Carter
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Post by Carter on Dec 17, 2018 17:10:00 GMT
Check your inboxes.
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adrianc
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Post by adrianc on Dec 17, 2018 17:10:52 GMT
Ah, so it HAS gone to everybody? Good...
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star dust
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Post by star dust on Dec 17, 2018 17:11:32 GMT
I think it did "December 17th, 2018 - Recently Suspended Loans Update
DFL003, DFL006, DFL013, DFL020, DFL022, DFL024, DFL033, PBL199 & PBL201
Following recent Lendy platform updates, many of you are now aware that we suspended all investment into nine loans relating to a specific borrower's properties (operated by his various Special Purpose Vehicles) late on Thursday afternoon.
At this point, we cannot tell you more about that decision. However, we have had an important meeting with the borrower to discuss the next steps and he has shown his commitment to work with Lendy to ensure that the best recovery is made for all investors across all the loans involved.
We expect to be able to give you further detail on these loans before the end of the week.
Yours sincerely,
The Lendy Team "
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sl75
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Post by sl75 on Dec 17, 2018 17:11:35 GMT
Email just received: "Recently Suspended Loans Update"
No real detail, but an acknowledgement of which loans were suspended and that discussion of next steps is underway.
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shimself
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Post by shimself on Dec 17, 2018 17:11:49 GMT
Feels like a COL situation, where the initial smoke screen was “there’s an IT problem” followed by a period of silence followed by “we’re in Administration, good luck and goodbye”. I just hope to goodness BDO are not appointed as Administrators. Should be Baker Tilly unless the FCA decide to muddy the waters (again). lendy.co.uk/managing-risk/lendy
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jomantha
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Post by jomantha on Dec 17, 2018 17:25:29 GMT
" he has shown his commitment to work with Lendy to ensure that the best recovery is made for all investors across all the loans involved."
Does not sound promising to me
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invester
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Post by invester on Dec 17, 2018 17:26:24 GMT
Lendy suck.
It isn't going to be good news, I am fairly sure of that. Otherwise, we wouldn't see the loans being suspended. I would thought they have done so because if the fan hits the brown stuff and it turns out they had knowledge of something there could be trouble.
Seems very reminiscent of Mrs May going back to Brussels trying to get any concessions, then coming back on Friday to try and present it as a positive to us.
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Post by picanto on Dec 17, 2018 17:35:30 GMT
" he has shown his commitment to work with Lendy to ensure that the best recovery is made for all investors across all the loans involved." Does not sound promising to me I suppose it's better compared to what the borrower of DFL17 has done though...
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Mr_N
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Post by Mr_N on Dec 17, 2018 17:58:52 GMT
Sounds like fraud or bankruptcy to me. Lendy need time to spin yet another outright failure of due diligence before the press get hold of it.
I'm not privy to the borrower's details, perhaps some of you who are should run some google searches and isolate the results to the past month. I wouldn't recommend posting the results here though.
To "suspend" so many loans and give next to no information is precisely why Liam is so utterly unfit to direct Lendy, or any other company which is reliant upon honest and continual flow of information between multiple parties.
I think he must exist in his own reality where this kind of appalling behaviour is not only justified, it's the norm.
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Carter
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Post by Carter on Dec 17, 2018 18:05:24 GMT
Sounds like fraud or bankruptcy to me. Lendy need time to spin yet another outright failure of due diligence before the press get hold of it. I'm not privy to the borrower's details, perhaps some of you who are should run some google searches and isolate the results to the past month. I wouldn't recommend posting the results here though. Which bit of the communication did your ears interpret as fraud or bankruptcy?
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Mr_N
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Post by Mr_N on Dec 17, 2018 18:07:01 GMT
Sounds like fraud or bankruptcy to me. Lendy need time to spin yet another outright failure of due diligence before the press get hold of it. I'm not privy to the borrower's details, perhaps some of you who are should run some google searches and isolate the results to the past month. I wouldn't recommend posting the results here though. Which bit of the communication did your ears interpret as fraud or bankruptcy? Experience.
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Carter
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Post by Carter on Dec 17, 2018 18:16:47 GMT
Which bit of the communication did your ears interpret as fraud or bankruptcy? Experience. Proper joker aren't you. The only thing that can really be deduced at the moment is that an event has occurred that has changed the risk profile across this borrowers loans hence the suspension. Lendy has fallen foul before regarding late suspension of loans so they will have acted quickly on receipt of the information that has yet to be disclosed to us lenders. Clearly Lendy should have communicated today's update earlier however for experienced people like yourself this wouldn't have come as a surprise. We await the detail behind the change in circumstance, until then we'll have to put up with the usual drivel I suppose.
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Mr_N
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Post by Mr_N on Dec 17, 2018 18:19:10 GMT
Proper joker aren't you. The only thing that can really be deduced at the moment is that an event has occurred that has changed the risk profile across this borrowers loans hence the suspension. Lendy has fallen foul before regarding late suspension of loans so they will have acted quickly on receipt of the information that has yet to be disclosed to us lenders. Clearly Lendy should have communicated today's update earlier however for experienced people like yourself this wouldn't have come as a surprise. We await the detail behind the change in circumstance, until then we'll have to put up with the usual drivel I suppose. Thanks Sherlock. You gonna do a 5th season with Moffat?
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Carter
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Post by Carter on Dec 17, 2018 18:24:22 GMT
Proper joker aren't you. The only thing that can really be deduced at the moment is that an event has occurred that has changed the risk profile across this borrowers loans hence the suspension. Lendy has fallen foul before regarding late suspension of loans so they will have acted quickly on receipt of the information that has yet to be disclosed to us lenders. Clearly Lendy should have communicated today's update earlier however for experienced people like yourself this wouldn't have come as a surprise. We await the detail behind the change in circumstance, until then we'll have to put up with the usual drivel I suppose. Thanks Sherlock. You gonna do a 5th season with Moffat? Ha ha ha. Bring it on...
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Mucho P2P
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Post by Mucho P2P on Dec 17, 2018 18:43:15 GMT
Proper joker aren't you. The only thing that can really be deduced at the moment is that an event has occurred that has changed the risk profile across this borrowers loans hence the suspension. Lendy has fallen foul before regarding late suspension of loans so they will have acted quickly on receipt of the information that has yet to be disclosed to us lenders. Clearly Lendy should have communicated today's update earlier however for experienced people like yourself this wouldn't have come as a surprise. We await the detail behind the change in circumstance, until then we'll have to put up with the usual drivel I suppose. So we wait like mugs again. The prepaid interest that Lendy has received for these loans until their maturity date, they keep their part, so why aren't the existing lenders given their part? With so many loans becoming "suspended" and illiquid, what is the incentive for anyone to partake in any loan in the future as the historical evidence is that there is a high likelihood that lenders cash will be suspended, or untouchable for years on end? None of that justifies 12% p.a. for a few months!
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