n
Member of DD Central
Yet another Nick
Posts: 879
Likes: 461
|
Post by n on May 17, 2017 15:25:29 GMT
And only 57 days to go.
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on May 17, 2017 15:43:46 GMT
57 days to go ... 123% LTV ... A high class opportunity for further investment this is not!
Yours truly sold out a few weeks ago when there was a big queue.
|
|
twoheads
Member of DD Central
Programming
Posts: 1,089
Likes: 1,192
|
Post by twoheads on May 17, 2017 15:45:03 GMT
DFL004 tranche LTV has just been corrected (16:44).
|
|
trevor
Member of DD Central
Posts: 557
Likes: 380
|
Post by trevor on May 17, 2017 15:48:10 GMT
If I made mistakes like that in my job for all our customers' to see I would be facing one hell of a bo......ng!
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,161
Likes: 4,846
|
Post by ozboy on May 17, 2017 15:59:45 GMT
DFL004 tranche LTV has just been corrected (16:44). Don't know what this latest Tranche was showing before but LTV is 60% now. So that's alright then, plenty of cover.
|
|
r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
|
Post by r1200gs on May 17, 2017 16:04:32 GMT
DFL004 tranche LTV has just been corrected (16:44). Don't know what this latest Tranche was showing before but LTV is 60% now. So that's alright then, plenty of cover. It was showing 123% Unless I'm missing something, this loan seems ok to me. I'm not buying more but simply because I already have far too much money on the platform, not because I see anything wrong with this loan. As always, more than happy to be put right. :-)
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,161
Likes: 4,846
|
Post by ozboy on May 17, 2017 16:21:38 GMT
Still showing as 60% LTV under Pipeline Loans. Maybe I'm looking in the wrong place, but:-
DFL004 - TRANCHE 7 - RESIDENTIAL DEVELOPMENT, ******* FACTORY, WOLVERHAMPTON SAVE £20,000,000 £660,784 12% 60% ..................... @ 17:21
|
|
twoheads
Member of DD Central
Programming
Posts: 1,089
Likes: 1,192
|
Post by twoheads on May 17, 2017 16:55:36 GMT
Still showing as 60% LTV under Pipeline Loans. Maybe I'm looking in the wrong place, but:- DFL004 - TRANCHE 7 - RESIDENTIAL DEVELOPMENT, ******* FACTORY, WOLVERHAMPTON SAVE £20,000,000 £660,784 12% 60% ..................... @ 17:21 still says 56% on DFL004 page This is all 'normal' behaviour for Lendy tranches.
Currently the loan is £11,242,419 which is 56% of £20m. This is the LTV shown on the current live loan.
After tranche 7 is added, the loan will be £11,903,203 which is 59.516015% of £20m... rounded up to 60%. This is the LTV shown on the pipeline tranche.
Or am I missing something?
EDIT: Crossed with cooling_dude above.
|
|
|
Post by df on May 17, 2017 17:06:12 GMT
still says 56% on DFL004 page This is all 'normal' behaviour for Lendy tranches.
Currently the loan is £11,242,419 which is 56% of £20m. This is the LTV shown on the current live loan.
After tranche 7 is added, the loan will be £11,903,203 which is 59.516015% of £20m... rounded up to 60%. This is the LTV shown on the pipeline tranche.
Or am I missing something?
EDIT: Crossed with cooling_dude above.
Judging by 'normal' Lendy behaviour, is there any chance that they might extend the term?
|
|
twoheads
Member of DD Central
Programming
Posts: 1,089
Likes: 1,192
|
Post by twoheads on May 17, 2017 17:14:57 GMT
Judging by 'normal' Lendy behaviour, is there any chance that they might extend the term? There is always a chance.
In my opinion (and I'm more often wrong than right when it comes to Lendy predictions), I fully expect an extension to this loan at some point down the line.
|
|
GeorgeT
Member of DD Central
Posts: 1,321
Likes: 1,575
|
Post by GeorgeT on May 17, 2017 17:54:27 GMT
A £12m loan with the latest tranche. This will be a liquidity nightmare. Even prior to the latest tranche when it had more days to run there were several hundred thousand on the SM. The slightest attack of the jitters, whether they be related to this loan or the platform in general,and this will be almost impossible to sell on because of the sheer volume that will get dumped on the SM.
Only for the hardcore, nerves of steel type of investor and my advice would be to only invest further if you will be happy to hold to term end and into negative days. I don't believe even the 12% rate will counter balance the huge size of the loan when it comes to swift exiting a few weeks down the line.
|
|
mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
|
Post by mikes1531 on May 17, 2017 17:58:22 GMT
Judging by 'normal' Lendy behaviour, is there any chance that they might extend the term? They could - they would need to find additional interest, which could be done via a Tranche or the borrower sending funds. If the borrower actually had the funds available to arrange an extension, why would they be asking for a further tranche at this time? Why pay 20% (or so) interest if you don't need the money just yet? After this tranche, the loan will be about £12M. To extend that for three months, they'd have to come up with £360k of prepaid interest for investors, plus maybe half that much for Lendy's interest, plus maybe another 0.5% 'fee' for the extension. (I guessed the last bit based on a fee of 2% for a new 12-month loan.) So they'd need to come up with something like £600k. They ought to be able to do that within a normal tranche -- if they wanted to. But what's their incentive to do that? If there are fees and/or an interest rate increase that would kick in when the remaining term hits zero then that would encourage them to extend formally. If not, then it's Lendy that have the incentive, since an extension would make investors happier, and would make raising the last £2M or so of the facility a lot easier. It will be interesting to see how much investor support there is for Tranche 7. Since there's been a fair amount of DFL004 on the SM for weeks, there can't be too many investors eager to increase their commitment to this loan. I've set my pre-funding for the tranche to zero because I already have a lot invested in this loan and I really don't want more. Especially since the remaining term will be down to less than 50 days just over a week from now.
|
|
ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,161
Likes: 4,846
|
Post by ozboy on May 17, 2017 18:25:43 GMT
Dontcha get all misty eyed remembering those halcyon days when you'd just have a quick squizz at the LTV and, knowing it was fair, decent & honest, you would then swiftly proceed to confidently invest an appropriate amount. My how times change ...............................................
|
|
|
Post by df on May 17, 2017 18:28:29 GMT
They could - they would need to find additional interest, which could be done via a Tranche or the borrower sending funds. If the borrower actually had the funds available to arrange an extension, why would they be asking for a further tranche at this time? Why pay 20% (or so) interest if you don't need the money just yet? After this tranche, the loan will be about £12M. To extend that for three months, they'd have to come up with £360k of prepaid interest for investors, plus maybe half that much for Lendy's interest, plus maybe another 0.5% 'fee' for the extension. (I guessed the last bit based on a fee of 2% for a new 12-month loan.) So they'd need to come up with something like £600k. They ought to be able to do that within a normal tranche -- if they wanted to. But what's their incentive to do that? If there are fees and/or an interest rate increase that would kick in when the remaining term hits zero then that would encourage them to extend formally. If not, then it's Lendy that have the incentive, since an extension would make investors happier, and would make raising the last £2M or so of the facility a lot easier. It will be interesting to see how much investor support there is for Tranche 7. Since there's been a fair amount of DFL004 on the SM for weeks, there can't be too many investors eager to increase their commitment to this loan. I've set my pre-funding for the tranche to zero because I already have a lot invested in this loan and I really don't want more. Especially since the remaining term will be down to less than 50 days just over a week from now. The same here. Rre-funding at 0. I already have some investment in this loan and 90 days term is not enough to encourage me to increase my share. I'd rather invest in 3 months MTAU712 (PBL 145) - I have more confidence in MT handling repayments than L.
|
|
mikes1531
Member of DD Central
Posts: 6,452
Likes: 2,320
|
Post by mikes1531 on May 17, 2017 19:18:11 GMT
The question is; where is the ceiling is for this loan? If it is 70%, then any Tranche just to extend could effect what total loan can be provided to the borrower I agree. If future tranches are about the same size as T7 then there'd be enough capacity with a 70% LTV limit for three more tranches after T7. They'd need to do one of those every fortnight to hit the limit before the remaining term goes negative. I'd think that's unlikely. As I said before, there's no incentive for the borrower to extend unless there are penalties when the term goes negative. I'd expect Lendy to have trouble funding tranches for a negative term loan, but I never fail to be amazed by investors' willingness to throw money at a 12% loan. And IMHO Lendy are being overly optimistic suggesting "facility may need to be extended by up to 3 months to allow for Practical Completion and refinance of the facility". Based on how long it has taken for other properties to refinance, I think it will take longer than that. And especially so if the GDV is correct, since it would take a loan of about 75% LTV to repay all that will be owed to Lendy by the time the loan reaches -90 days. I can't imagine any lender providing a £15M, 75% LTV, refinance quickly. We'll just have to wait and watch this one.
|
|