11025
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Post by 11025 on Mar 29, 2018 16:09:33 GMT
the provision fund and all of LENDYS profits will not cover anywhere near the rest of the losses that we are going to be seeing in the very near future. sorry for being so pessimistic That maybe the case but I am sick of it being touted on their website ..... 
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Post by loftankerman on Mar 29, 2018 16:59:10 GMT
Meh! This Lendy voting nonsense sounds pretty much like the British government’s approach to having Ombudsmen. An Ombudsman can come to a fair and objective decision finding for a plaintiff or plaintiffs against the government, but the government can dismiss the findings if it doesn't like them. Just another feeble charade to deflect blame and delude people that they are living in a democracy.
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Post by bracknellboy on Mar 30, 2018 8:57:31 GMT
I also very rarely log into Lendy site. Everything I have left on there was due for repayment in some long forgotten aeon. Just logged in, and can't get rid of that pesky pop up regarding voting on PBL 081.
I refuse to click the I've read and understood button to get rid of it. I do not agree with what I understand is Ts and Cs changes taht have occurred with regard to ongoing loans, I am not reviewing them, and I refuse to take part in a vote on a loan on which I have a £1 stake. And I am not going to click anything which might start to imply any form of acknowledgement or acceptance of terms changes on the platform.
@lendy: how dare you put up dialogue boxes which have no cancel/minimise button and have only one button (I have read and understood) and DO SO IN A WAY WHICH BLOCKS OUT MY ACCESS TO VARIOUS MENU OPTIONS SO I CANNOT PROPERLY ACCESS AND SERVICE MY ACCOUNT.
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zedi
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Post by zedi on Mar 30, 2018 10:32:26 GMT
I am not invested in that particular loan but I think the offer is quite good, it´s 70.6% of the debt + whatever could be taken from the guarantors (would be interesting to see what could come back from that side). Maybe there will be a better offer in the future, I don´t know, I don´t have access to all the information Lendy has, I don´t want to waste so much time on any single loan in my portfolio and that´s why I would trust the advice of Lendy here.
But I also dislike this voting-mechanism. At a first glance it sounds nice to give investors the opportunity to influence the recovery process but honestly, I don´t think the majority of investors (including me) are able to make any informed decision on such complex topics (especially with that limited information we get). As already mentioned, this will only create an absolution for Lendy, now they can blame the crowd for any shortcoming that results in the crowd not following Lendy´s advice...
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adrianc
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Post by adrianc on Mar 30, 2018 11:23:23 GMT
Why do you think the borrower will have 1m minimum in net assets. I have no particular opinion either way, not least because we know absolutely zero about the borrower. But the vote options are: Now let's look back through the update timeline... The "Oooh, that'll sell for £4m" agent put it on the market last May, the price was reduced last July, it moved to a different agent last August at a lower price, it was repossessed and the price reduced further last September, moved to a third agent last November (an offer!), then there was no interest at an open-house last December, before the offer increased to £1.9m in December... strikes me this new £2.1m offer (mid-March) is as good as we're likely to get. Let's hope that doesn't evaporate leaving us with the £1.9m bidder hacked off at having been gazumped after three months of ongoing purchase... I don't know from the updates at which stage the original buyer (lined up before the loan was drawn down) evaporated, but there's no mention at all since the PP shenanigans started in August 2016, and by March 2017, it was "The property continues to be marketed and there have been a number of interested parties but no formal offers as yet."
Yes, I'm quite happy to take 70% now and go legal on the borrower's backside for the rest.
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rs
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Post by rs on Mar 30, 2018 15:54:54 GMT
I’ve voted to sell now as well.
I wonder if Lendy get their money they put into this development first and then investors get paid?
No doubt we will never find out.
I also wonder how much money Lendy have made on this development. Do you think Lendy would share this information seeing they care so much about investors?
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adrianc
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Post by adrianc on Apr 6, 2018 17:45:12 GMT
And it's sold.
66% capital repayment.
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capucino
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Post by capucino on Apr 6, 2018 17:54:35 GMT
No mention of provision fund in the email. Have Lendy officially stopped using the PF?
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Jeepers
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Post by Jeepers on Apr 6, 2018 18:04:46 GMT
Loans written under the old terms where Lendy is the borrower will take priority on the PF.
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Liz
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Post by Liz on Apr 6, 2018 18:09:11 GMT
No mention of provision fund in the email. Have Lendy officially stopped using the PF? Maybe officially they've stopped using it.
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jcb208
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Post by jcb208 on Apr 6, 2018 18:13:44 GMT
I am a bit disappointed as 66% capital was repaid yet I never received any repayment of my 1p investment so I still have a 100% loss,I would of expected Lendy to round these payments up  |
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stokeloans
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Post by stokeloans on Apr 6, 2018 19:11:39 GMT
I am a bit disappointed as 66% capital was repaid yet I never received any repayment of my 1p investment so I still have a 100% loss,I would of expected Lendy to round these payments up You and me both,my first default 😜
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Jeepers
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Post by Jeepers on Apr 7, 2018 8:43:36 GMT
11/5/17 update:
The agent is planning to visit the site this week and has advised a price over £4m is very achievable.
21/12/17 update:
we have accepted an offer to acquire the property at £1.9m
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tx
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Post by tx on Apr 8, 2018 14:57:01 GMT
11/5/17 update: The agent is planning to visit the site this week and has advised a price over £4m is very achievable. 21/12/17 update: we have accepted an offer to acquire the property at £1.9m To add to your comments above, on their voting page, option1: “with the balance of capital, accrued interest and bonus accrual to be recovered from claims against relevant parties which Lendy's lawyers have advised have a good prospect of success.” How much truth are there in it?!
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Liz
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Post by Liz on Apr 8, 2018 15:38:53 GMT
11/5/17 update: The agent is planning to visit the site this week and has advised a price over £4m is very achievable. 21/12/17 update: we have accepted an offer to acquire the property at £1.9m To add to your comments above, on their voting page, option1: “with the balance of capital, accrued interest and bonus accrual to be recovered from claims against relevant parties which Lendy's lawyers have advised have a good prospect of success.” How much truth are there in it?! They are bound to be optimistic aren't they. I have no evidence of them recovering a single penny yet.
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