tjtl
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Post by tjtl on Jul 23, 2020 12:21:43 GMT
Relendex are frustrating. They go from good information flows to investors to silence- they seem to be in one of their Trappist monks phases.
I have exposure to 14 current loans, including a couple that look awful (Greater Manchester and Evesham) and a few that look pretty poor (Waterloo, London residential and others).
Rather than engaging with investors, or at least keeping us up to date, we are getting no updates.
Is it too much to ask that someone from the relendex team spends 15 minutes per loan and posts a monthly update on their website- if there has been no progress since the last update, then fine- say there has been no progress, but having a wall of silence just irritates. They are still posting new loans (which is good), but there is no way I will invest in any of the new loans until they start providing information on the old ones.
WE KNOW that some loans will lead to investors losing money, don't hide and be frightened of giving us bad news.
So, memo to the Board- please do get an update done on all loans sharpish- we have given you our money- now treat us with some respect
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Post by uksoul on Jul 23, 2020 16:10:48 GMT
You are right that a much better job is needed regarding updates. I just contact then direct with any query i have and they are helpful with answers. Regarding Waterloo the property was sold a few weeks ago with repayment to investors due around the end of this month.
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mrsb
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Post by mrsb on Jul 24, 2020 6:19:16 GMT
You are right that a much better job is needed regarding updates. I just contact then direct with any query i have and they are helpful with answers. Regarding Waterloo the property was sold a few weeks ago with repayment to investors due around the end of this month. Poor coms is the hallmark of Relendex. There was an interlude of faithfully putting every [such as they are] update into the VDR, but that seems to have succumbed to censorship, apathy or whatever it is that drives them. Is Waterloo actually exchanged? (do you know). Is Evesham being marketed (I can't find them online) Is Clapham being marketed (Disappeared from Rightmove) I have some optimism for them all coming good. (Obviously excluding GMBL)
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Post by uksoul on Jul 24, 2020 9:19:10 GMT
You are right that a much better job is needed regarding updates. I just contact then direct with any query i have and they are helpful with answers. Regarding Waterloo the property was sold a few weeks ago with repayment to investors due around the end of this month. Poor coms is the hallmark of Relendex. There was an interlude of faithfully putting every [such as they are] update into the VDR, but that seems to have succumbed to censorship, apathy or whatever it is that drives them. Is Waterloo actually exchanged? (do you know). Is Evesham being marketed (I can't find them online) Is Clapham being marketed (Disappeared from Rightmove) I have some optimism for them all coming good. (Obviously excluding GMBL) Waterloo contracts were in the process of being exchanged when i last contacted Relendex around 3 weeks ago. i was told money received would go to repaying investors and that the end of July is the target repayment date. Evesham and Clapham i have not invested in those. Contact them direct with all questions you have, it is your money and their job is to answer your questions regarding your investment. Use the live chat, you can get your answers instantly.
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mrsb
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Post by mrsb on Jul 25, 2020 6:49:08 GMT
Poor coms is the hallmark of Relendex. There was an interlude of faithfully putting every [such as they are] update into the VDR, but that seems to have succumbed to censorship, apathy or whatever it is that drives them. Is Waterloo actually exchanged? (do you know). Is Evesham being marketed (I can't find them online) Is Clapham being marketed (Disappeared from Rightmove) I have some optimism for them all coming good. (Obviously excluding GMBL) Waterloo contracts were in the process of being exchanged when i last contacted Relendex around 3 weeks ago. i was told money received would go to repaying investors and that the end of July is the target repayment date. Evesham and Clapham i have not invested in those. Contact them direct with all questions you have, it is your money and their job is to answer your questions regarding your investment. Use the live chat, you can get your answers instantly. Call me a skeptic - but "in the process of being exchanged" could be anywhere between the issue of a MoS and exchange it'self. (I appreciate that you are simply saying what you were told) I would regard the exchange of an unconditional contract to be an event worthy of notification. But I don't think R see things that way, so further silence is probable, perhaps accompanied by money turning-up in our accounts.
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Post by uksoul on Jul 25, 2020 10:05:23 GMT
Waterloo contracts were in the process of being exchanged when i last contacted Relendex around 3 weeks ago. i was told money received would go to repaying investors and that the end of July is the target repayment date. Evesham and Clapham i have not invested in those. Contact them direct with all questions you have, it is your money and their job is to answer your questions regarding your investment. Use the live chat, you can get your answers instantly. Call me a skeptic - but "in the process of being exchanged" could be anywhere between the issue of a MoS and exchange it'self. (I appreciate that you are simply saying what you were told) I would regard the exchange of an unconditional contract to be an event worthy of notification. But I don't think R see things that way, so further silence is probable, perhaps accompanied by money turning-up in our accounts. I get your skeptism and it is well founded..Yes contracts being exchanged is not very defintiive and the flat is still listed STC. No chain involved which was detailed in the last email update. If there is no news end of this month i'll be contacting them.
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tjtl
Posts: 232
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Post by tjtl on Jul 27, 2020 7:16:23 GMT
As the above exchange of posts show there is confusion on the status of loans, which is both unhelpful to those that have invested (we have a right to know what is happening to our money) and to Relendex (uncertain investors are unlikely to continue to invest if they get the chance to exit).
I appreciate the comment that we can individually contact Relendex to get individual replies. However where you invest in a number (for me that is over 15) sending individual chasers is tedious for me and Relendex- and also doesn't help those that are not minded to individually chase.
I get regular updates from my pension manager and others that I trust my money to. I do think that if relendex wants to retain the loyalty of those of us that have invested in it over the years (and I have worked out, including those investments I have sold, I have invested well over 6 figures on the platform, and still have over £60 k left on the platform)they need to get far better at providing timely, consistently formatted, regular updates on all of their projects. It is not hard to design a standard form that would serve, and I think such an approach would be reassuring to investors (and thus effectively reduce Relendex's cost of capital as more investors would stick with them).
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Post by uksoul on Aug 1, 2020 2:13:13 GMT
Call me a skeptic - but "in the process of being exchanged" could be anywhere between the issue of a MoS and exchange it'self. (I appreciate that you are simply saying what you were told) I would regard the exchange of an unconditional contract to be an event worthy of notification. But I don't think R see things that way, so further silence is probable, perhaps accompanied by money turning-up in our accounts. I get your skeptism and it is well founded..Yes contracts being exchanged is not very defintiive and the flat is still listed STC. No chain involved which was detailed in the last email update. If there is no news end of this month i'll be contacting them. Waterloo 'update' July 31 - Relendex said it is still sold subject to the exchange of contracts, 'the contracts are being exchanged' .. At what stage they did not elaborate on.
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mrsb
Posts: 196
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Post by mrsb on Aug 1, 2020 6:35:26 GMT
I get your skeptism and it is well founded..Yes contracts being exchanged is not very defintiive and the flat is still listed STC. No chain involved which was detailed in the last email update. If there is no news end of this month i'll be contacting them. Waterloo 'update' July 31 - Relendex said it is still sold subject to the exchange of contracts, 'the contracts are being exchanged' .. At what stage they did not elaborate on. I didn't get an email re: Waterloo - and also nothing about some payments made on Clapham. I wonder if they're in VDR(Box). I get (without fail) emails enticing me to invest in new loans.
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Post by uksoul on Aug 1, 2020 9:49:11 GMT
Waterloo 'update' July 31 - Relendex said it is still sold subject to the exchange of contracts, 'the contracts are being exchanged' .. At what stage they did not elaborate on. I didn't get an email re: Waterloo - and also nothing about some payments made on Clapham. I wonder if they're in VDR(Box). I get (without fail) emails enticing me to invest in new loans. I contacted Relendex direct regarding Waterloo.. Clapham last update in the VDR box is June and it's quite positive on a return for investors.
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iRobot
Member of DD Central
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Post by iRobot on Aug 1, 2020 10:30:56 GMT
I didn't get an email re: Waterloo - and also nothing about some payments made on Clapham. I wonder if they're in VDR(Box). I get (without fail) emails enticing me to invest in new loans. .. Clapham last update in the VDR box is June and it's quite positive on a return for investors. Not a Rel investor, so no axe grind here, but there seems to be an asymmetry to the way information is disseminated which would concern me if I were an investor, and puts me off as a potential investor. (I'd query if such ad-hoc reporting on loan status were FCA compliant, particularly if the loan(s) could be listed on the RM) Tagging pennyrelendex / wengyeeRelendex on the off-chance of a platform comment.
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Post by pennyrelendex on Aug 3, 2020 9:53:14 GMT
Hi All,
We have had a number of staff furloughed during this difficult time which unfortunately has caused delays in some areas of the business. We are back to full resource this week and our updates via email (to lenders holding loan parts) will resume.
Once an email update has been issued, all lenders can find this in PDF format in the VDR via Box, if you have any issues with Box please contact lender-support@relendex.com and a member of the team would be happy to share updates with you directly.
Rest assured the account management has continued during this time.
- Penny
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maotw
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Post by maotw on Sept 1, 2020 12:31:33 GMT
Hi All, We have had a number of staff furloughed during this difficult time which unfortunately has caused delays in some areas of the business. We are back to full resource this week and our updates via email ( to lenders holding loan parts) will resume. Once an email update has been issued, all lenders can find this in PDF format in the VDR via Box, if you have any issues with Box please contact lender-support@relendex.com and a member of the team would be happy to share updates with you directly. Rest assured the account management has continued during this time. - Penny Methinks some more effort with this would be a good thing - particularly Waterloo.
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tjtl
Posts: 232
Likes: 351
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Post by tjtl on Nov 9, 2020 7:57:58 GMT
To be fair to Relendex the frequency of updates has improved (though quite why they cannot yet do one monthly update for all loans escapes me). To be less fair their updates are tending to suffer from "optimism bias" - setting unrealistic expectations. A case in point is Evesham (my greatest exposure) but also seen down the list of loans.
If they are reading this, a strong suggestion is that they take a deep breath, and provide an honest appraisal of all loans, setting out (if necessary in a range) of when they expect repayments to come, and what is the expected loss per loan if such a loss is likely. They should also stop accruing for interest , and showing the accrued interest on accounts, when they know darned well that the accrued interest will never be received - this currently is giving a very misleading picture.
Relendex seem to have navigated the Covid related storm pretty well- the fact there are losses in some of the loans is not surprising- what is disappointing is they don't seem to have the cojones to be clear and upfront with lenders about the true state of some of the loans, and particularly the interest accrual.
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Post by uksoul on Nov 9, 2020 11:49:35 GMT
To be fair to Relendex the frequency of updates has improved (though quite why they cannot yet do one monthly update for all loans escapes me). To be less fair their updates are tending to suffer from "optimism bias" - setting unrealistic expectations. A case in point is Evesham (my greatest exposure) but also seen down the list of loans. If they are reading this, a strong suggestion is that they take a deep breath, and provide an honest appraisal of all loans, setting out (if necessary in a range) of when they expect repayments to come, and what is the expected loss per loan if such a loss is likely. They should also stop accruing for interest , and showing the accrued interest on accounts, when they know darned well that the accrued interest will never be received - this currently is giving a very misleading picture. Relendex seem to have navigated the Covid related storm pretty well- the fact there are losses in some of the loans is not surprising- what is disappointing is they don't seem to have the cojones to be clear and upfront with lenders about the true state of some of the loans, and particularly the interest accrual. Agreed on the updates frequency improvement and the need for a monthly update like other platforms do. How long have you been waiting for Evesham to repay ? I'm not with that but got an update today on Waterloo which is 18mths overdue. I think investors have not lost a penny to date on their investment with Relendex so hopefully that stays.
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