zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on Mar 2, 2018 10:24:51 GMT
Student accommodation. pbl.
SECURITY VALUE
£10,400,000
LOAN VALUE
£5,200,000
LOAN TO VALUE
50%
REMAINING TIME
365 days
ANNUAL RATE
12%
|
|
r1200gs
Member of DD Central
Posts: 1,336 
Likes: 1,883
|
Post by r1200gs on Mar 2, 2018 10:41:42 GMT
So, clearly Lendy don't seem to think there'll be a flood of new P2P money looking for a home shortly, like nearly 10 million from DFL005.
|
|
southport
Member of DD Central
Posts: 125
Likes: 88
|
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  |
|
jcb208
Member of DD Central
Posts: 838
Likes: 638
|
Post by jcb208 on Mar 2, 2018 10:48:53 GMT
I will if they hurry up and get my money back from DFL005 Edit hope you are reading this Paul64 |
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on Mar 2, 2018 11:03:47 GMT
Not even 5% would tempt me until some big loans start coming home !
|
|
zlb
Member of DD Central
Posts: 1,422
Likes: 333
|
Post by zlb on Mar 2, 2018 11:06:40 GMT
Pretty chunky valuation for a site to be developed.
|
|
southport
Member of DD Central
Posts: 125
Likes: 88
|
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??
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Mar 2, 2018 11:39:06 GMT
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Mar 2, 2018 11:52:07 GMT
not for me i'm afraid i am in to deep already with this borrower who's SPV'S have already had millions from us.it is the same borrower for 6 other DFL'S that are already running dfl 003 dfl006 dfl013 dfl020 dfl022 dfl033. a pbl that will soon turn into a big long running dfl
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Mar 2, 2018 11:58:28 GMT
not for me i'm afraid i am in to deep already with this borrower who's SPV'S have already had millions from us.it is the same borrower for 6 other DFL'S that are already running dfl 003 dfl006 dfl013 dfl020 dfl022 dfl033. a pbl that will soon turn into a big long running dfl Not sure how long they're planning to hold it on pipeline but they do state they expect redemption of some of the above loans before they progress so it may be a v early temperature guage. Block A is nearest to completion so that may be the benchmark.
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Mar 2, 2018 12:02:23 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.
|
|
|
|
Post by loftankerman on Mar 2, 2018 12:06:57 GMT
If they made barge poles long enough, they'd be too heavy to lift.
|
|
southport
Member of DD Central
Posts: 125
Likes: 88
|
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.......
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Mar 2, 2018 14:05:34 GMT
I think it is pretty aggressive ( and certainly not very honest towards lenders) asking 100% lenders of the purchase price The basis of this loan (100% of purchase price plus funds for fees and planning costs, representing 50% LTV against the post-planning valuation of the site) is clearly explained in the loans details. How is this " not very honest"? If you don't fancy the loan, don't invest in it, but get your facts right if you're going to make such accusations. Personally, I think Lendy have learned a lot from past mistakes and are making a much better job these days of presenting new loan information.
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Mar 2, 2018 14:54:59 GMT
PS: Agree re: Lendy improvements over info in recent weeks and months, but they still have their work cut out given the current lender apathy. (Some of which is down to prudent caution, and should be encouraged.) They sure do. Although 2%CB at least wakes me up enough to read the loan details properly! 
|
|
