mary
Member of DD Central
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Post by mary on Sept 15, 2018 9:42:08 GMT
Yeah well but, if I understand it correctly, the equitable life thing was the with profit fund which tied the profits of the company/fund to the returns of the investors. Lendy is quite different in that it may look like a screaming bottomless black hole to the us, it’s another sunny day to lendy since they are not exposed directly and they are still putting new tranches/loans live, still getting fees, still getting our interest, etc, etc. Not quite, Equitable made contractual promises of guaranteed returns that they could not fulfill. Lendy have only offered targered returns and withdrawal subject to market conditions, and, of course, your Capital is at risk, so provided those HNW individuals don’t look under the covers it’ll be fine (until they want there money back)!
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averageguy
Member of DD Central
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Post by averageguy on Sept 15, 2018 9:58:29 GMT
Time for a new thread ..Monthly BS surely
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Post by p2plender on Sept 15, 2018 13:55:59 GMT
Some fans are on the pitch....
I think I said xmas, it's running on empty now. Plan z next.
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dermot
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Post by dermot on Sept 15, 2018 14:10:06 GMT
Am I missing something? Shouldn't we have had fortnightly B.S today? No one has mentioned this yet, have I made a mistake? And there was me expecting to read about a full resolution of the Exeter loans today.
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Post by Whitbourne on Sept 15, 2018 17:40:37 GMT
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Sept 15, 2018 19:13:57 GMT
I viewed it as a "matter of necessity" attempting to access some funding to coincide with champagne parties, hence no time to lose! Hope it wasn't a "final throw of the dice" desperate measure! There’s a few uncharacteristic LY actions recently that the cynical would say points to trouble. Launching LY Wealth and promising (up to) 10% when the loan book is completely under water and anyone who has done any homework on LY will immediately realise these Wealth products are not a viable investment. Then one of the Pauls popping up on this forum saying that LY cares and we can call them anytime we want etc. Well I tried that yesterday afternoon, but just got thru to the answering service as previously. When I didn't have any response later in the day I called back, but rather than receive a return call as requested, when I was at home from a site visit found an email subsequent to my second call - which confirmed my suspicions that DFL037 is being promoted misleadingly, but didn't give me the opportunity for an interactive discussion as promised.
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sj
Member of DD Central
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Post by sj on Sept 21, 2018 14:27:48 GMT
Ooh, a special pile of BS in my inbox from Lendy today! Nice of them to use two examples of their wonderful recoveries for us - now how about some examples of "recoveries" from us, the lenders - The Gloucester six, two years old now I believe. The train wreck of a Welsh Castle, did somebody say DFL01? In fact, you can substitute in quite a lot of numbers after DFL and it will illustrate something where the sh!t has gone sideways. We're spoilt for choice of howlers really.
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invester
P2P Blogger
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Post by invester on Sept 21, 2018 14:42:12 GMT
Had a quick skim of it.
I tend to take the view today that anything Lendy do is of the interest of themselves and not investors, the interests of which diverged a long time ago.
I reckon this is in some reply to the 'vexatious' conduct claims made by DFL012 which might come to light.
I see they are simply too scared to move DFL012/DFL004 to the non-performing pile.
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jwatson
Member of DD Central
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Post by jwatson on Sept 21, 2018 15:02:11 GMT
So my money's safe after all. I'm sure all the remaining recoveries will be just as smooth and have a similar happy ending...
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wuzimu
Member of DD Central
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Post by wuzimu on Sept 21, 2018 15:17:57 GMT
It appears the Herc***m borrower has taken to local media proclaiming the imploded development is down to LY unreasonably calling in the loan
I would put in a link to reports in Liverpool Mirror, but against rules
....Tickled LY into action on the PR front.
After all £23m of lenders and flat buyers money has disappeared somewhere and nowhere near that amount appears spent on the building.
Quick look at the borrower SPV accounts along with other SPVs in the group gives a pretty strong clue...
Just hope LY are not secretly impressed with the borrowers audacity and learn a few new tricks
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star dust
Member of DD Central
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Post by star dust on Sept 21, 2018 15:27:07 GMT
It appears the Herc***m borrower has taken to local media proclaiming the imploded development is down to LY unreasonably calling in the loan I would put in a link to reports in Liverpool Mirror, but against rules
Your edit just beat me to it 
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wuzimu
Member of DD Central
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Post by wuzimu on Sept 21, 2018 15:40:06 GMT
You are quick on the draw my man
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elliotn
Member of DD Central
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Post by elliotn on Sept 22, 2018 2:08:45 GMT
You are quick on the draw my man Make your next post count and you too (can apply) to post such links on DDC
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hazellend
Member of DD Central
Posts: 2,363
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Post by hazellend on Sept 22, 2018 11:36:04 GMT
It appears the Herc***m borrower has taken to local media proclaiming the imploded development is down to LY unreasonably calling in the loan
I would put in a link to reports in Liverpool Mirror, but against rules
....Tickled LY into action on the PR front.
After all £23m of lenders and flat buyers money has disappeared somewhere and nowhere near that amount appears spent on the building.
Quick look at the borrower SPV accounts along with other SPVs in the group gives a pretty strong clue...
Just hope LY are not secretly impressed with the borrowers audacity and learn a few new tricks
These borrowers are laughable. Lendy were 100% correct to call time on this loan. Tip for borrowers, keep servicing interest and you won’t default, maybe even (shock, horror) use your own money to do this.
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wuzimu
Member of DD Central
Posts: 236
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Post by wuzimu on Sept 22, 2018 18:54:25 GMT
Question is not whether LY was right to call in the loan now, but whether they did any DD in the first place to scrutinize the quality of the borrower and what about quality of monitoring along the way?? £23m gone and still no finished project.....
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