Today's entry for DFL002 says...
Can someone please remind me how this second tranche is supposed to work?
Will it appear in the Pipeline so that we can make pre-funding requests -- and get our fair share of the new tranche?
Or will £500k just appear on the Available Loans page and disappear in a few FFF clicks?
Should be even closer as todays entry (missing from site) is just a repost of 10 days ago
COMPANY NEWS
Quite a number of loans are looking like they will repay shortly, which will increase the volume of loans that have been successfully managed through a full cycle of lending.
The loan pipeline is looking very healthy with nearly £30m of instructed loans in with our solicitors and progressing through the legal process. They normally take an average of 2/3 weeks (with obvious exceptions) to complete.
There is also another c.£30m which is likely to be agreed in the coming weeks. We are aiming to provide c.£20-30m of new loan flow each month.
We have made a slight change to our operating procedures for ‘loans in default’ (we have only ever had one to date) - once we declare a loan to be in default, instead of crediting interest to investor's accounts monthly, interest will accrue on account and will be paid once the loan capital is recovered. This rule will only apply to the loan in default and not other loans, which will operate as usual. Loans in default can continue to be traded on the secondary market. Our solicitors have advised us to implement this as the FCA perceives Lendy's own covering of the interest as a potential cashflow risk to the sustainability of the platform.
REPAID LOANS
PBL059 was repaid today. (£3,080,000)
PIPELINE LOANS
PBL - Residential and Retail Development, Hull - Valuation from BK expected today, will become live on platform as it is received. Completion expected shortly afterwards.
DFL - Student accommodation block B, Huddersfield - Construction due diligence ongoing. Waiting for warranties.
PBL - , Newcastle-under-Lyme - Construction due diligence ongoing. Waiting for warranties.
PBL - Invergowrie, Dundee - Expected completion before the end of the week.
PBL - Care Home, Staffordshire - Legals ongoing, completion expected shortly.
PBL - Three Devon Farms & Land - In legals, awaiting valuation.
PBL - Farm, Devon, TQ7 3JQ - In legals, expected completion in 1 week.
DFL - Arboretum - Construction due diligence ongoing. Completion expected next week.
PBL - Quarry, Scotland - Legals and due diligence underway, completion expected in 1-2 weeks.
PBL - Leisure Village & Fisheries - Expected completion Friday 13th May 2016.
EXISTING LOANBOOK
PBL006 - No change.
PBL019 - Sale ongoing, servicing addressed.
PBL020 - Multiple interested parties identified, negotiations ongoing.
PBL022 - Expected repayment Friday 13th May 2016.
PBL025 - Drawdown imminent.
PBL026 - Waiting on new valuation before new buyer commits.
PBL027 - No change.
PBL031 - No change.
PBL033 - Symbio Place, Hemel Hempstead - No change.
PBL035 - Repayment expected this week.
PBL036 - Repayment expected Friday this week according to law firm.
PBL037 - Repayment expected shortly.
PBL038 - Repayment expected shortly.
PBL039 - Repayment expected shortly.
PBL040 - Still in legals for repayment.
PBL042 - No change.
PBL046 -Servicing interest whilst buyer is in legals.
PBL047/PBL048/PBL049/PBL051/PBL052 - No change.
PBL053 - Still in legals for refinance.
PBL054 - Repayment expected before the end of May.
PBL055 - No change.
PBL056 - Repayment expected before the end of May.
PBL057 - No change.
PBL058 - Funds expected from Dubai before the end of the week. Construction element subject to warranties being in place.
PBL060 - Expecting repayment from an investment fund soon.
PBL061 - Expecting repayment from an investment fund soon.
PBL062- Refinance offer received. In legals to repay.
PBL063 -Refinance offer received. In legals to repay.
PBL064/PBL065 - No change.
PBL066 - We have made an offer of development finance. Negotiating with client.
PBL067 - We have made an offer of development finance. Negotiating with client.
PBL068 - No change.
PBL069 - Repayment expected shortly.
PBL070 -Repayment expected shortly.
PBL071 - Repayment expected shortly.
PBL072 - Will automatically become a first loan charge on repayment of PBL59.
PBL073/PBL074/PBL075/PBL077/PBL078/PBL079/PBL080/PBL081/PBL082/PBL084/PBL085/PBL086/PBL088/PBL089/PBL090/PBL091 - No change.
PBL092 - Legal delays, expected completion early next week.
PBL093 - No change.
PBL094 - Expected completion end of this week.
DFL001 - Very close to completion, all warranties in place and contracts signed. Original investors will be rolled into this new loan.
DFL002 - Almost ready for second tranche of build costs, subject to QS report.