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Post by da2279 on Aug 30, 2018 12:42:45 GMT
Dec 2017 Accounts now available to download from CH. |
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invester
P2P Blogger
Posts: 612 
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Post by invester on Aug 30, 2018 12:57:02 GMT
It's not great reading. Operating profit declines as cost of sales and administrative expenses rise.
The wage bill increased by over £1m (and probably will have increased even more now).
I wondered if someone could answer these queries:
1) The revenue is fairly impressive: something like 17% of the loan. Is the revenue booked all at once once a deal is signed?
2) I thought loan contracts were between us and the borrower? Yet the loan book appears to be on the balance sheet.
3) I would have thought assets would have to be valued with the concept of prudence. Has there been any allowance for impairment, I can't see it.
I really can't see anything but a massive drop in revenues for y/e 2018. How much actually has been originated this year? There were a couple of big ones like PBL199 but since about March all I have seen are small tranches.
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withnell
Member of DD Central
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Post by withnell on Aug 30, 2018 15:08:09 GMT
1) This would be correct for an upfront fee not contingent on the loan duration
2) Substance over legal form - Lendy are acting as a pass-through so showing the debtor vs creditor relationship
3) Form the perspective of Lendy the offsetting entries net off; you could argue this both ways but wouldn't have a net impact on their balance sheet
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elliotn
Member of DD Central
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Post by elliotn on Aug 30, 2018 15:41:58 GMT
1) This would be correct for an upfront fee not contingent on the loan duration 2) Substance over legal form - Lendy are acting as a pass-through so showing the debtor vs creditor relationship 3) Form the perspective of Lendy the offsetting entries net off; you could argue this both ways but wouldn't have a net impact on their balance sheet 1. There are borrower exit fees and lender fees for duration of loan parts on the SM (whole days), also default interest (offset in COS to extent this is passed on to lenders). 3. There are Provisions for expected loan impairment.
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