sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 13, 2018 11:43:49 GMT
How about a sweepstake on when this may pay? Or a poll on the excuse why it is late? A poll would be a good idea, except there are only about 17,500 lenders and many more excuses!
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 12, 2018 21:22:14 GMT
The fact that we got an on forum update at all is probably a positive sign, pretty sure we'd have got silence if Lendy were concerned about the repayment. innov I love your optimism when one update tells you "funds in place" and the next says ....."subject to DD". We obviously speak a different language, as that appears as a definite negative to me!
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 9, 2018 21:17:51 GMT
Lendy stated: "As you know, we issued an update on 2 February 2018 in regard to DFL005 confirming that we expected the loan to be repaid shortly".
There was no mention above of....."subject to/conditional upon DD", etc, so one could be excused for thinking it was just about 'in the bag'.
Now, given the DD statement, it is a very different ball game as the goal posts have been moved.
I am with skint4achange on this one. If DD throws up any last minute surprises, as has been known, you will not be getting your money "shortly".
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 7, 2018 17:01:46 GMT
At first glance I was not over-enamoured with this one (yet another DFL) but looking deeper it does seem to stack up well with realistic pricing and it is quite small compared to most of the 'recent' offerings around.
Even making the (usual) adjustments for low contingency/finance allowances there does appear to be a fairly healthy profit c.£300k, allowing decent headroom for those 'unforeseen' events.
Is there anyone living in that neck of the woods that can verify the 'valuers' claims regarding a ready market for these properties?
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 6, 2018 17:48:03 GMT
Both the earlier statement concerning there being a second charge on another property, and the latest statement of it now being an equitable charge, fail to mention the amount of said equity. Now, is this a glaring oversight....twice.... or a deliberate omission?
Without this knowledge, to all intent and purposes we still have a c.100% LTV.
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 2, 2018 18:58:55 GMT
Update posted on the site: 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. Whilst the sale has taken longer than expected to complete we remain confident full repayment will be achieved soon. My bold above. Now, if it read,...." completion of the sale will be expedited within 'x' working days...." it would be meaningful. As it is, it tells us absolutely nothing, it is completely meaningless. Even the solicitor does not know if it will happen or not.
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 2, 2018 18:33:21 GMT
From the pipline "In the event that a sale is not achieved within the nine-month loan term, we are confident that the site could be auctioned at relatively short notice and achieve a minimum of £2.5m, to fully repay the loan."
OMG! Here we go again, IOW take 2! Since Lendy are so confident, perhaps they will guarantee the loan, plus interest, to the tune of £2.5m............if so I am in!
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Feb 2, 2018 11:55:23 GMT
Apparently the funds are in Switzerland but require monetary authority approval before transfer. Now where have I heard that one before.........!?
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Jan 31, 2018 15:51:13 GMT
I've diversified into Inveslar (Spain), which focuses exclusively on building/doing up property for selling on or rental. The model is easy to understand and their site easy to use (I also like the idea of a euro currency hedge). At the moment there's no secondary market but they say one is due soon. What is the 'average' interest rate?
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Jan 29, 2018 19:37:51 GMT
Maybe it's time to change the record to 'payment expected end of February' 😞 Probably................. but you neglected to mention which year!
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Jan 29, 2018 17:01:08 GMT
"Trying to engage" - this guarantor is having a laugh ! Based on my limited experience in this field I would imagine all legal action will result in is even more money for our legal parasites friends and zero recovery unless of course they find this mysterious timber frame that the lenders were told had been bought... I quote adrian77 You might want to edit your post, as I believe FS are having trouble finding the substructure too!
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Jan 29, 2018 13:45:14 GMT
Anybody of a mind to stick £10k in this until Friday (as it is doubtful it will fill by then) and make a quick £13?
No?
Me neither....... and I only have half a mind!
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Jan 25, 2018 15:34:48 GMT
**Update 22/12/17**
QS has revisited and has now confirmed GDV increased to £2m and a current value of £700,000 - a copy will be added when received, but as this will be after Christmas we are going ahead with this tranche to ensure development can continue over the holiday period.
Where is the promised copy from the QS please fundingsecure? You must have received it by now.
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Jan 14, 2018 19:04:42 GMT
10 out of 10. If boffins in white coats with plastic eye protector glasses had gone into a laboratory and invented the perfect peer to peer property platform as regards the interest rates payable and the quality of the loans and the diversity of property types and the communication standard and the speed of deposits and withdrawals excetera excetera excetera ....... They would have invented Col. It is in a perfect place as regards the time graph of platforms and I get an average of close to 14% interest from them every month. COL is the only platform I am really using now. I would urge all non investors to start using the platform because otherwise they will miss the boat - you have to be up with the lark in this P2P game and get onto the platforms when they are fresh new and dynamic and before the loan book gets too old. georget Beware those boffins in white coats who may carry a straitjacket!
|
|
sirius
Member of DD Central
Posts: 161
Likes: 141
|
Post by sirius on Jan 13, 2018 10:49:34 GMT
This sounds like a Lendy loan, where "The borrower doesn't matter as long as there is security!" We all know how that worked out for them... Despite the VR reading like it had been written by the borrower himself and simply signed off, I suspect even the security here is a very long way short. You are not such an idiot after all!!!
|
|