"An Important Update" 06.12.18 - Email Series

Too little, too late I feel.

Manning up should have been done a long time ago. Those actions won't do much to expediate the bad loans. The problems were not the recoveries, but the loans in the first place. Any old fool can lend money out, getting it back is the hard thing, and Lendy were gamed by too many experienced borrowers. 

Perhaps they are trying to avoid people leaving altogether.... could Lendy's accounts take it if people withdrew en masse? 

The bigger concern for me is that Lendy seem to be doing nothing regarding new loans. I have already accepted that the bad ones will either be sold at haircut, or go through the long process of receivers. 

I think there is a slim chance of their reputation being repaired now, but if they were to provide some decent bridging loans based on sensible valuations that would be a good start. 

Too little, too late I feel.

The bigger concern for me is that Lendy seem to be doing nothing regarding new loans. I have already accepted that the bad ones will either be sold at haircut, or go through the long process of receivers. 

I think there is a slim chance of their reputation being repaired now, but if they were to provide some decent bridging loans based on sensible valuations that would be a good start. 

I think this is a step in the right direction. We've now heard the words, so let's hope they can deliver. 

It takes a strong man to admit weakness / failure, so I take this communication to be a positive sign, even if it has come later than many would have liked.

Edit: The first positive outcome is showing they are listening to and, importantly, hearing what their investors are saying.