brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on May 30, 2018 16:29:30 GMT
To win with the ombudsman, you'd have to show Lendy's negligence has caused financial loss. Would we have had a different outcome if lendy had been monitoring it ? We all relied on Ly's upbeat reports (right up until they dropped the bombshell) so in my opinion 'yes, their negligence caused financial loss'
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Jeepers
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Post by Jeepers on May 30, 2018 22:18:53 GMT
To win with the ombudsman, you'd have to show Lendy's negligence has caused financial loss. Would we have had a different outcome if lendy had been monitoring it ? We all relied on Ly's upbeat reports (right up until they dropped the bombshell) so in my opinion 'yes, their negligence caused financial loss' But if Lendy monitored the loan, we'd still be where we are today- without repayment. The only possible complaint that could be taken to the ombudsman would be if you invested in the latest November tranche and the progress of the development was misrepresented at that time. If you been in since the outset, I doubt you'd be able to show Lendy's negligence has caused financial loss.
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Post by p2plender on May 31, 2018 0:56:18 GMT
But you could argue you didn't sell your loan parts on the basis Lendy told us things were progressing well. Somebody has lied here, Lendy, IMS or borrower, because as an investor you were under the impression the last tranche was for completion.
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averageguy
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Post by averageguy on May 31, 2018 8:30:41 GMT
We all relied on Ly's upbeat reports (right up until they dropped the bombshell) so in my opinion 'yes, their negligence caused financial loss' But if Lendy monitored the loan, we'd still be where we are today- without repayment. The only possible complaint that could be taken to the ombudsman would be if you invested in the latest November tranche and the progress of the development was misrepresented at that time. If you been in since the outset, I doubt you'd be able to show Lendy's negligence has caused financial loss. Or that you invested in amounts that became available on the SM
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Post by charliebrown on May 31, 2018 11:14:15 GMT
But if Lendy monitored the loan, we'd still be where we are today- without repayment. The only possible complaint that could be taken to the ombudsman would be if you invested in the latest November tranche and the progress of the development was misrepresented at that time. If you been in since the outset, I doubt you'd be able to show Lendy's negligence has caused financial loss. Or that you invested in amounts that became available on the SM Or that you didn’t sell out early because you believed LY’s lies and thought the investment was in good shape and worth holding.
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orvilorvil
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Post by orvilorvil on May 31, 2018 14:00:10 GMT
I queried this with Lendy who said: 'In order to monitor our development loans on our platform we instruct an Independent Monitoring Surveyor (IMS), who will certify build costs and satisfactory progress of the development, then monitors progress of a development finance project. Drawdowns from the loan will be made based on the IMS interim reports.'
Draw from that what you will. That kind of makes sense to me. So my next question is, what went wrong with S******, it was supposed to be finished but it’s not, surely the IMS must have noticed. What I don’t understand is why the full IMS reports can’t be released to us - Assetz provide full disclosure of their IMS reports, which gives me confidence in some loans. Lendy won’t provide any other details of the loan via their support.
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Post by p2plender on May 31, 2018 14:12:24 GMT
I sold most of the junk, just couldn't get shut of the last bit, this one. Time beat me.
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Balder
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Post by Balder on May 31, 2018 14:12:49 GMT
probably do the reports from Google earth.
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Post by Deleted on Jun 1, 2018 7:50:47 GMT
Speaking of Google Earth, you can get quite a fun 'before/after' set of pictures.
The pics from the immediately adjacent roads show the building in its derelict state, but from the traffic island and other roads leading in you get the developed state.
Its a shame this one has problems, the building is very prominent and the new look is a huge improvement for the area.
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Yintara
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Post by Yintara on Jun 1, 2018 12:19:41 GMT
The council seem very keen to get things back on track, which may work in our favour somewhere down the line (not sure where yet though). The borrower obviously has his own business plan for the flats, but it strikes me that they'd be a far better investment as long-term flat rentals than short term all-bills-included weekly/monthly rentals. Short-term residents don't tend to look after flats well and the place will become pretty dingy, pretty quickly. From the photos on the website the whole place reminds me a lot of some of the backpacking hostels I've stayed in (fluorescent coloured doors, design attempts to be 'cool', even the font used for the building name is an overused one that's often despised by anyone with any knowledge of graphic design). It strikes me as rather low budget with an iffy quality of tenants, and it wouldn't surprise me if that's one of the reasons for the refinance problems.
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Post by loftankerman on Jun 1, 2018 12:45:49 GMT
The council seem very keen to get things back on track, which may work in our favour somewhere down the line (not sure where yet though). The borrower obviously has his own business plan for the flats, but it strikes me that they'd be a far better investment as long-term flat rentals than short term all-bills-included weekly/monthly rentals. Short-term residents don't tend to look after flats well and the place will become pretty dingy, pretty quickly. From the photos on the website the whole place reminds me a lot of some of the backpacking hostels I've stayed in (fluorescent coloured doors, design attempts to be 'cool', even the font used for the building name is an overused one that's often despised by anyone with any knowledge of graphic design). The whole place strikes me as rather low budget with an iffy quality of tenants, and it wouldn't surprise me if that's one of the reasons for the refinance problems. Yeah, that's what I was tip toeing round on this thread on the 30th. The borrower's plans made me think of the recent complaints about supposed student accommodation elsewhere that had become generally available. Students there were complaining about the use of the place for drug dealing, prostitution and the unfettered access that people had to the student areas. It seems to me that this place could represent an economic alternative to bed and breakfast accommodation for the council too. Places can go downhill over time but worryingly this place looks very much like it could turn out to be a designer slum dwelling from the outset.
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rocky1
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Post by rocky1 on Jun 5, 2018 16:20:13 GMT
the valuation should not be far off what lendy told us[ should it]. whatever the place turns out to be is not our problem.both lendy and this ar*e*ole need to sort out our repayment and pretty sharpish.getting beyond a joke treating every borrower with kid gloves.dellusions of grandour.they had the funds and now is the time to bloody well pay back.how can waiting 1and 2 years for conclusion be good for anyone.
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averageguy
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Post by averageguy on Jun 5, 2018 17:29:23 GMT
Has the valuation come in yet or any further updates? Why can't updates just be posted as they come in to keep us in the loop? I'm sure the borrowers don't all call in routinely every other Friday with an update. The outcome of this loan will probably determine the future of Lendy. I believe it's twice as big as the biggest ever P2P loan repayment (J*L house) ? The size of this loan surely should dictate when updates are given and not just Lendy's system
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Yintara
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Post by Yintara on Jun 5, 2018 19:43:25 GMT
whatever the place turns out to be is not our problem. I disagree; whatever the place turns out to be most definitely is our problem, at least while the borrower has our money. A bank might be quite happy to refinance out a block of flats with minimum 6-month shorthold tenancies because the income stream is far more reliable than temporary week-by-week flats, where the property may become void at any time on short notice. A less reliable income stream + tenants who are less likely to look after their flats + a community which is less desirable to long-term renters = a lower property valuation, which in this case may be preventing the borrower from getting the necessary bank funding and paying us back.
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Post by supernumerary on Jun 5, 2018 19:50:54 GMT
Has the valuation come in yet or any further updates? Why can't updates just be posted as they come in to keep us in the loop? I'm sure the borrowers don't all call in routinely every other Friday with an update. The outcome of this loan will probably determine the future of Lendy. I believe it's twice as big as the biggest ever P2P loan repayment (J*L house) ? My bolding and colouring. You may be right, a lot rests on Lendy sorting this out properly. Let us ALL hope that they can do so.
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