PBL199/201 - S*****k Hse, T**** St. Cardiff SUSPENDED

Don't rely on the valuation. Do you honestly think it's worth £10.4m for an undeveloped plot less half the size of a football pitch ?

The most expensive property for sale in Cardiff is a fully finished block of 77 apartments at £8.5 million already tenanted bringing in £675k per annum which remains unsold after being marketed for nearly 2 years.

This is probably the worst loan I've seen!

First do you believe the valuation? How would the valuation hold up in an auction/default senario(see castle)?
The valuation is also ok in theory but a lot of things can go wrong.

Make no mistake, this is a high risk loan, even by Lendy standards.

The take up. despite 2% cash back, shows how unappealing this loan is.

My worry is that they can't obtain finance, the appetite from p2p to fund these type of loans has evaporated! Then how does the borrower repay the loan? Then who else is going to buy land they can't get finance on? Hence you could see a massive loss. It could also work out, because t I don't think many are prepred to risk their money.

Good luck, I hope it all works out for you.

To me, it only really shows how little spare cash is floating around the platform specifically, and the P2P arena generally. With over £1M already invested, it is clearly far more appealing than any of the other recently launched loan tranches on this platform, but £5M is a big ask in the current market, especially given how tiny the total repayments received so far this month have been by comparison - almost all of the funds need to be "new" money until or unless some large repayments come through.

The next big repayment (if it ever happens!) will trigger the real test of how appealing it is.

does any body think that LENDY are/have realised that it is not all about throwing out loans after loans thinking we will fill them.the state of the loan book is a disgrace caused by their mismanagement of lenders funds.their arrogance and smart ar*sed replies/lack of them that see loan after loan default. every update states borrowers exit is refinance or sale.WHO would refinance any of these borrowers who are running rings around LENDY.they need to let us see that they are capable of repaying our capital+interest and closing these loans once and for all.we cannot carry on like this with just little drabs of interest each month and seeing no capital return to either reinvest or withdraw as OUR choice.of course we know CAPITAL IS AT RISK but should not be at the risk LENDY have exposed us all to for their own gains

By the time I read your post, less than half an hour after you posted it, the £2.65 was no longer visible as there'd been at least 10 transactions since then...

... and purchases continue to come in thick and fast - some for odd bits and pieces, others for hundreds or thousands.


More interesting is what £2.65 (and £26.5, and other multiples of the same amount) represent - investors who had already been 100% invested, but as soon as they received the repayment from DFL011 (which was for 26.5% of the loan amount) re-invested all available funds in this loan... I saw other related amounts scrolling through such as £22.65 (someone who'd deposited £20, and invested it together with a repayment from a £10 investment in DFL011, indicating they're already committing more than double to this loan what they had in DFL011?), and £365 (maybe someone who'd got £1000 in DFL011, and re-invested the partial repayment together with another spare £100).

There are also many larger amounts probably indicating "fresh" funds.

On the current trend, I expect the amount remaining to be below £4M some considerable time before the end of the day.