|
|
Post by p2plender on Sept 11, 2018 11:21:23 GMT
I doubt we'll see many more posts either way so I'd not sweat over which Paul it is.
|
|
|
|
Post by loftankerman on Sept 11, 2018 19:48:58 GMT
"Repayment on some of Lendy’s loans is classed as ‘imminent’, but that has been the case for some weeks?
When this happens, it is almost always because there has been a temporary delay with a borrower – for example when a refinancing takes longer than expected. If there is a material change to the status of the loan, we will always provide this to investors. We are in constant contact with borrowers to try to move the repayment process along as quickly as possible.
Unfortunately progress within the commercial property market and within commercial property development can take much longer than in the residential market.
Refinancing can take some time to negotiate as can sales and planning applications. This means that delays are not unusual.
"
The above patronising response might allay the concerns a prospective lender who’d heard rumours about Lendy’s delayed repayments, but is pretty insulting to the ones who have experienced a number of them over a very long time.
People aren’t disgusted that it can take an extra week or so for money to change hands. The complaint is about months of upbeat and to some extent unnecessary reporting of a refinance being on track during the IOA period. Then as the due date arrives these are replaced by IA and delays stuffed with positive updates, assuring us of imminent repayment. That is until ,when many months overdue, we are presented with yet another ‘unexpected’ collapse of a refinance. That leads us into the ‘nebulous assertions’ phase where things are allegedly in hand behind the scenes but they’re so sensitive it would be inappropriate to mention them.... and we all know the rest.
It is unacceptable.
I’ve seen a number of defaults elsewhere. The platform had no problem whatsoever in advising lenders of their intended course of action, proceedings, court dates and outcomes. Smoke and mirrors give the impression that something a tad shady might be going on behind closed doors and that those involved fear that openness might result in legal jeopardy in something that has appeared to be not quite right for some time. I find watching Lendy handle defaults is somewhat like following the reporting of Trump and the Mueller Investigation on MSNBC, and nothing like my other experiences of defaults.
Some may have guessed that Paul hasn’t won me over, but I am sure we have some regular Lendy fans who’ll be in raptures. ( Items from MSNBC can be watched/followed on YouTube)
|
|
Monetus
Member of DD Central
Posts: 1,179 
Likes: 2,961
|
Post by Monetus on Sept 12, 2018 8:39:32 GMT
As others have written in this thread, Lendy will now solely be judged on results and the amount of money returned to our pockets. We've heard the intention of "improved communications" several times on this very forum and if anything things have actually gotten worse and the frequency of updates/information has decreased. In other news..... Lendy managed to get a loan repayment and decided that they needed to circulate a press release about it to several industry websites: www.mortgagesolutions.co.uk/specialist-lending/2018/09/11/lendy-returns-1-5m-repayment-p2p-investors/Is this really how bad things have got? Where getting a single loan re-paid and money returned to investors is worthy of the fanfare of a press release? |
|
jwatson
Member of DD Central
Posts: 51
Likes: 39
|
Post by jwatson on Sept 12, 2018 9:45:31 GMT
As others have written in this thread, Lendy will now solely be judged on results and the amount of money returned to our pockets. We've heard the intention of "improved communications" several times on this very forum and if anything things have actually gotten worse and the frequency of updates/information has decreased. In other news..... Lendy managed to get a loan repayment and decided that they needed to circulate a press release about it to several industry websites: www.mortgagesolutions.co.uk/specialist-lending/2018/09/11/lendy-returns-1-5m-repayment-p2p-investors/Is this really how bad things have got? Where getting a single loan re-paid and money returned to investors is worthy of the fanfare of a press release? However from L's point of view issuing occasional positive press releases when there is good news is a cost effective way of marketing. And it is in all our interests that Lendy survives...
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Sept 12, 2018 13:32:43 GMT
Interesting, in the article: " Liam Brooke, CEO of Lendy, said this adds to the more than £10m repaid to investors over the previous three months." Funny that...., the repayment in August 2018 was only £127,063, although >£5m in July and June. Lets hope there is more to come.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
Likes: 11,558
|
Post by ilmoro on Sept 12, 2018 13:42:59 GMT
Interesting, in the article: " Liam Brooke, CEO of Lendy, said this adds to the more than £10m repaid to investors over the previous three months." Funny that...., the repayment in August 2018 was only £127,063, although >£5m in July and June. Lets hope there is more to come. 11.5m between 3/6 & 3/9 by my maths. Even more as the figures in the loan repaid column & capital reapid column dont seem to always match. DFL030 was £5m/£4m on its own on 14/6
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Sept 12, 2018 13:45:26 GMT
Interesting, in the article: " Liam Brooke, CEO of Lendy, said this adds to the more than £10m repaid to investors over the previous three months." Funny that...., the repayment in August 2018 was only £127,063, although >£5m in July and June. Lets hope there is more to come. 11.5m between 3/6 & 3/9 by my maths. Even more as the figures in the loan repaid column & capital repaid column dont seem to always match. DFL030 was £5m/£4m on its own on 14/6 Exactly, lets hope that August was a blip and not the start of a new trend.
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
Likes: 11,558
|
Post by ilmoro on Sept 12, 2018 13:48:02 GMT
11.5m between 3/6 & 3/9 by my maths. Even more as the figures in the loan repaid column & capital repaid column dont seem to always match. DFL030 was £5m/£4m on its own on 14/6 Exactly, lets hope that August was a blip and not the start of a new trend. Not surprising really as all the legal types tend to be on holiday. Lets hope that Sept start is the trendsetter
|
|
|
|
Post by Lendy Support on Sept 12, 2018 17:09:00 GMT
Thanks Paul70 for the response.
Couple of points immediately spring to mind
Dear ilmoro, thank you for your questions. Below we have answered with as much information as possible which we hope will help provide more detail for you and other investors. Unfortunately, there are some questions that we are going to have to gather a bit more information in order to answer. 1. IMS reports
The Monitoring Survey Reports are legal documents and are provided to us on a confidential basis. We have weighed up the pros and cons of making these available, but the legal advice we have been given is to keep them confidential. They are also, by their nature, written with a certain degree of legalese and industry jargon, which may not be a problem to some sophisticated investors with knowledge of the bridging industry, but could be less helpful to a broader group of investors. However, we continue to explore potential options for providing more information to investors on the loans they are invested in. We hope to respond further on this soon. 2. Credit reports
All of the borrowers on the Lendy platform undergo a rigorous and detailed credit check, overseen by our Head of Credit. As I am sure you will understand, we are not able to provide information that contains personal details about the borrower. However, we are currently looking at how we might be able to disclose more information to investors, and hope to update investors on this in the near future. 3. Trustpilot
Unfortunately, we have come across reviews on Trustpilot that are defamatory, wholly inaccurate, and on some occasions even sexist. On these occasions, we ask Trustpilot’s own internal compliance team to assess these reviews for breaches of their guidelines. You would not expect us to do otherwise. 4. Tim Gordon's departure
Tim Gordon left the business owing to ill health. Taking on his responsibilities are Robert Kelly, our Chief Operating Officer who joined Lendy earlier this year, and Laurence Wilks, our Head of IT. We have also recently strengthened our board with our first non-executive director Nigel Boothroyd who has over 30 years' banking experience and is a seasoned and well-regarded NED in the industry. We have also recently appointed our first Chief Financial Officer. 5. Losses under SAIM 12000
We have been advised that HMRC does not want us to declare losses until they have been crystallised. Therefore, we will only declare a loss when they are final and all reasonable recovery options have been exhausted. We take legal action against borrowers to recover funds - this can take a long time to work its way through the legal system before completion. If you would like an update on a specific loan, please give our team a call. 6. Interest display error
We have fixed the display error on our website that showed incorrect interest calculations. We believe that all calculations as displayed on the website are now accurate. If you believe that this is not the case please contact us. 7. Lendy support
More than 96% of all tickets raised with us are turned around within 24 hours. For those that we aren’t able to turn around within that time, it is usually due the information requested being confidential, under legal privilege, or there are IT issues that take a bit of time to be sorted to gather that data. We encourage people to get in touch with us if they have a question, where we will do our very best to respond with an answer in good time. 8. Default definitions
The 180-day default time period is in line with the Peer to Peer Finance Association’s industry standard classification, which we adhere to. We will gather more information on the loans detailed in your question, but this isn’t the best venue for us to discuss details on individual loans. Please get in touch with us directly if you’d like to discuss these loans. 9. DFL012
We need to gather some more information on this issue internally, and will respond in due course. 10. PBL193
Again, we need to gather some more information on this issue internally, and will respond in due course.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
|
Post by ozboy on Sept 12, 2018 22:01:11 GMT
Lendy Support you forgot :- 11. RICS "Professional" Valuations. Care to comment?
|
|
|
|
Post by martin44 on Sept 12, 2018 22:31:41 GMT
Lendy Support you forgot :- 11. RICS "Professional" Valuations. Care to comment? Again... Again, we need to gather some more information on this issue internally, and will respond in due course. 
|
|
|
|
Post by loftankerman on Sept 12, 2018 22:31:56 GMT
“The Monitoring Survey Reports are legal documents and are provided to us on a confidential basis. We have weighed up the pros and cons of making these available, but the legal advice we have been given is to keep them confidential.
They are also, by their nature, written with a certain degree of legalese and industry jargon, which may not be a problem to some sophisticated investors with knowledge of the bridging industry, but could be less helpful to a broader group of investors.
However, we continue to explore potential options for providing more information to investors on the loans they are invested in. We hope to respond further on this soon.”
You’d think that if Lendy can employ people so skilled as to understand the above, that is apparently too difficult for some of us to grasp, those persons would be able to summarise the information and provide adequate and honest appraisals of the ongoing situations to us, such that fears should be allayed and we would have good reason to be annoyed if they turned out to be untrue. Maybe they don’t have anyone like that on the payroll, which could be why we are where we are.
|
|
GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
|
Post by GeorgeT on Sept 12, 2018 23:46:42 GMT
“The Monitoring Survey Reports are legal documents and are provided to us on a confidential basis. We have weighed up the pros and cons of making these available, but the legal advice we have been given is to keep them confidential.
They are also, by their nature, written with a certain degree of legalese and industry jargon, which may not be a problem to some sophisticated investors with knowledge of the bridging industry, but could be less helpful to a broader group of investors.
However, we continue to explore potential options for providing more information to investors on the loans they are invested in. We hope to respond further on this soon.”
You’d think that if Lendy can employ people so skilled as to understand the above, that is apparently too difficult for some of us to grasp, those persons would be able to summarise the information and provide adequate and honest appraisals of the ongoing situations to us, such that fears should be allayed and we would have good reason to be annoyed if they turned out to be untrue. Maybe they don’t have anyone like that on the payroll, which could be why we are where we are. The IMS reports produced by Quantity Surveyors are no more legal documents than the valuation reports that are obtained before the loans are funded. With the permission of the authors either can be distributed and relied upon by third parties. In my opinion Lendy choose not to publish the IMS reports for business reasons. They could equally decline to publish the initial valuation reports on the grounds of legal reasons if they had not obtained the necessary permission to do so. IMO the difference is that they would not be able to fund the loans in the first place if they did not publish the valuation reports before drawdown but once the loans are funded there is no advantage to them in publishing the interim monitoring surveyors reports. Indeed publishing the IMS reports could have a negative effect if things are not progressing at the optimum rate. All in my opinion.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Sept 13, 2018 0:02:43 GMT
Lendy do not insult the people who you have had millions of pounds of their savings/pension monies.saying that none of us understand the way things work. There are more people on here who just can't be arsed with your BS anymore.what we understand is you lot of jumped up incompetent/smart arse people think that you are going to be able to continue without us people who are not able to understand the jargon.we understand it all.why don't you just get off you arses and earn your salaries.i am sure this is not the way Liam meant it to be.
|
|
|
|
Post by p2plender on Sept 13, 2018 7:44:33 GMT
What about DFL04
Only a mere 14 million pounds up in the air.
Not even the decency to tell investors whether you have put the borrower into administration.
|
|
