Carter
Member of DD Central
Posts: 250
Likes: 549
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Post by Carter on May 11, 2018 17:14:03 GMT
Hang on a minute... . Borrower hasn't been able to land a refinance yet pulls an offer out once Ly actually start paying attention. Can only assume offer is well below capital borrowed. Up against the wall son.
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Balder
Member of DD Central
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Post by Balder on May 11, 2018 17:52:13 GMT
This being in the state it is now is due to poor monitoring by Lendy and for those late investors misleading Lendy updates. Lendy I have zero confidence in what you tell us. I only have confidence that you go quiet and hide your own errors - I will not be investing anymore in you across 3 accounts including a SIPP. Paul64
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,161
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Post by ozboy on May 11, 2018 18:13:07 GMT
That's the spirit Balder. Dash!
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rocky1
Member of DD Central
Posts: 1,132
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Post by rocky1 on May 11, 2018 18:35:55 GMT
how can we blow lendys trumpet when they are coming up with this c**p time after time loan after loan. could some of lendys loyalists come on and tell us how well they are doing.when is this FCA authorisation supposed to be happening because i cannot see it happening and i think lendy will keep on firing everything every loan/tranche out as quickly as they can.this is all going to end in tears.
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Post by Deleted on May 11, 2018 18:36:33 GMT
I felt I wanted to revisit the updates / saga / soap opera and the lessons are so obvious they feel like something I'd be teaching a child regarding trust, not a financial organisation. 2/2 "Completion has been delayed further and the borrower now expected to have completed all the works on site by March"29/3 "The refinance formalities are progressing and the borrower remains confident that full repayment of the loan should be achieved on 14 April 2018"13/4 "Disappointingly the progress of the refinance is not as advanced as we were previously led to believe by the borrower and the loan will not be fully repaid on the maturity date" 20/4 "Whilst we acknowledge that documentation in relation to the refinance was not received in the run up to the repayment date, we were in constant contact with the borrower, and its broker, on an almost daily basis in the run up to the repayment date. The broker is well known to Lendy and we have done a number of successful deals with it previously"4/5 "Following the intended appointment of the LPA Receiver to recover all outstanding sums due from the borrower, the borrower has contacted Lendy stating they intend to dispute the enforcement of the security"11/5 "The borrower has made an offer in full and final settlement which we have declined, because it was significantly below the amount required to fully repay the loan"To summarise, regarding the largest loan on Lendy's books, information regarding both completion date and refinance were taken as read because .... and frankly unbelievably .... they had worked with the broker before and were in contact with him. REALLY? Paul64 Lendy Support That was all the evidence you required, knowing that failure of this huge loan could quite possibly give you the worst press yet, and that's saying something!
A couple of weeks later and the reliable borrower/broker (who had been pulling the wool over Lendy's eyes) is disputing the enforcement and trying to buy out on the cheap, get your house in order Lendy, this is shambolic.
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orvilorvil
Member of DD Central
Posts: 67
Likes: 60
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Post by orvilorvil on May 11, 2018 19:44:17 GMT
It's abundantly clear through most of the DFL loans, there is very limited project monitoring from Lendy Towers. Even the 'latest photos' show snow on the ground...
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Post by p2plender on May 11, 2018 23:18:33 GMT
The game is up Lendy.
Not hard to spot what is going on here.
Winners: Borrowers/Lendy
Losers: Lenders.
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Post by p2plender on May 11, 2018 23:24:26 GMT
"Another Del boy borrower"
Have you finally come in from the dark side Hazel??!!
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Post by p2plender on May 11, 2018 23:26:41 GMT
'The borrower has made an offer in full and final settlement which we have declined, because it was significantly below the amount required to fully repay the loan. Recovery action has been instigated and we will be pursuing the borrower and guarantor for full repayment of all capital and interest outstanding.' What was the valuation? What was the offer? Why do some offers go to a vote and others don't ? So much going on that we don't know about ! Why are we not informed of the offer Paul? ? After all it is our money at stake here.
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Post by charliebrown on May 12, 2018 0:02:46 GMT
'The borrower has made an offer in full and final settlement which we have declined, because it was significantly below the amount required to fully repay the loan. Recovery action has been instigated and we will be pursuing the borrower and guarantor for full repayment of all capital and interest outstanding.' Sigh. Here we go again... another long and drawn out mess. It's frankly amazing that we always seem to regularly cross paths with borrowers who sign up for loan agreements at an agreed level of interest and then suddenly think they can pay much less and "cut a deal" at the end of term. LY seems to be a magnet for these type of crooks.
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Post by charliebrown on May 12, 2018 0:14:44 GMT
It's abundantly clear through most of the DFL loans, there is very limited project monitoring from Lendy Towers. Even the 'latest photos' show snow on the ground... Which is probably why they updated their T&Cs to state that it’s not LY’s responsibility to monitor DFLs. May I ask, whose responsibility it is then? Seems like they’ve just left it to the borrowers.
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Post by p2plender on May 12, 2018 2:22:22 GMT
It is actually a real worry for those left exposed to Lendy and DFLs.
You can't tell me these borrowers aren't aware of what's been going on with haircuts and offers.
It is clear Lendy may now be seen as a 'soft touch' by borrowers given many loans are now taking a haircut.
Why on earth they are wasting money on a COO gawd only knows.
Even more worrying is how they've cocked up a £14 million loan...
Though it is 63% GDV so relax....
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rocky1
Member of DD Central
Posts: 1,132
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Post by rocky1 on May 12, 2018 4:14:16 GMT
Another Del Boy borrower. And yet it's only a few weeks since Lendy were best pals with them, having done deals before. a bit like old school you scratch my back and i scatch yours.thick as th**ves and all that. lendy and these borrowers will be dealing behind closed doors.dont worry about the lenders a new batch are coming through and we can put these under the carpet.all our borrowers are cordially invited to our VIP section at lendy cowes week.
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hazellend
Member of DD Central
Posts: 2,363
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Post by hazellend on May 12, 2018 7:22:01 GMT
"Another Del boy borrower" Have you finally come in from the dark side Hazel??!! Haha, not yet!
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Post by supernumerary on May 12, 2018 16:27:09 GMT
I felt I wanted to revisit the updates / saga / soap opera and the lessons are so obvious they feel like something I'd be teaching a child regarding trust, not a financial organisation. 2/2 "Completion has been delayed further and the borrower now expected to have completed all the works on site by March"29/3 "The refinance formalities are progressing and the borrower remains confident that full repayment of the loan should be achieved on 14 April 2018"13/4 "Disappointingly the progress of the refinance is not as advanced as we were previously led to believe by the borrower and the loan will not be fully repaid on the maturity date" 20/4 "Whilst we acknowledge that documentation in relation to the refinance was not received in the run up to the repayment date, we were in constant contact with the borrower, and its broker, on an almost daily basis in the run up to the repayment date. The broker is well known to Lendy and we have done a number of successful deals with it previously"4/5 "Following the intended appointment of the LPA Receiver to recover all outstanding sums due from the borrower, the borrower has contacted Lendy stating they intend to dispute the enforcement of the security"11/5 "The borrower has made an offer in full and final settlement which we have declined, because it was significantly below the amount required to fully repay the loan"To summarise, regarding the largest loan on Lendy's books, information regarding both completion date and refinance were taken as read because .... and frankly unbelievably .... they had worked with the broker before and were in contact with him. REALLY? Paul64 Lendy Support That was all the evidence you required, knowing that failure of this huge loan could quite possibly give you the worst press yet, and that's saying something!
A couple of weeks later and the reliable borrower/broker (who had been pulling the wool over Lendy's eyes) is disputing the enforcement and trying to buy out on the cheap, get your house in order Lendy, this is shambolic. The 'mother load' of all Lendy loan repayments as well. I hope Lendy get it right this time, for all of us lendy on the platform...
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