Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Feb 18, 2019 14:41:41 GMT
Continuing my positive approach to my love affair with Lendy I am pleased to report seeing that someone has left a two star review on TP. This doubles the number of stars more recently given. Surely this calls for another morale boosting triumphant recovery team photo. Payback something more this year at no loss and I'll give them 3 stars
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 18, 2019 14:37:50 GMT
Now selling for less than part price.... £700 part with 69p interest selling for £697.19 lots more buy now before it all goes
P.S It's not me selling
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 18, 2019 14:16:46 GMT
I know nobody wants to hear it but as yet nobody can demostrate an actual loss of money. Definitely and I would love to believe that will be the case , but hand on heart I don't believe it will be and the speed that BDO are working by the time anyone actually gets that information we will be long past the year deadline for complaints ..... I have no doubt there will be a shortfall which may or may not be covered by the FCA but everybody's hands are tied until something is actually settled.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 18, 2019 13:54:12 GMT
4th charge on Lytham I reckon you're in for a 100% loss on. No progress on recoveries for any tranches expected for at least another 9 months though. A refinance on Pagefield would be a big win for FS though; hopefully something comes of it! Good rule to follow. Only invest in first charge loans.
Perhaps occasional low LTV Bling.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 18, 2019 13:52:06 GMT
I know nobody wants to hear it but as yet nobody can demostrate an actual loss of money.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 18, 2019 12:52:20 GMT
Live chat update
Thank you, 6023851512 - following the update on the 02/01/19 we believe that the repayment from the borrower is not going to follow through. Due to this, we can not allow sales on the secondary market until we have further confirmation. Once we have confirmation from our solicitors a further update will be posted. 1350683639 & 4322961020 - We have had a request from the borrower to redeem this loan shortly. We therefore cannot leave a loan live on the SM if there is a possibility that it may close early. We will be posting an update on the loan shortly to explain this.
Closing early make for a very happy bunny
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 18, 2019 0:11:53 GMT
interesting I sold all of my portfolio that I could so I wonder how many if the SM loans are saleable at all let alone at profit. have done some maths and this does not add up to me. If somebody has a diversified portfolio with what seems like massive capital write-offs in the near future and if we have well over 10% of loans (seems likely to me) failing to recover 100% of capital then I just can't see a decent return being achieved. I can't sell about 30% of my loanbook which seems pretty typical..but hey what do I know! Ref 100% write-offs not being possible - what about the property loans where the title was not perfected or the art and that is not including the 2nd or 3rd charges which have already lost 100%... Would you care to say how much you have in the above 2 loans so I can have another go at the maths. I thank you Everything that can be sold is up for sale.
I don't buy loans that are not likely to sell they have to have at least a 0.1% margin and max in any loan 1% . I do keep some but usually between .01% and .1% in any loan. rarely I would hold 1%. There has been no 100% losses in first charge property loans. The loans I keep have a return of 18%-25%. As these are the only ones I hold even with 10% of them failing at 100% few of those if any would have as much as 1% it would only be worth less than 50% of the interest from those that don't. The loans I buy are those active the shortest time with the highest discount so should I need to sell quickly I mearly put them back up for sale at the discount I bought and they will be at the top. I may even sell at slight loss on an individual loan if it allows cash to buy another at an even higher discount. Like gambling the object is not to win but not to loose. Winning is the bonus. In this case having a positive return overall is the win.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 16, 2019 19:09:07 GMT
Oh dear, I trust you hadn’t gone beyond your much-mentioned diversification limit on these. Such a shame to discover you can’t offload the default risk to someone else 😥 Nope Everything I have is always up for sale. Even if suspended or defaulted we should have an update. 100% loss in both would only amount to 4 days interest and that will never happen.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 16, 2019 13:34:38 GMT
Hi am I missing something here ? Since yesterday Lytham and Pagefield cannot be sold or mark to renew and nothing on secondary market. There is no update as to why.
Anyone know why ?
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 14, 2019 19:40:18 GMT
What price would someone here pay for a nice large garden shed or place for the mother in law. I bid £10000 if delivered. That would be a bit less as I would get some cash back for my investment. Enough for small doormat.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 14, 2019 19:36:53 GMT
Highly unlikely as as Far as I’m aware there has. Never been 100% loss on a primary loan where there is an actual movable asset. Think the notorious Garnet was nearest. As the assets are assigned to the loans the 2 park homes have different ranking. I think the 5 park homes have equal ranking. It shouldn’t matter if you invested the prudent <1% in any loan/project I think Whitehaven was nearest, with proceeds from the sale of the asset delivered a 2% recovery after costs - fortunately I avoided that one. Personally, I consider the Ablrate shipping container loans a 100% capital loss and those certainly were "movable" assets, which was part of the problem Personally my max in any FS loan is 0.1% Whitehaven was not a movable asset .. A wise investment strategy on your behalf.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 14, 2019 19:32:35 GMT
3 investments remain stuck. It's not a big concern at the moment as long as other investments are working hard for the return. It is a concern for me. I would like all my Investments to be working hard not just half of them. Don’t worry if you eventually get a higher rate than your minimum the overall returns are higher by the end of all loans in the block. If you got 9% if it was invested If it had not been invested for a month and you got 14% for 2 months the return by the end say 100 day loan would be higher.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 14, 2019 4:05:21 GMT
That is not good. . That affects us all. I had a hundred to be reinvested from PF buyout and it went ok. Impossible to be sure, but perhaps it's prioritized on the total size of an investors funds. I'm pretty sure that yours is much bigger than mine 😆 Would probably make good business sense to keep bigger hitters happier. Might not be true, but since they refuse to explain we're bound to look for patterns to try and understand! Personally not a lot as I used my FISA allowance and don’t want to transfer to Welendus yet. So keeping interest down till April then will add to FISA. Will check with friend who added 2k a couple of days ago. Need to to get them to find good supply of quality borrowers somewhere.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 14, 2019 0:05:23 GMT
Seems to be getting better i'm investing about £250 a day and it gets allocated that day at 11.5-15% That proves that new cash is taking priority over reinvestments. I had significant uninvested repayments for 3 weeks. That is not good. . That affects us all. I had a hundred to be reinvested from PF buyout and it went ok.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 13, 2019 23:16:56 GMT
So it finally happened, Lendy had to admit that they don't know how to deal with defaulting "successful developers". And guess what, they are now being strung along by the "external advisers" who they've brought in to dig them out of their mess. You've got it, due diligence is not exactly Lendy's strong point. No doubt these highly skilled (aren't they just worth their fees) professionals told Lendy they would be well on the way to resolving the mess within a week. So guess what, Lendy accepted what they were told without question and passed the bull on to us. After all that's what Lendy are good at. And guess what, no doubt the professionals are now telling them that it will take a bit longer to sort things out, and, by the way, cost quite a bit more as well. Not that Lendy are planning to pay out of their own hard earned cash of course, but as always, when things begin to veer away from plan Lendy just don't know what to do or what to say. Client management and communications are also not exactly Lendy's strong points. You never know though, if there is anything left after this extra layer of worthies take their cut we just might get some (sort of) good news in the weeks or months to come. Then again, pigs might fly. Probably all ex estate agents that tell you they can get 20% more than any other agent if you go with them. 2 weeks later market conditions have changed and surprise their valuations plummet.
Scotland still requires independant home report so not such variations in values.
Performance related payments only no win no fee.
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