful that any communication we make about a specific recovery strategy doesn't prejudice our legal privilege, or hinder our on-going negotiations with relevant parties. (The rationale is that it is in the public interest that disputing parties should be able to negotiate freely, without fear of future prejudice in court, with a view to settling their disputes wherever possible.) What we can say about DFL005, however, is we have had very positive and constructive meetings in person with the borrower this week, and believe we now have a viable solution, which will be implemented shortly. We are now expecting information imminently that will inform how we move this forward. We anticipate being able to provide an update on our strategy within the next week. Regards Lendy SupportHello, Lendy Support Paul64 When can we expect to receive your update as mentioned above? Kind Regards.
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Carter
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Post by Carter on Mar 1, 2018 11:03:54 GMT
A positive note, thanks for posting steve11. We can take some comfort from this I think.
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Carter
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Post by Carter on Mar 1, 2018 3:09:53 GMT
What an awful few days it's been. Although I've been following the threads I haven't posted until now as I honestly couldn't bring myself to. I did go to bed earlier but restlessly got back up to find the administration notice had landed. At least now the nature of the event has been confirmed although of course there is still uncertainty. Reading the notice through a number of times there does seem to be some positive information here and we'll have to see how this progresses.
I've spent the last few hours compiling all the monthend statements I've been downloading to come up with my account summary and cross-checked it with a download of my bank account. The process has at least made me certain of my exact position if it needs to be proved at some point and I'd recommend everyone does something similar if they can. I'd like some clarity on whether we need to be submitting the creditor form along with supporting data and hopefully this will become clearer in the coming days.
Like a few others I've been caught with cash on account but not as much as it was until fairly recently so not as bad as it could have been but still considerable. Needless to say I've pulled static cash out of all my other platforms just as a point of good practice going forward. My overall exposure here is not pretty but I'm hopeful that all is not lost although I'm prepared to take a knock.
Best of luck to everyone.
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Carter
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Post by Carter on Feb 23, 2018 17:40:49 GMT
MoneyThing when can we expect a platform update on this?
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Carter
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Post by Carter on Feb 23, 2018 16:43:02 GMT
Dear all, We'll comment on this thread, although there's relevance for a number of other threads as well. While there are understandably a lot Qs requiring As here, as a professional platform we need to be very careful that any communication we make about a specific recovery strategy doesn't prejudice our legal privilege, or hinder our on-going negotiations with relevant parties. (The rationale is that it is in the public interest that disputing parties should be able to negotiate freely, without fear of future prejudice in court, with a view to settling their disputes wherever possible.) What we can say about DFL005, however, is we have had very positive and constructive meetings in person with the borrower this week, and believe we now have a viable solution, which will be implemented shortly. We are now expecting information imminently that will inform how we move this forward. We anticipate being able to provide an update on our strategy within the next week. Regards Lendy Support So there's some form of issue, unforeseen or otherwise, that you're working constructively with the borrower to resolve. A full update should be provided next week once certain actions have been carried out, as agreed in the recent meetings with the borrower. That probably would have done it for me and I would have looked forward to the full update next week expecting some real timelines for conclusion. Instead I'm left somewhat perturbed due to the tone of the update and talk of "disputing parties" and "fear of future prejudice in court". There's nothing wrong with that paragraph as a standalone statement, but why attach it directly to this loan update when there's already enough lender anxiety about this loan.
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Carter
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Post by Carter on Feb 23, 2018 10:56:31 GMT
A clear, accurate and fact based update is required from Lendy. If there are delays please give a high level explanation and then give a realistic forecast for completion. If the refinance has fallen through then again give a clear update on next steps and how this will be managed from this point with high level forecast. I really don't want to see, "borrower said this solicitor said that". Ask the right questions and pull the information together using your expertise to provide your lenders with some insight as to when this loan will redeem. Your lenders have supported this development to get it over the line and deserve some respect.
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Carter
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Post by Carter on Feb 17, 2018 14:23:25 GMT
If you just look at the last six updates it's classic Lendy communications with its lenders.
21/12/17 - "borrower expects to be fully repaid before the loan maturity date" 5/1/18 - "....loan is due to expire on 5th January and the borrower and their solicitor have advised that they are actively trying to finalise the refinance/ repayment of the loan, however this is now likely to be later this month. 19/1/18 - "The borrower is expecting to fully repay the loan before the end of January" 2/2/18 - "We have spoken to the borrower's Solicitor, who has confirmed that completion of the sale is expected over the course of the next few working days." 9/2/18 - "...we are now very close to completion.........the funds to be used to redeem the loan are now in place. The only thing now holding up the repayment is the legal due diligence." 16/2/18 - "A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations. The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon."
It demonstrates to me that Lendy still don't make the effort to get into the right level of detail in the important areas despite them knowing that it is critical for them to get this one over the line. They clearly did not have an understanding of all the outstanding items that needed completing back in December otherwise they would not have made that update on the 21st. They still didn't understand through January otherwise they would have not made that update on Feb 2nd, which makes Lendy look plain foolish.
If these guys know their beans then they know what questions to ask borrowers/developers, they understand the process to sign a development off and they understand what needs to be in place in order to get a sale/finance lined up. If they have asked the right questions and fully understood exactly what was left to complete before a sale/refinance could repay our loan then none of the last six updates would have been made in the way they were. Back in December they should have been at least forecasting 6-8 weeks given what we know now.
Personally I have confidence that the loan will repay in full but not on when that will be exactly.
Lendy really need to get a grip and demonstrate to their lenders that they know the status of our loans through relatively accurate updates based on facts.
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Carter
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Post by Carter on Feb 16, 2018 17:35:21 GMT
It's a proper horror show this one and I sympathise with anyone staring at a substantial capital loss. Regardless of all the standard messaging being put out around risk and diversification etc, the sheer scale of the error here will undoubtedly have a major impact on Lendy's wider credibility and reputation in the sector. It will not be acceptable to punters for Lendy to just point at the independent valuation and abdicate responsibility. This loan has gone to market on the Lendy platform after being scrutinised by their in-house team who, using their combined industry expertise, validated this loan as of sufficient quality to present to its lenders. How will the wider lender base now view future loans presented by Lendy that have followed the same process by the same people that has delivered this result.
The Lendy update has commented on the further recovery action and I of course hope this will prove as successful as possible but it will of course take some considerable time and a positive result is in no way guaranteed.
Aside from this it's almost laughable that having waited so long for Lendy's accounts to drop that they pop up showing a substancial profit at the same time as this result. Optics are not good and the press will have a field day.
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Carter
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Post by Carter on Feb 14, 2018 18:09:21 GMT
Hi rambler, give the online support a go. I did the same as you but they kindly rolled it over for me at their end.
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