twoheads
Member of DD Central
Programming
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Post by twoheads on Apr 11, 2017 8:01:22 GMT
At 14:34 another (tiny) mini tranche was added.
Loan value increased from £5,736,589 to £5,737,975 (a measly £1,386).
A triflingly small amount. Why would they bother? I wondered exactly the same. Perhaps it was simply a correction.
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Post by holmesy999 on Apr 22, 2017 10:36:02 GMT
I guess I really should know the answer to this, as I have invested money in it  What is the goal for full repayment of this loan? Is it when the construction is all finished, or is it when all properties (10?) have been sold? |
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GeorgeT
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Post by GeorgeT on Apr 22, 2017 21:24:39 GMT
This is another one that is stagnating on the secondary market. Foolishly I decided to wait until it got close to 60 days left before selling and I have been in a slow moving queue for about a week already.
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vmail
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Post by vmail on May 9, 2017 20:37:21 GMT
Hi Paul64, how many days will this loan be extended by? |
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Liz
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Post by Liz on May 9, 2017 20:50:11 GMT
Hi Paul64 , how many days will this loan be extended by? I wonder how much more money they will need as they are already at 67% LTV. DFL002 is @70%, hope they don't need more cash. On the extension, they will need to sell some units first to be able to pay the interest to extend, so I don't expect this to be extened soon, unless they release another tranche to pay the interest.
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mikes1531
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Post by mikes1531 on May 9, 2017 20:58:05 GMT
I wonder how much more money they will need as they are already at 67% LTV. DFL002 is @70%, hope they don't need more cash. On the extension, they will need to sell some units first to be able to pay the interest to extend, so I don't expect this to be extened soon, unless they release another tranche to pay the interest. Won't the latest tranche take them up to 70%, and preclude any further tranches? Unless, of course, an increase in the GDV magically appears.
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Liz
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Post by Liz on May 9, 2017 21:05:25 GMT
I wonder how much more money they will need as they are already at 67% LTV. DFL002 is @70%, hope they don't need more cash. On the extension, they will need to sell some units first to be able to pay the interest to extend, so I don't expect this to be extened soon, unless they release another tranche to pay the interest. Won't the latest tranche take them up to 70%, and preclude any further tranches? Unless, of course, an increase in the GDV magically appears. Exactly, what happens if they do need more money? Lendy to the rescue? A 2nd charge tranche with a higher LTV paying say 14%? Default? Who knows.
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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 9, 2017 21:12:18 GMT
I wonder how much more money they will need as they are already at 67% LTV. DFL002 is @70%, hope they don't need more cash. On the extension, they will need to sell some units first to be able to pay the interest to extend, so I don't expect this to be extened soon, unless they release another tranche to pay the interest. Won't the latest tranche take them up to 70%, and preclude any further tranches? Unless, of course, an increase in the GDV magically appears.
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copacetic
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Post by copacetic on May 9, 2017 21:17:15 GMT
I wonder how tranche 8 for £250k will go given that there's £225k already on the SM which, from experience, I can say isn't exactly flying off the shelf. ...unless they release another tranche to pay the interest. I hope not! Using new investor money to pay the returns for existing invetors ... there's a name for that type of scheme isn't there? |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 9, 2017 22:09:21 GMT
Won't the latest tranche take them up to 70%, and preclude any further tranches? Unless, of course, an increase in the GDV magically appears. Exactly, what happens if they do need more money? Lendy to the rescue? A 2nd charge tranche with a higher LTV paying say 14%? Default? Who knows. Isnt there the other half of the development to borrow against as the current GDV only covers the 10 houses?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 10, 2017 0:27:33 GMT
You can't possibly be suggesting that they borrow against Loan 1b to prop up Loan 1a, can you?!?! Surely the super efficient and transparent-to-the-point-of-being-invisible Independent Monitoring Surveyor report would pick up on the fact that the Loan 1b monies had not been spent on that loan " as evidenced through a complete lack of works completed and total absence of materials on site", and subsequently decline to authorise further Loan 1b tranches, wouldn't it?  Did i mention a DFL? So no IMS required. Not as if noone has ever borrowed against one asset to fund a project secured on another. PBL025?
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elliotn
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Post by elliotn on May 10, 2017 0:35:19 GMT
...unless they release another tranche to pay the interest. I hope not! Using new investor money to pay the returns for existing invetors ... there's a name for that type of scheme isn't there? Or for the platform as a whole ramping up loan launches to help pay for putative losses on an ever growing default book?
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acky
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Post by acky on May 10, 2017 6:32:01 GMT
This is another one that is stagnating on the secondary market. Foolishly I decided to wait until it got close to 60 days left before selling and I have been in a slow moving queue for about a week already. And I'm afraid the queue's moving even slower at the front. If you've been in the queue a week, then a lot of the movement you'll be seeing is people giving up and taking their parts off the market.
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GeorgeT
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Post by GeorgeT on May 10, 2017 9:30:55 GMT
This is another one that is stagnating on the secondary market. Foolishly I decided to wait until it got close to 60 days left before selling and I have been in a slow moving queue for about a week already. And I'm afraid the queue's moving even slower at the front. If you've been in the queue a week, then a lot of the movement you'll be seeing is people giving up and taking their parts off the market. I wrote that nearly 3 weeks ago! I sold my last loan part on Saturday and I am out of this one. I had quite a large stake and had been listing small loan parts as part of my loan reduction strategy for about the last two months or so and liquidity had been very good. It only went slow in the last month and I can see that it has now all but ground to a standstill. A fine example of why 100 days is fast becoming the old 60 days. A problem good folk have here is some people listed it for sale at about 60 days left in good faith and that would have been an A1 strategy 3 or 6 months ago but today you have left it too late at that point,you cannot risk it with a big mega loan when so many other investment strategists are trying to do the same thing as you. I would add there is no reason for people to panic on this one. Lendy has received a new monitoring surveyor report which advises of very good progress and that is why they are happy to advance more of our money to the borrower today and it has of course passed very rigorous due diligence tests and met with the approval of the very hard to please credit committee. It is a near certainty that the term will be extended on this one with the addition of probably two months and that will suddenly raise the quality of the loan on the secondary market so I would not say that anybody trying to sell at the moment should have any undue concerns, and that is even before we have looked at the state of the development and the fact that it is likely more than half of the loan could be recovered in a default situation down the road - though of course bear in mind that the property market peaked last autumn in value terms and it has now started to stagnate so default situations and repossessions going ahead are not likely to be as successful and lucrative as those in the past.
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GeorgeT
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Post by GeorgeT on May 10, 2017 9:46:06 GMT
To calm people's nerves can I just add to the above that a medium hitter has just taken a 20K chunk out of its sister loan DFL002 which was also very hard to shift on the secondary market. Suddenly in one bite it has become one of the biggest movers and groovers of the day. The good thing about this is that when others see the activity tab and see that somebody has eagerly grabbed 20K in one go they think they better be grabbing some too.
I have worked out that the herd mentality is alive and well on the secondary market.
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