cwah
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Post by cwah on Sept 21, 2017 10:00:05 GMT
Just received this:
"We would like to announce a partial repayment of the above default loan. £578,250 of capital (45%) has now been repaid to investors in this loan and recorded on the platform as loan PBL047R1."
Only 45% of capital back on a LTV loan estimated at 15%? How can that be more way off?
Provision fund probably empty too.....
Time are bad... very bad for all lendy investors!
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SteveT
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Post by SteveT on Sept 21, 2017 10:07:51 GMT
Just received this: "We would like to announce a partial repayment of the above default loan. £578,250 of capital (45%) has now been repaid to investors in this loan and recorded on the platform as loan PBL047R1." Only 45% of capital back on a LTV loan estimated at 15%? How can that be more way off? Provision fund probably empty too..... Time are bad... very bad for all lendy investors! Don't panic. The rest of the loan remains due for repayment and is now almost twice as safe as before!
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southport
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Post by southport on Sept 21, 2017 10:09:50 GMT
Is that not just an interim payment of some kind? It does say the loan has been 100% funded on another platform. I would presume PBL047R1 refers to repayment 1 (first repayment).
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twoheads
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Post by twoheads on Sept 21, 2017 10:10:02 GMT
Don't panic. The rest of the loan remains due for repayment and is now almost twice as safe as before! Providing Lendy still have first charge over the security.
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Post by picanto on Sept 21, 2017 10:12:36 GMT
Why do people in markets create panic over nothing? There is no suggestion whatsoever that investors won't get all their capital back.
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SteveT
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Post by SteveT on Sept 21, 2017 10:19:37 GMT
Don't panic. The rest of the loan remains due for repayment and is now almost twice as safe as before! Providing Lendy still have first charge over the security. Why on earth would they have released it??!
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locutus
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Post by locutus on Sept 21, 2017 10:20:38 GMT
Why do people in markets create panic over nothing? There is no suggestion whatsoever that investors won't get all their capital back. This never gets posted enough... 
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twoheads
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Post by twoheads on Sept 21, 2017 14:22:36 GMT
Providing Lendy still have first charge over the security. Why on earth would they have released it??! I don't expect that they have. It's just that another P2P lender is taking on this loan (THC? listed it for a while I believe) and they will require security of some sort. My assumption is that the borrower will have to use some other asset.
I really don't know how the legalities would work out as a secured loan is transferred from one P2P outfit to another. Both will want first charge on something and so the borrower will presumably need two separate assets for security during the switch.
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mikes1531
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Post by mikes1531 on Sept 21, 2017 18:15:22 GMT
Why on earth would they have released it??! It's just that another P2P lender is taking on this loan (THC? listed it for a while I believe) and they will require security of some sort. My assumption is that the borrower will have to use some other asset.
I really don't know how the legalities would work out as a secured loan is transferred from one P2P outfit to another. Both will want first charge on something and so the borrower will presumably need two separate assets for security during the switch.
THC did have it listed. It was 64% funded when THC decided not to proceed. A couple of days after that, Lendy reported it had been 100% funded and hoped that PBL047 would be repaid this week. Transferring a secured loan from one P2P platform to another ought to be no different than transferring a mortgage on a house from the seller's bank to the buyer's bank. That happens all the time -- handled by the seller's and buyer's solicitors -- without incident.
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ben
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Post by ben on Sept 21, 2017 19:08:41 GMT
It is probably one of the safest on Lendy now, they previously had a loan on land near by and repaid that, paid half of this one so the valuation must be pretty accurate. It must have value to the borrower, they must have plans to pay it back rather then running to the hills, as they would never have paid back 1/2 if they thought they could not raise the rest. Even if there plans do not work out chances are it has value to someone else too, the LTV is also now a lot lower then it was at the start. So this is one loan I am happy to hold. Although in all fairness I do not have that much in this loan.
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twoheads
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Post by twoheads on Sept 21, 2017 19:56:56 GMT
Transferring a secured loan from one P2P platform to another ought to be no different than transferring a mortgage on a house from the seller's bank to the buyer's bank. That happens all the time -- handled by the seller's and buyer's solicitors -- without incident. Agreed. Normally a house sale transfers the entire property from 'owner' A to B and the mortgage loan from bank C to bank D; the charge (security) transferring from C to D also.
What has happened in this case though with Lendy being paid 45% of the loan? That was the thrust of my original query over the security. I have no idea or experience in such matters (as is obvious!).
What do you think is the current state of the security on the remaining Lendy loan and the new lender's loan? Do the solicitors split the charge in some way?
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SteveT
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Post by SteveT on Sept 21, 2017 20:48:31 GMT
No, the borrower will have raised some funds elsewhere to part pay down the loan after the hoped-for THC refinance fell through. Judging by the various parcels of land that Lendy was originally lending against, this piece of land is unlikely his only asset.
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fp
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Post by fp on Sept 21, 2017 20:48:49 GMT
Transferring a secured loan from one P2P platform to another ought to be no different than transferring a mortgage on a house from the seller's bank to the buyer's bank. That happens all the time -- handled by the seller's and buyer's solicitors -- without incident. Agreed. Normally a house sale transfers the entire property from 'owner' A to B and the mortgage loan from bank C to bank D; the charge (security) transferring from C to D also.
What has happened in this case though with Lendy being paid 45% of the loan? That was the thrust of my original query over the security. I have no idea or experience in such matters (as is obvious!).
What do you think is the current state of the security on the remaining Lendy loan and the new lender's loan? Do the solicitors split the charge in some way?
The loan on THC was for less than the outstanding amount on Ly IIRC, so i'd assume the borrower had some funds to reduce the loan amount anyway
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ben
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Post by ben on Sept 21, 2017 21:01:00 GMT
Also back to the original point about 100% repayment claim, they just state that no investor has lost a penny, there has already been one or two loans that did not reclaim the original amount (ie one garden center). I doubt the provision fund is empty as there has been a fair few new loans recently. Although that is going to be needed for an expensive shed, that Lendy might not even be able to call in.
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username
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Post by username on Sept 22, 2017 7:22:23 GMT
I'm sure Lendy have a good idea of what's going on. They've already stopped us selling the parts, so I can't imagine there's much to lose by being transparent. Very poor effort at communication, and I don't see why I should continue to invest my money here.
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