elliotn
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Post by elliotn on Mar 3, 2017 15:19:45 GMT
Ah, would explain the reactive dump on SM.
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dzo
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Post by dzo on Mar 3, 2017 18:15:11 GMT
Ah, would explain the reactive dump on SM. Some investors seem to be continually surprised that one day follows another.
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Post by GSV3MIaC on Mar 4, 2017 12:32:14 GMT
/mod hat off
Looking at SM availabilities, it is clear that at least SOME investors/lenders have worked out what it hot and what is not .. although outside of actually 'defaulted' (which are hidden away on a separate website page) there still seem to be folks much more gung-ho than I am about buying 'slightly dented' (or even very badly bent indeed) loan parts. I guess there really are some folks who will buy anything, unless you hide it on a separate page ..
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twoheads
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Programming
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Post by twoheads on May 25, 2017 7:21:25 GMT
PBL094 - IOW Land: This one was moved to the 'default loans' tab at midnight last night.
It's term is currently at -179 and if you look at its status on the loan particulars, the status still reads IA (normal for remaining term -179).
Exactly the same thing happened to PBL064 - Office Block, Somerset (see this post).
EDIT: I have the distinct impression that, because the identical thing has happened to the last two loans to move into default territory, the Lendy software people have automated the process of moving loans to the default tab. If so, they have made a bit of a pig's ear of the solution, which is (at least) a day wrong - as with many of Lendy's software calculations.
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chunkie
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Post by chunkie on May 26, 2017 13:27:09 GMT
/mod hat off Looking at SM availabilities, it is clear that at least SOME investors/lenders have worked out what it hot and what is not .. although outside of actually 'defaulted' (which are hidden away on a separate website page) there still seem to be folks much more gung-ho than I am about buying 'slightly dented' (or even very badly bent indeed) loan parts. I guess there really are some folks who will buy anything, unless you hide it on a separate page ..
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chunkie
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Post by chunkie on May 26, 2017 13:28:26 GMT
"Defaults" are now at 7.39% (of total live and "default" loans)
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ozboy
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Post by ozboy on May 26, 2017 13:41:48 GMT
"Defaults" are now at 7.39% (of total live and "default" loans) I think it is 7.2% ? Wot's 0.19% between friends?!!! 
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trevor
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Post by trevor on May 26, 2017 15:40:06 GMT
Quite a lot if you are CD!!
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Post by charliebrown on May 27, 2017 15:51:24 GMT
Update I wonder if the borrower thinks he is in a position to provide "offers" (which presumably won't cover the Interest), because of the problems recovery via sale may provide On principle, I don't think we should accept any offer from the borrower, unless it's for the full amount owed. if we allow someone to borrow money against an asset, default the loan and then offer to buy back the asset at significantly less than the amount borrowed I think it makes the whole system look ridiculous. Perhaps that's easy for me to say as I'm luckily not in this loan.
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elliotn
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Post by elliotn on May 28, 2017 1:15:34 GMT
A deal could invovle a haircut to Ly's 'default'/exit fees and still return lenders' cap/int (or as close as possible and Ly may still feel it is in their interest to make whole manageable amounts).
It could set a precedent although some flexibility in cleaning up the overdue book might benefit both sides (not to mention be less expensive/time consuming).
Whilst you cannot tell if a loan will significantly delay or not you'd hope lessons are learnt if there are any commonalities (say, marketability of some farms/care & stately homes, dealing with 'disreputable' borrowers etc).
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ozboy
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Post by ozboy on May 28, 2017 18:56:57 GMT
On principle, I don't think we should accept any offer from the borrower, unless it's for the full amount owed. if we allow someone to borrow money against an asset, default the loan and then offer to buy back the asset at significantly less than the amount borrowed I think it makes the whole system look ridiculous. Perhaps that's easy for me to say as I'm luckily not in this loan. I almost agree - the thing is, it should be a non-issue, as the security should cover the loan... but sometimes it doesn't. And that is where the problem lies - as borrowers struggle to produce repayment, and if they know the security won't cover the loan, they are on a better footing than the platform when it comes to negotiating a "Deal". If the platform doesn't take the offer, then recovery, with all the additional costs that recovery occurs, is unlikely to produce the worst return than if they took the offer. Just to be clear - the above is an observation based on other loans (and loans on other platforms), not this one - it is hard to gauge how accurate the VR is with this loan. Ah yes, Valuation Reports eh?!!!!! SO reliable & accurate, they're produced by Professionals to strict RICS Standards ya know.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Jun 1, 2017 11:17:58 GMT
On principle, I don't think we should accept any offer from the borrower, unless it's for the full amount owed. if we allow someone to borrow money against an asset, default the loan and then offer to buy back the asset at significantly less than the amount borrowed I think it makes the whole system look ridiculous. Perhaps that's easy for me to say as I'm luckily not in this loan. I almost agree - the thing is, it should be a non-issue, as the security should cover the loan... but sometimes it doesn't. And that is where the problem lies - as borrowers struggle to produce repayment, and if they know the security won't cover the loan, they are on a better footing than the platform when it comes to negotiating a "Deal". If the platform doesn't take the offer, then recovery, with all the additional costs that recovery occurs, is unlikely to produce the worst return than if they took the offer. Just to be clear - the above is an observation based on other loans (and loans on other platforms), not this one - it is hard to gauge how accurate the VR is with this loan. If this is a typo best correct it. Beware of using too many negatives.
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seeingred
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Post by seeingred on Jun 1, 2017 21:08:01 GMT
On the face of it this is a sound project that went wrong owing to poor management.
The fundamentals look good enough - expensive area, need for housing, etc.
If Lendy cannot produce a satisfactory result here (and I have a vested interest) it does not bode well for many of the other DEF loans. And it would indicate a vote of no confidence in valuations.
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ozboy
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Post by ozboy on Jun 1, 2017 23:18:32 GMT
On the face of it this is a sound project that went wrong owing to poor management. The fundamentals look good enough - expensive area, need for housing, etc. If Lendy cannot produce a satisfactory result here (and I have a vested interest) it does not bode well for many of the other DEF loans. And it would indicate a vote of no confidence in valuations."Indicate"? Errrr, you have been reading the myriad comments re the similarity between Valuations Reports and Toilet Paper, haven't you seeingred? 
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fp
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Post by fp on Sept 13, 2017 17:24:20 GMT
Paul64, the link to the VR on this loan doesn't seem to be working, would it be possible to get it fixed please?
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