southport
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Post by southport on Mar 15, 2018 0:39:14 GMT
I am very surprised at the lack of investment in this loan, I was expecting it to be undersubscribed but only a 20% take up? This does not look good for Lendy. If they cannot fill this loan, which on the face of it looks like a good loan, how are they going to fill upcoming tranches of the numerous DFL's (many to the same borrower) they still have to fund? It doesn't look like investors will be returning any time soon. A good loan? You're joking ? Not at all, 50% LTV and a proven borrower. Do you know something about this offering which would make it a 'bad loan'?
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southport
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Post by southport on Mar 15, 2018 0:17:15 GMT
I am very surprised at the lack of investment in this loan, I was expecting it to be undersubscribed but only a 20% take up?
This does not look good for Lendy. If they cannot fill this loan, which on the face of it looks like a good loan, how are they going to fill upcoming tranches of the numerous DFL's (many to the same borrower) they still have to fund? It doesn't look like investors will be returning any time soon.
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southport
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Post by southport on Mar 14, 2018 0:36:19 GMT
Hmmm, 2% cashback has me very interested. Think I'll have a small chunk in this one.
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southport
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Post by southport on Mar 13, 2018 14:31:12 GMT
I could be wrong but I think southport was referring to PBL037 rather than this loan. Yes, I was refering to PBL037 as referenced in the post by r00lish67. Sorry for the confusion, not having a good day today.
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southport
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Post by southport on Mar 13, 2018 11:07:11 GMT
One thing that the time lapse shows is the amount of work still to do before the end of the loan (100 days). Looks like an extension may be asked for? As per the text accompanying this tranche: " There have been a few delays on site so we have commenced discussions regarding an extension to the facility. These discussions will be finalised over the next month with a view to agreeing an extension." Quite. I am not in this loan and therefore haven't really read the accompanying text properly. Not in the loan so probably shouldn't be commenting. I'll go back to my corner now...
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southport
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Post by southport on Mar 13, 2018 5:02:53 GMT
Tranche 8 is now available to pre-fund with a value of £197,148. I think the time-lapse videos each month are a great example of how developers can demonstrate progress to investors. I feel more confident on this loan each time I can see the progress (despite the snow and weather). I only wish that more projects did this as it demonstrates the commitment of the developer too. Perhaps Lendy should ask more borrowers to do this as a requirement of the loan. In fact, perhaps we as investors should require it of Lendy, to require it of the borrower. A really good professional developer would have no trouble in delivering that, whereas .... I certainly invest more in loans where I can see or measure the progress. One thing that the time lapse shows is the amount of work still to do before the end of the loan (100 days). Looks like an extension may be asked for?
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southport
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Post by southport on Mar 13, 2018 4:45:35 GMT
I think we all have a special place in our hearts for the first time we crossed the Lendy Rubicon. I remember mine. It was Christmas. In April, I had been told that a loan would repay "within the month". Over the Summer, I had been told that the same loan was due to repay "imminently", several times. I was then advised in October that it was due to refinance in November and that even if that didn't happen there were "2 buyers waiting in the wings". By Christmas Eve, it was clear that in fact the borrower was finding re-financing rather "challenging". Which wasn't at the time particularly surprising given the various revelations about their other activities over the course of the year, which were yet somehow not deemed worthy of concern to Lendy in offering finance in the first place. The year was 2016. The loan is PBL037. It, and its five related brothers, remain with Lendy. I, on the other hand.. Yes, but it's very close to being sold now. Have you not read the updates?
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southport
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Post by southport on Mar 10, 2018 15:32:22 GMT
This loan is a good example of the two main risks associated with property investment: as well as being a highly illiquid asset class, property values can be very volatile.
I was under the impression from Lendy that everything was hunky dory. Someone is going to take over the loan in a few months, the freehold is being sold and will reduce the ltv whilest paying back 20% of the capital? Seems now that property investment is a mugs game and if you lose capital on this loan (or any other) you were warned and it's your own fault for investing in such an illiquid and volatile asset class. They (Lendy) were playing a different tune a few weeks back when they were begging for investment to finish the project, still it was only to be expected...
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southport
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Post by southport on Mar 7, 2018 11:08:06 GMT
As I said, it is all starting to happen behind the scenes and get up and running again and it couldn't be going better in the circumstances then if we waved a magic wand and wished for it. I do think that a lot of the postings on here are doom laden and rather pointless, worst case stuff and really everybody should be relaxing and leaving it all to the excellent administrator who is really getting on top of things in super quick time and has already given us plenty of assurances to ensure we sleep soundly at night. Let's just sit back and wait for the good news to pour in rather than spending our days typing out posts about the worst that could happen. I came across this image and to my mind it it just sums up the posts by GeorgeT. in fact maybe it is GeorgeT?
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southport
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Post by southport on Mar 3, 2018 7:19:52 GMT
The country has a GAS Shortage !!!!!!! Tap into the load of hot air on this thread and we will all be toasty warm. It is all IF THIS, What about that, Everybody is getting fleeced, Never mind what the Administrator says we know better, Everything is dodgy,, !!!! Why can't everyone just wait. There is NOTHING we can do no matter what we make up as "Truth". If you can't read the Administrator's communication and understand it then perhaps you should not be investing in Anything. If the site had come back up after a few hours we would all be blissfully unaware of any "administrative problem" We will get our money no matter where it is this was not a Liquidity or financial problem so STOP trying to make it one. On lots of p2p you don't get anything back till the loans repay just pretend this is one of these and give your fertile imaginations and comments (fed by manure) a rest. Sounds pretty "dodgy" to me.
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southport
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Post by southport on Mar 2, 2018 13:31:54 GMT
This is a large loan and there is already plenty on the SM if you are looking for investment. Secondly, this is currently 100% loan of the purchase price, so it might have a GDV double that, but at purchase, us lenders have 100% of the risk for a plot of land that the borrower has no investment in. Without the borowwer having some skin in the game, they could walk away and leave Lendy to sell it via auction for what someone else will pay for it. In the current climate, and another platform going into administration yesterday after taking on an £8.5M loan that they could not fill after multiple tranches, I am holding off this one for the time being. The recent Lendy tranches that were about £300k have only filled about 30-40% at best, so good luck filling £5.2M. I think it is pretty aggressive (and certainly not very honest towards lenders) asking 100% lenders of the purchase price (hiding it under a fake 50% GDV).Lendy, it seems nothing changes... How many defaults, wrong valutations, piles of customers savings burnt do you need to understand you have lost sight of any basic risk management? This sort of loans should be forbidden by the FCA and whatever license you still might have, certainly is not deserved! My Bold. It's not the GDV it's the LTV. The value of the land is 10.4 mil for 0.89 acres.......
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southport
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Post by southport on Mar 2, 2018 11:39:43 GMT
Wow. 13% + cashback was apparently not very tempting but one nice letter from the borrower and the thing flies!!! Are we all suddenly soft hearted suckers for a sob story? I was already in both advances by the way so I'm not having a dig at the loan. It just seemed like a wierd change of behaviour. Nice to see it filled all the same.
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southport
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Post by southport on Mar 2, 2018 11:14:27 GMT
Pretty chunky valuation for a site to be developed. He's an RICS valuer. What could possibly go wrong??
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southport
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Post by southport on Mar 2, 2018 10:42:20 GMT
It's a big loan to fill in the current climate. 2% cashback should help though, I'm in
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southport
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Post by southport on Mar 2, 2018 10:25:56 GMT
all joking aside.what the bloody hell are they supposed to be and is that what all of our money is going into. LENDY get your team over there find out how much those pallets/sheds have cost and where our money has gone It's good land up in gods country. Well it aught to be at 92k an acre.
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