mary
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Post by mary on May 8, 2018 18:33:48 GMT
Well dfl1 + 2 lenders are in an even stronger position but thats another story I disagree, as far as I know Lendy has failed to find any other potential purchaser willing to get us anywhere near 100% capital recovery, let alone a substantial haircut which has been mooted, but not progressed to something that can be voted on? Holding out that the old T&Cs will trump anything and Lendy will willingly make us all good anytime soon, sitting here at 11 months of zero interest, is frankly a wing and a prayer too far for me. I don't doubt that it'll likely end up in court, but that day of reckoning is still far, far away, and I suspect that long before then most lenders would accept any capital back to close the sorry saga.
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jwatson
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Post by jwatson on May 8, 2018 19:00:05 GMT
TBH the principle counts more than the money to me. Most loans are to SPVs and covered with personal guarantees for a reason, that the SPV limits liability and personal guarantees are very hard to enforce. I somehow don't think Lendy have the balls, or perhaps even liquidity should a build-out emerge as a good option. I've voted to reject the offer too for all the reasons mentioned. I also want the reassurance of knowing that Lendy have followed through on the outcome of one of their polls, even when it's not the result they seem to want.
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locutus
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Post by locutus on May 8, 2018 19:00:42 GMT
People writing such stupid things should not lend money out. It is FOOLISH to think that most lenders would accept anything. It is a STUPID concept and I would suggest to back with hard data, as people are more intelligent than you estimate. Give it a rest. There is a way to make your point without getting personal and insulting people. All you will achieve is an escalation instead of an intelligent conversation.
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SteveT
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Post by SteveT on May 8, 2018 19:37:29 GMT
Definite vote to reject from me. The offer is derisory and I will be miffed if short-sighted lenders are taken in by the Lendy steer towards acceptance. Get an LPA Receiver appointed and get it on the market.
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sarahcount
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Post by sarahcount on May 8, 2018 19:39:15 GMT
I've voted NO.
Despite the development works stalling this loan remains probably the best loan on the platform.
It is a first charge loan and ranks ahead of all the money that was poured into the development by others outside of Lendy.
In addition the loan has had 60% repaid further reducing the total amount outstanding.
This all adds up to a very low LTV. While I'm being ultra cautious with new investments into Lendy I'm more than happy to sit tight in this one and let the interest and bonuses rack up. One way or another someone will want to get the development finished and they'll need to pay us out to achieve it.
I'm also a bit put out at the way Lendy have presented the choices. They seem to be playing on our frustrations with their overall management of the loan book to sell us short for no good reason.
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hector
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Post by hector on May 8, 2018 19:44:04 GMT
It’s an absolute NO from me. There is no logical reason why a moderately knowledgable investor would interpret the “Capital back now” offer as anything other than a con, either by the borrower and/ or Lendy. The borrower has received the investment, any broker involved has had their commission, Lendy have had their commission, the project is still viable if handled correctly. NO, NO, NO !
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ianj
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Post by ianj on May 8, 2018 20:04:07 GMT
No, no and thrice no, as Frankie Howerd might well have replied. But don't forget that Lendy can, and probably will, do whatever they feel is best for their reputation, regardless of how we lenders vote!  |
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Carter
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Post by Carter on May 8, 2018 20:07:23 GMT
Earlier this year it was quoted as 3m to complete the build out. In the voting options Lendy state vaguely that "some" flats have been sold, hence the repayments, but how many? What's the actual forcasted value of the finished development...how much is someone going to make taking this on given the build costs and flats already sold.
If the profit margin is there it will sell, if it isn't it won't. Anybody know?
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Post by df on May 8, 2018 20:14:08 GMT
Well dfl1 + 2 lenders are in an even stronger position but thats another story I disagree, as far as I know Lendy has failed to find any other potential purchaser willing to get us anywhere near 100% capital recovery, let alone a substantial haircut which has been mooted, but not progressed to something that can be voted on? Holding out that the old T&Cs will trump anything and Lendy will willingly make us all good anytime soon, sitting here at 11 months of zero interest, is frankly a wing and a prayer too far for me. I don't doubt that it'll likely end up in court, but that day of reckoning is still far, far away, and I suspect that long before then most lenders would accept any capital back to close the sorry saga. I couldn't vote because I've sold my parts long time ago, but if I had anything in this loan I would vote to accept the offer. No capital loss in situation like this is an excellent outcome.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 8, 2018 20:22:37 GMT
Well dfl1 + 2 lenders are in an even stronger position but thats another story
Holding out that the old T&Cs will trump anything and Lendy will willingly make us all good anytime soon, sitting here at 11 months of zero interest, is frankly a wing and a prayer too far for me. I don't doubt that it'll likely end up in court, but that day of reckoning is still far, far away, and I suspect that long before then most lenders would accept any capital back to close the sorry saga. Is your last sentence in relation to DFL001/2 or to the subject of this thread, PBL120? Some people have assumed the latter, but I suspect that it's the former.
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empirica
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Post by empirica on May 8, 2018 21:06:14 GMT
Are Lendy, like estate agents, obliged to pass on offers to investors no matter how unrealistic they they are?
Looking at the wording, this comes across as a 'done deal', and Lendy can choose to ignore the vote anyway.
Given that there is no indication that Lendy will pursue the borrower for unrecovered interest, etc - and wording that implies (or at least may be inferred) they probably will not - then I'm left to conclude that the Borrower and the 'debt purchaser' are connected entities. Maybe not in any legal sense, but somehow, somewhere...
What really bothers me is that Lendy may actually be completely 'innocent' in this situation, where the security and hence the loan is one of the strongest on the books and in their ignorance they think the offer actually worthy of consideration. If so what hope do they have of successfully resolving less advantageous scenarios?
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empirica
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Post by empirica on May 8, 2018 21:12:01 GMT
I couldn't vote because I've sold my parts long time ago, but if I had anything in this loan I would vote to accept the offer. No capital loss in situation like this is an excellent outcome. I would suggest to give me a loan then (200k will do) for a year. I am sure I will give it back all your capital and this will be an excellent outcome (definitely for me, the borrower....). People with no investment in this loan should not even comment on what is good or not.In general it is DEFINITELY NOT GOOD to lend out large sms for a year and getting NOTHING back. And then, this is one of the multiple promise secure repayments, a very good building site with an extremely low LTV. Yes, it did overrun and the borrower probably overpromised to purchasers, but this is NOT our business. We have full control of it with only 1 mil (including capital, interest and bonus) to recover. I would say it is very very very easy to do that. Those who will loose out will be the people who payed the borrower and the borrower himself, as they might end up with almost nothing in hand. But our prospects to sell everything up to another builder for a fair but very discounted price are excellent and recovery is very easy in this case. Lenders who don't want to fight for this one (with the top prospect of recovery) then should not invest in P2P at all as chances like this are not easy to find. Sanctimonious twaddle. How are less experienced investors expected to gain knowledge and forge their own thoughts if they cannot express opinions with a view to open debate? Listen to the one-sided diatribes of the disaffected and accept it as 'the word'. Complete and utter tosh.
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Post by df on May 8, 2018 21:15:23 GMT
It’s an absolute NO from me. There is no logical reason why a moderately knowledgable investor would interpret the “Capital back now” offer as anything other than a con, either by the borrower and/ or Lendy. The borrower has received the investment, any broker involved has had their commission, Lendy have had their commission, the project is still viable if handled correctly. NO, NO, NO ! Fully correct. There is NOTHING to gain for lenders in giving up to their interest. Only Lendy (and the external financing company) would gain from such a rubbish deal. I say no to any poor deal like this. Nominate a receiver today and start marketing the site now! The gain could be to reinvest in something that earns interest. "Next few weeks" option could release the funds soon, projected 12-18 months is much longer cash drag.
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empirica
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Post by empirica on May 8, 2018 21:21:58 GMT
Just a thought, if Lendy were hypothetically 'in bed' with the parties in this deal, could they accept the offer and quieten the hordes by paying some or all of the outstanding interest, etc, out of the Provision Fund?
It would be an absolute waste of that fund's resources given the strength of the security and the loan overall, but how many of the 1400 or so investors will realise that and instead just be grateful for a few extra pounds returned.
Meanwhile, the Lendy newsletter has a decent platform story for once. Not to mention another dozen or so five star reviews on Trust Pilot.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on May 8, 2018 21:21:59 GMT
Are Lendy, like estate agents, obliged to pass on offers to investors no matter how unrealistic they they are? Looking at the wording, this comes across as a 'done deal', and Lendy can choose to ignore the vote anyway. Given that there is no indication that Lendy will pursue the borrower for unrecovered interest, etc - and wording that implies (or at least may be inferred) they probably will not - then I'm left to conclude that the Borrower and the 'debt purchaser' are connected entities. Maybe not in any legal sense, but somehow, somewhere... What really bothers me is that Lendy may actually be completely 'innocent' in this situation, where the security and hence the loan is one of the strongest on the books and in their ignorance they think the offer actually worthy of consideration. If so what hope do they have of successfully resolving less advantageous scenarios? We can always hope for peace in Korean peninsular and the middle east and that Lendy might do the decent thing and use their contingency fund and some of their paid interest to give the investors a modicum of interest at least to show the have some respect for their investors, Personally as the 80% of my loans now well overdue. if any pay back I remove the funds for investment in a more aggressive recovery oriented platform. I feel more and more investors will be taking this stance.
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