zccax77
Member of DD Central
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Post by zccax77 on May 26, 2019 11:45:37 GMT
No one will want to associate themselves with Lendy and P2P. It's tantamount to Bernie Madoff trying to sell his business as a going concern.
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Post by p2plender on May 26, 2019 12:30:37 GMT
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sydb
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Post by sydb on May 26, 2019 12:48:49 GMT
Don't expect the mainstream media to report facts or information anymore. They now exist to control people's thoughts and make money through self promotion. I don't think anybody could describe the action of Lendy going into administration a crash; it is pure sensationalism.
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zlb
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Post by zlb on May 26, 2019 13:01:05 GMT
Didn't they raise institutional or large private investment at one point?
If it could be demonstrated that they were lending to borrowers who no one, in their right mind would lend to, is there a case for fraud? Would an institutional investor have seen this level of detail that p2p lenders weren't party to?
If they don't share info on who the borrower is, then one can hypothetically fairly assume, in normal circumstances, that the platform has already done that part of the DD for the lender...
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Post by samford71 on May 26, 2019 14:31:19 GMT
A very good point and probably the best solution if another P2P bought the lot at say Capital plus 3% (we should get somthing extra for our good faith  ) The loans that are good payers and good reclaims should make for a good profit and investors get a reasonable return (in this climate compared to banks.) . They would probably get a few extra investors to their platform.
You really think that another platform is going to buy Lendy's loans at 103% of principal? Would you buy them at 103% of principal? Because if you will, I can see a very long queue forming ...
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Monetus
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Post by Monetus on May 26, 2019 14:47:32 GMT
A very good point and probably the best solution if another P2P bought the lot at say Capital plus 3% (we should get somthing extra for our good faith ) The loans that are good payers and good reclaims should make for a good profit and investors get a reasonable return (in this climate compared to banks.) I hate to disappoint you but I think the majority of the Lendy loan book would be “bargepole” stuff to any other P2P platform. Given the media coverage around Lendy as a platform, the level of well-known over valuations of assets and prospects for recovery mostly relying on personal guarantees, legal action and professional negligence claims which are definitely “high risk” to say the least, I’d say you could probably count the number of good quality loans which another P2P platform may consider taking on one hand - let alone the entire loan book. I very much hope that I am wrong however.
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Nomad
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Post by Nomad on May 26, 2019 15:04:57 GMT
A very good point and probably the best solution if another P2P bought the lot at say Capital plus 3% (we should get somthing extra for our good faith ) The loans that are good payers and good reclaims should make for a good profit and investors get a reasonable return (in this climate compared to banks.) . They would probably get a few extra investors to their platform.
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Post by marcusanthony24 on May 26, 2019 15:13:22 GMT
I learned about Lendy going into administration last night. Surely the appointed administrators can't be as bad as Lendy's charlottans.
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garfield
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Post by garfield on May 26, 2019 15:29:07 GMT
The trouble is I don't think there has been a definite case where we actually got something from the valuers. Lendy did reference a success but it is hard to know how much in this context. They could have simply settled at a low figure in a last ditch effort to stay above the waves. Try W****w F*** Proceeds of settlement promised a few days ago... "Lendy's first professional negligence claim". So much for that!!
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Post by spareapennyor2 on May 26, 2019 15:45:37 GMT
would like to see DFL029 /DFL034
derby / falmouth with less than a month to go are able to complete without to many delays / problems
would be ironic
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zlb
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Post by zlb on May 26, 2019 18:54:47 GMT
A very good point and probably the best solution if another P2P bought the lot at say Capital plus 3% (we should get somthing extra for our good faith ) The loans that are good payers and good reclaims should make for a good profit and investors get a reasonable return (in this climate compared to banks.) I hate to disappoint you but I think the majority the Lendy loan book would be “bargepole” stuff to any other P2P platform. Given the media coverage around Lendy as a platform, the level of well-known over valuations of assets and prospects for recovery mostly relying on personal guarantees, legal action and professional negligence claims which are definitely “high risk” to say the least, I’d say you could probably count the number of good quality loans which another P2P platform may consider taking on one hand - let alone the entire loan book. I very much hope that I am wrong however. I see what you're saying, but isn't it better that there is a strong distinction between this platform and others... Otherwise the question would be, where else is this going to happen?
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Post by Deleted on May 26, 2019 20:21:45 GMT
Interesting comment on that Times article:
"As an actual developer that borrowed from Lendy, I am probably one of the supposed few who are under budget and on target to repay them. Well, we were until the FCA started monitoring them and all payments slowed down.
We are only about 6 weeks from completion, have pre-sold more than 50% of our properties, but now have to wait for the administrators and find out if funding will continue.
If not, I already have alternative funding in place, but the administrators will have to accept a reduced offer, or we will potentially be in trouble.
What fun! :-)"
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 26, 2019 23:51:07 GMT
Interesting comment on that Times article: "As an actual developer that borrowed from Lendy, I am probably one of the supposed few who are under budget and on target to repay them. Well, we were until the FCA started monitoring them and all payments slowed down.
We are only about 6 weeks from completion, have pre-sold more than 50% of our properties, but now have to wait for the administrators and find out if funding will continue.
If not, I already have alternative funding in place, but the administrators will have to accept a reduced offer, or we will potentially be in trouble.
What fun! :-)"As a good client we thank you for your business and your calculations allowing you to agree a beneficial transaction for all that should not cause you hassle. Just out of interest. Do you think your project valuations were realistic or as many think overvalued?
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Post by Deleted on May 27, 2019 0:07:24 GMT
As a good client we thank you for your business and your calculations allowing you to agree a beneficial transaction for all that should not cause you hassle. Just out of interest. Do you think your project valuations were realistic or as many think overvalued? If you seriously want answers to that question, why not go to that Times article and reply to his comment directly?
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on May 27, 2019 0:13:38 GMT
As a good client we thank you for your business and your calculations allowing you to agree a beneficial transaction for all that should not cause you hassle. Just out of interest. Do you think your project valuations were realistic or as many think overvalued? If you seriously want answers to that question, why not go to that Times article and reply to his comment directly? It was just in case they read the forums. I may however take up your suggestion.
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) The loans that are good payers and good reclaims should make for a good profit and investors get a reasonable return (in this climate compared to banks.) .
