lexo
Posts: 52 
Likes: 30
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Post by lexo on May 9, 2019 15:18:52 GMT
Lendy just sent out Advance loan go-live notice (DFL034, DFL037). I'm wondering how many people will invest at this point.
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Post by queenvictoria on May 9, 2019 15:25:55 GMT
Lendy just sent out Advance loan go-live notice (DFL034, DFL037). I'm wondering how many people will invest at this point. Been selling like hot cakes. £15 worth of DFL037 sold today and only £22,584 left.
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sl75
Posts: 2,092
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Post by sl75 on May 9, 2019 15:27:03 GMT
Lendy just sent out Advance loan go-live notice (DFL034, DFL037). I'm wondering how many people will invest at this point. Do you see a specific problem with those loans, or are you just tarring them with the same brush as the various loans in recoveries?
What's the alternative - for Lendy to breach the loan agreement by NOT offering further tranches putting the development in jeopardy despite the developer (presumably) complying with all necessary requirements from their side?
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bloodycat
Member of DD Central
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Post by bloodycat on May 9, 2019 15:41:52 GMT
Nothing obviously wrong with these particular loans (yet). But given that these are the umpteenth tranches most of us already have enough - plus they are now over a week late paying us the interest on the existing loan amount and still no updates it doesn't inspire confidence to throw in any more money.
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trevor
Member of DD Central
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Post by trevor on May 9, 2019 16:13:43 GMT
Why would anyone invest in the tranches available tomorrow when April's interest is outstanding?
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sl75
Posts: 2,092
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Post by sl75 on May 10, 2019 7:20:16 GMT
Why would anyone invest in the tranches available tomorrow when April's interest is outstanding? Because (unlike "live" loans), you can do so taking a negative balance that will be resolved by April's interest being credited (and if Lendy don't credit the interest in time to clear the negative balance, they'll just have to cancel the loan parts!) ... despite the developer (presumably) complying with all necessary requirements from their side? Lol. Here we go, another apologist. Youve used the magic word in your last sentence. Ill give you a clue: It starts with P and ends with Y. As we don't have sight of the loan agreement with the developer, we don't know what the necessary requirements from the developer's side are. Given that Lendy are continuing to advance monies towards them, even with the FCA's close scrutiny, the presumption is that the borrower is still complying from their side - in particular more of the development is being built each time. Having not actually inspected the site myself, I have to presume that the people who have done so on my behalf are indeed satisfied. (In particular I would note that this is VERY different from the most problematic loans on the platform, where little if any work was done on the site).
It also seems, on the basis that your response to my comment was only on the basis of being an "apologist", that you do not in fact see any specific problem with these loans, and are indeed merely presuming they will be problematic solely because they're listed on the Lendy platform which you presume to be full of problem loans. Unlike you, I explicitly highlighted where I was making a presumption...
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sl75
Posts: 2,092
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Post by sl75 on May 10, 2019 13:53:18 GMT
Lendy just sent out Advance loan go-live notice (DFL034, DFL037). I'm wondering how many people will invest at this point. 90 in DFL037 tranche 9, which is fully pre-funded (total value was only £42,770) 89 so far in DFL034 tranche 10, which is more than 50% prefunded (£47,312 of £92,360)
I expect a good chunk of this is from the last few auto pre-fund "zombies", and that any amount not funded from interest being credited shortly will end up with loan parts being cancelled...
Edit: ... and indeed after unfunded pre-fund bids have now been cancelled today (Lendy having failed to credit interest in time to allow it to offset the negative balances for most of the investors), we're down to:
50 in DFL037 tranche 9, (£14,873 of £42,770) 61 in DFL034 tranche 10, (£12,219 of £92,360)
In both cases, that includes 2 additional small purchases today, but DFL034 also had some purchases yesterday and/or Friday evening.
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sl75
Posts: 2,092
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Post by sl75 on May 17, 2019 7:53:56 GMT
... and with a surge in investment after the interest was finally credited, the final position is 115 investors in DFL037 - Tranche 9, and 77 investors in DFL034 - Tranche 10.
Each had a single very large investment yesterday (quite possibly from Lendy Wealth) that bought up most or all of the remaining unfunded balance of the respective tranches.
One thing that surprised me a little was that there were continued purchases from the "main" loans even when the new tranches were still available for investment - why take loan parts from the secondary market when a brand new tranche that actually adds value to the development is available on the same terms?
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