DFL001 - Exeter Loan 1 - DEFAULT

Well I have had enough of LY and their updates that turn out to be worth nothing. Numerous updates informing us of settlement by xx date and then silence followed by a complete reversal and then we seem to go back months to a position we were at last year. It all smacks of BS and kicking the can down the road to me or at best swallowing every cock and bull story the borrower emails to them. So much for their super brilliant recoveries department. This is a opinion only but to me all they seem to do is accept all the excuses under the sun from savvy borrowers and adopt a light touch approach and that is leading to more and more borrowers trying it on.

Sadly the impression I am getting, and I hope it is wrong, is that borrowers see LY as an inexperienced, naive, soft-touch. I would say with a little more certainty that when they moved into property they were lacking knowledge about the property and development market and got taken to the cleaners by some clever operators.

I am perhaps in the fortunate position in that I was almost out of LY a year ago and just have a few hundred left in these Devonian loans and when I look at the amount of Interest I earned over the previous 4 years I can mentally afford to forget all about this platform and I will still have come out on top. In the interest of my wellbeing that is what I'm going to do and if by chance at some point next year I get an email advising me of a recovery I will take it as a very pleasant surprise.

After the promised settlement in July, August and then early September I had unwisely raised my hopes and here I am in October and once again LY have dashed them with another about turn and I have had enough of being mucked about by their unreliable updates. At least the other platform where I still have a couple of defaults seem to be delivering on their updates, provide better communications and seem to have a much better recovery strategy and performance level. Perhaps this is unfair and ly just got themselves involved in some shocking loans out of naivety inexperience and a reckless desire to grow their business at an unsustainable rate. It is notable how many of the low numbered DFLs are in big trouble which to me indicates schoolboy errors born out of not knowing what they were doing in their early days of property and land development loans.

I doubt that it is the LPA. More likely IMO it is the borrower, in anticipation of buying back the site at a knock down price. He may want to get a feel for demand for the completed houses, before reaching a settlement with the LPA and Lendy.

SPOT ON littleoldlady .  

I just tried to PM you but it says I can only send messages to staff members?? Maybe you can try sending me one? Sorry, not used this function before...obviously

can you say what or who set the £20k bar?

So we have a potential offer for dfl001 and 002 according to last months update..... I think now is the time that we as lenders should have input in whether these are accepted and have the vote again on whether to accept. Obviously this time following the outcome.... brexit, wolves etc... I don’t trust lendy to be around in 6 months and would rather get some money back now rather than risk another collateral situation