blueninja
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Post by blueninja on Nov 22, 2017 12:03:04 GMT
Even after subtracting the interest the remaining £1m is quite a lot more than before. I hope Lendy don’t release this all in one go to the developer.
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withnell
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Post by withnell on Nov 22, 2017 12:59:17 GMT
If they have to pay the bathroom/kitchen contractor then that would be a large amount at one point?
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markb
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Post by markb on Nov 22, 2017 14:04:03 GMT
Is it expected that the valuation doc link for tranche 11 doesn't work? Does it mean that " GDV remains unchanged" should be interpreted as " it didn't seem worth requesting an updated valuation"? The valuation link on the main loan page does work and shows the VR from June 2016 when the original GDV was set at £20M as well as the covering letter outlining the uplift to £22.65M dated July 2017. Not sure too much would have changed in 3-4 months. Agreed, I'm not disputing the conclusion - but I think that the wording is misleading.
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Post by skint4achange on Nov 22, 2017 17:13:25 GMT
Well..... There's a wakeup call for Lendy. No confidence=No investment to completion.
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mary
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Post by mary on Nov 22, 2017 17:13:48 GMT
T11 just launched with: INVESTED - £909,500; REMAINING - £1,163,665 CashBack not the draw it might have been. (Well not at 1%, anyway...) So if Lendy are retaining ~£1m to cover the interest on the extension there nothing left to actually fund the completion of the development? Is there a back up plan? Hope we get an update on that on Friday!
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Carter
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Post by Carter on Nov 22, 2017 17:21:56 GMT
T11 just launched with: INVESTED - £909,500; REMAINING - £1,163,665 CashBack not the draw it might have been. (Well not at 1%, anyway...) So if Lendy are retaining ~£1m to cover the interest on the extension there nothing left to actually fund the completion of the development? Is there a back up plan? Hope we get an update on that on Friday! Ly are in a bit of a pickle here having already extended the loan which means they are of course holding IOA, aren't they? Unless there's some rapid movement on the remaining tranche then I can only think they need to be ringing the underwriters sharpish or could there be other options?
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Post by Badly Drawn Stickman on Nov 22, 2017 17:32:12 GMT
So if Lendy are retaining ~£1m to cover the interest on the extension there nothing left to actually fund the completion of the development? Is there a back up plan? Hope we get an update on that on Friday! Ly are in a bit of a pickle here having already extended the loan which means they are of course holding IOA, aren't they? Unless there's some rapid movement on the remaining tranche then I can only think they need to be ringing the underwriters sharpish or could there be other options? Plan B seems to be ringing round seeing if any borrowers would like to repay a little bit, just shy of £15000 so far. Thats assuming we are all mug enough to invest it again.
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1stwaz
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Post by 1stwaz on Nov 22, 2017 18:53:00 GMT
I honestly do not understand the gloom, It has at last gone live, a week after I expected. The property remains under 65% LTV. Once completed it will be funded by investors who can see the potential or moved over to a commercial loan with a bank. Please tell me if I am missing something but Lendy cannot afford to let this fail. The confidence of the platform is at stake.
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Post by skint4achange on Nov 22, 2017 19:01:39 GMT
I agree with 1stwaz. The reason that DFL's (And ultimately the platform) will fail is because of comments like those above. If investors stop being so shallow and look at what is actually going on with this development, it CAN finish and we can then all move on to get others finished.
I have my money in here, and will invest more. If more people take up this investment where at least the developer appears to be as keen to see this finished as some of us are, we could finally have a success on the Lendy platform, and a fairly substantial one at that.
So, rather than being a doom monger, look at the development and how the developer has progressed/wants to progress. LET'S GET ONE FINISHED !!!
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Post by Badly Drawn Stickman on Nov 22, 2017 19:28:03 GMT
I agree with 1stwaz. The reason that DFL's (And ultimately the platform) will fail is because of comments like those above. If investors stop being so shallow and look at what is actually going on with this development, it CAN finish and we can then all move on to get others finished.
I have my money in here, and will invest more. If more people take up this investment where at least the developer appears to be as keen to see this finished as some of us are, we could finally have a success on the Lendy platform, and a fairly substantial one at that.
So, rather than being a doom monger, look at the development and how the developer has progressed/wants to progress. LET'S GET ONE FINISHED !!! Rough maths suggests if every registered member invests £1250, that would cover it. I have a bit more invested than that. You?
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Post by skint4achange on Nov 22, 2017 19:34:15 GMT
I agree with 1stwaz. The reason that DFL's (And ultimately the platform) will fail is because of comments like those above. If investors stop being so shallow and look at what is actually going on with this development, it CAN finish and we can then all move on to get others finished.
I have my money in here, and will invest more. If more people take up this investment where at least the developer appears to be as keen to see this finished as some of us are, we could finally have a success on the Lendy platform, and a fairly substantial one at that.
So, rather than being a doom monger, look at the development and how the developer has progressed/wants to progress. LET'S GET ONE FINISHED !!! Rough maths suggests if every registered member invests £1250, that would cover it. I have a bit more invested than that. You? Really? So let me see if my maths is up to your high standards. The loan was for ~£2.1m and there are over 5000 registered users? ? Doesn't quite add up to me if every registered user had put in £1250, but there again, my rough maths probably isn't as good as yours (P.s. I have SUBSTANTIALLY more than that invested in it. )
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blink
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Post by blink on Nov 22, 2017 19:39:23 GMT
I agree with 1stwaz. The reason that DFL's (And ultimately the platform) will fail is because of comments like those above. If investors stop being so shallow and look at what is actually going on with this development, it CAN finish and we can then all move on to get others finished.
I have my money in here, and will invest more. If more people take up this investment where at least the developer appears to be as keen to see this finished as some of us are, we could finally have a success on the Lendy platform, and a fairly substantial one at that.
So, rather than being a doom monger, look at the development and how the developer has progressed/wants to progress. LET'S GET ONE FINISHED !!! Rough maths suggests if every registered member invests £1250, that would cover it. I have a bit more invested than that. You?
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Post by routlep on Nov 22, 2017 19:45:23 GMT
I also think this one will make it (invested >1,250)
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Post by d_saver on Nov 22, 2017 19:47:21 GMT
I don't want to seem like I am promoting this loan just because I am invested in it (I am), but, with a level head, the following should likely be noted - The apparent lackluster take up of this loan and movement in the SM is no doubt because most investors already have their fill, not because they don't like it/are worried about it. The amount currently on the SM (ignoring this tranche) is actually only 2.3% of the loan to date. That's not that significant given the size of the loan and time it has been running.
- There is up until the end of the month for people to invest in and receive the cashback from this tranche. After that, it'll go to the head of the queue and be filled first, before anyone's sales. I would not be surprised to see some large investments by then, even if Lendy have to go the extra mile and find someone to fill it.
- All the money is not needed right now, up front. As long as it fills over the next month or so, the flow of money to developer will hopefully be OK.
This project is already generating income and there is an, albeit small contingency fund (assuming no one has dipped into it already) as all the rent being received is being put aside. - As far as I can see, the projects 20M valuation seems sound (at least, attempting to compare with other PRS housing schemes I found the numbers looked OK). The project is in a very important sector (PRS housing) that has a lot of support from government as well as investors and is forecast to grow significantly over the years to come in the UK.
- It's a unique building with character and seems to be being built to a high standard.
- To me, the numbers seem to stack up for investors if you look at the accommodation revenue, project valuation, and expected yield. Yield like this is I think quite desirable and seems to be in line with investors expectations.
Of note - The government was up until recently even backing loans to these projects with a 100% repayment guarantee. That's how important the government sees these projects. Bonds were selling to institutional investors at rates ~3% as a result. Whilst we have nowhere like the nitty gritty details I'd like from Lendy on this one (or any of the other loans - it IS Lendy), I think we are safe. This is not some caravan park where a buyer may be hard to find. It's a PRS housing scheme where 30% of the accommodation has already been reserved on 40 year leases. There are others already in residence. Around 60 I believe, despite the ongoing work. I have no doubt that unless something really big we are not being told comes to light, that this project will be completed, one way or another. So, despite some of the short comments here, I would not panic over this one yet. I'm hugely overweight in this one, yet I do sleep easy at night. Even in a recovery situation as the Lendy part goes bad, I still will not be significantly concerned unless something very bad comes to light. I hope I am not proved wrong.
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blink
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Post by blink on Nov 22, 2017 19:47:31 GMT
Rough maths suggests if every registered member invests £1250, that would cover it. I have a bit more invested than that. You? I agree...invested in this from the beginning...with the intention of seeing it over the line...the nature of development loans....I did have a figure which I would not go above...I subsequently. sold out some of my investment a few months ago...I have now reinvested that amount...so not over my limit...but I want it to complete....In my opinion.(which may well be flawed) this is a loan that will in the end succeed..The problem DFL's is no-one wants to be holding the baby...
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