r1200gs
Member of DD Central
Posts: 1,336 
Likes: 1,883
|
Post by r1200gs on Mar 17, 2018 14:10:29 GMT
Even if DFL005 pays out a couple of million next week (big if) it's barely going to make a dent in this as most of it will almost certainly get withdrawn. There's too much uncertainty and uncertainty brings a lack of confidence.
I like this loan but it's beginning to look like by the time I get the money back from the platform I'll be too old to spend it. So no, six figure sum sits in the bank until Lendy does better, much better.
|
|
|
|
Post by charliebrown on Mar 18, 2018 14:21:18 GMT
If they can’t fill this loan and they have to withdraw it will those of us who have invested via prefunding get their money back, with interest?
|
|
|
|
Post by mrclondon on Mar 18, 2018 14:26:21 GMT
If they can’t fill this loan and they have to withdraw it will those of us who have invested via prefunding get their money back, with interest? Yes, but not the 2% cashback. Exactly the same as all the other loans that have been withdrawn, capital repaid at the time they withdraw the loan, with interest probably delayed until the next monthly interest run.
|
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on Mar 18, 2018 15:01:09 GMT
If they can’t fill this loan and they have to withdraw it will those of us who have invested via prefunding get their money back, with interest? Yes, but not the 2% cashback. Exactly the same as all the other loans that have been withdrawn, capital repaid at the time they withdraw the loan, with interest probably delayed until the next monthly interest run. It's a good short term loan. The risk is that it might get drawdown 
|
|
|
|
Post by mrclondon on Mar 18, 2018 15:12:30 GMT
Yes, but not the 2% cashback. Exactly the same as all the other loans that have been withdrawn, capital repaid at the time they withdraw the loan, with interest probably delayed until the next monthly interest run. It's a good short term loan. The risk is that it might get drawdown Off topic, but some people viewed the COL Chesterfield loan as being so unlikely to draw down that it could be considered a "good short term loan" but it did eventually fill. Those people may count themsleves lucky that the demise of COL probably means they will get their capital in that loan back (in full) sooner rather than later. However since the interest would be payable by COL not the borrower, I doubt any unpaid interest on this (and the undrawn Bolton tranches) will be received.
|
|
sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
Posts: 1,428
Likes: 1,212
|
Post by sqh on Mar 18, 2018 15:34:26 GMT
It's a good short term loan. The risk is that it might get drawdown Off topic, but some people viewed the COL Chesterfield loan as being so unlikely to draw down that it could be considered a "good short term loan" but it did eventually fill. Those people may count themsleves lucky that the demise of COL probably means they will get their capital in that loan back (in full) sooner rather than later. However since the interest would be payable by COL not the borrower, I doubt any unpaid interest on this (and the undrawn Bolton tranches) will be received. My guess, there is at least £35,000 of pre-drawdown interest due on the Chesterfield loan. I assume that means lenders in the Chesterfield loan will also become creditors of Collateral for that pre-drawdown interest.
|
|
lobster
Member of DD Central
Posts: 636
Likes: 467
|
Post by lobster on Mar 19, 2018 10:34:14 GMT
There is still over 4.1m available on this loan - same as a few days ago. So we have 12% loan with 361 days availability plus a healthy 2% cashback , and it's not shifting at all. Yes there are a few buyers, but clearly just as many sellers because the availability in unchanged. A few months ago , this loan would have been absolutely devoured by a string of BH's and the FFF brigade. I strongly believe that for the health of the platform Lendy Support should pull this loan right now, because at the moment all it is doing in undermining the entire loanbook. And Lendy, once you have pulled the loan, please concentrate all your efforts on getting as many other loans repaid as quickly as possible. This would do wonders for the credibility of the platform, and perhaps then you could re-introduce this loan, and be confident of a much stronger level of interest from lenders. |
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,330
Likes: 11,549
|
Post by ilmoro on Mar 19, 2018 10:56:30 GMT
There is still over 4.1m available on this loan - same as a few days ago. So we have 12% loan with 361 days availability plus a healthy 2% cashback , and it's not shifting at all. Yes there are a few buyers, but clearly just as many sellers because the availability in unchanged. A few months ago , this loan would have been absolutely devoured by a string of BH's and the FFF brigade. I strongly believe that for the health of the platform Lendy Support should pull this loan right now, because at the moment all it is doing in undermining the entire loanbook. And Lendy, once you have pulled the loan, please concentrate all your efforts on getting as many other loans repaid as quickly as possible. This would do wonders for the credibility of the platform, and perhaps then you could re-introduce this loan, and be confident of a much stronger level of interest from lenders. Can't be sellers as they rank behind the primary availability IIRC
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Mar 19, 2018 14:14:52 GMT
My worry is that Lendy reach too far too fast - loans to finish existing projects won't fill if investor cash is tied up in new loans - for the sake of the existing loan book this loan should be pulled, and Lendy should concentrate on closing a few DFLs (eg DFl012, which needs 1.8m to finish apparently...)
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Mar 19, 2018 14:47:05 GMT
totally agree with pulling this 1 for now and hopefully filling the pipeline loan which at least we can see what has been done with our money meanwhile this borrower should finish off the 5 or 6 projects that are on the go at the moment tying up millions of our funds LENDY should also not put all our eggs in one basket.DIVERSIFY that is what we are told
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Mar 20, 2018 8:42:32 GMT
I think Lendy will not pull this loan, as they will want to keep an important customer
I think it is medium risk so will shift if rate increased.
14-15% plus cash back would do it.
Reducing the loan amount to a lower LTV like 40% would also see it fly
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Mar 20, 2018 9:21:19 GMT
Considering this from another perspective...
Loan particulars state that the borrower has spent almost 2 years already working on this deal already, but in any case Lendy are not willing to discuss development finance until they've finished off and repaid the loans associated with some of their other projects.
Borrower would have negotiated some specific terms with the current owner of the property, which have not been revealed to us in detail... but at the very least there'll be some kind of deadline where if the borrower has not taken up the option by a specified trigger date, the current owner will be free to sell to whomever they please at full market value.
Given that the existing property is scheduled for demolition, it's probably a liability rather than an asset, and the borrower will have limited scope for doing anything with the site until they can obtain development finance.
It seems to me that the borrower will be in no urgent rush right now to actually complete on the deal, as then the liability of maintaining the property or of keeping secure a site they are not yet able to develop passes to them, but probably needs to be seen to be making progress on the finance so that the option remains open for them.
In the meantime, Lendy can charge the borrower fees in order to keep the loan offer on the table, and pay us (and any underwriters they may have in the background?) for keeping our money reserved for this deal...
On other platforms, in particular Abundance, deals of a similar size (albeit in a different category) have been known to remain open for subscriptions for months, and I doubt that the borrower will have a major problem with this on a deal that has already taken many times that amount of time to put together. In almost all other contexts, being able to raise over a million pounds within a day is pretty good going, even if further subscriptions will be largely reliant on other loans making repayments.
It's possible that the borrower and Lendy MAY decide to pull the loan for now - most likely reason in my opinion would be if the next tranche(s) of the borrower's other connected projects don't get close enough to full funding in time for their drawdowns, as it would then be hoped that a portion of the million tied up in this loan would be re-allocated to the borrower's other connected projects.
However, in my view it seems at least as likely as Lendy pulling the loan completely that they would instead, at the start of next month, extend the eligibility of the cashback offer for another month (and thus kick the can down the road for actually paying the cashback to existing subscribers).
|
|
SteveT
Member of DD Central
Posts: 6,875
Likes: 7,924
|
Post by SteveT on Apr 5, 2018 10:35:37 GMT
No surprise at all. I can't think of a platform that's ever has paid out cashback before a loan completes and funds are drawn down by the borrower.
|
|
|
|
Post by supernumerary on Apr 15, 2018 0:06:24 GMT
It is slowly being funded...  Just how long have Lendy got to get the funds?  Will they run out of time?  |
|
|
|
Post by df on Apr 15, 2018 1:59:35 GMT
It is slowly being funded... Just how long have Lendy got to get the funds? Will they run out of time? Most likely. With £2,679,875 still available I can't imagine it will ever fill. There is also £1,709,072 with 2% CB available for never ending DFL19 and plenty more. I assume Lendy pays lenders accrued interest on pulled loans, if that's the case it would be in Ly's interest to give up on PBL199 sooner rather than later.
|
|
