seeingred
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Post by seeingred on Nov 30, 2017 11:12:48 GMT
Excellent news Gordon - hope for some feedback. By the way - you said "Obviously we will have to manage the amount of investors who wish to meet up." It is not the AMOUNT of investors, it is the NUMBER. You have a number of investors or a number of gold bars. You have an amount of concrete or an amount of gold bullion. Even the BBC get this wrong. It has annoyed me a large amount of times.........
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seeingred
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Post by seeingred on Nov 27, 2017 21:46:27 GMT
Exactly the same problem on my laptop - also using Avast free edition.. W10 using EDGE browser (sad I know....) collateral
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seeingred
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General P2x Discussion
HNW Lending
Nov 27, 2017 10:33:51 GMT
Post by seeingred on Nov 27, 2017 10:33:51 GMT
The overall approach is interesting and with quite a few loans always available. 'Skin in the game' can be thought of as concentrating the mind wonderfully on DD but if you're so wealthy that an occasional loss doesn't matter, is it much of a comfort to ordinary investors?
The 5k ISA minimum makes it a similar platform to BC (5k minimum but no ISA available?) and it has the same feel - being a 'cottage industry' organisation where you can phone the owner without having to go via the PR department.
As mentioned, a large SM is either the result of few people buying the loan (often the case when it has just been launched) or a long term issue of people not buying, or a large investor wanting out - for a loan that is well into its period, there seems no way to determine which option applies, unless you've been keeping tabs on the loan since inception.
I'd certainly like to see more discussion here on some of their loans.
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seeingred
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Post by seeingred on Nov 26, 2017 13:57:04 GMT
We are covering old ground here - going back to posts here on 9 November and earlier. For example,
"If there is a ransom strip, then the only people at fault are Lendy for not identifying and dealing with the problem before the loan went live."
"If you look at the early valuation documents the issue of width of access and the need to take a strip of land from the adjoining house to enable the northern access route was flagged up by valuers. Plain as day in 2015 and maybe earlier. I suspect lendy didn't cover their backs in the rush to lend as much money as possible (growth, growth we must have growth)."
In respect of the Isle of Wight, it now appears there is no 'ransom' situation in respect of access to land (so I am told) but the problem is one of all of the land not being under the control of the borrower (and thereby Lendy) - seems it might be a matter of Land Registry charges not having been properly appreciated.
The common factor now is a lack of clear information from Lendy - maybe for good reasons as legal positioning takes place, maybe to try and avoid (or delay) criticism of their internal legal competence.
Another common factor may be substantial platform and/or investor losses that would never have occurred had key points of both loan applications been recognised at the outset, and the loans competently managed.
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seeingred
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Post by seeingred on Nov 24, 2017 16:12:12 GMT
So, after further discussions with the third party, Lendy are intending to accept the original offer received to purchase the property. Which was? And from whom?
Lendy are now in the process of obtaining possession of the property, so it can be sold. In parallel, they are to pursue "alternative recovery routes" for the balance outstanding because the sale price seems likely to be woefully insufficient to cover the loan and interest.
So who loses out, and by how much?
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seeingred
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Post by seeingred on Nov 22, 2017 23:11:07 GMT
"but as L**** has a first charge (Assuming they didn't get that wrong!!)" skint4achangeNow that is an interesting point.
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seeingred
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Post by seeingred on Nov 20, 2017 13:31:12 GMT
It's been quiet of late owing to the loss of confidence in Lendy (itself owing to the number of impending large defaults and capital losses) and because across all platforms there has been a dearth of good quality substantial new loans. Many of us are suffering cash drag as never before - money piling up in useless bank accounts and nowhere sensible to invest it. Manchester has just repaid on MoneyThing and apart from hoovering up their own SM where has the money gone? I didn't even invest in the DFL for Vic**** Mill, if it had been on any other of my P2P platforms I would have done. Maybe it's time to dump it into Faintly Comical and head for the hills on vacation? Recent Government statements about increasing the rate of housebuilding might lead to a few more DFL type loans but even when they are at the PBL stage they can go wrong. Just look at Isle of Wight - it never got to the stage of a sod being cut or a brick being laid and it's already heading for a multi-million loss (unless maybe you own the access rights along the road??). Should there have been a 'restricted access' notice at the end of W****** View to alert people to the fact it wasn't really a true public right of way? Is this the issue at all? Lendy SupportIn the absence of information, speculation and loss of confidence are in the ascendant.
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seeingred
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Post by seeingred on Nov 17, 2017 16:31:40 GMT
My suspicion here is that the developer (Mr W*****) paid for the ransom strip (price not disclosed on Land Registry details) but didn't realise there was an access issue with the road too. In that case, the people laughing all the way to the bank are the locals and their mates who knew all about everything when this land was first sold by the college in Oxford. So I suspect it is not the developer who has pulled a fast one - just been incompetent not to check every detail of the small access road (which is the only access) to this large site. All supposition of course.
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seeingred
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Post by seeingred on Nov 16, 2017 22:22:48 GMT
Ahoy there Lendy Support. Anything you can (or not) tell us about what is going on? This loan is one of the largest potential losses for Lendy investors and it is in your backyard. Just confirm to us what is the issue at the heart of the massive devaluation - that would be a step forward.
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seeingred
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Post by seeingred on Nov 15, 2017 21:24:26 GMT
A lot should have happened on this fast track project in the last month - that was the point.
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seeingred
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Post by seeingred on Nov 15, 2017 21:10:01 GMT
Last update on this project seems to be as follows: 20/10/2017 We met with the borrower this week to get a full update on the development. And not a squeak since? That was 4 weeks ago? Are you going to give us some information about the meeting? It may have been put elsewhere but it doesn't seem to be on the loan pages. Thank you. MoneyThing
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seeingred
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Post by seeingred on Nov 9, 2017 11:55:02 GMT
"If there is a ransom strip, then the only people at fault are Lendy for not identifying and dealing with the problem before the loan went live." If you look at the early valuation documents the issue of width of access and the need to take a strip of land from the adjoining house to enable the northern access route was flagged up by valuers. Plain as day in 2015 and maybe earlier. I suspect lendy didn't cover their backs in the rush to lend as much money as possible (growth, growth we must have growth). A similar situation may be evident at the Isle of Wight. There, the ransom strip was purchased by the hapless developer (Mr W******) and the locals and their business mates who controlled access to a portion of the ROAD (W******* View) laughed all the way to the bank knowing that they still had control over access. All conjecture of course until we have some RESPONSE from lendy Lendy Support
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seeingred
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Post by seeingred on Nov 7, 2017 16:57:48 GMT
Drove past this one today. Why is it always raining? The site is still boarded up, there is an extra layer of steel fencing in front of the plywood, the adjoining large house looked empty and there were no 'for sale' signs anywhere. Presumably it is now all in control of the receivers. At least there is a prospect of some recovery from this one, unlike maybe the Isle of Wight. Maybe we should have a competition for the loan with the most deafening silence from lendy. I'd vote for the Isle of Wight.
Lendy Support.
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seeingred
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Post by seeingred on Oct 31, 2017 10:09:28 GMT
I'm amazed that some peer to peer borrowers still have kneecaps. I'm even more amazed that some Platforms still have lenders... The exit turnstiles are jammed.
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seeingred
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Post by seeingred on Oct 31, 2017 9:48:16 GMT
"At the height of the last market collapse, many banks immediately called in all of their loans and refused to build out their projects to completion. In hindsight, most people now believe the fallout would have been much less if they had provided the funds to build out the schemes and would have had completed units to sell rather than half built sites. It is our intention to step in wherever necessary to complete these schemes to maximise the value at all stages subject to available funds."
Times past......
Times present:
The developer should release the ransom strip, which Lendy should all along have ensured could not be retained by him or his son. The original building workers should be re-employed where possible, the scaffolding should remain in place, the scheme should get finished asap, the developer may take a loss. That's his problem. If all this goes to law only the lawyers may win.
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