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Post by meledor on May 17, 2016 16:44:53 GMT
Savingstream - many thanks for checking out the appetite for this loan and being willing to try something a bit different from the normal.
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Post by da2279 on Nov 21, 2017 12:57:24 GMT
Additional clarification sought from L in relation to the "agreed exclusivity period" is that "The exclusivity period expires at the end of the month."
Will be interesting to see what the next update is. After a count there has been promises of payment 'within the month' or similar on no less than 8 instances in the updates within the last 12 months.
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Post by da2279 on Feb 19, 2018 9:52:09 GMT
Well just looking back through the updates in true L style...
17/02/2017
Borrower is expecting to redeem by the end of the month
03/03/2017
We are expecting repayment imminently.
A year on, no money and no clear sight of when this may happen. Currently 426 days over due
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Post by picanto on Feb 19, 2018 11:29:40 GMT
Well just looking back through the updates in true L style... 17/02/2017 Borrower is expecting to redeem by the end of the month 03/03/2017 We are expecting repayment imminently. A year on, no money and no clear sight of when this may happen. Currently 426 days over due I had money in this loan when those updates were released. I'm so pleased to have gone with my gut and got out at that time.
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Post by loftankerman on Feb 19, 2018 14:14:56 GMT
Well just looking back through the updates in true L style... 17/02/2017 Borrower is expecting to redeem by the end of the month 03/03/2017 We are expecting repayment imminently. A year on, no money and no clear sight of when this may happen. Currently 426 days over due I had money in this loan when those updates were released. I'm so pleased to have gone with my gut and got out at that time. This was something I got into briefly a while ago and it seemed like a reasonable proposition with a buyer lined up. Then the borrower was said to be delaying the sale in favour of a 'lucrative contract' to sell off some of the resources on site. I couldn't imagine having the site devalued in that way would impress the intending buyer. I wouldn't have been pleased. I gave it until the impending sale quietly disappeared and talk turned to a refinance. I wasn't too sure if the site minus removed resources would be that attractive as the eager enough buyer had backed out. I got out a week before the endless routine of 'Now you see it, now you don't.' imaginary repayments began.
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Post by da2279 on Apr 13, 2018 15:20:54 GMT
So i'm a little confused by the updates
01/03/2018 ….” have agreed to an exclusivity period with a prospective purchaser”....
And today the update shows
13/04/2018….” the exclusivity agreement should be finalised shortly.“
Did the last deal fall through? What is the timelines being proposed for the exclusivity period?
To highlight an update from 11/05/2016 “....completion expected in 1-2 weeks.” So repayment has been shown as arriving in the updates for nearly 2 years!!!!
L seriously need to appoint someone who can now get this deal closed.
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Post by da2279 on May 19, 2018 19:22:44 GMT
administrator's proposal available now to download at CH.
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Post by GSV3MIaC on May 20, 2018 20:43:09 GMT
From reading that it seems like the borrower did approximately nothing that they said they would do, when they borrowed the funds. In particular they didn't sell the sand/gravel, and didn't follow up well on the planning... or am I being unduly harsh?
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Post by p2plender on May 21, 2018 0:18:08 GMT
Savingstream - many thanks for checking out the appetite for this loan and being willing to try something a bit different from the normal. 
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Post by GSV3MIaC on May 21, 2018 19:33:15 GMT
I was in favour too, way back when, but it clesrly needed more watching than it got ....
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GeorgeT
Member of DD Central
Posts: 1,322 
Likes: 1,576
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Post by GeorgeT on May 21, 2018 20:56:34 GMT
I was in favour too, way back when, but it clesrly needed more watching than it got .... You were in favour of 9% ?! That rate of return was never commensurate with the risk of investing through a platform like this, in my opinion. At least by sticking to 12% loans you end up with a bit more of an interest earned cushion to soften the impact in the event of default. I'm not pointing the finger at anybody but if the majority of lenders had stuck together and said no to funding single figure return loans then the platform would not have been able to make them a reality and tilt the profit scales further in favour of the platform and against the lenders. But then hindsight is a wonderful thing.
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MONEY
Posts: 63
Likes: 831
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Post by MONEY on May 21, 2018 21:27:09 GMT
The problem was/is, SS/Lendy having maximised their own slice, the loan turned into a completely different animal to the one initially put to lenders to gauge interest. Carrying a c.30% LTV, the loan would have been an interesting proposition in order to diversify into a different asset class. At 70% LTV, buyer beware. That was my own take on it at the time, anyway. So who's really to blame - Lendy or ourselves? As has too often been the case, Lendy certainly appear to have placed lender appetite and lining their own pockets over and above the potential return of investors' capital, or anything else in fact. When coupled with a number of other examples of distressed debt, arguably, even their own platform's longer term success. That said, when the loan was made available with an LTV of 70%, did anyone question the difference between what had been proposed and what, in actuality, was on offer? A quick skim of this thread simply reveals discussion re. the loan going live late and allocations. Let's hope there's (another) lesson to be learnt here for all parties concerned. |
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Post by da2279 on Feb 22, 2019 8:21:45 GMT
administrator's progress report available now to download at CH.
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Post by picanto on Aug 11, 2020 16:27:14 GMT
It just keeps getting worse and worse. LAG reported a 6-7% capital repayment today on this loan, fortunately for me I sold this loan years ago but the recovery figures are terrible across the board. What ever happened to RSM estimates predicting over 50% recovery across the loanbook which seems like achieving that now requires a miracle? Why are these only achieving single figure percentage recoveries?
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iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
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Post by iRobot on Aug 11, 2020 16:32:44 GMT
It just keeps getting worse and worse. LAG reported a 6-7% capital repayment today on this loan, fortunately for me I sold this loan years ago but the recovery figures are terrible across the board. What ever happened to RSM estimates predicting over 50% recovery across the loanbook which seems like achieving that now requires a miracle? Why are these only achieving single figure percentage recoveries? Not seen any redemption breakdown, but my guess would be the usurious* default and service fees that Lendy levy on late loans which accrue ahead of any returns to lenders. * In my opinion, "usurious" from a moral and / or ethical perspective, even if they are deemed to have standing in law.
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