locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 27, 2015 15:55:21 GMT
Here is an excerpt from the senior partner of our legal firm regarding the second charge. Thanks. That seems like a fair explanation. I have now taken a bite.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 26, 2015 16:00:09 GMT
£20m+ development project, in.. where? no thanks I think I'll pass too. I'm not keen on second charges as the first charge lender has no incentive to force a sale for an amount higher than their own charge.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 26, 2015 15:25:34 GMT
They have uploaded the incorrect valuation document.
"APPRAISAL AND VALUATION REPORT ON **************** LEISURE VILLAGE ****** ROAD ****** NORTH YORKSHIRE Y018 ***"
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Lendy (L) in Administration
PBL34
May 21, 2015 16:13:07 GMT
Post by locutus on May 21, 2015 16:13:07 GMT
In the detailed valuation document. According to the planning portal, that is from 2006. Doesn't seem like a big deal to me but happy to be corrected.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Lendy (L) in Administration
PBL34
May 21, 2015 16:04:54 GMT
Post by locutus on May 21, 2015 16:04:54 GMT
Planning permission for access road refused? Where does it say that?
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Lendy (L) in Administration
PBL34
May 21, 2015 15:39:45 GMT
Post by locutus on May 21, 2015 15:39:45 GMT
I'm a bit confused with PBL033 and 034 the overview of each shows different properties but the description/documents sections for both loans are the same. Are they linked? Looks like a mistake to me. SS - can you correct?
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 15, 2015 16:24:17 GMT
Hi Ben.
1. Do you have any plans for a provision fund? 2. Are buyers of Tranche A loans guaranteed to get their capital AND interest back before lower tranches have their capital returned. i.e. is it possible for an investor of Tranche A to receive capital and interest but those in B and C to lose capital?
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Proplend (PL)
Proplend
May 14, 2015 22:55:10 GMT
Post by locutus on May 14, 2015 22:55:10 GMT
I'm lending through them. imho seems all above board. just needs more exposure to the market. Do they have a liquid secondary market? Is there a good flow of loans?
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Proplend (PL)
Proplend
May 14, 2015 16:23:00 GMT
Post by locutus on May 14, 2015 16:23:00 GMT
Is anyone using Proplend? Would be interesting to hear if anyone has any feedback.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 13, 2015 14:57:54 GMT
A redesigned provision fund with plenty of clear information on how it works.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 13, 2015 12:13:56 GMT
For confirmation the Provision Fund will remain fixed at 2% of the loan book and currently will only increase if the loan book increases. Thanks for the clarification. That seems like a decision that should be revisited. RateSetter have created a good pattern for provision funds which allows the fund to grow and makes the platform more stable and attractive over time. Lendy's provision fund seems severely limited by comparison. For me, provision funds and the approach taken to them is a key factor when assessing P2P platforms. It has made me reconsider my existing loans and I'm sure others will have similar concerns. Would Lendy reconsider their approach?
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 13, 2015 10:32:32 GMT
I'm quoting mikes1531 from another thread.
Can Lendy give us any clarification around this? I would also expect the Provision Fund to build up over time.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 13, 2015 9:17:57 GMT
Add to the above events the fact that the amount of money supposedly held in the Provision fund instantly increased to take account of the £5m loan despite the conditions of the fund stating that it's fed from moneys from the the loan charges (and the loan has not been drawn down yet and £2.5m of it isn't yet programmed to be), and you have to wonder just how many of the figures presented to us are just spreadsheet manipulations. I've had similar thoughts about the Provision Fund. Not only does the balance supposedly in it increase the instant a new loan is added to the platform, but the balance in it decreases the instant a loan is repaid. That isn't the way I'd expect such a fund to work. I'd expect any money that goes into the fund to stay there when a loan completes successfully, so as to build up the balance to cover the hopefully rare occasions when a loan goes bad and the provision fund is needed to make up for any shortfall. If the money contributed from loans that turn out to be successful can be withdrawn when those loans are repaid then the funds available for any loan would really be only 2% of the value of that particular loan, which won't go very far if the fund needs to be used. I think the way the Provision Fund works deserves its own topic. It would be good to get some clarification from Lendy. The way I see it is Lendy has seen impressive success in a short space of time but they really need to develop their platform if they don't want another company to provide a better offering and steal away their lenders.
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 12, 2015 15:58:56 GMT
For those that didn't get the notification SMS
|
|
locutus
Member of DD Central
Posts: 1,059
Likes: 1,622
|
Post by locutus on May 12, 2015 8:01:05 GMT
There were just over 200 investors who managed to initially invest in PBL032 which gives an average investment of £3,000 or 0.5% of the loan size. As clearly indicated in this thread, there were investors who did not get a chance to invest in this loan, through website error or simply because the timings didn't suit, so how do we know at what level to cap an investment at for the first 24 hours? If we capped it at £1,000 per investor and 300 investors invested, 50% of the loan would be filled and we would face the same feeding frenzy and investor disappointment at the 24 hours later point when everyone went back at the same time to top up their investments. At present investor demand is greater than loan supply, we believe that rather than add temporary investment caps, we should try to increase supply of good quality bridging loans that have the financial margin available to pay our investors the required 12%. An alternative option is to reduce the rate at which we offer for each loan until the supply/demand balance is levelled. Sorry but I don't agree. In your scenario, the feeding frenzy would come after all investors who wished to partake had got the opportunity to do so which seems like a fair compromise. I managed to get a slice of the loan yesterday but realise I may not be so fortunate in future. With regards reducing the rate from 12%, I think this would be a mistake. It is one of SS's differentiators and if it were reduced, I would be dissuaded from investing further funds and would look to other platforms.
|
|