zlb
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Post by zlb on May 15, 2018 17:19:20 GMT
I thought this reduction reflected what Ly can raise, with second charge for the rest, with another lender, somewhere. That's how I interpret the update.
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rrrupert
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Post by rrrupert on May 15, 2018 18:28:49 GMT
I thought this reduction reflected what Ly can raise, with second charge for the rest, with another lender, somewhere. That's how I interpret the update. You may be right, but it is a fairly heroic interpretation. There is nothing in the update to indicate that interpretation and if there is another Lender somewhere, why not say so?
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zlb
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Post by zlb on May 15, 2018 18:47:24 GMT
I thought this reduction reflected what Ly can raise, with second charge for the rest, with another lender, somewhere. That's how I interpret the update. You may be right, but it is a fairly heroic interpretation. There is nothing in the update to indicate that interpretation and if there is another Lender somewhere, why not say so? I'm pretty sure that's what I read the other day. They've not been able to raise enough, the borrow or Ly(?) has found another lender. The borrower has opted for reduced loan amount from Ly.
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SteveT
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Post by SteveT on May 15, 2018 18:49:53 GMT
The 11th May update confirms that another lender is providing the balance of funds needed to complete the purchase against a second charge.
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rrrupert
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Post by rrrupert on May 15, 2018 19:05:17 GMT
Thanks to both of the above. I see now you are entirely correct. I may need to buy new reading glasses.
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hazellend
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Post by hazellend on May 15, 2018 19:44:47 GMT
Thanks to both of the above. I see now you are entirely correct. I may need to buy new reading glasses. And a lesson to everyone to be wary of fake news on the Lendy forum
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GeorgeT
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Post by GeorgeT on May 15, 2018 19:45:59 GMT
The 11th May update confirms that another lender is providing the balance of funds needed to complete the purchase against a second charge. The other lender must have a very high appetite for risk. Hobbies may include tightrope walking without a safety net and sleeping with tigers.
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hazellend
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Post by hazellend on May 15, 2018 19:48:17 GMT
The 11th May update confirms that another lender is providing the balance of funds needed to complete the purchase against a second charge. The other lender must have a very high appetite for risk. Hobbies may include tightrope walking without a safety net and sleeping with tigers. These hobbies are less scary than high interest P2P !
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Post by df on May 15, 2018 20:53:57 GMT
The 11th May update confirms that another lender is providing the balance of funds needed to complete the purchase against a second charge. The other lender must have a very high appetite for risk. Hobbies may include tightrope walking without a safety net and sleeping with tigers. The whole situation with this loan sounds desperate from the outset and I can't see a happy ending in March 2019 if it ever goes live. The other lender accepting 2nd charge behind Lendy must be very adventurous. I invest in pretty much everything, but gave this one a miss.
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invester
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Post by invester on May 15, 2018 21:22:33 GMT
You'd think that nobody would touch it apart from a fellow P2P company.
Sounds like the type of thing FS might do at 15%. They can afford to be adventurous, because they get their fees, only the investor money at risk.
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hazellend
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Post by hazellend on May 15, 2018 21:26:08 GMT
Some people really seem to hate this loan.
Personally, I think it is a good one for the return. I would have invested more but s****** dodgy borrower has put a stop to that
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empirica
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Post by empirica on May 15, 2018 21:47:48 GMT
If things go to trend, there'll be plenty of time to pick up an investment once this draws down and the cash back brigade list their holding on the Secondary Market. By that point (or shortly thereafter) it should be possible to see the Lendy first charge and the other lender's second charge registered.
At that point it should be possible to find out just how serious a player that second charge holder is and that just might tempt me into taking a position.
More than happy to wait until then and there is no chance that 2% cash back is going to tempt me to take a seat at the table until I aware who all the players are.
Even with my limited exposure to P2P, there something a little whiffy about the length of time this is hanging around the platform, the reducing loan amounts and the amount of exposure that Lendy have to this single borrower.
As an aside, there was a lot of criticism at the beginning of this thread that the original loan amount was 100% of the purchase value*. Given the two reductions, the result for those making the observation would be that the loan to purchase price is now 77%. Quite possibly, that is better than the LTVs of most other loans on the book, if those making that observation are correct. (Personally, I'm in the camp that planning permission has added notable value above the option / purchase price and feel that the actual LTV is somewhat lower than 77%. That said, I'm still waiting... )
[*_ I'm not sure I have the sums or the operational model right, but I believe the original loan amount would have included all reserved interest and fees. In which case the £5.2 million loan on the platform would see 25% less head to the borrower so the purchase price is somewhere in the region of £3.9 million.
If that 25% reduction is correct, the borrower will only receive £3 million of the four million currently being requested. That would mean the second charge lender is still putting £1 million into the pot (possibly plus fees, etc) which is no small undertaking given the circumstances, so I'm interested to see who it is.]
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rocky1
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Post by rocky1 on May 16, 2018 5:21:46 GMT
Some people really seem to hate this loan. Personally, I think it is a good one for the return. I would have invested more but s****** dodgy borrower has put a stop to that not the only dodgy borrower who passed all of lendys robust/rigourous/DD/etc etc.i also feel that this borrower will be pulling the same strokes further down the line.i am trying to be positive about lendy but with over £40million of our money in limbo non performing/sus/claims underway and all the legal and other costs that will take years to sort out at our expence.this platform is full of dodgy borrowers and it seems a dodgy company who turn a blind eye for their own gains.it is us the lenders and not lendy who are taking all the risks here and being reeled in to this mess.
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hazellend
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Post by hazellend on May 16, 2018 8:04:18 GMT
Some people really seem to hate this loan. Personally, I think it is a good one for the return. I would have invested more but s****** dodgy borrower has put a stop to that not the only dodgy borrower who passed all of lendys robust/rigourous/DD/etc etc.i also feel that this borrower will be pulling the same strokes further down the line.i am trying to be positive about lendy but with over £40million of our money in limbo non performing/sus/claims underway and all the legal and other costs that will take years to sort out at our expence.this platform is full of dodgy borrowers and it seems a dodgy company who turn a blind eye for their own gains.it is us the lenders and not lendy who are taking all the risks here and being reeled in to this mess. This loan is a pbl so “safer”
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r00lish67
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Post by r00lish67 on May 16, 2018 8:56:49 GMT
not the only dodgy borrower who passed all of lendys robust/rigourous/DD/etc etc.i also feel that this borrower will be pulling the same strokes further down the line.i am trying to be positive about lendy but with over £40million of our money in limbo non performing/sus/claims underway and all the legal and other costs that will take years to sort out at our expence.this platform is full of dodgy borrowers and it seems a dodgy company who turn a blind eye for their own gains.it is us the lenders and not lendy who are taking all the risks here and being reeled in to this mess. This loan is a pbl so “safer” Yep, in the same way that a pre-built sandcastle is a safer bet when the tide is coming in.
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