elliotn
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Post by elliotn on May 24, 2017 16:27:08 GMT
Ooh, shiny 1st new post  Edit - crossed with ilmoro. |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 24, 2017 16:31:58 GMT
Hi Vmail, yes, apologies for that. It works from the photograph but not the title. Oh, hello are you new around here or just a rebranded version of the old savingstream account If you are new, are you the new lamb to the slaughter customer service adviser? If so welcome to the forums. You will never find a more wretched hive of sceptics and pedantry.  PS They are still advertising your job ... 
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adrianc
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PBL46
May 24, 2017 16:58:50 GMT
Post by adrianc on May 24, 2017 16:58:50 GMT
Hi Vmail, yes, apologies for that. It works from the photograph but not the title. Welcome!
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Post by lendinglawyer on May 24, 2017 16:59:35 GMT
While I recognise that this repayment of a defaulted loan is positive, I am going to have to put a downer on things by pointing out that in the: (a) next week another approx. £5m of loans (PBLs 94, 89 and 68) will default; and (b) three weeks a further just under £5m of loans (PBLs 106, 31 and 95) will default. All closely followed by a further approx. £3m (PBL27). I remain optimistic that most of the defaults will be resolved (eventually) with good results for investors, but I do think the pace of the good news needs to quicken substantially...
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mikes1531
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Post by mikes1531 on May 24, 2017 17:58:43 GMT
The interesting question here is what is left in the PF to cover any hypothetical shortfalls; or are LY just going to cover it in the hope nobody notices... While I appreciate the PBL046 result is a positive one for those invested in it -- not me, I should add -- and a good result for Lendy, what I'd really like to hear from Lendy Support or savingstream is whether or not the net proceeds from the security disposal were enough to cover all that was owed. If not, what was the shortfall and who suffered it? Was it Lendy? Or the Provision Fund? Or...?
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mary
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PBL46
May 25, 2017 6:59:37 GMT
Post by mary on May 25, 2017 6:59:37 GMT
While I recognise that this repayment of a defaulted loan is positive, I am going to have to put a downer on things by pointing out that in the: (a) next week another approx. £5m of loans (PBLs 94, 89 and 68) will default; and (b) three weeks a further just under £5m of loans (PBLs 106, 31 and 95) will default. All closely followed by a further approx. £3m (PBL27). I remain optimistic that most of the defaults will be resolved (eventually) with good results for investors, but I do think the pace of the good news needs to quicken substantially... Wow, I had not noticed that. That will likely make a lot more people start to question if they really want to continue with Lendy.
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GeorgeT
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Post by GeorgeT on May 25, 2017 10:17:14 GMT
Wow, I had not noticed that. PBL094 (£3.25M) flipped over to the Defaults page today (although at 'only' -179 days, it's technically showing as 'IA' rather than 'DEF' according to the 'Interest Status' listing on its' Particulars tab.) It's interesting that Lendy have started sending emails to all registered users (regardless of being lenders in the specific loan or not), announcing the repayment of defaulted loans. That they've felt the need to do so could be interpreted many ways. Also, I noticed a subtle change in the wording of the repayment announcements. The first two I received both stated: "We would like to announce the full repayment of the above loan. All investors in this loan should now have the capital credited to their Lendy accounts. All accrued interest for this loan will be included in interest payments at the end of the month."; whilst the one relating to this loan states: "We would like to announce the full repayment of the above loan. All investors in this loan should now have the capital credited to their Lendy accounts. Outstanding interest will be included in interest payments at the end of the month." Whether anything can be read into that, I've no idea. On the one hand, I can't imagine Lendy would risk blemishing its' record for the sake of a few thousands in interest accrued on a such a small loan. On the other, it might be a regarded as an opportunity for a gentle easing in of lost interest on defaulted loans. No doubt those in the loan will find out on 1st of June. Brilliant observational work. Let's strip it back to the basics - we know from experience that LY are cut and paste specialists when it comes to their emails. So why would they change 2 words in what had become a standard email for this situation, unless for a reason. The removal of the word "All" in the context of interest to be paid on a defaulted loan would seem, on the surface at least, to be significant.
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am
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PBL46
May 28, 2017 12:46:22 GMT
Post by am on May 28, 2017 12:46:22 GMT
The interesting question here is what is left in the PF to cover any hypothetical shortfalls; or are LY just going to cover it in the hope nobody notices... While I appreciate the PBL046 result is a positive one for those invested in it -- not me, I should add -- and a good result for Lendy, what I'd really like to hear from Lendy Support or savingstream is whether or not the net proceeds from the security disposal were enough to cover all that was owed. If not, what was the shortfall and who suffered it? Was it Lendy? Or the Provision Fund? Or...? I was having a quick look around and found the Recent Updates said (4 weeks ago) that the loan was being refinanced with Together. We don't know for sure whether this particular refinance went ahead, or whether the whole loan amount was covered, but I'd say that the balance of probabilities is in favour of a full recovery. (If the refurb has been done then the valuation should be comfortably higher, allowing a larger loan from the refinancer.) I was looking to see what happened firstly because I confused it with the Somerset farm, and secondly to see if anything could be learned from the loan. It was supposed to be a refurb and remortgage onto a commercial finance, with the option of an alternative exit by resale at a substantial profit. (I was never in this loan, but it's not obvious why - either because it wasn't available on the secondary market with a decent length to run (it was floated before my time), or perhaps I was worrying about the borrower having the capacity to carry out the project in a timely manner.) Having glanced at the loan details and valuation there's nothing obviously wrong with the valuation and business plan, but it's overrun by 15? months* with failed refinances along the way, including using another property as security. It was also reportedly to be on the market 1 year ago. (The listing I found appears is pre-renovation, and presumably before the loan from Lendy.) An oddity is that refurbishment has been stated to be complete 12 months ago, and again 3 months ago. Possibly just reiteration by Lendy in the hope of providing reassurance. *It had been extended several times so the 262 days overdue is considerably less than the full overrun.
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