ingwer
Member of DD Central
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Post by ingwer on Feb 7, 2018 8:44:37 GMT
I am always amused when @paul64 replies to anything on this topic with its rather cheekily named title.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 7, 2018 9:23:02 GMT
The roundup (email) is currently weekly (alternates between pipeline & live) whereas the live loan book update is fortnightly. The email will be fortnightly from 18th
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elliotn
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Post by elliotn on Feb 16, 2018 15:08:48 GMT
After previous economics' lesson on why we should expect rates to drop in p2p, today betting on why we should also expect losses on some of those reduced rate loans.
Edit - and a personalised, priority invite to c160k T1 Cardiff too.
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mary
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Post by mary on Feb 23, 2018 13:45:08 GMT
From today's special edition... "Our current default rate on our overall loan book is currently around 10%, which is not unusual in the bridging and development market"
Clearly Lendy either assumes that none of us can add up or that we just believe this b*****ks.
As of now the loan book is £187m and default page totals £37.7m, which is 20%.
This conveniently ignores all the suspended loans, which in my book should also be counted as defaulting.
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SteveT
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Post by SteveT on Feb 23, 2018 13:47:50 GMT
From today's special edition... "Our current default rate on our overall loan book is currently around 10%, which is not unusual in the bridging and development market"Clearly Lendy either assumes that none of us can add up or that we just believe this b*****ks. As of now the loan book is £187m and default page totals £37.7m, which is 20%. This conveniently ignores all the suspended loans, which in my book should also be counted as defaulting. I suspect “overall loan book” includes repaid loans
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Post by da2279 on Feb 23, 2018 13:52:30 GMT
I've asked for clarification on the figures used...I wonder what response i will get?
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mary
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Post by mary on Feb 23, 2018 13:53:49 GMT
I think the saying is ... Past Performance is No Guarantee of Future Results.
I think at the end of year 1 defaults were 0%, now Lendy claim 10%, whereas the live position is at least 20%.
Not a good trend line IMO.
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Post by Paul64 on Feb 23, 2018 13:58:16 GMT
From today's special edition... "Our current default rate on our overall loan book is currently around 10%, which is not unusual in the bridging and development market"Clearly Lendy either assumes that none of us can add up or that we just believe this b*****ks. As of now the loan book is £187m and default page totals £37.7m, which is 20%. This conveniently ignores all the suspended loans, which in my book should also be counted as defaulting. I suspect “overall loan book” includes repaid loans Hi SteveT, yes, that's correct. Our current default rate is 10.2% on overall loan book, inc. repayments, and 19.1% on the live book. Best, Paul
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Post by Deleted on Feb 23, 2018 14:14:05 GMT
I liked the feedback from Lendy this week, it shows that they are listening and nearly each comment lined up pretty well with the complaints from this site. At times it is all too easy to slag Lendy off, but I think it is important to recognise each incremental step towards improvement and we want them to succeed. (well I have £20k riding on them succeeding)  Of course the "proof of the pudding is in the eating", but Lendy's team know that. |
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Liz
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Post by Liz on Feb 23, 2018 14:16:15 GMT
Credit for issuing this update to try and reassure investors. Although not much new info.
The 10% default rate just seems wrong, or is likely to sky rocket.
Above average returns claim: It is too early to claim this before we know the extent of losses on returns. This claim is also of no comfort to new Lendy investors , who picked up the dross from the smart money that left the platform.
Let's be frank this isn't just a Lendy problem, also has an email from Thincats, where more loans have has administrators have been appointed and heavy losses loom. And not to forget problems at FS & MT and surely several others will have problems as they mature.
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Post by notascooby on Feb 23, 2018 14:30:55 GMT
Agreed, it is easy to be cynical and Lendy is not alone. It is also easy to beat up the company against the ropes. The release does reflect the comments on this board and possibly mirrors a tightening up on valuations. I could not agree with Lendy maintaining that they restrict valuation to 70%. That figure sometimes seems to be 70% of potential value and not distress outcomes.
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Jeepers
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Post by Jeepers on Feb 23, 2018 14:46:59 GMT
I suspect “overall loan book” includes repaid loans Hi SteveT, yes, that's correct. Our current default rate is 10.2% on overall loan book, inc. repayments, and 19.1% on the live book. Best, Paul Typical smoke and mirrors. Forget loans from years ago, here we are today in the here and now. Whilst you're here can we have a clear and concise update on DFL 5 ? Out of interest, in the 10% calculation, are you counting the garden centre and other 2 defaulted loans that resulted in a loss as repaid or defaulted ?
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blueninja
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Post by blueninja on Feb 23, 2018 18:47:38 GMT
Hi SteveT , yes, that's correct. Our current default rate is 10.2% on overall loan book, inc. repayments, and 19.1% on the live book. Best, Paul Typical smoke and mirrors. Forget loans from years ago, here we are today in the here and now. Whilst you're here can we have a clear and concise update on DFL 5 ? Out of interest, in the 10% calculation, are you counting the garden centre and other 2 defaulted loans that resulted in a loss as repaid or defaulted ? I think it would be hard to count the garden centre as defaulted when as I remember all investors got their money back (and interest too?)
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7d7
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Post by 7d7 on Feb 23, 2018 19:32:45 GMT
I liked the feedback from Lendy this week, it shows that they are listening and nearly each comment lined up pretty well with the complaints from this site. At times it is all too easy to slag Lendy off, but I think it is important to recognise each incremental step towards improvement and we want them to succeed. (well I have £20k riding on them succeeding) Of course the "proof of the pudding is in the eating", but Lendy's team know that. I second that. The feedback does indicate L are making attempts to address lender concerns although the timing might be inappropriate. In fact, their arrogance prevented them from doing so long time ago. Unlike Funding Secure and their Wind Turbine loan, there appears to be a desire to ensure nobody loses a penny and they have even acknowledged the loan valuation was unsatisfactory. Rather than brag about their loans being less than 70% ltv, I would prefer they confront those RICS valuers and tackle the issue of overvaluation, which is rife in the P2P industry. They could then set the standard by offering loans with realistic valuations. The ball is firmly in the court of L.
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trevor
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Post by trevor on Feb 23, 2018 20:09:03 GMT
The problems with VR's will continue until they are paid for by the platform not the borrowers. If you pay for something you call the shots and get what you want.
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