withnell
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Post by withnell on Mar 23, 2018 6:23:30 GMT
Are Lendy becoming overstretched with these new loans?
As a rough calc this morning they're paying interest on £4.8m of undrawn balances, with a further £6.5m to fund - even with payday approching that's a pretty steep ask
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rocky1
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Post by rocky1 on Mar 23, 2018 7:27:46 GMT
is there some where in the new T/Cs that says interest only starts once your loan has been drawn down
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webwizard
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Post by webwizard on Mar 23, 2018 8:49:33 GMT
is there some where in the new T/Cs that says interest only starts once your loan has been drawn down No. However, the borrower will usually not pay interest until they draw down the funds, so whilst still being launched this is costing Lendy. Whilst you have something on the SM and it is not sold, that benefits Lendy as they keep the interest.
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rocky1
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Post by rocky1 on Mar 23, 2018 9:36:29 GMT
thanks for that just thought as you say LENDY keep our interest for running the SM but now most of it is a short fall in funding so i cant imagine they are to happy having to pay out interest out of their funds. i can feel a bit of ducking and diving coming on soon
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Jeepers
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Post by Jeepers on Mar 23, 2018 10:34:50 GMT
Are Lendy becoming overstretched with these new loans? As a rough calc this morning they're paying interest on £4.8m of undrawn balances, with a further £6.5m to fund - even with payday approching that's a pretty steep ask that's only half the amount they're trousering from unsold loans on the SM.
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withnell
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Post by withnell on Mar 23, 2018 10:58:08 GMT
Right now on the SM Lendy are making c.12% on 2,335k of drawn down loans. But they are paying out on 4,773k of balance that lenders have funded but have not yet drawn down (11,284 total loan less 6,511 available). So net paying out on 2,438k of balance
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tx
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Post by tx on Mar 23, 2018 18:56:27 GMT
No update email from Lendy? Now I am worried.
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hector
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Post by hector on Mar 23, 2018 20:10:13 GMT
No update email from Lendy? Now I am worried. Why? They are at best a meaningless waste of reading, at middling misleading, at worst complete bo**ocks
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jcb208
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Post by jcb208 on Mar 23, 2018 20:19:13 GMT
Loan update is next week fortnightly,We usually get a general pipeline update the this week
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Post by df on Mar 23, 2018 21:01:59 GMT
I also think they must be takins the p**s. So much so that I replied to their email and expressed my view on it and what they really should be doing instead! If more people contact Lendy, the message might get through to somebody! I would imagine during the past 12 months or so Ly received a very large amount of angry e-mails telling them what to do. I'm sure they are very well aware of the fact that lenders want their loans to be repaid and we keep hearing that Ly is doing everything to speed up the recovery processes. However, they have to originate new loans to pay their salaries. They have to keep feeding existing loans because without new tranches projects will collapse. I don't think more e-mails expressing lenders' frustration will change anything. I think what keeps Ly going is their focus on marketing. Whilst many earlier investors left the platform, Ly is getting more and more new "recruits". Nothing lasts forever and now it came to the point when new loans/tranches don't fill any more (even CB offers don't help). "No new money coming in" is probably the strongest message Ly can have. I'm not sure what the next step will be, but for now I stopped investing in any new loans until I see significant improvement in repayments.
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tx
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Post by tx on Mar 24, 2018 8:59:20 GMT
What Ly didn’t, will never, say is that if funds per investor is growing. I bet, when their investor base is growing younger means more likely funds available per investor is decreasing. They are moving down the value chain. That’s not a good sign to me in fact. Because they have same product for all, rather than different product for different demographic of investors.
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hazellend
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Post by hazellend on Mar 24, 2018 9:14:49 GMT
What Ly didn’t, will never, say is that if funds per investor is growing. I bet, when their investor base is growing younger means more likely funds available per investor is decreasing. They are moving down the value chain. That’s not a good sign to me in fact. Because they have same product for all, rather than different product for different demographic of investors. Not necessarily. If you can get 20,000 investors to invest just 100 per loan that's 2 million. Large numbers of small investors is probably the way to go for crowdfunding. Big hitters will quite often go in heavy but then not necessarily add any more funds (if they can't have 5k - 100k they can't be bothered).
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tx
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Post by tx on Mar 24, 2018 14:32:01 GMT
Everyone in the investor base to invest 100 on every loan is a very big if. Mean the 2m won’t happen.
Looking at some older loans, they have thousands investors on it. Now look at the new loans, they only have hundreds, sometimes even to the lower end of hundreds. The direction of travel is exactly the opposite of “many small” investors.
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hazellend
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Post by hazellend on Mar 24, 2018 14:55:39 GMT
Which makes me wonder why so many sign up in the first place
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Nomad
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Post by Nomad on Mar 24, 2018 15:02:55 GMT
I signed up so I could see detail of the deals on offer. Lots of them showed LTV of under 30%, which looked great. Then I started reading the detail and seeing stuff like -
"Total funding, at completion of the development, will not exceed 70% of the Gross Development Value of £******."
I'm not happy with that style of [misre]presentation, so have never invested with them...
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