Liz
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Post by Liz on Apr 6, 2018 6:52:04 GMT
The only real question is what probability is there that the refinance at £5.25M will actually happen in the promised timescale, and not a) suddenly get pushed down the road another X months, or b) (as seen on MT) get replaced with a gazundered offer of £4.75M. My thoughts exactly. Seen it happen before, delays, refinancing amount reduced, falls through etc. The goal posts always move in this industry. Accept and pray is in order.
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Liz
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Post by Liz on Apr 6, 2018 6:55:03 GMT
Don't forget we have the PF to make sure 'nobody has ever lost a penny'....  Fake news 😏
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sarahcount
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Post by sarahcount on Apr 6, 2018 8:12:37 GMT
Don't forget we have the PF to make sure 'nobody has ever lost a penny'.... I believe that this is the first time that Lendy have actually suggested that lenders will lose money / have to write off some interest.
Accordingly it should be first in the queue for topping up from the PF.
I can't understand how Lendy can put forward a proposal that lenders write off some of their entitlement without the PF stepping in.
Granted that there are other likely losses that have been kicked down the road but how can Lendy justify crystalising a loss without using the PF.
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rocky1
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Post by rocky1 on Apr 6, 2018 8:36:53 GMT
i think LENDY are not saying we will lose capital on this one.of course we will lose interest and IA and BA and we will have to pay all the associated costs of trying to get as much of our own capital back as possible.another nice result for them if it happens bring on the next one why stop now.capital tied up like this for months/years doing nothing/earning nothing whith the chance you might get some back is a complete waste of time.well done LENDY you sure sucked in a lot of honest /decent people who took you for your words
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withnell
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Post by withnell on Apr 6, 2018 8:48:41 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! You seem to be forgetting that Lendy will siphon off a large proportion of the £200K to pay LPA Receiver’s fees (inc VAT), Agent’s fees (inc VAT), and Legal Costs (inc VAT) Per the voting page, "This would result in c£5.25m being released to investors within 1 - 2 months", so this would be after fees
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hazellend
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Post by hazellend on Apr 6, 2018 8:56:13 GMT
Not sure why people aren’t happy with this suggestion.
Many seem to be learning high risk means high risk. Lendy seem to be dragging themselves out of the mud pit, against expectations!
I personally feel more confidence in them recently than 3-6 months ago
Back to cash bank accounts for those pulling out I guess. The fat cat bankers will be very happy
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zedi
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Post by zedi on Apr 6, 2018 9:25:08 GMT
Don't forget we have the PF to make sure 'nobody has ever lost a penny'.... I believe that this is the first time that Lendy have actually suggested that lenders will lose money / have to write off some interest.
Accordingly it should be first in the queue for topping up from the PF.
I can't understand how Lendy can put forward a proposal that lenders write off some of their entitlement without the PF stepping in.
Granted that there are other likely losses that have been kicked down the road but how can Lendy justify crystalising a loss without using the PF.
I don´t see why the PF should step in for written off accrued interest or similar. As long as we get back anything close to 100% principal of a defaulted loan, I am super happy and with anything >75% I still satisfied 
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Liz
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Post by Liz on Apr 6, 2018 9:41:36 GMT
i think LENDY are not saying we will lose capital on this one.of course we will lose interest and IA and BA and we will have to pay all the associated costs of trying to get as much of our own capital back as possible.another nice result for them if it happens bring on the next one why stop now.capital tied up like this for months/years doing nothing/earning nothing whith the chance you might get some back is a complete waste of time.well done LENDY you sure sucked in a lot of honest /decent people who took you for your words What happens to the 2nd charge loan? Total wipe out?
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withnell
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Post by withnell on Apr 6, 2018 10:09:45 GMT
What happens to the 2nd charge loan? Total wipe out? 2nd charge remains - the refinance is on the 1st charge. it is unclear from the update on 166 if interest is being retained for the 2nd charge loan for the 18m extension
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Liz
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Post by Liz on Apr 6, 2018 10:19:50 GMT
What happens to the 2nd charge loan? Total wipe out? 2nd charge remains - the refinance is on the 1st charge. it is unclear from the update on 166 if interest is being retained for the 2nd charge loan for the 18m extension So 1st charge take a haircut and the 2nd charge is still in line for funds. Some of you are very generous. The new 1st charge holder could also screw the 2nd charge holder if they sell the asset cheap to cover only their debt. Seen it before.
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Post by picanto on Apr 6, 2018 10:31:22 GMT
Don't forget we have the PF to make sure 'nobody has ever lost a penny'....
I can't understand how Lendy can put forward a proposal that lenders write off some of their entitlement without the PF stepping in.
People may disagree with me on this, but the PF should only be used as a last resort if investors capital can't be fully recovered by selling the property and other means of recovering investors capital. Using the PF to top up investors accrued interest is not a good idea since that would mean that there would be no money left when there's a shortfall in capital in other troubled loans. Fortunately for me I have no money in any default loans, but if I did and Lendy managed to recover the capital, I would bite their hands off and give a big congratulations to Lendy staff. I have no vote in this loan but I would have definitely voted for option A with a big sigh of relief. Any interest recovered is a bonus as far as I'm concerned.
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Post by p2plender on Apr 6, 2018 10:56:43 GMT
Not sure why people aren’t happy with this suggestion. Many seem to be learning high risk means high risk. Lendy seem to be dragging themselves out of the mud pit, against expectations! I personally feel more confidence in them recently than 3-6 months ago Back to cash bank accounts for those pulling out I guess. The fat cat bankers will be very happy ehhhm no. RS AUS 9%+ amongst others. I'd take 0% bank account though as that appears better than maybe a 20/30% loss if you've been unfortunate to land some of the Lendy offerings.
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invester
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Post by invester on Apr 6, 2018 11:27:02 GMT
Part of me wants to string this out because it's clear that Lendy don't want to. The way the items are presented it's clear that the push it towards the former.
I take it the valuation stands up no longer? You would have thought that if it was envisaged that a sale would realise enough to cover everything they would mention this. The unwritten line in the second choice seems to be 'and you will make a loss, and because you voted for it, we won't be that bothered in marketing it too hard'.
It seems that even they don't trust the LTV.
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elliotn
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Post by elliotn on Apr 6, 2018 14:50:14 GMT
Don't forget we have the PF to make sure 'nobody has ever lost a penny'.... I believe that this is the first time that Lendy have actually suggested that lenders will lose money / have to write off some interest.
Accordingly it should be first in the queue for topping up from the PF.
I can't understand how Lendy can put forward a proposal that lenders write off some of their entitlement without the PF stepping in.
Granted that there are other likely losses that have been kicked down the road but how can Lendy justify crystalising a loss without using the PF.
You're trolling, right? The PF is discretionary. And has a host of loans queued to repay shortfalls in capital which may not be recovered from other borrower funds. Out of interest, how much do you stand to lose in this loan* Ms Count? * % cap should be indicative.
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sarahcount
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Post by sarahcount on Apr 6, 2018 16:07:34 GMT
I believe that this is the first time that Lendy have actually suggested that lenders will lose money / have to write off some interest.
Accordingly it should be first in the queue for topping up from the PF.
I can't understand how Lendy can put forward a proposal that lenders write off some of their entitlement without the PF stepping in.
Granted that there are other likely losses that have been kicked down the road but how can Lendy justify crystalising a loss without using the PF.
You're trolling, right? The PF is discretionary. And has a host of loans queued to repay shortfalls in capital which may not be recovered from other borrower funds. Out of interest, how much do you stand to lose in this loan* Ms Count? * % cap should be indicative. elliottm - I have a fair proportion of my Lendy funds locked up in this loan. If option A goes through then I would lose some of the promised interest. The extra interest wouldn't be a huge amount. Equally the cost to the PF wouldn't be that much either.
The point that I was making is that while the PF is discretionary it seems appropriate to use it up in the order that losses are crystalised?
Do you have a better proposal for how and when the PF is used or are you just trolling and want to keep it back to cover losses in loans that you are invested in elliottm?
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