cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Jun 11, 2016 21:07:36 GMT
If anybody is interested; I've just realised that Lendy Ltd seems to have a swanky looking new website...
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kermie
Member of DD Central
Posts: 691
Likes: 462
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Post by kermie on Jun 11, 2016 21:21:46 GMT
"78% OF APPLICATIONS APPROVED"
Gulp. I am sure I recall reading of much lower approval rates on other platforms. Am I wrong?
Edit: perhaps the caveat below explains the high approval rate?
"APPLICATIONS ARE ALREADY SENSE-CHECKED BY BROKER NETWORK"
Hmm.
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kermie
Member of DD Central
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Likes: 462
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Post by kermie on Jun 11, 2016 21:38:00 GMT
Tim Gordon's absent from 'The Lendy Team' - is another poll needed to speculate as to why that is? I did notice that, but I suspect Tim is focusing more on SavingStream (lenders) whilst Liam focuses on Lendy (borrowers, origination).
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Post by brianac on Jun 11, 2016 21:49:42 GMT
If anybody is interested; I've just realised that Lendy Ltd seems to have a swanky looking new website... Bridging and development loans "from 1% per month" That doesn't leave a lot of leeway even for 10% (to lender) loans, "fag packet" calaulations would suggest 8% (or less) would be more the mark. Brian
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Post by earthbound on Jun 11, 2016 21:55:08 GMT
Wow yea.. and on the front page ..3 example loans..1 is 12 days late and the other is 108 days late.. good marketing strategy SS you should have made the 3rd one the garden centre at 164 days late ... and bingo.. you got a prial of duffers...  |
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Post by earthbound on Jun 11, 2016 22:18:46 GMT
And PBL92 is on the development loan page along with the two DFLs. Artistic freedom.  its obviously a PBLDFL092 thingy type loan development bridging thing... or a PBLDFLTTLDBT092... 
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Jun 11, 2016 22:38:18 GMT
If anybody is interested; I've just realised that Lendy Ltd seems to have a swanky looking new website... Bridging and development loans "from 1% per month" That doesn't leave a lot of leeway even for 10% (to lender) loans, "fag packet" calaulations would suggest 8% (or less) would be more the mark. Brian This is not new; on the old Lendy website, the advertised rate was always from 1%. There was a slight suspicion (nothing concrete) that Lendy kept some smaller loans back using their own funds.
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Post by earthbound on Jun 11, 2016 22:46:35 GMT
well well well.. again.. seems like a little trustpilot review made by my wife a few days ago has been altered somewhat in more ways than one...  by whom i wander.. |
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Post by harvey on Jun 11, 2016 22:59:51 GMT
If I'm looking at the right website then I'm a bit concerned by the boast of a 3 day turnaround, whatever that means. It must be impossible to do all the necessary valuation, legal and background checks in 3 days.
You can still be a lot quicker than the banks without rushing decisions through in 3 days
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boble
Posts: 150
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Post by boble on Jun 11, 2016 23:03:58 GMT
Bridging and development loans "from 1% per month" That doesn't leave a lot of leeway even for 10% (to lender) loans, "fag packet" calaulations would suggest 8% (or less) would be more the mark. Brian This is not new; on the old Lendy website, the advertised rate was always from 1%. There was a slight suspicion (nothing concrete) that Lendy kept some smaller loans back using their own funds. A few points: I am aware that Tim heads up Investment and Liam heads up lending. SS do discount their own margin on larger loans. This is still very good business for them and maintains momentum for investors. Ultimately, SS will have to be competitive in the lending market place, however, it would be fair to say that they are still currently in the right area. I am aware of a number of brokers who are aggressive and wreckless in their dealings with lenders;and certainly not avers to coaching their borrower clients in how to hide adverse factors. No doubt there are many more than those I have personal experience of. I will be submitting a list to Liam. I will call am also aware of two borrowers SS should not have entertained. It would also, however, be fair to say that I believe Tim and Liam are committed to the future success and growth of their business.
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Post by earthbound on Jun 11, 2016 23:10:16 GMT
boble A few bold claims indeed.. i hope you are correct and will watch closely.
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Post by chrisuk on Jun 12, 2016 0:17:08 GMT
I must be getting old because the Lendy team all look very young to me! I would like to see some experienced 'wrinklies' in there. It's a bit like when I get on a plane. I like my pilots to be over 35!!
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Post by dualinvestor on Jun 12, 2016 9:27:40 GMT
[quote author=" boble" source="/post/121028/thread" I am aware of a number of brokers who are aggressive and wreckless in their dealings with lenders;and certainly not avers to coaching their borrower clients in how to hide adverse factors. No doubt there are many more than those I have personal experience of. I will be submitting a list to Liam. I will call am also aware of two borrowers SS should not have entertained. It would also, however, be fair to say that I believe Tim and Liam are committed to the future success and growth of their business. [/quote] You have to be aware that the borrower and broker rarely have anything to lose. In the borrower' case unless they offer a personal guarantee there is no downside in the failure if they don't get a loan from Lendy they are unlikely to get it elsewhere so the project is dead. If they get a loan there is significant upside. The broker gets a fee just for arranging the loan not dependent on whether it is a successful one  |
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boble
Posts: 150
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Post by boble on Jun 12, 2016 11:08:06 GMT
Dualinvestor said "You have to be aware that the borrower and broker rarely have anything to lose. In the borrower' case unless they offer a personal guarantee there is no downside in the failure if they don't get a loan from Lendy they are unlikely to get it elsewhere so the project is dead. If they get a loan there is significant upside. The broker gets a fee just for arranging the loan not dependent on whether it is a successful one [/quote] " It is certainly true to say that the broker has relatively little to lose, however, the cost to the borrower in full due diligence can be substantial,ie valuation and lender and borrower legals. Some brokers will try and extract a fee from the borrow just because a lender agrees to look at the loan or commence due diligence. |
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Post by dualinvestor on Jun 12, 2016 12:31:44 GMT
Dualinvestor said "You have to be aware that the borrower and broker rarely have anything to lose. In the borrower' case unless they offer a personal guarantee there is no downside in the failure if they don't get a loan from Lendy they are unlikely to get it elsewhere so the project is dead. If they get a loan there is significant upside. The broker gets a fee just for arranging the loan not dependent on whether it is a successful one " It is certainly true to say that the broker has relatively little to lose, however, the cost to the borrower in full due diligence can be substantial,ie valuation and lender and borrower legals. Some brokers will try and extract a fee from the borrow just because a lender agrees to look at the loan or commence due diligence. [/quote] Sorry I didn't mean it did not cost the borrower anything to get the loan but that once they have it should the venture fail they will not lose anything further. Taking the "big red box" as an example, Lendy Ltd appear to have financed all or substantially all of the purchase price, there is no, as far as I am aware, personal guarantee, and the borrower was a limited company. So the family now can walk away from the project not owing anyone anything. There might, just might, be actions against them for malfeasance in the future but I shouldn't hold your breath. On the other hand if it had succeeded they would have made lots of money.
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by whom i wander..
