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Post by picanto on Sept 18, 2018 13:41:05 GMT
A second charge loan has been put on the platform to cover the extra £1.2 million now required by the borrower. Personally I don't touch second charge loans as I find them too risky and I already have a significant amount in the first charge loan, but are other people on the forum interested in funding this one as the LTV is relatively low at 52% but it is likely to take a long time to fill?
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withnell
Member of DD Central
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Post by withnell on Sept 18, 2018 13:47:10 GMT
A second charge loan has been put on the platform to cover the extra £1.2 million now required by the borrower. Personally I don't touch second charge loans as I find them too risky and I already have a significant amount in the first charge loan, but are other people on the forum interested in funding this one as the LTV is relatively low at 52% but it is likely to take a long time to fill? Given that the first charge had 2% cashback applied, I'd think a few people are waiting for the same or better given the increased risk profile
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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 Sept 18, 2018 14:04:29 GMT
Note that there is already an exisitng second charge loan against the borrower which Lendy has neglected AFAICS to mention in the loan particulars.
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rocky1
Member of DD Central
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Post by rocky1 on Sept 18, 2018 16:53:30 GMT
Are lendy and this borrower serious.they need to sort out DFL13 before anything else.4 million is already in this little piece of land.he can't seem to refinance anything.none of his schemes will see lenders getting returns for a few years.half of these 7/8 schemes are still bits of land and going by lendys valuations we are going to be in for the usual stories further down the line.probably blame brexit for all the gross over valuations on every bloody loan they have ever put to us.not happy with this borrower at all as you will know from previous posts.
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empirica
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Post by empirica on Sept 18, 2018 18:26:45 GMT
Note that there is already an exisitng second charge loan against the borrower which Lendy has neglected AFAICS to mention in the loan particulars. Reported feedback from Lendy on the subject in the purple place.
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richox
Member of DD Central
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Post by richox on Sept 18, 2018 20:38:04 GMT
Are lendy and this borrower serious.they need to sort out DFL13 before anything else.4 million is already in this little piece of land.he can't seem to refinance anything.none of his schemes will see lenders getting returns for a few years.half of these 7/8 schemes are still bits of land and going by lendys valuations we are going to be in for the usual stories further down the line.probably blame brexit for all the gross over valuations on every bloody loan they have ever put to us.not happy with this borrower at all as you will know from previous posts. Lendy should tell this borrower that if any of his loans goes 1 day IA then any such loans will be called in immediately. They should show they are serious by calling in DFL13 now. Tolerating a "development" loan going beyond the "tolerance period", particularly when there has not been a spade put into the ground, is just not on. If the borrower can't pay interest on any of his loans then he should sell the plots, or the plots should be sold for him. By any definition he is now in default, showing himself to be unreliable. Maybe it was hoped that the Huddersfield loans would come good in time to cover DFL13, but they have now been extended for another six months. It seems the borrower needs more money for further development work even though practical completion was expected by the end of August. If these schemes go pear shaped all his schemes will be in trouble. Having loans dependent upon other loans increases the risk significantly. This borrower has been playing games for too long and Lendy now needs to demonstrate that it really is acting in the interests of lenders.
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rocky1
Member of DD Central
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Post by rocky1 on Sept 19, 2018 4:48:25 GMT
Lendy have to many eggs in one basket here with this borrower and calling any loan in would be disastrous for us.DFL13 was supposed to be done and dusted and full of students sept18.it is still a piece of land as are a few of his other DFLs.i really think we are in for a lot of problems here.he has had 30 million already and nothing completed.securities debentures and PGs from him will be laughable when the time comes.come on lendy sort this out because he could bring you down and lose lenders many more millions of our hard earned funds.
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Post by spareapennyor2 on Sept 19, 2018 7:42:39 GMT
check out companies house
one of his companies now on First Gazette notice for compulsory strike-off
not on lendy charges
still not good news
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rocky1
Member of DD Central
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Post by rocky1 on Sept 20, 2018 15:41:29 GMT
lendy state the s*****k hse property is security for both these loans.the property does not exsist. the computer generated pictues look all well and good. could we see what security is actually a old warehouse/office block due for demolition and the 2nd charge loan is to enhance planning on a piece of land of 0.89 acre.might as well thrw your money down the drain.
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pence
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Post by pence on Sept 21, 2018 9:07:11 GMT
A second charge loan has been put on the platform to cover the extra £1.2 million now required by the borrower. Personally I don't touch second charge loans as I find them too risky and I already have a significant amount in the first charge loan, but are other people on the forum interested in funding this one as the LTV is relatively low at 52% but it is likely to take a long time to fill? As long as the first charge loan can be bought on the secondary market why would anybody want to buy a 2nd charge loan secured by the same property for the same interest ? Or do I miss anything? Apart from that the 2nd charge loan appears first on the secondary market.
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pence
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Post by pence on Sept 21, 2018 9:13:51 GMT
I bought PBL199 loan and felt comfortable enough holding the loan due to the low LTV.
Let's assume the borrower defaults and the security can only be sold for 50% of the estimated value. Is there not enough left to pay back capital and interest for many months ? Or does interest of the first charge loan rank behind capital repayment of the 2nd charge loan ?
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hazellend
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Post by hazellend on Sept 21, 2018 10:07:12 GMT
I bought PBL199 loan and felt comfortable enough holding the loan due to the low LTV.
Let's assume the borrower defaults and the security can only be sold for 50% of the estimated value. Is there not enough left to pay back capital and interest for many months ? Or does interest of the first charge loan rank behind capital repayment of the 2nd charge loan ?
Depends if the valuation is the usual massively wrong to the upside.
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rocky1
Member of DD Central
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Post by rocky1 on Sept 21, 2018 16:59:14 GMT
The 11th May update confirms that another lender is providing the balance of funds needed to complete the purchase against a second charge. does lendys 2nd charge rank ahead of the other lenders 2nd charge? or did the borrower not require funds as we were told. is this loan really a 3rd charge? maybe lendy could clear up any doubts on here and the loan might start filling. so much lack of belief in anything lendy says and all trust has already gone for many lenders.
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webwizard
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Post by webwizard on Sept 24, 2018 15:13:14 GMT
There has been a single investment of £162,000.00 today against the second charge loan.
Lendy Wealth perhaps???
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Post by loftankerman on Sept 24, 2018 17:02:36 GMT
There has been a single investment of £162,000.00 today against the second charge loan. Lendy Wealth perhaps??? Seems a bit improbable that it would be an informed investor, yet a bit over enthusiastic for a newbie dipping a toe in the water.
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