jamesc
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Post by jamesc on Apr 19, 2017 18:14:14 GMT
You should buy into SS mini-bonds instead if risky individual loans. One of the assurances in the prospectus is: " All loans have indemnified valuation " Nothing can go wrong! And you get 7%. Sorry for my ignorance but don't all the lendy loans have indemnified valuations and if not, what's the difference to what we get ?
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seeingred
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Post by seeingred on Apr 20, 2017 7:55:28 GMT
You should buy into SS mini-bonds instead if risky individual loans. One of the assurances in the prospectus is: " All loans have indemnified valuation " Nothing can go wrong! And you get 7%. Sorry for my ignorance but don't all the lendy loans have indemnified valuations and if not, what's the difference to what we get ? No difference probably - the sarcasm was to highlight that whilst valuations are indemnified this is in effect hardly worth the paper it is written on - Somerset valuations being an extreme example.
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am
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Post by am on Apr 20, 2017 9:30:04 GMT
Perhaps, now, Investors will take seriously my hobby horse rantings about the VR "Industry", for that is what it has become. Most VRs wouldn't be fit for toilet paper and yet we accept them, "Do your own DD" being the response. Well, we shouldn't have to, these Documents should be reasonably honest, accurate & reliable and it's high time this racket was exposed. Yes, yes, I know it's difficult to get an accurate VR, but come on, many of them are miles out with glaring mistakes a child can uncover in five minutes on the internet. On PBL 174 the 7 properties have all been valued at the same price, even though there are two different designs with two different on market prices. Similarly the rental value is given as the same for both types of properties. (The gross yield on the estimated rental value and valuation is 5.3%.)
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 20, 2017 10:57:52 GMT
Yeah, VRs, dontcher just love 'em.
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twoheads
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Programming
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Post by twoheads on Apr 24, 2017 8:05:18 GMT
Status changed from IA to DEF (exactly at midnight 24/04 00:00am).
Also moved to the defaults tab more quickly than other defaults.
Interestingly, its remaining term is at -179 days which would normally mean IA.
This proves that the status is not simply derived from the remaining term which we are shown, it must be a separate entity (or derived from a separate entity) in their data.
My guess is that LfSS have internally decided that this really is a 'hard' default rather than the usual 'soft' default which is flagged at -181 days.
No new update. Last from one week ago: The property continues to be marketed. We have not received any offers yet but there are interested parties.
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twoheads
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Post by twoheads on Apr 24, 2017 11:23:33 GMT
@new2p2p has pointed out to me that, although the loan has been moved to the 'default loans' list, the status still reads as IA. I did not check this; I simply assume from the fact that the loan is in the 'default loans' list that its status must be 'DEF'.
To view this 'IA' status, you have to go to the loan details, select the 'particulars' tab and right down at the bottom in grey is the 'interest status' which does indeed read IA (today). I think this 'IA' is automatically generated because the remaining term is currently -179. I expect that this will become DEF on Wednesday when the remaining term reaches -181.
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elliotn
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Post by elliotn on Apr 24, 2017 11:46:06 GMT
@new2p2p has pointed out to me that, although the loan has been moved to the 'default loans' list, the status still reads as IA. I did not check this; I simply assume from the fact that the loan is in the 'default loans' list that its status must be 'DEF'.
To view this 'IA' status, you have to go to the loan details, select the 'particulars' tab and right down at the bottom in grey is the 'interest status' which does indeed read IA (today). I think this 'IA' is automatically generated because the remaining term is currently -179. I expect that this will become DEF on Wednesday when the remaining term reaches -181. I'm confused. Wouldn't -179 show SBL rather than IA? Sbl -1 to -90, IA & the grace of the gods thereafter.
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jonno
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nil satis nisi optimum
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Post by jonno on Apr 24, 2017 11:48:42 GMT
I'm confused. Wouldn't -179 show SBL rather than IA? Sbl -1 to -90, IA & the grace of the gods thereafter. Hi elliotn. I'm having a senior moment I'm afraid. I deleted my post but you were just too darned quick for me 
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twoheads
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Post by twoheads on Apr 24, 2017 21:17:50 GMT
Don't worry jonno , I live in a state of almost perpetual confusion between IOA, SBL and IA.
The one thing that I'm never confused about is DEF.
Sometime today, the remaining term clicked over from -179 to -180.
This time tomorrow, the remaining term will be -181 and the 'interest status' will be DEF. No more confusion!
EDIT - It's now tomorrow (strange) and, lo and behold, the status is now DEF.
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nsinvestor
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Post by nsinvestor on May 16, 2017 7:29:43 GMT
We all know the background of the borrower and the over-valuation.
However, 1 month ago the update from Lendy was: "Property is being marketed with interest shown at or around our outstanding debt levels. New lease with IBM should be agreed imminently."
The loan was £2m against a valuation of £2.87m
The property is listed for sale at offers in excess of £1,250,000
I find it hard to believe that a guide price of £1.25m is generating interest close to the £2m mark, which doesn't give me comfort about the update from Lendy.
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dovap
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Post by dovap on May 16, 2017 8:31:19 GMT
short piece in the ES yesterday featuring our 'borrower'
(link removed - identified borrower)
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adrianc
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Post by adrianc on May 16, 2017 8:54:47 GMT
 Ok... so has he been evicted or not? From that sentence, I can't work it out. savingstream ? That sounds like it's firmly "Well, not actually yet, but we're working on it..."
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 16, 2017 8:54:53 GMT
We all know the background of the borrower and the over-valuation. However, 1 month ago the update from Lendy was: "Property is being marketed with interest shown at or around our outstanding debt levels. New lease with IBM should be agreed imminently." The loan was £2m against a valuation of £2.87m The property is listed for sale at offers in excess of £1,250,000 I find it hard to believe that a guide price of £1.25m is generating interest close to the £2m mark, which doesn't give me comfort about the update from Lendy. Well I, for one, am very confident that there has been no, errrr, "misleading" throughout the whole process regarding this Loan, and I believe all facts and figures presented are, and have been, as accurate as possible .................................... 
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fp
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Post by fp on May 16, 2017 9:13:13 GMT
Seems to me that lendy have had their pants pulled well and truly around their ankles with this, and are currently wondering why they cant see any soap on the floor of the shower, hopefully the PF will provide some dignity for the ones who will ultimately foot the bill for this misadventure.
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r1200gs
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Post by r1200gs on May 16, 2017 9:27:54 GMT
Seems to me that lendy have had their pants pulled well and truly around their ankles with this, and are currently wondering why they cant see any soap on the floor of the shower, hopefully the PF will provide some dignity for the ones who will ultimately foot the bill for this misadventure. Lendy had ample warning that they were dealing with a crook but believed they were smarter than his other victims. His criminal convictions were the least of their concerns, it's what he gets away with that's the real issue.
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