toffeeboy
Member of DD Central
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Post by toffeeboy on May 9, 2017 16:11:18 GMT
PBL075 has just repaid (at 15:18).
It's only a tiddler at £315k (and almost 9 months overdue) but it's a start! It has been repaid to lenders - but by who? The borrower or Lendy (at least partially)? The fact that we had been told to expect full repayment imminently and any DD suggests that there was plenty of value in this asset to cover the loan and any extra interest/charges then I don't see any reason to suspect there was any shortfall in this.
The borrower obviously just needed the extra push of a repossession order to get his a$$e into gear and repay the loan, unfortunately there are borrowers out there that need the extra push but fair play to Lendy for giving them it and getting all of our money back.
Have to say this was always one that I was comfortable holding in default as there always seemed to be plenty of equity within the asset even as a forced sale. Need to find somewhere else for my money now.
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mikes1531
Member of DD Central
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Post by mikes1531 on May 9, 2017 20:48:07 GMT
It has been repaid to lenders - but by who? The borrower or Lendy (at least partially)? The fact that we had been told to expect full repayment imminently and any DD suggests that there was plenty of value in this asset to cover the loan and any extra interest/charges then I don't see any reason to suspect there was any shortfall in this.
The borrower obviously just needed the extra push of a repossession order to get his a$$e into gear and repay the loan, unfortunately there are borrowers out there that need the extra push but fair play to Lendy for giving them it and getting all of our money back.
Have to say this was always one that I was comfortable holding in default as there always seemed to be plenty of equity within the asset even as a forced sale. Need to find somewhere else for my money now.
has presented one possibility. How about the following as an alternative... Lendy are confident that they'd obtain the possession order this week. The borrower won't prolong the issue because they still have some equity and want to preserve what they can. (Maybe they've avoided the court costs by giving Lendy possession now.) Lendy are confident that the property can be disposed of for more than what will be owed by the time of the disposal, so they've decided to repay their investors now rather than make them wait until the disposal is complete. (Why pay investors 12% when they could collect it themselves?) They also gain the positive PR of a successful conclusion of a default case now, and give their investors one less loan to grumble about. PS. I accept that the FCA's position of wanting P2P platforms to act as agents and not take on loan risks might make the above less likely, but Lendy could avoid that by finding someone else to take on the the loan parts -- and the risks with them.
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