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 Jul 19, 2017 12:52:42 GMT
Seems to me that there is an 'up to' missing from the explanation ie will pay a bonus rate of up to 50% of the monthly interest rate, giving a maximum rate of 1.5% or 18% pa.
So rates will range from 1.05%/12.5% to 1.5%/18%
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mickj
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Post by mickj on Jul 19, 2017 12:53:51 GMT
I've given you a like for the above (and lots of other helpful posts) twoheads , I don't understand any of it (only one head) and I ain't going to try and bring it into my personal spreadsheet (I have the washing machine in bits atm and that's enough), just take what I'am given at the end of the day if and when these loans payback. |
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izigor
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Post by izigor on Jul 19, 2017 15:09:12 GMT
Lendy to Investors:
Look at these loans I got from the back of Denzil's truck. This time next year, we'll be BILLLLIIIIONAIRES!!!
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mikes1531
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Post by mikes1531 on Jul 19, 2017 15:49:30 GMT
I'm not sure the above is the correct interpretation of the bonus. AIUI, the 0.5% bonus is a monthly amount, so the effective interest rate for the next month would be 1.5%/month or 18% p.a. It's all accruing, however, so who knows if investors will ever see a penny of it. I'm certain the bonus rate is annual. As @new2p2p says, some loans are paying bonuses of 2.5%; no way will that be monthly!
If you owned a penny of PBL074 (Farm in Cambridgeshire) you'd see that's currently paying a 6% bonus... again, that ain't monthly! AIUI, the bonus shown is an amount, not a rate. For 12% loans, it ticks up by 0.5% after every month passes. DFL001 went from nil to 0.5% when the remaining term exceeded -30 days. PBL123 is showing a Bonus Accrual of 2.5% because it is overdue by 164 days, which is more than five full months. For an example of how these bonus accruals might be paid out, we need to ask someone who was holding PBL089 when it was repaid a few days after the changes were announced. At the time of repayment, it was 222 days overdue. That's a bit more than seven months, so the amount shown in the Bonus Accrual column of the Repaid Loans table is 3.5% for this loan. I wasn't in that loan but AIUI investors in that loan should have received all their capital back, all their normally accrued interest, and a further payment of 3.5% of their capital as the bonus. Is there anyone reading this who was in PBL089 who can confirm exactly what they received? A report from a PBL144 investor would be helpful as well. That loan was 76 days overdue when it repaid, so it shows to have accrued two months' worth of bonus. (Because it was a 9% loan, the bonus was only 0.375% per full month overdue, or 0.75% in total.)
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elsee
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Retired:D
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Post by elsee on Jul 19, 2017 15:59:01 GMT
I'm certain the bonus rate is annual. As @new2p2p says, some loans are paying bonuses of 2.5%; no way will that be monthly!
If you owned a penny of PBL074 (Farm in Cambridgeshire) you'd see that's currently paying a 6% bonus... again, that ain't monthly! AIUI, the bonus shown is an amount, not a rate. For 12% loans, it ticks up by 0.5% after every month passes. DFL001 went from nil to 0.5% when the remaining term exceeded -30 days. PBL123 is showing a Bonus Accrual of 2.5% because it is overdue by 164 days, which is more than five full months. For an example of how these bonus accruals might be paid out, we need to ask someone who was holding PBL089 when it was repaid a few days after the changes were announced. At the time of repayment, it was 222 days overdue. That's a bit more than seven months, so the amount shown in the Bonus Accrual column of the Repaid Loans table is 3.5% for this loan. I wasn't in that loan but AIUI investors in that loan should have received all their capital back, all their normally accrued interest, and a further payment of 3.5% of their capital as the bonus. Is there anyone reading this who was in PBL089 who can confirm exactly what they received? A report from a PBL144 investor would be helpful as well. That loan was 76 days overdue when it repaid, so it shows to have accrued two months' worth of bonus. (Because it was a 9% loan, the bonus was only 0.375% per full month overdue, or 0.75% in total.) I have identical amounts in the CB DFL19 and no CB 28 (1 day older) both are accruing at the same daily rate. I have been downloading the transactions daily to discover what would happen when the 0.5% "bonus" kicked in and so far - nothing. I'll compare when the interest run comes through and can report back.
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registerme
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Post by registerme on Jul 19, 2017 16:16:57 GMT
I wonder what the monitoring reports said about this....?
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n
Member of DD Central
Yet another Nick
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Post by n on Jul 19, 2017 17:46:05 GMT
I'm certain the bonus rate is annual. As @new2p2p says, some loans are paying bonuses of 2.5%; no way will that be monthly!
If you owned a penny of PBL074 (Farm in Cambridgeshire) you'd see that's currently paying a 6% bonus... again, that ain't monthly! AIUI, the bonus shown is an amount, not a rate. For 12% loans, it ticks up by 0.5% after every month passes. DFL001 went from nil to 0.5% when the remaining term exceeded -30 days. PBL123 is showing a Bonus Accrual of 2.5% because it is overdue by 164 days, which is more than five full months. For an example of how these bonus accruals might be paid out, we need to ask someone who was holding PBL089 when it was repaid a few days after the changes were announced. At the time of repayment, it was 222 days overdue. That's a bit more than seven months, so the amount shown in the Bonus Accrual column of the Repaid Loans table is 3.5% for this loan. I wasn't in that loan but AIUI investors in that loan should have received all their capital back, all their normally accrued interest, and a further payment of 3.5% of their capital as the bonus. Is there anyone reading this who was in PBL089 who can confirm exactly what they received?
A report from a PBL144 investor would be helpful as well. That loan was 76 days overdue when it repaid, so it shows to have accrued two months' worth of bonus. (Because it was a 9% loan, the bonus was only 0.375% per full month overdue, or 0.75% in total.) I had £1 in both of these and received a bonus of 3p for PBL089 and 1p for PBL144 at the same time as the capital repayments.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Jul 20, 2017 7:33:53 GMT
Apologies to all: my interpretation of the bonus was completely wrong!
See this post.
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mikes1531
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Post by mikes1531 on Jul 20, 2017 10:37:16 GMT
I have identical amounts in the CB DFL19 and no CB 28 (1 day older) both are accruing at the same daily rate. I have been downloading the transactions daily to discover what would happen when the 0.5% "bonus" kicked in and so far - nothing. I'll compare when the interest run comes through and can report back. : Inasmuch as the bonus interest doesn't start accruing until the remaining term reaches -30 days, and these two loans are currently at +259 days and +335 days, you're going to have to wait about a year to see any bonus interest accrue. And IMHO there's a high probability that Lendy will have changed the rules by then!
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n
Member of DD Central
Yet another Nick
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Post by n on Jul 20, 2017 10:43:05 GMT
Are we getting the cashback bonus for new tranches and the accrual bonus for defaults mixed up?
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binkle
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Post by binkle on Jul 21, 2017 16:45:03 GMT
So back to Exeter. Any sign that Lndy are going to get additional security? Any response the the suggestion that the builder is living in one of the houses? I am presuming this is above board, insured, rent paid etc, with sale of lived in property being expedited. Happy to stay in till end of a loan but there seems to be no real rush to bring loan to an end, so leaving yet more overdue loans on SM. Spit spot!
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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 Jul 21, 2017 17:27:38 GMT
So back to Exeter. Any sign that Lndy are going to get additional security? Any response the the suggestion that the builder is living in one of the houses? I am presuming this is above board, insured, rent paid etc, with sale of lived in property being expedited. Happy to stay in till end of a loan but there seems to be no real rush to bring loan to an end, so leaving yet more overdue loans on SM. Spit spot! Wrong loan. DFL002 has the borrower in residence in one of the flats allegedly.
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binkle
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Post by binkle on Jul 22, 2017 7:56:30 GMT
Thanks folks.. My bad!
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seeingred
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Post by seeingred on Jul 28, 2017 12:52:46 GMT
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r1200gs
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Post by r1200gs on Jul 28, 2017 14:21:56 GMT
Paul64 savingstream I note from the Loan document the following 1. Land costs of £2,700,000 (including interest and fees for 12 months)2. The borrower intends to build the 10 houses initially. 3. Build costs of £3,700,000 (fixed JCT contract with large, successful, local firm. Very experienced).The initial land costs were far less than £2.7 million as can be seen from the original PBL 4a and PBL 4b loan documents, so the borrower has already pocketed a tidy sum for the uplift gained through planning. The loan proposal clearly states that the borrower will initially build 10 houses and that a fixed price JCT contract was in place for this. If this is the case why have only 4 houses been built and work now stopped? We seem to be in a situation where you have raised tranches to lend to the borrower on work which has not been carried out, raising some serious questions. If you maintain that the sum paid to the builder is correct then the cost for the 4 practically complete houses plus those partially built, works out at circa £750k+ each, which is ludicrous. You need to step in now and take some serious action to resolve this situation It sure looks that way. Echoes of FS and Whitehaven. Very worrying. We need an urgent update on this.
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