littleoldlady
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Post by littleoldlady on Nov 1, 2017 9:01:33 GMT
If they don’t have the funds to repay then the competition for best loan is between these two and whichever is the soundest loan handed over to the run off people. Impossible to decide at this stage.
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beechside
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Post by beechside on Nov 1, 2017 9:12:45 GMT
"Best loans on the platform"? Hmm... Not sure about that.
If Lendy have the money and are prepared to dip into their own pockets, I understand your argument. Fundamentally, it's a selfish one because it risks the long term. I want Lendy to survive and prosper, not be neutered. We get 12% for a reason.
Any company facing insolvency, which DFL001, DFL002 and others could technically initiate, have the duty to negotiate with their creditors - i.e. us. How would you feel if they came back and offered 50p in the pound? The alternative? The platform fails and then the receivers take their slice before offering you 10p in the pound.
Everybody negotiates and we should not be surprised should it come to that. None of us have yet lost capital on Lendy but I have 5k that's looking completely lost elsewhere. I'd snap their hands off if they offered me half of that in a final settlement.
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Jeepers
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Post by Jeepers on Nov 1, 2017 9:24:36 GMT
Given this I'd be content to see the DFL001 loan migrated onto a 24 or 36 month 18% pa on an Amortising basis with an agreed portion capital repayment to lenders made at commencement. Yes Lendy may well have screwed up But I detest the very thought that developer is using this b****y 'ransom strip' against who he believes is just Lendy the Company But he is forgetting that indirectly he may be holding me, you and many others to ransom too and I would say a very firm single digit "NO" to that. I think all investors would agree this would be the best way forward. Lendy could just make comment on whether or not they have the funds to repay to avoid all this speculation. The silence is deafening.
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dandy
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Post by dandy on Nov 1, 2017 11:44:40 GMT
AN i right in thinking DFL 1&2 are the best loans on the platform, paying 18% and guaranteed by Lendy? Even if the loans are under the old T&C's it could still be a non-recourse loan beyond underlying receipts from that Borrower/security (more like an interest rate receivable) - so unless it is confirmed by L that they are guaranteeing them I would not be too sure
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Post by scrooge on Nov 1, 2017 13:00:51 GMT
I doubt if this loan, on its own, is big enough to cause Ly to collapse. IMO the most likely outcomes are: 1) The loan is repaid in full but we are not told where the money came from, or whether or not there was a loss. 2) Despite the fact that the loan is on the old T&Cs Ly find a way for lenders to take a haircut. poor communication and failure to repay lenders is a fairly good way to lose lenders from the platform leading to a platform collapse so the size of loan is irrelevant more the implications of the behaviour of Lendy. Am I the only who feels that without us, the lenders, Lendy is a worthless company or am I overestimating our importance? I sure as hell try to keep all of my business customers....... Nope. I reckon you are right. Lendy are just a worthless company, filled with Hubris - the Cowes Week sponsorship said that in letters writ large - and I see Nemesis knocking at their door in 2018, just like it did for FK.
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seeingred
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Post by seeingred on Nov 7, 2017 16:57:48 GMT
Drove past this one today. Why is it always raining? The site is still boarded up, there is an extra layer of steel fencing in front of the plywood, the adjoining large house looked empty and there were no 'for sale' signs anywhere. Presumably it is now all in control of the receivers. At least there is a prospect of some recovery from this one, unlike maybe the Isle of Wight. Maybe we should have a competition for the loan with the most deafening silence from lendy. I'd vote for the Isle of Wight.
Lendy Support. |
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duck
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Post by duck on Nov 7, 2017 17:28:33 GMT
Maybe we should have a competition for the loan with the most deafening silence from lendy. I'd vote for the Isle of Wight.
Perhaps they are being held to ransom?
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dermot
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Post by dermot on Nov 7, 2017 23:51:20 GMT
Not sure what developer honestly thought he was going to achieve with his posts, but I suspect uniting most of us behind Lendy wasn't a desired outcome. No developer in their right minds would have countenanced a ransom strip being held in 3rd party hands - a family falling out would have let to the same paralysis as we now see; this fairy story behind the removal of access permission across the ransom strip stretches credulity beyond breaking point. The ransom strip issue is, to me, a clear and calculated attempt to avoid his obligations to us, the source of his funds and I, for one, don't care to cut him any slack until the issue is resolved. Unless and until developer comes clean with information on where all the money has gone leaving the developments so badly unfinished, I have very little patience with any of his 'updates'. As he seems so concerned about his PG obligations, I would suggest he gets the strip back under his control without further delay, and stops hampering completion - then I *might* support some further discussion about financial flexibility. Maybe a new poll of lenders to test the waters on pressing the borrower to the fullest extent of the law to focus his mind a little ... And exclude any suspiciously 'new' lenders that might have appeared on tbe forum recently. |
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dermot
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Post by dermot on Nov 7, 2017 23:56:28 GMT
Given this I'd be content to see the DFL001 loan migrated onto a 24 or 36 month 18% pa on an Amortising basis with an agreed portion capital repayment to lenders made at commencement. Yes Lendy may well have screwed up But I detest the very thought that developer is using this b****y 'ransom strip' against who he believes is just Lendy the Company But he is forgetting that indirectly he may be holding me, you and many others to ransom too and I would say a very firm single digit "NO" to that. The phrase "deliberately manufactured crisis" comes to mind about this pestilential strip.
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Post by buttchopf23 on Nov 8, 2017 7:18:18 GMT
I am in this loan as well. I can't really believe this is actually happening (developer etc). To be clear, I support a very hard stance against the borrower. I believe as well he achieved the opposite of what he intended to in the first place. Although I don't get my money in the near future (if at all), at least I got some entertainment  |
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littleoldlady
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Post by littleoldlady on Nov 8, 2017 12:17:01 GMT
Whilst I agree with much of the sentiments expressed above, I try to not be sentimental where money is concerned. My need to get the maximum return of my capital outweighs any desire to punish the developer. If he has done nothing illegal and has just out-smarted Ly (not difficult) I would prefer a pragmatic approach rather than trying to avoid moral hazard.
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Post by hello9876 on Nov 8, 2017 15:32:58 GMT
The developer has premeditated all of this. His son bought the property next door in order for them to have the upper hand should anything go wrong. There is a reason it is in someone elses name on the title deeds and not the developers. He is thinking about himself and his financial position at the expense of all of our investments.
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Post by dualinvestor on Nov 8, 2017 17:59:16 GMT
The developer has premeditated all of this. His son bought the property next door in order for them to have the upper hand should anything go wrong. There is a reason it is in someone elses name on the title deeds and not the developers. He is thinking about himself and his financial position at the expense of all of our investments. It shouldn't come as much of a surprise to lenders that some borrowers who are at the last chance saloon of getting loans at 25% plus from P2P are less than honourable and seek to arrange things to their own advantage. P2P companies hAve between them many borrowers who, with hindsight, they would rather not have. The problem is some of them would have been avoided with proper DD.
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agent69
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Post by agent69 on Nov 9, 2017 5:05:35 GMT
He is thinking about himself and his financial position at the expense of all of our investments. And why would you expect him to do anything else? If there is a ransom strip, then the only people at fault are Lendy for not identifying and dealing with the problem before the loan went live.
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seeingred
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Post by seeingred on Nov 9, 2017 11:55:02 GMT
"If there is a ransom strip, then the only people at fault are Lendy for not identifying and dealing with the problem before the loan went live." If you look at the early valuation documents the issue of width of access and the need to take a strip of land from the adjoining house to enable the northern access route was flagged up by valuers. Plain as day in 2015 and maybe earlier. I suspect lendy didn't cover their backs in the rush to lend as much money as possible (growth, growth we must have growth). A similar situation may be evident at the Isle of Wight. There, the ransom strip was purchased by the hapless developer (Mr W******) and the locals and their business mates who controlled access to a portion of the ROAD (W******* View) laughed all the way to the bank knowing that they still had control over access. All conjecture of course until we have some RESPONSE from lendy Lendy Support |
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