Liz
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Post by Liz on Apr 1, 2018 19:01:24 GMT
Lendy are on the hook for this one so why would I want to wait for a build out? I assume you're not in this one and don't want to put strain on Lendy? Even if it means an additional loan to Lendy for the shortfall if they cant pay the loss upfront. Selling is the best option. Maybe we need a poll? Maybe the build out would save Lendy a couple of Million £'s and help to sustain the platform. The extra shortfall could be taken from the PF, affecting its ability to pay out on other loans. On a poll, Lendy might not give you the option. Maybe you should start a poll here. Like I said I don't know the best option. And I no longer hold after information that the build was stalling and the expected sales price on the houses was far too high.
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hazellend
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Post by hazellend on Apr 1, 2018 19:32:45 GMT
Lendy are on the hook for this one so why would I want to wait for a build out? I assume you're not in this one and don't want to put strain on Lendy? Even if it means an additional loan to Lendy for the shortfall if they cant pay the loss upfront. Selling is the best option. Maybe we need a poll? Maybe the build out would save Lendy a couple of Million £'s and help to sustain the platform. The extra shortfall could be taken from the PF, affecting its ability to pay out on other loans. On a poll, Lendy might not give you the option. Maybe you should start a poll here. Like I said I don't know the best option. And I no longer hold after information that the build was stalling and the expected sales price on the houses was far too high. I definitely don't want lendy to prioritise lenders over the health of the platform.
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izigor
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Post by izigor on Apr 1, 2018 19:42:31 GMT
I believe the weight of vote should represent the amount a Lender has invested in the particular loan. So for example, someone who isn't invested in the Loan should only get 0 (ZERO) votes. And then it is 1 vote per £1000 (or some other number .. such as £400 .. not too little). I will get a relatively large number of votes, considering the amount I have in here, and of course, I will vote build out.
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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 Apr 1, 2018 20:19:49 GMT
I believe the weight of vote should represent the amount a Lender has invested in the particular loan. So for example, someone who isn't invested in the Loan should only get 0 (ZERO) votes. And then it is 1 vote per £1000 (or some other number .. such as £400 .. not too little). I will get a relatively large number of votes, considering the amount I have in here, and of course, I will vote build out. If you read the T&Cs section 16 clearly states it weighted based on holding. No investment you wont be invited to vote.
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Jeepers
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Post by Jeepers on Apr 1, 2018 20:58:17 GMT
I believe the weight of vote should represent the amount a Lender has invested in the particular loan. So for example, someone who isn't invested in the Loan should only get 0 (ZERO) votes. And then it is 1 vote per £1000 (or some other number .. such as £400 .. not too little). I will get a relatively large number of votes, considering the amount I have in here, and of course, I will vote build out. Why vote build out? This loan was made to Lendy under the old terms where Lendy is the borrower so if it's sold at a loss, Lendy will have to make up the short fall. Lots of problems are likely to occur with a build out, the main one being finding development finance. I think Lendy are planning to sell this one off by the fact their accounts say: provisions for liabilities- £2.85m which is almost exactly the loss that would be incurred if the offer of £6m was accepted. I also don't want the platform to suffer so would happily take 66% of my capital now and let Lendy pay the shortfall from future profits. A build out would take a lot longer than the time is would take for Lendy to raise a shortfall of circa 3 million. Also, a repayment of £6m would reduce the default rate and potentially be recycled into new loans.
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Post by df on Apr 1, 2018 23:28:01 GMT
Maybe the build out would save Lendy a couple of Million £'s and help to sustain the platform. The extra shortfall could be taken from the PF, affecting its ability to pay out on other loans. On a poll, Lendy might not give you the option. Maybe you should start a poll here. Like I said I don't know the best option. And I no longer hold after information that the build was stalling and the expected sales price on the houses was far too high. I definitely don't want lendy to prioritise lenders over the health of the platform. Lender's role is very significant in maintaining the health. It appears that Ly is currently struggling to fill loans (as well as MT and ABL).
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izigor
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Post by izigor on Apr 2, 2018 2:08:13 GMT
Why vote build out? This loan was made to Lendy under the old terms where Lendy is the borrower so if it's sold at a loss, Lendy will have to make up the short fall. Yes, I do expect Lendy to be under obligation against this debt, just like all other liabilities, since this Loan is on the old T&C's agreement. However I am expecting this avenue as a last resort. Firstly, I believe the site is a lot more sellable/marketable in a build out option than in its current state. But that's not all we can gain from this option. We need to know if 'build out' is a feasible solution on ongoing investments also and this is a good example for this test-case. This isn't going to be the only time we face this question and we (Lenders and Platform) will know better how to judge in this and future scenarios. Once we've had the red pill at least once, future decisions can then be taken more rationally with real information/data rather than letting fear or greed dictate the easy way out (and sometimes lossier way out) every time. As I agree with Lendy's liability on this Loan due to the old T&C's, so that means, luckily and timely, the risk to optimising the decision process resides with the platform (where it should be), not the lenders.
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Jeepers
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Post by Jeepers on Apr 2, 2018 9:48:48 GMT
They won't be marketing the unfinished site. They've received an offer of £6m on the table from the borrower and are in discussions to increase.
Marketing the site after the build out would cause further delays as a loss to just selling to the borrower.
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Post by charliebrown on Apr 2, 2018 12:25:00 GMT
They won't be marketing the unfinished site. They've received an offer of £6m on the table from the borrower and are in discussions to increase. Marketing the site after the build out would cause further delays as a loss to just selling to the borrower. I’ve got 5 figures stuck in this disaster. However, my heart tells me not to sell to this rat of a borrower. I’d rather go for a build out and pursue the borrower via legal action and hopefully get repaid any shortfall, or bankrupt him.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 2, 2018 17:09:07 GMT
They won't be marketing the unfinished site. They've received an offer of £6m on the table from the borrower and are in discussions to increase. Marketing the site after the build out would cause further delays as a loss to just selling to the borrower. I’ve got 5 figures stuck in this disaster. However, my heart tells me not to sell to this rat of a borrower. I’d rather go for a build out and pursue the borrower via legal action and hopefully get repaid any shortfall, or bankrupt him. And your head? For myself I try not to let emotion rule financial decisions, but it is hard sometimes.
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invester
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Post by invester on Apr 2, 2018 17:52:42 GMT
How definite is it that Lendy would be forced to make us good on this one?
For instance if they just kicked the can down the road for years with delaying tactics, what would the options to an individual lender be then?
It seems that a group of people would have to get together and make some kind of class action.
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Jeepers
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Post by Jeepers on Apr 13, 2018 14:57:06 GMT
Glad to see Lendy are pushing towards a deal with the borrower instead of catapulting this into the next decade with a build out.
A bird in the hand is better than 2 in the bush.
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agent69
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Post by agent69 on Apr 13, 2018 15:21:13 GMT
Glad to see Lendy are pushing towards a deal with the borrower Fine, providing they aren't setting a nasty precedent whereby any borrower thinks they can default on their loan and then buy back the assets on the cheap.
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Jeepers
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Post by Jeepers on Apr 13, 2018 15:24:14 GMT
The best option is to cut ties with this. Not about setting precedents.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Apr 13, 2018 20:38:26 GMT
Glad to see Lendy are pushing towards a deal with the borrower Fine, providing they aren't setting a nasty precedent whereby any borrower thinks they can default on their loan and then buy back the assets on the cheap. They can only do this if Lendy have lent more than the open market value. But of course this is what they usually do.
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