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Post by scepticalinvestor on Jan 23, 2020 10:36:13 GMT
Cra** St*** Sal****** SP1
Repayment was due in July 2018, all units that comprised the property have now been sold and about 17% of the capital remains unpaid.
The latest status re recovery is "We have received the proceeds from the sale of the final flat. We are now preparing to issue a statutory demand under the borrower’s personal guarantee in order to try and recover the remaining balance. We will keep investors up to date with any significant progress in respect of this."
Just to be clear, I am not complaining at all. If this turns out to be a capital loss, it will be the first that I've had at LendInvest, they have been mighty good at returning all capital and interest due over the many years that I have been an investor.
I was just wondering what people's thoughts were on the likelihood of a borrower's personal guarantee coughing up the remaining money?
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Post by carol167 on Jan 23, 2020 11:37:41 GMT
I don't seem to be in that one, just out of interest what was the interest rate and LTV ?
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cobi
Member of DD Central
Posts: 76 
Likes: 80
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Post by cobi on Jan 23, 2020 12:25:15 GMT
I am assuming this will result in a loss. It will be my first loss with LendInvest with 388 loans fully repaid.
The loss is 17% of my original investment and interest over the period amounted to 7%.
The loan was 5.75% pa and LTV 70%
My only complaint with this loan is the length of time for comments to be updated and the lack of information forthcoming upon directly contacting LendInvest.
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Post by gravitykillz on Jan 24, 2020 10:44:50 GMT
I am sure there have been losses on this platform. Does it say anywhere that no investors have lost any money ?
I guess we were fortunate enough to avoid those losses. I have 3 investments in arrears out of 27. Which I can handle.
Morale of the story is not to invest in loans over 60% ltv and to avoid development loans.
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Post by carol167 on Jan 24, 2020 15:24:21 GMT
Well, I've been with them since Oct 2016 back in the day when the minimum amount you could put into a loan was £1000.
To date I have 321 realised fully repaid loans, with zero income shortfall and zero capital shortfall. I have 82 active and on schedule plus 1 in arrears and 9 out of term.
Many have come and gone out of term and seem to get sorted in the end so I am not at all worried. Qute a few get extended and some repay early as you might expect. I have the confidence that even if there is a default, I have more faith in LI than many of the other platforms that they would actually recover quite a high percentage.
That's not to say there won't be losses in the future, but I am very impressed with LI's seeming professionalism and quick action when a loan goes into arrears. I have yet to see any reach "Enforcement" level.
For clarification however, I have my auto settings set to any interest %, but only category A and only LTV 65% or below. Any above 65% I look at on a case by case basis. I only put £100 on each loan automatically with occasionally manually adding to that if the loan details seems particularly favourable and I catch it before it's fully funded.
The only change I would like to see - is to be able to specifiy Residential & or commercial as a distinction in the auto settings but otherwise, currently I am very satisfied with Lend Invest.
It will be interesting to see how their recently announced intention to branch out into much bigger loans will fare. I forget where I saw that, but I'm pretty sure it was LI.
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Post by gravitykillz on Jan 24, 2020 15:56:21 GMT
I have been with them for almost a year now and I am impressed with them so far as well. I have 3 loans in arrears but no losses so far (touch wood).
I have pulled out of many other p2p platforms and only now invest in lendinvest and crowdproperty. I guess as long as I go for 60% or less ltv and avoid development loans I should do ok. But it does involve alot of logging on to the site almost daily. As autoinvest does not differentiate between development loans and residential loans.
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Post by gravitykillz on Jan 24, 2020 15:59:14 GMT
Got to say though would never have invested in lendinvest without Carol who has been singing its praises for over a year now on various threads (she had over 20k at one point and got back every penny with interest!)
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Post by carol167 on Jan 24, 2020 16:35:24 GMT
Go to say though would never have invested in lendinvest without Carol who has been singing its praises for over a year now on various threads (she had over 20k at one point and got back every penny with interest!)
Am back up to £10,700 currently. I keep a minimum of £500 on account for auto'ing' and top up as necessary.
I previously ran it down to zero (bottoming out around August 2018) more as a test than anything (have attempted that with quite a few platforms). LI is the only one I have re-expanded back up again. Although I did give FC the benefit of the doubt and reinvested my preceeding profit last year. Dissappointing result with FC and am now back to zero plus bad loans and will never invest in FC again.
I do worry when anything changes with a platform that has been running along smoothly, and this recent news from LI about broadening their loans for larger amounts is a 'change'. So we will see what effect that has, if any, going forward. You never know what is going on behind the scenes and the reasons for substantial changes. Currently I am running down all my other platforms but increasing exposure to LI.
Please don't blame me if things ever do go pear shaped. I can only relay my honest experience so far. I am in no position to give advice etc etc... and never invest more than you can afford to loose.
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Post by gravitykillz on Jan 24, 2020 16:49:09 GMT
Amen. Vast majority of my funds are in fscs backed schemes around 60k. My exposure to p2p is around 8k split between crowdproperty and lendinvest. I think everything will be ok and if it doesn't 8k isn't going to kill me.
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Post by gravitykillz on Jan 24, 2020 16:51:12 GMT
A year ago had over 40k in p2p split between several platforms!
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Post by gravitykillz on Jan 24, 2020 16:52:03 GMT
Damn I miss the interest payments!!
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Post by scepticalinvestor on Jan 29, 2020 11:52:22 GMT
I am sure there have been losses on this platform. Does it say anywhere that no investors have lost any money ? I guess we were fortunate enough to avoid those losses. I have 3 investments in arrears out of 27. Which I can handle. Morale of the story is not to invest in loans over 60% ltv and to avoid development loans.
I don't know, I was only talking about my first loss.
But considering that I auto-invested small amounts over the period of a year a few years ago and haven't (yet) experienced any capital or income loss, I would guess that the platform-wide losses (if any) were minimal.
Out of interest, is there anywhere that LI publishes this info?
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cobi
Member of DD Central
Posts: 76
Likes: 80
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Post by cobi on Feb 24, 2020 12:18:22 GMT
Another repayment now makes the loss 8% of original investment. With interest payments it should be about break even.
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Post by scepticalinvestor on Feb 24, 2020 15:26:55 GMT
That sounds about right.
My numbers for Cra** St*** Sal****** SP1 -
Invested £1,000 Capital repaid £923.10 Interest received £70.80
Net loss of £6.10 on the initial invested amount which comes to 0.61%.
So not bad at all as far as defaults go. But still a sad day personally given that it's my first ever confirmed loss at LendInvest. As per the update, "We are not anticipating any further payments or recovery from the borrower in relation to the loan.".
There's probably a couple of more high LTV loans currently in arrears that may eventually go the same way, but that would be par for the course.
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benaj
Member of DD Central
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Post by benaj on Oct 27, 2023 16:25:43 GMT
F****** G**** R*** NW6 (Overdue 4 years 5 months) - Final outcome: 12.5% profit despite capital shortfall.
My first capital shortfall with Lendinvest after 78 loans fully repaid.
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