sarahcount
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Post by sarahcount on Feb 2, 2018 22:35:18 GMT
Lendy updates exactly the same for PBL084 and PBL166;
No mention of interest or bonus interest.
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blata
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Post by blata on Mar 21, 2018 16:00:37 GMT
Anyone able to look between the lines and work out what Lendy are doing with this loan
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webwizard
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Post by webwizard on Mar 21, 2018 16:08:26 GMT
Anyone able to look between the lines and work out what Lendy are doing with this loan No evidence that it is on the market yet. (Search for K***** Estate for sale) You can find previous details and a glossy brochure. I have funds in both loans and my interpretation is a positive one from the last few updates. It is a big estate and there are income streams and with good management it could service long term debt from a bank. Hopefully, there will be more direction from the next few updates but there is very little other information to find out and I have been looking.
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webwizard
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Post by webwizard on Mar 30, 2018 7:54:22 GMT
Recent update suggests progress. A new lender will take over the first charge and capital will get repaid (possibly without the outstanding interest and bonus).
Update: 'In the event that this does not take place, the intended agreement will ensure that the property is listed on the market for sale and Lendy will have sudo control of this'.
sudo -> unix/linux for 'superuser do' where temporary superuser administrator privileges are assumed to perform an action. I think they meant 'pseudo' control. I guess the programmers are now doing the updates as well as beta testing the platform and taking over the asylum....
Anyway, I read the post as positive that capital (hopefully 100%) will be returned and the second charge loan will be extended.
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blueninja
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Post by blueninja on Mar 30, 2018 11:03:54 GMT
Recent update suggests progress. A new lender will take over the first charge and capital will get repaid (possibly without the outstanding interest and bonus). Update: ' In the event that this does not take place, the intended agreement will ensure that the property is listed on the market for sale and Lendy will have sudo control of this'. sudo -> unix/linux for ' superuser do' where temporary superuser administrator privileges are assumed to perform an action. I think they meant 'pseudo' control. I guess the programmers are now doing the updates as well as beta testing the platform and taking over the asylum.... Anyway, I read the post as positive that capital (hopefully 100%) will be returned and the second charge loan will be extended. Yes updates obviously written by a techie :-)
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zedi
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Post by zedi on Mar 30, 2018 11:22:06 GMT
That are great news for me, as I am far too much exposed on both loans from the old time when I used to invest repaiments equally via Smartphone across all long running loans and didn´t notice how much I already invested in a particular loan...
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mj
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Post by mj on Mar 30, 2018 12:09:51 GMT
If sudo=pseudo then I really don't understand what "pseudo-control" means in this context. Perhaps it means that the borrower will grant Lendy some oversight in the process but it will have no legal power to finalise the deal. It is not a phrase that has any legal meaning and I think Lendy should explain precisely what it's getting at here.
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withnell
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Post by withnell on Apr 1, 2018 7:57:45 GMT
From what I'm reading, the 1st charge holders get 100% of capital, but no mention of interest. Surely that means that the existing L 1st charge becomes 2nd (for the default interest), and existing L 2nd become 3rd? Or are the 1st charge holders being knocked out in favour of not making a loss on the 2nd charge?
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webwizard
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Post by webwizard on Apr 1, 2018 8:08:25 GMT
From what I'm reading, the 1st charge holders get 100% of capital, but no mention of interest. Surely that means that the existing L 1st charge becomes 2nd (for the default interest), and existing L 2nd become 3rd? Or are the 1st charge holders being knocked out in favour of not making a loss on the 2nd charge? It is most likely that the first charge will be taken over by another loan, most likely from a bank or fund. That will rank above the existing second charge (which will remain a second charge) should there be a default, but the second charge should be serviced like any other loan and given the estate has income, that should repay the loan. Clearly, by loosing the first charge, there is a loss of security so Lendy will need some form of contract to ensure there is sufficient security for the second charge loan.
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withnell
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Post by withnell on Apr 1, 2018 8:25:56 GMT
But if the new loan kicks in at 100% capital as the update suggests (and the interest is not repaid), what secures the interest for the current Lendy 1st charge holder?
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sarahcount
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Post by sarahcount on Apr 1, 2018 9:28:29 GMT
You would think that a refinance to pay off PBL84 would clear all interest not just the capital. But the Lendy update only says capital. In any sensible world a lender would not release a charge until all interest has been brought up to date. But this is Lendy we are talking about and they live in their own parallel universe and make things up as they go along.
Lendy should not release the security of PBL84 until all interest is paid off. If they sell me down the river and do a deal that they think somehow assists the long term recovery of PBL166 then I will not be at all pleased and won't trust Lendy again.
The DFL005 issue was bad enough but it looks like Lendy might be considering moving the goalpost on this one as well.
Absolutely no point in choosing your loans carefully if Lendy just move your security around however they feel inclined.
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Post by mrclondon on Apr 5, 2018 14:13:02 GMT
Vote on loan PBL084 now live.
One of the options is the proposed refinance of PBL084 which would see all capital and a small amount of interest repaid, with most of the interest and all the bonus written off. The other is to place the estate on the open market immediately.
As far as it goes the vote makes sense. However, I remain unclear what effect if any there will be on the 2nd charge loan PBL166. The latest update says that if the refinance of PBL084 happens, the 2nd charge loan will remain and become payable in 18 months. I'm assuming that means a further 18 months of sat in the default tab being quietly ignored but still accruing interest - there doesn't appear to be any funds for it to be an 18 month extension with interest on account.
(I've voted for the refinance to get the capital back sooner rather than later)
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withnell
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Post by withnell on Apr 5, 2018 14:20:06 GMT
Assuming 5.25m returned and on 5.05m loan value, this gives 200k interest.,
Based on 180days overdue this works out as 8.03% return on the loan.
Adding on 2 months to refinance (so therefore the "interest" over 240 days), the offer stands at capital plus 6.02%
To my mind that's a very good return for a defaulted loan - I'll be voting to redeem!
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jontyab
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Post by jontyab on Apr 5, 2018 14:26:42 GMT
Agreed - and I suspect most would share that sentiment.
I'd be disappointed to be proven wrong on that, but my stake in this is small enough that I'd be delighted with no less than full capital replayment
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sl75
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Post by sl75 on Apr 5, 2018 14:53:49 GMT
This seems to me to set a dangerous precedent.
Instead of "... substantial part of the accrued investor interest would need to be written off." I would instead expect something more like "... substantial part of the accrued investor interest would rank behind the new finance, and be repaid at the same time as PBL166".
Edit: this might of course eventually result in it being written off, but at the very least I would expect PBL084 to receive the remainder of its accrued interest if PBL166 receives any interest at all.
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