mikes1531
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Post by mikes1531 on Feb 26, 2018 19:47:18 GMT
To me, this seems a reasonable bet for full recovery, inc all interest. The GDV is ~£14m, and approx £3m is required to complete the build, with the outstanding loan and interest at less than £2m with 1st charge priority. In round numbers... If paying £3M to finish the development would result in a building worth £14M, it would appear that the building as is ought to be worth about £11M. So the £2M owed to Lendy investors would appear to be well secured. But how does the money already paid by room/flat/unit buyers fit into the equation? If that were to come to £10M -- and I haven't a clue how much it really is -- and it isn't still sitting in a ring-fenced account but has been used already to cover prior project expenses, then there would be only £4M still to come. If £3M of that is needed to pay for the project completion, that would leave only £1M for Lendy investors and they'd end up with a significant loss. Can someone explain how this is supposed to work?
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mary
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Post by mary on Feb 26, 2018 20:37:09 GMT
Based on the partial repayments so far, I'm moderately confident that the exchanges/completions are minor to the GDV.
However, without Lendy confirmation, who knows!
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Post by picanto on Feb 27, 2018 12:27:16 GMT
Another partial repayment of £546k has been made today. Although I don't understand why this loan doesn't feature in the partial repayments tab?
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Post by picanto on Feb 27, 2018 12:59:32 GMT
Another partial repayment of £546k has been made today. Although I don't understand why this loan doesn't feature in the partial repayments tab? The overarching loan is in the default tab with a 'Partially Repaid' sticker, and the 'PBL120Rx' elements are in the Repaid tab, which is probably the right way to show the current state of affairs. I understand that, but PBL065/PBL098 is also in the default list and also in the partially repaid tab. Yet PBL120 only features in the default list. That's my point and I can't understand what the difference between these loans are.
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Post by picanto on Feb 27, 2018 13:36:55 GMT
I understand that, but PBL065 is also in the default list and also in the partially repaid tab. Yet PBL120 only features in the default list, that's my point and I can't understand what the difference between the two loans are. (Not fair! - you just added 98 to your post!    ) I just noticed it as another one that had been added to both default/partially repaid loans after my original post!
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webwizard
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Post by webwizard on Feb 27, 2018 16:06:04 GMT
I think the logic is: repaid tab -> loan cleared, capital and interest returned. Some had a previous partial repayment but the security is sold/refinanced and there is nothing outstanding. partially repaid -> the security has been sold and only a partial capital repayment has been returned, or all capital (e.g. PBL147) but there is outstanding interest or bonus to be chased. This should be an opportunity to update on progress of the legal cases against the borrowers with claims against their other assets, personal guarantees etc. At some point these loans may not be able to progress any further, in which case I would expect lendy to inform all lenders in the loan that the remaining interest/bonus/capital is written off and the loan moved to a new tab or into the repaid tab with a flag against it. The key point is that there is no security or asset held by Lendy (although PBL098 is ambiguous as it sounds as if the sale is about to go through with funds held by the solicitor, but perhaps NOT for the full amount outstanding) Others (e.g. PBL120) are defaulted but some capital repayment has been made but the security is still held by Lendy. Hence still in the defaulted tab. DFL023 is in the live tab as capital repayments have been made as individual units have been sold but others remain as live loans (security held by Lendy) and therefore do not appear in the partially repaid tab. Of course there are still issues in that PBL065R1 and PBL065 are shown in the partially repaid tab but the former should not be there. Furthermore, it makes the sum of outstanding debt wrong as the value of £210,706 is counted twice making this look worse than it really is for Lendy. (needs sorting Paul64 ). The dates repaid for PBL065 and PBL098 are incrementing each day due to an error in the website code) I hope that is (partially) clear |
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Post by picanto on Feb 27, 2018 16:51:37 GMT
Thank you webwizard for the explanation. I don't actually have any money funded in these loans although I try and keep up to date with their progress, I don't monitor them as closely as I would do if I had funds invested in them.
Edit (I apologise for going off topic from PBL120) - What about loans such as PBL067 as partially repaid which currently states that £0 of the loan is outstanding however in the previous update Lendy talk about recovering outstanding capital? Surely if there is no money outstanding on the loan then the capital has been fully recovered? Has this been paid for by the provision fund?
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Post by Lendy Support on Feb 27, 2018 16:59:40 GMT
Seems bizarre, so Lendy are now benefiting from this going beyond the tolerance period given good chance of fulll recovery? Well ... it's always been this way re: BA ceasing to increase at 180 days, and they'll still pay the 2.5% / 2.96% / 3.0% ( Lendy Support to clarify) when it does payback, presuming other events mentioned in the FAQ haven't kicked in to reduce / remove it. A less quantifiable effect of this one running on and on (and indeed any loan) is that from the outsiders' perspective, it is yet another loan in the Defaults section and that has reputationally damaging implications that I suspect far outweigh Lendy saving a few quid. So I'm not sure 'benefiting' is the right word? Dear new2p2p, We had undertaken several fixes to bring the display of the Bonus accrual in line with our policies. Although it seems that the amount has appeared to reduce, the actual amount that would be paid upon recovery has not changed. The displayed bonus accrual figure is an estimate of the amount that will be paid, which is dependent on successful recoveries. Kind regards Lendy Support
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NSFW
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Post by NSFW on Feb 28, 2018 17:27:12 GMT
Lol another 1% paid back. Result!
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SteveT
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Post by SteveT on Feb 28, 2018 17:31:47 GMT
Lol another 1% paid back. Result! Perhaps the borrower is rooting down the back of all the company sofas to find enough change to clear Lendy’s first charge and make it simpler for them to raise new finance.
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Post by picanto on Feb 28, 2018 17:43:14 GMT
Lol another 1% paid back. Result! I must admit, I found it odd that they bothered to pay £6.5k the next day after paying £546k but I suppose every little helps
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withnell
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Post by withnell on Mar 1, 2018 6:29:48 GMT
Might be that another property exchanged so they paid the deposit over, and the balance of funds will arrive on completion?
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sl75
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Post by sl75 on Mar 1, 2018 13:36:51 GMT
Might be that it was being incorrectly held as "interest", and Lendy realised the error the next day?
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mary
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Post by mary on Mar 16, 2018 11:07:49 GMT
Comprehensive update required from Lendy!
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sl75
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Post by sl75 on Mar 16, 2018 13:34:20 GMT
Comprehensive update required from Lendy! It's down to 25% LTV already, with a large repayment within the last month and more promised... Are you "a bit impatient", or do you know something that's not been discussed here?
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